tag:blogger.com,1999:blog-32109339983413532212024-02-07T19:58:01.307-08:00Crossing the BridgeNicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.comBlogger47125tag:blogger.com,1999:blog-3210933998341353221.post-22452024255722408652021-01-05T16:11:00.002-08:002021-01-05T16:11:35.469-08:00The Case for a $10,000,000 BitcoinNJ Bridgewater<div>5 January 2021</div><div><br /></div><div>To see my latest article, published on Medium, <a href="https://nicholasbridgewater.medium.com/the-case-for-a-10-000-000-bitcoin-92a889a17ba6">click here</a>.</div>Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com0tag:blogger.com,1999:blog-3210933998341353221.post-80594731802464996762019-04-03T08:16:00.001-07:002019-04-03T08:17:22.065-07:00What is the Nash Exchange? Ten Reasons to be Interested (Video/Transcript)<!--[if gte mso 9]><xml>
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<span style="font-family: "times"; font-size: 12pt;">NJ Bridgewater</span></div>
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<span style="font-family: "times";">1 April 2019<o:p></o:p></span></div>
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<span style="font-family: "times";">[NOTE: This article should
not be construed as investment advice. For advice on investing,
purchasing/selling cryptocurrencies, etc., please contact a licensed financial
advisor. The listener/reader is responsible for his own investments.
Disclaimer: this article contains referral links].<o:p></o:p></span></div>
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<iframe allowfullscreen="" class="YOUTUBE-iframe-video" data-thumbnail-src="https://i.ytimg.com/vi/BwY6QTJuYdg/0.jpg" frameborder="0" height="266" src="https://www.youtube.com/embed/BwY6QTJuYdg?feature=player_embedded" width="320"></iframe></div>
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<span style="font-family: "times";">Hello everyone!<o:p></o:p></span></div>
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<span style="font-family: "times";">For those of you who read my
Crossing the Bridge blog, you may have read </span><a href="https://nicholasjames19.blogspot.com/2018/04/neon-exchange-nex-new-decentralized.html"><span style="font-family: "times";">an article I wrote last April (2018) on the Neon
Exchange (or N-E-X / NEX for short)</span></a><span style="font-family: "times";">,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[1]</span></span><!--[endif]--></span></span></a>
which is a new decentralized exchange or ‘DEX’. This was not long after I had
heard about the project and before they launched their ‘Token Generation Event’
or ICO later that year. Since that time, there have been a lot of updates, so I
think it is now appropriate to give you all a bit of an update. The Neon
Exchange was one of two projects I was quite excited about back in 2018, and am
still excited about now, the other being </span><a href="https://digitexfutures.com/?kid=VAHK0"><span style="font-family: "times";">the
Digitex Futures Exchange</span></a><span style="font-family: "times";">, which I
made a video on last year as well. FYI, </span><a href="https://digitexfutures.com/?kid=VAHK0"><span style="font-family: "times";">Digitex
is launching later this month</span></a><span style="font-family: "times";">, on
April 30<sup>th</sup> 2019.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn2" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[2]</span></span><!--[endif]--></span></span></a>
The Neon Exchange, now known as the Nash Exchange, is also launching soon, with
the beta exchange already underway. <o:p></o:p></span></div>
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<span style="font-family: "times";">Before we start, it is
important to note that the Neon Exchange has rebranded itself as ‘Nash
Exchange’. This was due to a legal dispute with another exchange that used the
NEX name.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn3" name="_ftnref3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[3]</span></span><!--[endif]--></span></span></a>
The Nash Exchange Token is still known as NEX and can currently be purchased on
one centralized exchange, or CEX, called Tokok, as well as on two DEXes:
Aphelion and Switcheo. All of these are quite small exchanges, so users should
exercise caution when purchasing NEX, especially as it is a registered
security. Laws on purchasing and trading securities may differ from one country
to another. So, why should you be interested in the Nash Exchange (or NEX)?
Here are several reasons you should take note.<o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0MEwvzIrW-YaYz5Q_r5uTCMJVJFmvWBIZA2YBmagqvACxap0XThQYVTKOvXOVtlkSROoaWp7LukYF_ymUnN_H-1bEmx_OxEXDUoyDIROJjskGm00RxBfq56dz8yv20tOouydHZjTTUr0/s1600/nash.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="387" data-original-width="694" height="178" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0MEwvzIrW-YaYz5Q_r5uTCMJVJFmvWBIZA2YBmagqvACxap0XThQYVTKOvXOVtlkSROoaWp7LukYF_ymUnN_H-1bEmx_OxEXDUoyDIROJjskGm00RxBfq56dz8yv20tOouydHZjTTUr0/s320/nash.jpeg" width="320" /></a></div>
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<b><span style="font-family: "times";">1. Nash Exchange is a
next-level, fast and convenient decentralized exchange<o:p></o:p></span></b></div>
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<br /></div>
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<span style="font-family: "times";">According to the Nash
whitepaper, most decentralized exchanges or ‘DEXs’ are “slow, hard to use, and
are restricted to trades on a single blockchain.” Nash Exchange, in contrast,
aims to solve each of these problems using a “high performance off-chain
matching engine built with Elixir”, which will “handle a massive order volume,
allow cross-chain exchange, and support more complex trading APIs.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn4" name="_ftnref4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[4]</span></span><!--[endif]--></span></span></a> In
other words, Nash will not be your typical DEX. It will be fast, high
performance, support cross-chain transactions and able to rival the best
centralized exchanges out there. <o:p></o:p></span></div>
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<b><span style="font-family: "times";">2. Nash Exchange will
offer fiat-payment channels<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">One of the main problems in
the cryptocurrency space is exchanging fiat currencies, such as US dollars, GBP
or euros for cryptocurrency. This is known as ‘onboarding’. The more people who
can be onboarded into the cryptocurrency markets, the more liquidity there will
be in the cryptocurrency space. This means that average retail investors can
get involved with ease. Nash Exchange will have a number of partnerships with
banks and financial institutions, though these have not yet been announced. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">3. Nash Exchange will
offer non-custodial accounts<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">What makes Nash Exchange a
DEX is the fact that it offers non-custodial accounts. In other words, you
don’t actually send your crypto to a centralized account on the exchange. When
you buy Bitcoin on Coinbase or other exchanges, you do not actually have
possession of your private keys. In other words, your crypto is actually stored
in a centralized wallet on the exchange. The numerous hacks that have occurred
this year and in 2017 and 2018 are example enough of why this is a bad thing.
If you leave your cryptocurrency on an exchange, you may get hacked and lose
all your funds. Nash will allow you to keep your funds in your own wallet,
meaning that it will be your responsibility to keep your funds safe, and there
is a much smaller possibility of being hacked or having your account
compromised. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">4. Nash Exchange will
offer non-custodial Bitcoin<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Nash Exchange will be the
first ever exchange to offer non-custodial Bitcoin trading. In other words, you
will be able to keep your Bitcoin in your own wallet and trade through the Nash
Exchange matching engine. This will allow you to keep control over our Bitcoin
private keys in a way that NO other exchange currently allows. This is because
most smart contracts are built on Ethereum, NEO and other newer
cryptocurrencies. There are sidechains, such as Liquid Bitcoin (LBTC), and
Bitcoin-backed tokens, such as Wrapped Bitcoin (WBTC), which can allow for
smart contracts. However, it is not currently known what method Nash will use
to allow non-custodial Bitcoin trading. We will have to wait until the full
exchange launch to find out more. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">5. The Nash Team (City of
Zion) is accomplished and professional<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">The developers (and/or
founders) behind the Nash Exchange come primarily from the City of Zion (CoZ)
team, which is a team which works primarily on NEO development. NEO is an
alternative smart-contract platform, similar to Ethereum. This includes Fabio
Canesin and Ethan Fast, who are both innovative and highly-skilled developers.
The name, City of Zion, comes from the Matrix movies, whose main character was
called Neo, from the Greek neos, meaning ‘new, young, youthful; fresh, strange,
etc.’<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn5" name="_ftnref5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[5]</span></span><!--[endif]--></span></span></a>
Fabio and Ethan’s background is certainly a strong point for Nash.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">6. The Nash token (or
NEX) is a registered security, meaning that it is a mainstream, compliant asset<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">A security is an investment
vehicle or asset, such as stocks, shares, etc. There are also other types of
securities, such as security tokens. The Nash Exchange token (or NEX) is a
registered European security. As I wrote in my previous article on the Neon
Exchange: “This is a plus for investors, because it minimizes the risks of
insider trading and market manipulation, especially for securities which are
being sold illegally or covertly. It also means that, as a company, Neon
Exchange will be subject to regular audits to ensure that its finances are in
order.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn6" name="_ftnref6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[6]</span></span><!--[endif]--></span></span></a>
The only downside to this is that you will need to use KYC (know-your-customer)
in order to trade, stake and sell the asset (above a certain amount), but that
is to be expected on a regulated exchange, especially with regards to European
laws and concerns regarding money laundering. As a registered security token,
however, NEX can be traded on traditional financial exchanges and institutions,
making it, potentially, a mainstream financial asset which retail investors can
buy or include in their portfolios. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">7. Nash Exchange is an
all-purpose financial platform<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">The vision of the Nash
Exchange is huge. Their goal is not to become just another cryptocurrency
exchange. On the contrary, their goal is to become an all-purpose financial
platform, which will allow for you to pay for anything with crypto
(eventually), and which will include index funds, margin trading, cross-chain
swaps, as well as other services. As such, it is not competing merely with other
established centralized exchanges, but also with traditional investment
companies, such as Fidelity, JP Morgan and Swiss Bank. In fact, according to
Fabio Canesin, their goal is to have 1 billion users by 2030. He said (quote):<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: 36.0pt;">
<i><span style="font-family: "times";">“NEX’s
mission is to empower more than one billion users to invest, trade and manage
digital assets by 2030. We aim to be the premier platform for decentralized
financial tools and services.”</span></i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn7" name="_ftnref7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[7]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times";"><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">8. The Nash token (or
NEX) has a small supply<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">“One of the chief
advantages, in my opinion, is its limited supply. Many new tokens nowadays come
out with huge total supplies, of 10 billion, 30 billion, 50 billion, or even
100 billion tokens. If a cryptocurrency with a supply of 100 billion is to
reach $1 in value, it has to have a total market cap of $100 billion… <span style="mso-spacerun: yes;"> </span>If you think that new token you’re invested in
will reach $100 billion tomorrow, dream on. The total supply for NEX, on the
other hand, is 50 million tokens.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn8" name="_ftnref8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[8]</span></span><!--[endif]--></span></span></a> It
is very rare to get an opportunity to invest in a token with such a low supply
and such huge potential for growth. That alone merits getting at least a small
stack of NEX in your portfolio.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">9. You can stake your NEX
tokens and earn dividends<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Not only can you invest in
NEX tokens to speculate on their future value, you can also stake tokens and
receive dividends, in much the same way that you can receive dividends from
investing in stocks and shares in the stock market. “</span><span style="background: white; color: #333333; font-family: "times";">According to the whitepaper
(version 2), the “minimum fee share rate is 25%, increasing linearly to a maximum
of 75% when tokens are staked for two years.” In other words, you can choose to
stake (or ‘lock in’) your tokens for a set period of time, ranging from a
minimum length which grants you a proportional 25% fee share rate, to a maximum
two-year lock-in period which grants you a 75% token fee share rate.”</span><span class="MsoFootnoteReference"><span style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;"><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn9" style="mso-footnote-id: ftn9;" title="">[9]</a></span></span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn9" title=""><!--[endif]--></a></span></span></span><span style="font-family: "times"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
<div class="MsoNormal">
<span class="MsoFootnoteReference"><span style="font-family: "times";"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><br /></span></span></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKO_ZSLFKdeAxfTpQXCJi4dNl779hj6SYgJLcWKHCYeluFi6HexW21KcwDClrAocRSlxHn0fEUDFCJiFafQWQ5ReojVi5nq_QPnKUrMW1jJ95CxuNbM8mEH91xpIjNkFSdtzQvlxmnL34/s1600/nashreferral_2.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="639" data-original-width="1600" height="127" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKO_ZSLFKdeAxfTpQXCJi4dNl779hj6SYgJLcWKHCYeluFi6HexW21KcwDClrAocRSlxHn0fEUDFCJiFafQWQ5ReojVi5nq_QPnKUrMW1jJ95CxuNbM8mEH91xpIjNkFSdtzQvlxmnL34/s320/nashreferral_2.JPG" width="320" /></a></div>
<div class="MsoNormal">
<span class="MsoFootnoteReference"><span style="font-family: "times";"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><br /></span></span></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">10. There is a Nash
Referral Program where you can win Bitcoin and NEX tokens<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Last but not least, Nash
Exchange has decided to launch </span><a href="https://nash.io/referrals?code=E17778"><span style="font-family: "times";">a
referral program</span></a><span style="font-family: "times";">. Referral programs
are a great method of viral marketing, which helps to recruit a large number of
new signups for an exchange or other business. This has been the case with </span><a href="https://digitexfutures.com/?kid=VAHK0"><span style="font-family: "times";">Digitex</span></a><span style="font-family: "times";">, as well, which now has over 1 million people on
their waitlist. Nash’s referral program is unique, in that it doesn’t promise a
mere airdrop. Rather, by referring more and more friends, you can get tickets
which will enter you into a competition to win various prizes of NEX and/or
BTC. Feel free to </span><a href="https://nash.io/referrals?code=E17778"><span style="font-family: "times";">use my referral link below to sign up for the Nash
Exchange pre-registration</span></a><span style="font-family: "times";">.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn10" name="_ftnref10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[10]</span></span><!--[endif]--></span></span></a>
You can </span><a href="https://nash.io/referrals?code=E17778"><span style="font-family: "times";">use the code E17778 to pre-register</span></a><span style="font-family: "times";">. You will then be given your own referral link to
share with others. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times";"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiV1SXAPR0s3aCNkjENDsg6FR-kdRSV-lsF6xiZIyzWiyKWI1c7c5GBruZ6LFCWBn6_GCSub6E2nx4cRctpqUT4PWJViRVhdQCFVYfEpSau4IVJJm6Yrgb2V0saOoL3voxGwEw-7pxZTLQ/s1600/nashreferral_1.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="500" data-original-width="638" height="250" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiV1SXAPR0s3aCNkjENDsg6FR-kdRSV-lsF6xiZIyzWiyKWI1c7c5GBruZ6LFCWBn6_GCSub6E2nx4cRctpqUT4PWJViRVhdQCFVYfEpSau4IVJJm6Yrgb2V0saOoL3voxGwEw-7pxZTLQ/s320/nashreferral_1.PNG" width="320" /></a></div>
<div class="MsoNormal">
<span style="font-family: "times";"><br /></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">That’s all for now, guys.
Keep learning and stay safe.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">NJ Bridgewater<o:p></o:p></span></div>
<div style="mso-element: footnote-list;">
<!--[if !supportFootnotes]--><br clear="all" />
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<br />
<div id="ftn1" style="mso-element: footnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="color: black; font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="color: black; font-family: "times"; font-size: 8.0pt;">[1]</span></span><!--[endif]--></span></span></span></a><span style="color: black; font-family: "times"; font-size: 8.0pt;">
See: NJ Bridgewater (2019) Neon Exchange (NEX): A New Decentralized Exchange
(DEX), <i>Crossing the Bridge (blog)</i>, 18 April 2018. URL: </span><a href="https://nicholasjames19.blogspot.com/2018/04/neon-exchange-nex-new-decentralized.html"><span style="color: black; font-family: "times"; font-size: 8.0pt;">https://nicholasjames19.blogspot.com/2018/04/neon-exchange-nex-new-decentralized.html</span></a><span style="color: black; font-family: "times"; font-size: 8.0pt;">
(accessed 01/04/2019).<o:p></o:p></span></div>
</div>
<div id="ftn2" style="mso-element: footnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref2" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="color: black; font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="color: black; font-family: "times"; font-size: 8.0pt;">[2]</span></span><!--[endif]--></span></span></span></a><span style="color: black; font-family: "times"; font-size: 8.0pt;">
See: NJ Bridgewater (2018) 10 Reasons to Buy Digitex [DGTX] (transcript/video),
<i>Crossing the Bridge</i>, 20 September 2018. URL: </span><a href="https://nicholasjames19.blogspot.com/2018/09/10-reasons-to-buy-digitex-dgtx.html"><span style="color: black; font-family: "times"; font-size: 8.0pt;">https://nicholasjames19.blogspot.com/2018/09/10-reasons-to-buy-digitex-dgtx.html</span></a><span style="color: black; font-family: "times"; font-size: 8.0pt;">
(accessed 01/04/2019).<o:p></o:p></span></div>
</div>
<div id="ftn3" style="mso-element: footnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref3" name="_ftn3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="color: black; font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="color: black; font-family: "times"; font-size: 8.0pt;">[3]</span></span><!--[endif]--></span></span></span></a><span style="color: black; font-family: "times"; font-size: 8.0pt;">
See: Nash Team (2019) How we’ve developed our brand, <i>Medium</i>, Jan 18,
2019. URL: </span><a href="https://medium.com/nashsocial/how-weve-developed-our-brand-5aab847e70b0"><span style="color: black; font-family: "times"; font-size: 8.0pt;">https://medium.com/nashsocial/how-weve-developed-our-brand-5aab847e70b0</span></a><span style="color: black; font-family: "times"; font-size: 8.0pt;">
(accessed 01/04/2019).<o:p></o:p></span></div>
</div>
<div id="ftn4" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref4" name="_ftn4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="color: black; font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="color: black; font-family: "times"; font-size: 8.0pt;">[4]</span></span><!--[endif]--></span></span></span></a><span style="color: black; font-family: "times"; font-size: 8.0pt;">
See: Ethan Fast, Luciano Engel, Fabian Wahle, Fabio C. Canesin, Thomas Saunders
(2018) NEX: A High Performance Decentralized Trade and Payment Platform
(version 2), NeonExchange.org. URL:
https://neonexchange.org/pdfs/whitepaper_v2.pdf (accessed 18/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn5" style="mso-element: footnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref5" name="_ftn5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="color: black; font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="color: black; font-family: "times"; font-size: 8.0pt;">[5]</span></span><!--[endif]--></span></span></span></a><span style="color: black; font-family: "times"; font-size: 8.0pt;"> </span><span style="background: white; color: black; font-family: "times"; font-size: 8.0pt;">URL: http://www.dictionary.com/browse/neo- (accessed
18/04/2018).</span><span style="color: black; font-family: "times"; font-size: 8.0pt;"><o:p></o:p></span></div>
</div>
<div id="ftn6" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref6" name="_ftn6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="color: black; font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="color: black; font-family: "times"; font-size: 8.0pt;">[6]</span></span><!--[endif]--></span></span></span></a><span style="color: black; font-family: "times"; font-size: 8.0pt;">
See: NJ Bridgewater (2018). See also: See: John Bardinelli (2018) What The
Future Holds For Neon Exchange (NEX), <i>InvestinBlockchain</i>. URL:
https://www.investinblockchain.com/what-the-future-holds-neonexchange/
(accessed 18/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn7" style="mso-element: footnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref7" name="_ftn7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="color: black; font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="color: black; font-family: "times"; font-size: 8.0pt;">[7]</span></span><!--[endif]--></span></span></span></a><span style="color: black; font-family: "times"; font-size: 8.0pt;">
See: Fabio C. Canesin (2018) NEX vision and opportunities</span><span style="color: black; font-family: "times new roman" , serif; font-size: 8.0pt;"> </span><span style="color: black; font-family: "times"; font-size: 8.0pt;">—</span><span style="color: black; font-family: "times new roman" , serif; font-size: 8.0pt;"> </span><span style="color: black; font-family: "times"; font-size: 8.0pt;">part
I, <i>Medium</i>, Jul 24, 2018. URL: </span><a href="https://medium.com/nashsocial/nex-vision-and-opportunities-part-i-b65c0ebea398"><span style="color: black; font-family: "times"; font-size: 8.0pt;">https://medium.com/nashsocial/nex-vision-and-opportunities-part-i-b65c0ebea398</span></a><span style="color: black; font-family: "times"; font-size: 8.0pt;"> </span><span style="color: black; font-family: "times"; font-size: 8.0pt;">(accessed
18/04/2018).</span><span style="color: black; font-family: "times"; font-size: 8.0pt;"><o:p></o:p></span></div>
</div>
<div id="ftn8" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref8" name="_ftn8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="color: black; font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="color: black; font-family: "times"; font-size: 8.0pt;">[8]</span></span><!--[endif]--></span></span></span></a><span style="color: black; font-family: "times"; font-size: 8.0pt;">
See: Bridgewater (2018).<o:p></o:p></span></div>
</div>
<div id="ftn9" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref9" name="_ftn9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="color: black; font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="color: black; font-family: "times"; font-size: 8.0pt;">[9]</span></span><!--[endif]--></span></span></span></a><span style="color: black; font-family: "times"; font-size: 8.0pt;">
See: Bridgewater (2018).<o:p></o:p></span></div>
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref10" name="_ftn10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="color: black; font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="color: black; font-family: "times"; font-size: 8.0pt;">[10]</span></span><!--[endif]--></span></span></span></a><span style="color: black; font-family: "times"; font-size: 8.0pt;">
See: </span><a href="https://nash.io/referrals?code=E17778" target="_blank"><span style="background: white; color: black; font-family: "times"; font-size: 8.0pt;">https://nash.io/referrals?code=E17778</span></a><span style="color: black; font-family: "times"; font-size: 8.0pt;">
(accessed 01/04/2019).<o:p></o:p></span></div>
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<!--EndFragment--><br />Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com0tag:blogger.com,1999:blog-3210933998341353221.post-90946428249429352872018-12-05T02:42:00.001-08:002018-12-05T02:42:54.371-08:00The Origins of Bitcoin<div class="separator" style="clear: both; text-align: left;">
<span style="font-family: "Times New Roman", serif; font-size: 12pt;">NJ Bridgewater</span></div>
<div class="separator" style="clear: both; text-align: left;">
<span style="font-family: "Times New Roman", serif; font-size: 12pt;">5 December 2018</span></div>
<div class="separator" style="clear: both; text-align: left;">
<b style="font-family: "Times New Roman", serif; font-size: 12pt;"><br /></b></div>
<div class="separator" style="clear: both; text-align: left;">
<b style="font-family: "Times New Roman", serif; font-size: 12pt;">Introduction: Money & The Digital Age</b></div>
<div class="separator" style="clear: both; text-align: left;">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://news.bitcoin.com/wp-content/uploads/2017/01/1tmreg.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="272" data-original-width="590" height="147" src="https://news.bitcoin.com/wp-content/uploads/2017/01/1tmreg.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 12pt; text-align: left;">Raw hex version of the Genesis block, 1/3/09 </i></td></tr>
</tbody></table>
<div class="separator" style="clear: both; text-align: left;">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://en.bitcoin.it/w/images/en/1/1d/Jonny1000thetimes.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="591" data-original-width="428" height="320" src="https://en.bitcoin.it/w/images/en/1/1d/Jonny1000thetimes.png" width="231" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">The Times, 1/3/09</i></td></tr>
</tbody></table>
<div class="separator" style="clear: both; text-align: left;">
<i style="font-family: "Times New Roman", serif; font-size: 12pt;"> </i></div>
<div class="separator" style="clear: both; text-align: left;">
<span style="font-family: "Times New Roman", serif; font-size: 12pt;">Money is power, and power is energy. Energy is the basis of
all existence. </span>
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<!--StartFragment--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">In <a href="https://nicholasjames19.blogspot.com/2018/11/the-origins-of-money-part-1-of-2.html">my
previous article</a>, I discussed the history of money and its origins,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn1" name="_ftnref1" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[1]</span></span><!--[endif]--></span></a>
and I have also written on <a href="https://nicholasjames19.blogspot.com/2018/07/the-origins-of-wealth-part-1-of-4.html">the
history of wealth in general</a>.</span> <span style="font-family: "Times New Roman", serif; font-size: 12pt;">The origins of money and
wealth go back to the origins of humanity itself – to the earliest societies
which used shells as a form of proto-money. This was eventually substituted
with precious metals, such as electrum, silver and gold. The Lydians began to
mint electrum, silver and gold coins with a standard weight and shape, and this
innovation was adopted by the Greeks and Persians. The Chinese then invented
paper “money” – the first truly fiat currencies – all of which failed and were
reduced to a value of zero. Now, in the 20</span><sup style="font-family: "Times New Roman", serif;">th</sup><span style="font-family: "Times New Roman", serif; font-size: 12pt;"> and 21</span><sup style="font-family: "Times New Roman", serif;">st</sup><span style="font-family: "Times New Roman", serif; font-size: 12pt;">
centuries, we have again experimented with fiat currencies, both in paper and
digital form, with the majority of currencies being more than 80% or 90%
digital. This has coincided with what is called the dawn of the Information
Age. The Industrial Revolution began in Britain sometime around 1760 and ended
in about 1840.</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn3" name="_ftnref3" style="font-family: "Times New Roman", serif; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[3]</span></span></span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt;"> This was
followed by the Second Industrial Revolution, also called the Technological
Revolution, which started in 1870 and ended in 1914, with the start of the
First World War. The Digital Revolution, also called the Third Industrial
Revolution, began sometime in the 1950s and has continued to the present day,</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn4" name="_ftnref4" style="font-family: "Times New Roman", serif; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[4]</span></span></span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt;">
coinciding with the Information Age, the Digital Age or the Computer Age.</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn5" name="_ftnref5" style="font-family: "Times New Roman", serif; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[5]</span></span></span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt;">
This age is characterised by a shift from industrial production to information
technology and computerization.</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn6" name="_ftnref6" style="font-family: "Times New Roman", serif; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[6]</span></span></span></a></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/4/49/Hauptbuch_Hochstetter_vor_1828.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto; text-align: center;"><img border="0" data-original-height="420" data-original-width="800" height="168" src="https://upload.wikimedia.org/wikipedia/commons/4/49/Hauptbuch_Hochstetter_vor_1828.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">A ledger from 1828</i></td></tr>
</tbody></table>
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<br />A digital age requires digital money – but here we must make
a clear distinction. As I explained in my previous article on the History of
Money, there is a huge distinction between money and currency. Money functions
both as a store of value and as a means of exchange, because it is able to
retain purchasing power over time. Gold and silver, being scarce, durable and
desirable, are able to serve as stable stores of value (SoV) over time. As
money, in the form of coins and bullion, gold and silver can also be used as a
means of exchange (MoE), meaning that they can be used to exchange value.
Precious metals are not merely arbitrary materials. They are limited in supply
and take a great deal of energy to produce. They must be mined, collected and
refined, melted down and minted into coins, bars or ingots. These, in turn, are
exchanged for objects which take time and energy to produce or labour, which is
also energy. Money thus serves as a means to transfer energy from one
individual to another. Currency also takes a certain amount of energy to
produce, being printed on paper notes/bills or as ones and zeros on a digital
database. It takes energy to maintain such databases and to process payments
via existing payment systems, such as SWIFT, PayPal, VISA and MasterCard. The
difference, however, is that existing currencies, all of which are “fiat”
currencies (i.e. created by government decree), represent a certain value but
do not work as stores of value. Why is that? Why aren’t digital or paper U.S.
dollars a store of value?<o:p></o:p></div>
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<br /></div>
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The main reason is that there is no limitation on the number
of modern U.S. dollars which can exist. The Spanish dollar, which was made of
silver, was naturally limited by the supply of silver on Earth. Since silver is
naturally scarce, Spanish dollars were also scarce, meaning that the supply of
Spanish dollars could not be artificially inflated. This means that it was not
a fiat currency, but real money. The value of the Spanish dollar was also
dependent on the market value of silver, meaning that it was sound money. The
value of sound money is not determined by governments – rather, it is
determined by the free market. Fiat currencies can be manipulated by the
creation of nominal values which do not match real-world assets or purchasing
power. A U.S. dollar isn’t pegged to any scarce asset, like gold, so it isn’t
scarce. Furthermore, as the number of U.S. dollar bills increases, its value
decreases, leading to inflation and depreciation. As Polleit (2010) argues in
an article on ‘The Curse of Fiat Money’, “the inflated money stock cannot be
brought back toward any rightful level, as fiat money is created out of thin
air via circulation credit, not backed by any commodity” meaning that “there is
no equilibrium level the fiat-money supply could shrink toward”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn8" name="_ftnref8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[8]</span></span><!--[endif]--></span></span></a>
The value of a silver dollar, however, would reflect an increase or decrease in
the supply of silver, with the discovery of new silver mines being the only way
to increase the supply. Sound money, therefore, does reach an equilibrium,
which is based on a natural supply limit. For money to work as a store of
value, it has to be limited. <o:p></o:p></div>
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<br /></div>
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<b>Digital Money & Economics<o:p></o:p></b></div>
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<br /></div>
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</div>
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</div>
<div class="MsoNormal" style="-webkit-text-stroke-width: 0px; color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; margin: 0cm 0cm 0.0001pt; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<o:p></o:p></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-bottom: 0.5em; margin-left: auto; margin-right: auto; padding: 6px; text-align: center;"></table>
<br />
<a href="https://upload.wikimedia.org/wikipedia/commons/7/7a/Visicalc.png" imageanchor="1" style="color: #954f72; margin-left: auto; margin-right: auto; text-decoration: underline;"><img border="0" data-original-height="384" data-original-width="560" height="219" src="https://upload.wikimedia.org/wikipedia/commons/7/7a/Visicalc.png" style="cursor: move;" width="320" /></a><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">VisiCalc spreadsheet on an Apple II<br /></i>
<br />
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How can scarcity of money be ensured in a digital age?
Nowadays, U.S. dollars can be created at the flick of a button. Even printing
has largely been rendered obsolete, as the vast majority of fiat currency in
circulation is 100% digital – ones and zeros on a bank’s spreadsheet. In fact,
most of it isn’t even created by the Federal Reserve. Whenever banks extend
loans to non-banks, e.g. consumers or businesses, they increase the money
supply through what Mises calls ‘bank-circulation credit’ – a practice which
results from fractional reserve banking.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn10" name="_ftnref10" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[10]</span></span><!--[endif]--></span></a>
This is where banks lend out more currency than they have in reserve. They are,
quite literally, creating currency out of thin air. The result of all this is
that the money supply is constantly being increased, reducing the purchasing
power of ordinary consumers. Since the digital world is a limitless expanse,
and computer memory and computing power grows year-by-year according to Moore’s
law, the potential supply of currency is ultimately limitless. That is not good,
as it means that people cannot reliably save money. If they cannot save money,
they cannot build up the capital needed to start businesses, buy/build a house
and improve their standard of living. This results in social stagnation and a
lack of upward mobility. The frustration felt by many millennials in the early
21<sup>st</sup> century, who are unable to afford to buy a house or live on a
single income is a reflection of the deleterious effects of relying on fiat
currencies. <o:p></o:p></div>
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<br /></div>
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It is urgent, therefore, for a new sound money to come into
existence. Since governments are unlikely to willingly give up their power to
create currency out of thin air, and fractional reserve banking isn’t going
anyway anytime soon, perhaps the free market could provide a solution—and it has.
“The idea of sound money,” Ludwig von Mises informs us, “was devised as an
instrument for the protection of civil liberties against despotic inroads on
the part of governments,” is “affirmative in approving the market's choice of a
commonly used medium of exchange,” and “is negative in obstructing the
government's propensity to meddle with the currency system”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn11" name="_ftnref11" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[11]</span></span><!--[endif]--></span></a>
Money must, furthermore, be created by free-market forces, Mises argues, rather
than government interventionism.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn12" name="_ftnref12" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[12]</span></span><!--[endif]--></span></a>
Money itself is, he further argues, a commodity. In a free market, money is the
commodity which is most exchangeable.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn13" name="_ftnref13" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[13]</span></span><!--[endif]--></span></a>
In other words, if the most exchangeable commodity are shells, then shells are
money. If shekels of gold or silver are the most exchangeable commodity, then
these too are money. What counts as money will vary over time, but, ultimately,
the free market will decide what becomes money, and that money is
simultaneously a commodity, a store of value and a means of exchange. It would
be a mistake, however, to assume that money must be material. As Michael
Goldstein argues, the idea that money must be a physical, tangible good made
sense up until 2009, as there did not previously exist any form of digital
scarcity.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn14" name="_ftnref14" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[14]</span></span><!--[endif]--></span></a> Today,
he argues, we “do have at least one viable digital commodity, and it also
happens to be very useful for the purposes of money”, i.e. Bitcoin.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn15" name="_ftnref15" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[15]</span></span><!--[endif]--></span></a>
[For an introduction to Bitcoin, see my article(s) entitled <a href="https://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html">‘What
is Bitcoin?’</a>]<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn16" name="_ftnref16" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[16]</span></span><!--[endif]--></span></a><o:p></o:p></div>
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<br /></div>
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<b>The CypherPunks and the Origins of Digital Money<o:p></o:p></b></div>
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<b><br /></b></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/8/86/Money_flower.png" imageanchor="1" style="margin-left: auto; margin-right: auto; text-align: center;"><img border="0" data-original-height="600" data-original-width="800" height="240" src="https://upload.wikimedia.org/wikipedia/commons/8/86/Money_flower.png" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">Taxonomy of money</i></td></tr>
</tbody></table>
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If we want to look to the origins of digital money and the
genesis of Bitcoin, we have to look a few decades before its actual emergence
in 2009. Bitcoin, as we know, was invented in 2008 when someone under the
pseudonym Satoshi Nakamoto published a paper entitled “Bitcoin: A Peer-to-Peer
Electronic Cash System”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn18" name="_ftnref18" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[18]</span></span><!--[endif]--></span></a>
According to Andreas M. Antonopoulos, Nakamoto’s innovation combined several
previous inventions such as b-money and HashCash to create a new decentralized
electronic cash system, using a Proof of Work algorithm, which was a form of
distributed computation system.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn19" name="_ftnref19" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[19]</span></span><!--[endif]--></span></a>
In 2010, Satoshi Nakamoto himself wrote that “Bitcoin is an implementation of
Wei Dai's b-money proposal http://weidai.com/bmoney.txt on Cypherpunks
http://en.wikipedia.org/wiki/Cypherpunks in 1998 and Nick Szabo's Bitgold
proposal http://unenumerated.blogspot.com/2005/12/bit-gold.html”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn20" name="_ftnref20" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[20]</span></span><!--[endif]--></span></a>
The immediate antecedents of Bitcoin, therefore, are known: HashCash (proposed
by Adam Back, 1997), b-money (proposed by Wei Dai, 1998) and Bitgold (Nick
Szabo, 1998). Moreover, in 2004, computer scientist Hal Finney developed the
first reusable proof of work system called, quite simply, ‘Reusable Proof of
Work’ (RPOW), which was based on Nick Szabo’s ‘theory of collectibles’.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn21" name="_ftnref21" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[21]</span></span><!--[endif]--></span></a> This
theory is outlined in Szabo’s essay on the origins of money, published in 2002,
which explained that the earliest forms of proto-money in ancient societies
were collectibles, and these enabled early humans to solve problems related to
reciprocal altruism, kin altruism and mitigation of aggression.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn22" name="_ftnref22" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[22]</span></span><!--[endif]--></span></a>
Like Mises, Szabo does not regard money as some arbitrary creation of governments.
Rather, it has deep evolutionary and societal roots. The earliest proto-money
or primitive money, as used by hunter-gatherer tribes, differs significantly
from modern money, so he chose to refer to it as a ‘collectible’ or ‘valuable’.
These collectibles, according to Szabo, were “low velocity money, involved in a
small number of high value transactions” whereas coins were “high velocity
money, facilitating a large number of low value trades”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn23" name="_ftnref23" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[23]</span></span><!--[endif]--></span></a><o:p></o:p></div>
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The philosophical and theoretical origins of Bitcoin, indeed,
are best described by Nick Szabo, the inventor of smart contracts, who seems to
also be the originator of the economic theory and philosophy behind Bitcoin. He
has delivered several talks on the topic of the History of Blockchain (at the
Ethereum Developer Conference, November 9<sup>th</sup> – 13<sup>th</sup>,
2015), and the Origins & Future of Bitcoin (at the Bitcoin Investor
Conference, Las Vegas, NV, Oct. 29 – 30, 2015).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn24" name="_ftnref24" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[24]</span></span><!--[endif]--></span></a>
According to Szabo, Bitcoin (and blockchain) has its origins in libertarianism
and the need to create privatised money. This money, by nature, requires trust
minimization, or trustlessness, as trusted strangers are ‘security holes’. In
his talk on the Origins of Bitcoin, Szabo discusses the Bit gold proposal, stating:
<o:p></o:p></div>
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<br /></div>
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“Bit gold was pretty much a
transparent attempt to say, let’s take the properties of gold – the economic
properties of gold – such as unforgeable costliness, but let’s improve the
security properties of it… gold has been very insecure – the Spanish looted the
Aztecs, the English looted the Spanish, FDR confiscated gold – there’s a lot of
situations where gold was not secure enough to use, and so the idea was to use
a tool from computer science to come up with something better. And so, we can
look at when Satoshi came out with Bitcoin, there’s a lot of parallels between
that and b-money and Bit gold – it makes it distinct from the traditional
financial system which did not, for the most part, use these advanced principles
of computer science.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn25" name="_ftnref25" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[25]</span></span><!--[endif]--></span></a><o:p></o:p></div>
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Due to Bitcoin’s trustlessness, he further argues, Bitcoin
serves a number of purposes including: business-to-business transactions (B2B),
remittances, routes around capital controls and, interestingly, potential to
serve as a reserve currency. In fact, he states: <o:p></o:p></div>
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<br /></div>
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“This one hasn’t been used for yet
but is something which I envisioned when I was thinking of Bit gold – it’s
something you can still do with Bitcoin – it’s that governments and banks can
use it as a reserve currency. Political distrust arises when wars break out;
it’s going to be a lot more secure for them to be holding cryptocurrency than
to be holding gold – and especially because much of the world’s gold is held in
trust in the United States anyway.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn26" name="_ftnref26" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[26]</span></span><!--[endif]--></span></a><o:p></o:p></div>
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In his talk at the Ethereum Developer Conference in 2015,
Nick Szabo describes two key figures as important “political and philosophical
inspirations” behind the Cypherpunk movement: Ayn Rand and Friedrich Hayek. In
particular, Russian-American philosopher and writer Ayn Rand (1905 – 1982) created
the concept of ‘Galt’s Gulch’, which was a place where individuals could come to
together and form their own community independent of corrupt institutions and
society. This idea was taken up by Tim May, who conceptualised the concept of
‘Galt’s Gulch’ within cyberspace, which would be protected by cryptography. Austrian
economist Friedrich August von Hayek (1899 – 1992), likewise, was influential
in the economics behind Cypherpunk movement. The Cypherpunks traced their
technical roots, furthermore, to the ideas of cryptographer David Chaum, who wrote
about anonymous digital cash and pseudonymous reputation systems in a paper
titled "Security without Identification: Transaction Systems to Make Big
Brother Obsolete" (1985).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn27" name="_ftnref27" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[27]</span></span><!--[endif]--></span></a>
In this monumental paper, Chaum writes that “large-scale automated transaction
systems of the near future can be designed to protect the privacy and maintain
the security of both individuals and organizations” through the use of ‘digital
pseudonyms’ created through “a special random process”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn28" name="_ftnref28" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[28]</span></span><!--[endif]--></span></a>
The Cypherpunk movement, inspired by these ideas, began to take shape in the
early 1990s when Eric Hughes, Timothy C. May and John Gilmore began to meet
monthly at Gilmore’s Company Cygnus Solutions in the San Francisco Bay area.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn29" name="_ftnref29" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[29]</span></span><!--[endif]--></span></a>
Jude Milhon, who attended one of their early meetings, coined the phrase
‘cypherpunk’ as a combination of the words cipher and cyberpunk, and the word
was added to the Oxford English Dictionary in 2006.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn30" name="_ftnref30" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[30]</span></span><!--[endif]--></span></a> <o:p></o:p></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://en.bitcoinwiki.org/upload/en/images/5/52/David_Chaum_digicash.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto; text-align: center;"><img border="0" data-original-height="260" data-original-width="260" src="https://en.bitcoinwiki.org/upload/en/images/5/52/David_Chaum_digicash.jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">DigiCash</i></td></tr>
</tbody></table>
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<div class="MsoNormal">
Far from being merely theoretical, however, there were
attempts, in the early 1990s, to bring an electronic cash system into
existence. Chaum had originally conceived of ‘Ecash’, a form of cryptographic
electronic money (or ‘cryptocurrency’), back in 1982, but this did not take
form until he founded his DigiCash company in 1990, raising $10 million.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn32" name="_ftnref32" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[32]</span></span><!--[endif]--></span></a>
The new Ecash was tested in only one bank, the Mark Twain Bank in Saint Louis,
MO, using it as a micropayment system. Five thousand customers used the Ecash
system over a three-year period from 1995 to 1998, when it was dissolved.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn33" name="_ftnref33" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[33]</span></span><!--[endif]--></span></a>
This coincided with the bank being purchased by Mercantile Bank, a large issuer
of credit cards.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn34" name="_ftnref34" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[34]</span></span><!--[endif]--></span></a> Ecash’s
demise was followed, in 1998, by Wei Dai’s proposed b-money and Nick Szabo’s Bit
gold proposal, the latter of which would require users to complete a proof of
work function, in which a cryptographic puzzle had to be solved in order to
release new currency, rather like Bitcoin does today.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn35" name="_ftnref35" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[35]</span></span><!--[endif]--></span></a>
One of the key distinguishing features, however, between Wei Dai’s proposal and
Szabo’s is the notion of a fixed supply. Wei Dai was interested in “Tim May’s
crypto-anarchy”, in which “the government is not temporarily destroyed but
permanently forbidden and<o:p></o:p></div>
<div class="MsoNormal">
permanently unnecessary”. His proposal was not interested in
the scarcity of money. As in Bitcoin, he argued that “anyone can create money
by broadcasting the solution to a previously unsolved computational problem”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn36" name="_ftnref36" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[36]</span></span><!--[endif]--></span></a>
However, “the number of monetary units created is equal to the cost of the computing
effort in terms of a standard basket of commodities”, so that, “if a problem
takes 100 hours to solve on the computer that solves it most economically, and
it takes 3 standard baskets to purchase 100 hours of computing time on that
computer on the open market, then upon the broadcast of the solution to that<o:p></o:p></div>
<div class="MsoNormal">
problem everyone credits the broadcaster's account by 3
units”. While this ties b-money to real-world baskets of goods, it potentially
allows for a continuous and uncapped supply of currency.<span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;"><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn37" title="">[37]</a></span></span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn37" title=""><!--[endif]--></a></span><o:p></o:p></div>
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<span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><br /></span></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://en.bitcoinwiki.org/upload/en/images/8/8a/Weidai.png" imageanchor="1" style="margin-left: auto; margin-right: auto; text-align: center;"><img border="0" data-original-height="221" data-original-width="220" src="https://en.bitcoinwiki.org/upload/en/images/8/8a/Weidai.png" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">Wei Dai (b-money)</i></td></tr>
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Szabo’s Bit gold proposal, however, outlined something that
was not merely a “a payment scheme, but also as a long-term store of value
independent of any trusted authority”, comparing and contrasting it to “the
properties of traditional stores of value based on verifiable scarcity, such as
precious metals and rare collector's items”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn39" name="_ftnref39" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[39]</span></span><!--[endif]--></span></a> In
other words, Bit gold was not intended merely as a payment system, like PayPal
or MasterCard. On the contrary, payment systems are conventional systems used
by companies and banks to transfer currency from one customer or business to
another, or from one bank to another bank. Such systems can always be made more
efficient, or more decentralised, but that is completely beside the point.
Attempts have already been made to do just that, including the creation of the
Ripple cryptocurrency, also called XRP, which was created by Ripple Labs, Inc.
While the technology behind Ripple (XRP) might be innovative, it fails as sound
money, and this is because, first and foremost, it is a corporate
cryptocurrency. Initially, some 100 billion Ripple (XRP) were created, with 20
billion XRP being retained by the founders, and the remaining 80% being held by
Ripple Labs. By 2015, Ripple Labs still retained some 67% of their original
80%, and, in May 2017, they placed 55 billion XRP (88% of their holdings) into
a cryptographically-secured escrow. Due to its hyper-centralization, therefore,
XRP lacks trustlessness, and its fate is intimately tied to that of the company
behind it. Bit gold’s purpose was entirely different – to serve as a trustless,
decentralised digital gold and settlement layer which did not rely on any
trusted third party. Bit gold could not be confiscated, stolen or hacked – and
it was to have all the properties of gold which make it sound money, i.e. value
determined by the free market, durability, scarcity, verifiability and
fungibility. <o:p></o:p></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://en.bitcoinwiki.org/upload/en/images/2/21/Nickszabo.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto; text-align: center;"><img border="0" data-original-height="450" data-original-width="800" height="180" src="https://en.bitcoinwiki.org/upload/en/images/2/21/Nickszabo.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">Nick Szabo (Bit gold, smart contracts)</i></td></tr>
</tbody></table>
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Bit gold was never implemented with its original name, but
the philosophy behind it, and the innovations which it proposed, were later
incorporated into a more developed and mature cryptocurrency, i.e. Bitcoin.
Bitcoin, like Bit gold, was not merely a new payment system. It was designed
quite specifically to function as both a means of exchange and a store of
value, enabling it to serve as a form of digital gold. By 2008, after some ten
years of studying the problem, Szabo’s proposal was ready to be implemented,
but who would take up the task? In a comment to a blog post he wrote entitled
“Bit gold markets” (December 27, 2008), he wrote: “To be useful both gold and
bit gold have to end up saving users more in transaction costs than is expended
in the gold mining or the CPU running. They both save transaction costs by
serving as stores of value and media of exchange, or as backing for fractional
reserve currencies that do same, but bit gold will perform these monetary
functions with greater security, lower storage costs, etc. than gold… Anybody
want to help me code one up?”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn41" name="_ftnref41" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[41]</span></span><!--[endif]--></span></a> A
few months earlier, on the 18<sup>th</sup> of August 2008, the domain name
bitcoin.org was registered, and, on the 31<sup>st</sup> of October 2008,
Satoshi Nakamoto’s Bitcoin whitepaper, “Bitcoin: A Peer-to-Peer Electronic Cash
System”, was published on a cryptography mailing list.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn42" name="_ftnref42" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[42]</span></span><!--[endif]--></span></a> A
few days later, on the 3<sup>rd</sup> of January 2009, the Bitcoin protocol was
launched as Satoshi Nakamoto mined the genesis block (block number 0), creating
the first 50 Bitcoins.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn43" name="_ftnref43" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[43]</span></span><!--[endif]--></span></a>
Whether or not Szabo was involved in the creation of Bitcoin, Satoshi did
credit him, writing that “Bitcoin is an implementation of Wei Dai's b-money
proposal… and Nick Szabo's Bitgold proposal”, leading one to the conclusion
that Bitcoin is a direct development of Bit gold. <o:p></o:p></div>
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<br /></div>
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<b>The Bitcoin Whitepaper<o:p></o:p></b></div>
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<br /></div>
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Bitcoin has two birthdays, in a sense. One is the date that
the whitepaper was published: 31 October 2008 – and the other is when the first
block – the Genesis Block – was mined, on 3 January 2009. The latter is more
generally accepted as the birth of Bitcoin, as this is the date that the
Bitcoin network launched. The Bitcoin whitepaper was the promise, and the
Genesis block was the fulfilment. For Bitcoin and BCH-believers alike, the
whitepaper has become a gospel of sorts, as it lays out the original vision of Satoshi
Nakamoto. It must be remembered, however, that a whitepaper is a visionary
document, but it is not infallible, nor can it foresee all the problems or
complications that may arise when a protocol is actually launched. The
whitepaper, indeed, is formative, but it must also be compared to the actual
Bitcoin protocol, as well as the many other e-mails and correspondence of
Satoshi Nakamoto, in order to gain a more holistic view of his original vision
and purpose. In the whitepaper, Nakamoto sets out a technical description of how
Bitcoin would function, as well as the problem that it was aiming to solve, and
how it solves that problem. That problem is trusted third parties. He writes
that the current financial system works well for most transactions, but, “it
still suffers from the inherent weaknesses of the trust based model”, as well
as the cost of “mediation” through third parties. Furthermore, truly “non-reversible
transactions” are not possible with the existing financial system.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn44" name="_ftnref44" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[44]</span></span><!--[endif]--></span></a>
What this means it that banks and financial institutions act as third parties,
who have control over the eventual fate of our transactions. They can cancel or
reverse a transaction, and they must act as trusted third parties. That trust,
all too often, proves misplaced, as banks sometimes go insolvent, or governments
can use banks to confiscate money, as in the case with Cyprus in 2012-2013. The
financial crisis of 2008, in which governments had to bail out failed banks,
was also instructive, and, no doubt, may have inspired Satoshi to release his
whitepaper and the Bitcoin protocol. <o:p></o:p></div>
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<br /></div>
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The solution? Satoshi Nakamoto proposed “an electronic
payment system based on cryptographic proof instead of trust, allowing any two
willing parties to transact directly with each other without the need for a
trusted third party”, protecting “sellers from fraud”, while allowing “routine
escrow mechanisms” to protect buyers. He also proposed a solution to the “double-spending
problem” through the use of “a peer-to-peer distributed timestamp server to
generate computational proof of the chronological order of transactions”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn46" name="_ftnref46" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[46]</span></span><!--[endif]--></span></a> The
solution referred to is now commonly called the blockchain. Double-spending is
when digital transactions allow the same money or units of account to be spent
twice. This is not a problem for physical cash, as one cannot spend the same metal
coins or notes twice. With digital transactions, however, the problem was how
to ensure that a digital ledger could be verifiable. The blockchain solves this
by creating an immutable ledger which cannot be changed. This is ensured through
a distributed network in which numerous nodes, i.e. computers which each have a
copy of the entire list of transactions, each update a distributed ledger
whenever new transactions are added. Transactions are bundled together in a
block, which does not record the names or details of the people making the
transactions. Rather, each person has a digital address, and the transactions from
each address are bundled together within each block. That block is then “mined”.
This is the process called ‘proof of work’. <o:p></o:p></div>
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<br /></div>
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There is an algorithm called SHA-256 (SHA stands for ‘Secure
Hash Algorithm’). This algorithm is a mathematical operation run on digital
data: as computers compare the computed ‘hash’, i.e. the output from executing
the algorithm, to a known or expected hash value, the integrity of a set of data
can be determined. This takes a certain amount of computing power to complete,
and the computer which completes it generates a block on the blockchain and
receives what is called the ‘mining reward’. Initially, this was set at 50
Bitcoins. Each block is linked to the block which comes after it, forming a chain
of blocks that cannot be altered. Each node is a computer which stores a
complete copy of the Bitcoin blockchain and runs the Bitcoin protocol. Since
these nodes are distributed across the entire planet, there is no way for
transactions to be falsified or deleted. Each new block is mined by running the
same SHA-256 algorithm, and each new mining reward incentivises miners to
continue running the blockchain and verifying transactions. This ensures that double
spending cannot occur, as each transaction can be independently verified using
a blockchain explorer, and the computing power necessary to falsify the blockchain
would be so immense, and the rewards so low for doing so, that such a falsification
is well-nigh impossible. Indeed, as mining difficulty increases, and the size
of the network grows, the security of the network grows in tandem. Thus Satoshi
wrote that “a key aspect of Bitcoin is that the security of the network grows
as the size of the network and the amount of value that needs to be protected
grows.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn47" name="_ftnref47" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[47]</span></span><!--[endif]--></span></a><o:p></o:p></div>
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<br /></div>
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A Bitcoin is not simply an arbitrary 1 or 0 in a digital
ledger. That, more correctly, would be what U.S. dollars or Euros are. They are
merely 1s and 0s stored in a bank’s ledger, and are subject to hacking, manipulation
or deletion. Transactions of dollars can be easily reversed or stopped because
they just represent data, which is not tied to or controlled by any kind of
irreversible or immutable protocol. An individual Bitcion, however, according
to the Bitcoin whitepaper is “a chain of digital signatures”, with each owner
transferring “the coin to the next by digitally signing a hash of the previous
transaction and the public key of the next owner and adding these to the end of
the coin”, with the payee being able “to verify the chain of ownership”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn48" name="_ftnref48" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[48]</span></span><!--[endif]--></span></a> This
is extraordinary, because it means that Bitcoin isn’t merely some kind of ‘magic
internet money’ or simply a set of data. Rather, each Bitcoin is a tangible
record of immutable transactions, showing the address of both the one making
the transaction and the recipient. This means that each Bitcoin carries with it
a history, and that history represents a permanent record which is verified and
maintained through a network of countless thousands of nodes distributed across
the planet. Even if all the nodes in one country are destroyed, the blockchain
will remain secure, as it is distributed widely throughout the entire world.
Each node is maintaining that tangible history, and each coin is secure from
fraud, hacking or deletion. A U.S. dollar, being a simple 1 on a database, can
be instantly deleted or created out of thin air. If a bank disappears tomorrow,
so do all of its transactions, and so does the credit and debt which that bank
created, resulting in a contraction of the money supply. U.S. dollars are
really quite ephemeral – created out of thin air and as easily destroyed.
Bitcoin is a history, and that history is preserved and maintained through computing
power and energy. Like gold, it takes energy to produce, and it takes energy to
keep it secure. Bitcoin has, in other words, inherent value. <o:p></o:p></div>
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<br /></div>
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<b> The Genesis Block</b></div>
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<br /></div>
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We have already briefly looked at what a block is. Satoshi
explains the process of running the Bitcoin network as follows: “1) New
transactions are broadcast to all nodes. 2) Each node collects new transactions
into a block. 3) Each node works on finding a difficult proof-of-work for its
block. 4) When a node finds a proof-of-work, it broadcasts the block to all
nodes. 5) Nodes accept the block only if all transactions in it are valid and
not already spent.<o:p></o:p></div>
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6) Nodes express their acceptance of the block by working on
creating the next block in the<o:p></o:p></div>
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chain, using the hash of the accepted block as the previous
hash.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn50" name="_ftnref50" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[50]</span></span><!--[endif]--></span></a>
This is, in simple terms, what Bitcoin does. All of these new blocks trace back
to the previous block, and each block traces back, ultimately, to the Genesis
Block. They are all beads on a string, so to speak, and they all go back to the
first bead on that string. The Genesis Block contained a message within the ‘coinbase’,
i.e. the content of the input of a generation transaction.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn51" name="_ftnref51" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[51]</span></span><!--[endif]--></span></a>
The coinbase can contain any arbitrary data and, in this case, Satoshi included
the title of an article from the Times of London: “The Times 03/Jan/2009
Chancellor on brink of second bailout for banks.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn52" name="_ftnref52" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[52]</span></span><!--[endif]--></span></a>
This, in a nutshell, spelled out the reason for Bitcoin’s existence. The
Chancellor refers to the Chancellor of the Exchequer in the United Kingdom, who
is responsible for delivering the budget of the United Kingdom Government
during any fiscal year. The 2008 financial crisis had brought the Western world
and the world economy to the brink of financial collapse. Instead of letting
the free market repair itself, as they should have done, and allowing natural
selection to eliminate banks that were ‘too big to fail’, governments swooped
in and propped up failed institutions and a failing system through bank
bailouts, thus furthering national debt and ensuring that the burden thereof would
be shifted to future generations. The financial system had failed, and Bitcoin
was the answer. <o:p></o:p></div>
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<br /></div>
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One of the key ways in which Satoshi aimed to solve this
problem was through the creation of digital scarcity. In the real world, assets
are scarce, as they are limited by Nature. There is only so much arable or
fertile land on Earth, and there is only so much gold and silver. There is also
only so much time that each person has within one lifetime. Everything which is
scarce and value, indeed, may be counted as an asset. Governments and financial
systems wreck this natural order by creating unlimited amounts of debt and
credit, and through the printing of a limitless number of banknotes. Based on
Nick Szabo’s Bit gold concept, Satoshi incorporated the notion of digital
scarcity by limiting the possible number of Bitcoins which could ever be
created. In an e-mail he wrote that, initially, he originally wanted to make prices
(of Bitcoins) “similar to existing currencies”, but, since he did not know the
future, that would be very hard. Instead, he chose a middle path, with the
total number neither being too small nor too high – a fixed amount of 21
million BTC.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn53" name="_ftnref53" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[53]</span></span><!--[endif]--></span></a> This
would either result in a Bitcoin price that would be very low, if it remained “a
small niche”, or “if you imagine it being used for some fraction of world
commerce, then there’s only going to be 21 million coins for the whole world,
so it would be worth much more per unit”, with each coin being divisible to “8
decimal places, so 1 coin is represented internally as ‘100000000’”. This, Satoshi
argued, gives Bitcoin “plenty of granularity if typical prices become small”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn54" name="_ftnref54" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[54]</span></span><!--[endif]--></span></a>
When asked about why 21 million was chosen as the limit, Satoshi reiterated: “I
wanted something that would be not too low if it was very popular and not too
high if it wasn't.”<span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;"><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn55" title="">[55]</a></span></span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn55" title=""><!--[endif]--></a></span><o:p></o:p></div>
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<span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><br /></span></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://en.bitcoin.it/w/images/en/e/e0/Controlled_supply-block_reward_halving.png" imageanchor="1" style="margin-left: auto; margin-right: auto; text-align: center;"><img border="0" data-original-height="409" data-original-width="800" height="163" src="https://en.bitcoin.it/w/images/en/e/e0/Controlled_supply-block_reward_halving.png" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">Bitcoin – controlled supply</i></td></tr>
</tbody></table>
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<b>Deflation and Price<o:p></o:p></b></div>
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<br /></div>
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Other key features were added to Bitcoin at its very
beginning. These were explained by Satoshi in various e-mails, having not been clarified
in the original Bitcoin whitepaper. For example, each block takes about 10 minutes,
with the initial mining reward set at 50 BTC. However, he also introduced
something called the ‘the halving’. This is the halving of the Bitcoin mining
reward every 210,000 blocks, “or around 3.9954 years, which is approximate
anyway based on the retargeting mechanism's best effort”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn57" name="_ftnref57" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[57]</span></span><!--[endif]--></span></a> Thus,
the first halving happened, as programmed, on November 28, 2012, when block
210,000 was solved, and the mining reward dropped from 50 BTC to 25 BTC.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn58" name="_ftnref58" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[58]</span></span><!--[endif]--></span></a> Before
the halving, some 10.5 million BTC had already been mined, which is 50% of the
maximum total supply.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn59" name="_ftnref59" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[59]</span></span><!--[endif]--></span></a> The
genius of creating a regular halving of the mining reward roughly every 4 years
is that it ensures that the amount of Bitcoins created halves every four years.
This means that the inflation rate of Bitcoin is cut in half every time 210,000
blocks are mined, with the supply decreasing rapidly over time, until there are
only a maximum of 21 million BTC in existence, including the first 50 BTC of the
Genesis block, which cannot be spent (either intentionally or through a fluke
of the code). On the surface, since new Bitcoins are mined every block, Bitcoin
appears to be inflationary. In reality, however, it is deflationary, and here’s
why: with Bitcoin, you can be your own bank. That means that your private key
is your responsibility. Every Bitcoin user has a public key, which allows them
to receive transactions, and a private key, which allows them to spend their
Bitcoins. Whoever holds the private key, owns the Bitcoin. Over time, people
lose their private keys, or their hard-drives get trashed and lost, and this
was particularly common in the first few years of Bitcoin history. Therefore,
as many as 4 million BTC have been lost altogether, or between 2.78 and 3.79
million, representing 17 – 23% of existing Bitcoins.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn60" name="_ftnref60" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[60]</span></span><!--[endif]--></span></a> Thus
while, by 2017, there were roughly 16.381 million BTC in existence, some 3.789
were potentially lost, resulting in a supply of about 12.592 million BTC.<span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;"><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn61" title="">[61]</a></span></span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn61" title=""><!--[endif]--></a></span> <o:p></o:p></div>
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<span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><br /></span></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/f/fd/Confirmed_Transactions_Per_Day.png" imageanchor="1" style="margin-left: auto; margin-right: auto; text-align: center;"><img border="0" data-original-height="402" data-original-width="800" height="160" src="https://upload.wikimedia.org/wikipedia/commons/f/fd/Confirmed_Transactions_Per_Day.png" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">Bitcoin transactions (January 2009 – September 2017)</i></td></tr>
</tbody></table>
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<br /></div>
<div class="MsoNormal">
In addition to lost coins, which increase the value of
circulating Bitcoins, the halving of the mining reward has a notable effect on
the value of each Bitcoin. Bitcoin started off at basically nothing, until, by
March 2010, it was selling on BitcoinMarket.com for about $0.003, or less than
1 U.S. penny.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn63" name="_ftnref63" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[63]</span></span><!--[endif]--></span></a> By July
2010, it had reached about 8 cents, and, between February and April 2011, it
reached parity with the U.S. dollar.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn64" name="_ftnref64" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[64]</span></span><!--[endif]--></span></a> This
brought increased interest in the new currency, with the first speculative
bubble resulting in an all-time-high of $31 on the 8<sup>th</sup> of July 2011,
followed by a crash to $2.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn65" name="_ftnref65" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[65]</span></span><!--[endif]--></span></a> Twelve
months after the first Bitcoin halving event in November 2012, the Bitcoin
price reached an all-time-high of $1000 USD.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn66" name="_ftnref66" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[66]</span></span><!--[endif]--></span></a>
Since this represented market hype and speculation, of course, the price bubble
popped, and Bitcoin fell hundreds of dollars in value. Nevertheless, regardless
of the various speculative bubbles and market cycles which Bitcoin is subject
to, its price always rises over time. Thus, when the bubble popped in 2013,
Bitcoin fell from $1000 to about $200 by March 2015.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn67" name="_ftnref67" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[67]</span></span><!--[endif]--></span></a>
The second Bitcoin halving occurred on July 9, 2016, when the 420,000<sup>th</sup>
block was mined. The result? The block reward was reduced from 25 BTC to 12.5
BTC, which is the current reward (as of 2018).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn68" name="_ftnref68" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[68]</span></span><!--[endif]--></span></a> Everyone
who is reading this now is probably aware of the result. By December 2017, the
Bitcoin price had risen to a startling $19,000 USD<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn69" name="_ftnref69" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[69]</span></span><!--[endif]--></span></a> –
something which even Satoshi himself would have found startling, if he is alive
to witness it. Of course, this resulted in a steep fall in price thereafter,
but, even now, the price of Bitcoin is above $4000. Bitcoin is subject to
speculation, but the price of Bitcoin always goes up over time, because of both
deflation, rising demand and the 4-yearly halving of the block reward. <o:p></o:p></div>
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<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/5/54/Total_bitcoins_over_time.png" imageanchor="1" style="margin-left: auto; margin-right: auto; text-align: center;"><img border="0" data-original-height="648" data-original-width="800" height="259" src="https://upload.wikimedia.org/wikipedia/commons/5/54/Total_bitcoins_over_time.png" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">Total Bitcoin supply over time</i></td></tr>
</tbody></table>
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<br /></div>
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The next halving is only about two years away and will occur
in 2020, resulting in a reduction of the mining reward from 12.5 BTC to 6.25
BTC. This, no doubt, will result in another huge price rise followed by a price
crash to a higher low than previously. Again, the price of Bitcoin will settle
at a price much, much higher than the previous high of $19,000, meaning that
Bitcoin could be tens of thousands of dollars in value – or more. This is not written
in the spirit of prediction, but merely as an analysis of what has come before.
As these 4-yearly halvings go by, Bitcoin will continue to rise and rise in
price, eventually reaching $1 million USD – or perhaps much more. The last
Bitcoin will be mined on or about October 8<sup>th</sup>, 2140 or May 7<sup>th</sup>,
2140 (assuming mining power remains constant), after which transaction fees rather
than mining reward will be used to maintain the network.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn71" name="_ftnref71" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[71]</span></span><!--[endif]--></span></a> However,
by the 22<sup>nd</sup> century, only tiny fractions of a Bitcoin will be mined
at any one time. In fact, the last full Bitcoin will be mined before 2033, when
the mining reward will drop from 1.5625 BTC to 0.78125 BTC.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn72" name="_ftnref72" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[72]</span></span><!--[endif]--></span></a>
By that time, for mining to continue to be profitable, the price of Bitcoin
will have to be many multiples of what it is today, perhaps even $1 million USD
or several million dollars. Thomas J. Lee, head of research at Fundstrat Global
Advisors, estimates that, by the 2030s, Bitcoin could be priced at $10 million
USD.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn73" name="_ftnref73" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[73]</span></span><!--[endif]--></span></a> This
may seem extraordinary, but it is well within the realm of possibility. By
2140, if the U.S. dollar still exists, one BTC would have to be worth tens or
hundreds of millions of dollars (in 2018 dollars). <o:p></o:p></div>
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<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/5/5b/Bitcoin_Price_History.png" imageanchor="1" style="margin-left: auto; margin-right: auto; text-align: center;"><img border="0" data-original-height="351" data-original-width="800" height="140" src="https://upload.wikimedia.org/wikipedia/commons/5/5b/Bitcoin_Price_History.png" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">Bitcoin price history</i></td></tr>
</tbody></table>
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<br /></div>
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<b>Satoshi Nakamoto – Anonymous Creator<o:p></o:p></b></div>
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<br /></div>
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Let us go back a second: what happened to Satoshi Nakamoto?
At the beginning, Satoshi was ever-present, answering people’s questions and
actively working on the Bitcoin protocol. So, what happened? Bitcoin began in
2009 with a small number of cryptography enthusiasts – the Cypherpunks – but it
quickly began to generate interest within a wider circle of adherents. The
first Bitcoin transaction occurred when Hal Finney was sent 10 Bitcoins from
Satoshi Nakamoto on January 12, 2009.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn75" name="_ftnref75" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[75]</span></span><!--[endif]--></span></a>
During the early days, Satoshi managed to mine some 1 million BTC, which have
remained mostly idle since that time. Mining required relatively little computational
power at the time, so there are many stories which arose of people losing
thousands of Bitcoins on a hard drive or forgetting/losing their private keys.
This is less likely to happen today, as Bitcoins are much, much more valuable. On
May 22, 2010, now known as Bitcoin Pizza Day, a computer developer bought two
pizzas for 10,000 BTC, which was the first commercial transaction using
Bitcoin.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn76" name="_ftnref76" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[76]</span></span><!--[endif]--></span></a> This
was at a time when each Bitcoin was worth a fraction of a penny. As Bitcoin
continued to grow in price and began to gain media attention, however, it seems
that Satoshi began to become wary. He was using a pseudonym for a reason – what
he was doing was incredibly dangerous. He had created a means to liberate
mankind from the existing financial order – a financial order with vested
interests consisting of the elites and governments of the world. Satoshi’s
ideas were challenging – revolutionary – they bespoke a new world financial
order in which everyone could be their own bank, take control of their own
finances, and send transactions without the need for any government permission
or third party. If his identity were revealed, not only would he become
personally liable to potential sanction or personal danger, but it could also
potentially endanger the nascent movement itself, as he was central to the
original process of designing, implementing and improving the Bitcoin protocol.
<o:p></o:p></div>
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<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/f/f1/Protest_ACTA_2012-02-11_-_Toulouse_-_05_-_Anonymous_guy_with_a_scarf.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto; text-align: center;"><img border="0" data-original-height="800" data-original-width="533" height="320" src="https://upload.wikimedia.org/wikipedia/commons/f/f1/Protest_ACTA_2012-02-11_-_Toulouse_-_05_-_Anonymous_guy_with_a_scarf.jpg" width="213" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">A Guy Fawkes mask</i></td></tr>
</tbody></table>
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<br /></div>
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In 2011, WikiLeaks began to accept payments in Bitcoin. WikiLeaks
was originally founded in Iceland in 2006 and has a database of some 10 million
documents collected over 10 years.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn78" name="_ftnref78" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[78]</span></span><!--[endif]--></span></a>
Its founder and director is the controversial figure Julian Assange, who is
currently holed up in the Ecuadorian Embassy in London, where he took refuge in
August 2012.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn79" name="_ftnref79" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[79]</span></span><!--[endif]--></span></a> Assange
is currently wanted in the United States for potentially violating the Espionage
Act of 1917. As of 2017, U.S. officials were preparing to file formal charges against
Assange.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn80" name="_ftnref80" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[80]</span></span><!--[endif]--></span></a>
Following WikiLeaks’ release of U.S. diplomatic cables in November 2010, donations
to WikiLeaks were blocked by Bank of America, VISA, MasterCard, PayPal and
Western Union.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn81" name="_ftnref81" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[81]</span></span><!--[endif]--></span></a> In 2011,
WikiLeaks turned to Bitcoin to continue accepting donations. This allowed them
to bypass the existing financial system and its limitations, allowing people to
freely choose who or what they want to support. In the same year, Freenet,
Singularity Institute, Internet Archive and the Free Software Foundation also
began accepting Bitcoin, and, as of 2012, there were over 1,000 merchants excepting
Bitcoin payments via BitPay.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn82" name="_ftnref82" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[82]</span></span><!--[endif]--></span></a>
In the case of WikiLeaks, accepting Bitcoin donations worked very well. By April
2012, they had collected more than 1,100 BTC in donations (then worth about $32,000,
with 1 BTC = $10.00).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn83" name="_ftnref83" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[83]</span></span><!--[endif]--></span></a>
That same address (1HB5XMLmzFVj8ALj6mfBsbifRoD4miY36v), now contains some 4,042.82316017
BTC, which is currently worth $15,449,365.71 USD (at $3,821.43 per Bitcoin).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn84" name="_ftnref84" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[84]</span></span><!--[endif]--></span></a>
For Satoshi Nakamoto, however, the controversial status of WikiLeaks was
shining an altogether-too-close a spotlight on the early Bitcoin movement. In
2010, he wrote: <o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="margin-left: 36.0pt;">
“It would have been nice to get
this attention in any other context. WikiLeaks has kicked the hornet's nest,
and the swarm is headed towards us.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn85" name="_ftnref85" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[85]</span></span><!--[endif]--></span></a><o:p></o:p></div>
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<br /></div>
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<b>The Disappearance of Satoshi Nakamoto<o:p></o:p></b></div>
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<br /></div>
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When did Satoshi Nakamoto finally disappear (or go quiet)? Gavin
Andresen was one of the early Bitcoin Core developers and programmers who closely
collaborated with Satoshi Nakamoto via e-mail, and, since he was a public
personality, interested parties used to look to him for information on the new
cryptocurrency.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn86" name="_ftnref86" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[86]</span></span><!--[endif]--></span></a> Andresen
also went on to create the Bitcoin Foundation in 2012.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn87" name="_ftnref87" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[87]</span></span><!--[endif]--></span></a> He
was also responsible for launching the first Bitcoin “faucet” in 2010, called
Bitcoin Faucet, which gave out five free Bitcoins to each visitor (it’s no
longer active, by the way).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn88" name="_ftnref88" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[88]</span></span><!--[endif]--></span></a> His
collaboration with Satoshi began in earnest in December 2010, when he wrote
that, “with Satoshi’s blessing… I’m going to start doing more active project
management for Bitcoin”, being careful to assert that “I am not Satoshi
Nakamoto; I have never met him; I have had many e-mail conversations with him.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn89" name="_ftnref89" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[89]</span></span><!--[endif]--></span></a> In
2011, Gavin Andresen was asked to explain Bitcoin to the Central Intelligence
Agency (CIA), and he delivered a talk on the topic on the 15<sup>th</sup> of
June 2011.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn90" name="_ftnref90" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[90]</span></span><!--[endif]--></span></a> Before
going, Gavin informed Satoshi that he was going to visit the CIA, and Satoshi
disappeared shortly thereafter. Whether this was a coincidence or not, only
history and time will tell. Gavin explained: “The last email I sent him I
actually told him I was going to talk at the CIA. So it's possible, that.... that
may have um had something to with his deciding…”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn91" name="_ftnref91" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[91]</span></span><!--[endif]--></span></a> Nevertheless,
according to Mike Hearn, who writing in 2013, Satoshi Nakamoto “communicated
with a few of the core developers before leaving. He told myself and Gavin that
he had moved on to other things and that the project was in good hands.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn92" name="_ftnref92" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[92]</span></span><!--[endif]--></span></a>
Just what those “other things” were is up for debate. He did, however, send one
final message in 2014.<o:p></o:p></div>
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<br /></div>
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://i.amz.mshcdn.com/dGYDBWtLaKyUQUrB0jIdBYUs_WE=/950x534/filters:quality(90)/2014%2F03%2F07%2Fac%2FAP407286670.05998.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="450" data-original-width="800" height="179" src="https://i.amz.mshcdn.com/dGYDBWtLaKyUQUrB0jIdBYUs_WE=/950x534/filters:quality(90)/2014%2F03%2F07%2Fac%2FAP407286670.05998.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">Dorian Nakamoto</i></td></tr>
</tbody></table>
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<span style="font-size: 12pt;"><br /></span></div>
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<span style="font-size: 12pt;">In 2014, </span><i style="font-size: 12pt;">Newsweek</i><span style="font-size: 12pt;">, in an article entitled “The Face
Behind Bitcoin”, tried to dox Satoshi Nakamoto by identifying him with a
Japanese-American man in California called Dorian S Nakamoto,</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn94" name="_ftnref94" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[94]</span></span></span></a><span style="font-size: 12pt;">
who has since become an iconic figure within the Bitcoin movement – his,
indeed, is the face that has spawned a thousand memes. Dorian Nakamoto himself
denied being Satoshi Nakamoto, though he did have a background in financial
software.</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn95" name="_ftnref95" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[95]</span></span></span></a><span style="font-size: 12pt;"> On March
8, 2014, Satoshi’s P2P Foundation account became active again and he posted one
final message: “I am not Dorian Nakamoto.”</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn96" name="_ftnref96" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[96]</span></span></span></a><span style="font-size: 12pt;">
Whether or not this was Satoshi actually posting is debatable. What is clear,
however, is that the Bitcoin creator has, for all intents and purposes,
disappeared from the public scene, and, with the exception of this brief statement
in 2014, has been inactive since about June 2011. Why did he disappear? The exact
reasons may not be known now, but the dangers of Satoshi becoming publicly
known are clear. The fate of Bernhard Von Nothaus, the creator of the Liberty Dollar,
is a telling example. The American Liberty Dollar (ALD) was a private currency
created in the United States, which took the form of minted metal rounds (i.e.
coins), gold and silver certificates and electronic currency (eLD), with actual
precious metals being warehoused at Sunshine Minting in Coeur d’Alene, Idaho.</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn97" name="_ftnref97" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[97]</span></span></span></a><span style="font-size: 12pt;">
Beginning in 1998, until it was shut down in July 2009, Nothaus’s organization,
called ‘Liberty Services’ (originally the National Organization for the Repeal
of the Federal Reserve and the Internal Revenue Code, or NORFED), issued
commodity-backed currency based on gold, silver, platinum or copper.</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn98" name="_ftnref98" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[98]</span></span></span></a><span style="font-size: 12pt;"> While
not attempting to counterfeit money or create fake currency, opponents of the Liberty
Dollar argued that it was in violation of 18 U.S.C. § 486, which threatens
anyone who creates coins “intended for use as current money, whether in the
resemblance of coins of the United States or of foreign countries, or of
original design” with a fine or imprisonment of “not more than five years, or
both.”</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn99" name="_ftnref99" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[99]</span></span></span></a></div>
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<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
<b>Liberty Dollars (ALD / eLD) – A Telling Tale<o:p></o:p></b></div>
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<br /></div>
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/en/e/ef/Liberty_Dollar.jpeg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="371" data-original-width="267" height="320" src="https://upload.wikimedia.org/wikipedia/en/e/ef/Liberty_Dollar.jpeg" width="230" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">Liberty dollars</i></td></tr>
</tbody></table>
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<br /></div>
<div class="MsoNormal">
As it turned out, Liberty Dollar offices were raided by the
Federal Bureau of Investigation (FBI) on November 14, 2007, seizing all the
gold, silver, and platinum, as well as two tons of ‘Ron Paul dollars’. Von NotHaus
himself was arrested on June 6, 2009 and charged with one count of conspiracy
to possess and sell coins in violation of a number of federal statues
including: 18 U.S.C. § 485, 18 U.S.C. § 486, 18 U.S.C. § 371, 18 U.S.C. § 1341,
18 U.S.C. § 2, 18 U.S.C. § 485 and 18 U.S.C. § 2.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn101" name="_ftnref101" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[101]</span></span><!--[endif]--></span></a> On
March 18, 2011, he was convicted of "making, possessing and selling his
own coins", after a jury deliberated for a mere two hours. He initially
faced up to 15 years in prison, a $250,000 fine and seizure of around $7
million in minted coins.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn102" name="_ftnref102" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[102]</span></span><!--[endif]--></span></a>
His appeal was denied in 2014, and prosecutors demanded that he face up to 23
years in federal prison, but he was only sentenced, in 2014, to 6 months’ house
arrest with 3 years’ probation.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn103" name="_ftnref103" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[103]</span></span><!--[endif]--></span></a> Is
it any surprise then, that Satoshi Nakamoto, in 2008, decided to use a
pseudonym to release his project, and that, in 2011, the same year that Von NotHaus
was convicted, he decided to disappear from the scene? If the Federal
Government could bring charges against someone for creating independent silver
and gold coins, it is not beyond the realm of reason to suggest that similar
charges could be brought against Satoshi Nakamoto—if he were a U.S. citizen—for
creating something which resembles a currency, which is used in commerce, and
which also serves as an asset and commodity. Like gold and silver, Bitcoin is
hard money – and it was being used by payment providers across the globe, as
well as censured organizations, such as WikiLeaks. As such, Bitcoin not only
represents a competitor to the U.S. dollar, but it also represents a
censorship-resistant tool which can be used to evade sanctions, currency
controls and other government-sanctioned restrictions or capital controls.
Satoshi Nakamoto may have felt increasingly under the spotlight, and
increasingly threatened, and, as a result, decided to abandon the public
sphere, leaving Bitcoin without any centralized leadership figure. Since then,
Bitcoin’s claim to decentralization has been reinforced, unlike Ethereum, Ripple,
Cardano, NEO, TRON and Bitcoin Cash, all of which have personalities which lead
the show. [For more on Ethereum, see my article(s) entitled: <a href="https://nicholasjames19.blogspot.com/2018/04/what-is-ethereum.html">‘What
is Ethereum?’</a>]<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn104" name="_ftnref104" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[104]</span></span><!--[endif]--></span></a><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Other Reasons Satoshi May Have Left<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Other suggestions for the reason behind his disappearance include
the possibility that Satoshi Nakamoto has died. This is usually tied to the
idea that Satoshi Nakamoto and Hal Finney are one and the same person. For that
to be true, of course, Finney would have had to have created fake correspondence
between himself and Satoshi, as there are e-mails to and from these two
individuals. He had always denied being the creator of Bitcoin, and he retired
from his company, P.G.P. Corporation in 2011.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn105" name="_ftnref105" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[105]</span></span><!--[endif]--></span></a>
In his last few years, he was only able to move his facial muscles,
communicating and writing Bitcoin-related software using a computer that
tracked eye movement. He suffered from amyotrophic lateral sclerosis (ALS) – a progressive
disease that results in problems swallowing, speaking, and breathing,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn106" name="_ftnref106" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[106]</span></span><!--[endif]--></span></a> having
been diagnosed in 2009.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn107" name="_ftnref107" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[107]</span></span><!--[endif]--></span></a>
Finally, he died in 2014 at the age of 58, with his body being preserved by the
Alcor Life Extension Foundation in Scottsdale, Arizona, in the hope that he
could be revivified at some point in the distant (or perhaps near) future.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn108" name="_ftnref108" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[108]</span></span><!--[endif]--></span></a> The
progression of his disease, culminating in 2011 with his retirement, as well as
his death in 2014, do seem to coincide with Satoshi’s inactivity from 2011 and complete
disappearance by 2014, but this is by no means proof of any connection. Another
suggestion, by early BitcoinTalk administrator Theymos, was that Satoshi was a
minor Cypherpunk hobbyist who came up with the idea for Bitcoin and may not
have been an actual “mathematician, cryptographer, or master software engineer”,
having perhaps “read a good C++ book” and then “put real effort into following
best practices”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn109" name="_ftnref109" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[109]</span></span><!--[endif]--></span></a>
He then suggests that “he was having to deal more and more with people, which
he didn’t much enjoy”, with some starting “to question his technical decisions”
while, at the same time, “Satoshi probably felt like he was losing track of the
project, and moreover he didn’t see anything technology-wise that he
particularly wanted to work on.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn110" name="_ftnref110" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[110]</span></span><!--[endif]--></span></a>
In other words, he gradually felt like he had lost control of his project and
abandoned it when it no longer interested him. Both of these suggestions seem
quite unlikely, though not impossible.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>A Community Without Leaders <o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Much more likely, in my opinion, is the suggestion that Satoshi
Nakamoto felt that increasing public spotlight was endangering his anonymity,
leading to the possibility that his real identity might be discovered. In
addition to causing potential legal problems, as in the case of Von NotHaus,
Satoshi may have also felt that Bitcoin did not ultimately need leadership.
Leadership can have negative effects on a decentralised project such as Bitcoin,
as it brings undue attention to the personality behind the leader/creator. This
has been the case with not only Ethereum, which was founded by Vitalik Buterin,
but also other projects, such as Justin Sun’s TRON and Charles Hoskinson’s Cardano.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn111" name="_ftnref111" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[111]</span></span><!--[endif]--></span></a>
In the case of Ethereum, a hoax on the 4chan internet forum in 2017 stated that
Vitalik Buterin had died in a car crash, causing the price of ether (ETH)—the
native cryptocurrency of Ethereum—to dip below $300.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn112" name="_ftnref112" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[112]</span></span><!--[endif]--></span></a> In
2016, Australian computer scientist, Craig Steven Wright (b. 1970), claimed to
be Satoshi Nakamoto, even apparently signing and verifying a message using
private keys from block #1 and #9. Security expert Dan Kaminsky, however, said that
this was a scam, and Bitcoin developer Jeff Garzik, provided evidence that
Wright’s claims were baseless.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn113" name="_ftnref113" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[113]</span></span><!--[endif]--></span></a>
Wright later went on to support Roger Ver (owner of Bitcoin.com) and Jihan Wu
(owner of Bitmain)’s fork of the Bitcoin blockchain called Bitcoin Cash (BCH),
which they claim represents the “original vision” of Satoshi Nakamoto. More recently,
when disagreements arose between the three over scaling solutions, Wright created
his own hard fork called Bitcoin Cash Satoshi’s Vision (BCH SV; BSV),<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn114" name="_ftnref114" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[114]</span></span><!--[endif]--></span></a>
while Ver and Jihan Wu’s version became known as Bitcoin ABC (BCHABC).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn115" name="_ftnref115" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[115]</span></span><!--[endif]--></span></a> Meanwhile,
Bitcoin (BTC) remains unscathed, free from these personality clashes and disagreements—decentralised
and leaderless.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/b/b8/Cryptocurrency_logos.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="417" data-original-width="800" height="166" src="https://upload.wikimedia.org/wikipedia/commons/b/b8/Cryptocurrency_logos.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">Cryptocurrency logos</i></td></tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Another example: Charles Hoskinson, the CEO of Input Output
Hong Kong (IOHK), the company that is building Cardano, recently got into a
minor dispute with the Cardano Foundation, the non-profit organization that was
set up to drive adoption for Cardano and its cryptocurrency, ADA.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn117" name="_ftnref117" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[117]</span></span><!--[endif]--></span></a> Under
its remit of overseeing the development of Cardano, the Cardano Foundation
hired a firm to audit Cardano’s codebase, costing an estimated $600,000 per
year. On September 14, 2018, the Cardano Foundation accused IOHK of not
responding to their first audit, while Hoskinson responded, saying that the
database in question was just a proof-of-concept, and that it had created two codebases
using IOHK’s own method, which should have been audited instead.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn118" name="_ftnref118" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[118]</span></span><!--[endif]--></span></a> Such
a conflict, pitting the founder against the foundation responsible for the community,
does not exist in Bitcoin. Likewise, in the case of Justin Sun, there were
accusations (in a Reddit post) that he had sold billions of TRON (TRX) tokens (some
6 billion TRX, in fact), which was followed by a notable dip in the price.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn119" name="_ftnref119" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[119]</span></span><!--[endif]--></span></a>
Justin Sun denied the allegations, but the damage had been done. This is a classic
example of spreading Fear, Uncertainty and Doubt (FUD), which can be seriously
damaging to a cryptocurrency community. All of this is quite instructive as to
why Bitcoin does not currently need a leader, and the identity of Satoshi
Nakamoto is best kept a mystery—at least for now.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
As Sun Tzu writes in <i>The Art of War</i>: <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: 36.0pt;">
<b>“Amid the turmoil and tumult
of battle, there may be seeming disorder and yet no real disorder at all; amid
confusion and chaos, your array may be without head or tail, yet it will be proof
against defeat.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn120" name="_ftnref120" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[120]</span></span><!--[endif]--></span></a><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
NJ Bridgewater<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<b><span style="font-family: Times; font-size: 12.0pt;">Sources<o:p></o:p></span></b></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Andreas M.
Antonopoulos (2017) <i>Mastering Bitcoin: Programming the Open Blockchain</i>
(Sebastopol, CA: O’Reilly Media)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Atlas (2012) Satoshi
dumped Bitcoin right after Gavin announced he was going to the CIA, <i>Bitcointalk</i>,
September 28, 2012, 03:44:27 AM. URL: https://bitcointalk.org/index.php?topic=113609.0
(accessed 04/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Billy Bambrough (2018)
A Bitcoin Halvening Is Two Years Away -- Here's What'll Happen To The Bitcoin
Price, <i>Forbes</i>, May 29, 2018, 10:17am. URL: https://www.forbes.com/sites/billybambrough/2018/05/29/a-bitcoin-halvening-is-two-years-away-heres-whatll-happen-to-the-bitcoin-price/#5b0faf5286a7
(accessed 03/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Belowsearcher (2018) What’s
going on with Cardano? <i>HackerNoon</i>, Oct 22, 2018. URL: https://hackernoon.com/whats-going-on-with-cardano-3f2996841b21
(accessed 04/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Julian Birkinshaw
(2014) Beyond the Information Age, <i>Wired</i>, 06/2014. URL: https://www.wired.com/insights/2014/06/beyond-information-age/
(accessed 02/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">NJ Bridgewater (2017)
What is Bitcoin? Crossing the Bridge, 7 December 2017. URL: https://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html
(accessed 04/12/2018); Nicholas Bridgewater (2018) What is Bitcoin? <i>Digitex
Futures Exchange Blog</i>, last updated Oct 2, 2018. URL: https://blog.digitexfutures.com/cryptocurrency/what-is-bitcoin/
(accessed 04/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">NJ Bridgewater (2018)
What is Ethereum? <i>Crossing the Bridge</i>, 29 April 2018. URL: https://nicholasjames19.blogspot.com/2018/04/what-is-ethereum.html
& Nicholas Bridgewater (2018) What is Ethereum? <i>Digitex Futures Exchange
Blog</i>, last updated Oct 2, 2018. URL: https://blog.digitexfutures.com/cryptocurrency/what-is-ethereum/
(accessed 04/12/2018)<o:p></o:p></span></div>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
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<!--StartFragment-->
<!--EndFragment--></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">NJ Bridgewater (2018)
The Origins of Money (Part 1 of 2), <i>Crossing the Bridge</i>, 25 November
2018. URL: https://nicholasjames19.blogspot.com/2018/11/the-origins-of-money-part-1-of-2.html
; (Part 2 of 2): https://nicholasjames19.blogspot.com/2018/11/the-origins-of-money-part-2-of-2.html
(accessed 05/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">David Chaum (1985) Security
without Identification: Transaction Systems to Make Big Brother Obsolete, URL: https://www.cs.ru.nl/~jhh/pub/secsem/chaum1985bigbrother.pdf
(accessed 02/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Wei Dai (1998)
B-money. URL: http://www.weidai.com/bmoney.txt (accessed 02/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Ian Demartino (2018) Craig
Wright Threatens to Crash Bitcoin Cash in Email to Ver, <i>CoinJournal</i>,
November 8, 2018. URL: https://coinjournal.net/craig-wright-threatens-to-crash-bitcoin-cash-in-email-to-ver/
(accessed 04/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Nick Dominguez (2018)
6 Most Logical Theories Why Satoshi Nakamoto Disappeared, <i>Coindiligent</i>,
November 20, 2018. URL: https://coindiligent.com/why-satoshi-nakamoto-disappeared
(accessed 04/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">franky1 (2018) Re:
What happend (sic) 2140 all BTC are mined, <i>BitcoinTalk.org</i>, May 03,
2018, 07:03:04 AM. URL: https://bitcointalk.org/index.php?topic=3482911.0 (accessed
03/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Leah McGrath Goodman
(2014) The Face Behind Bitcoin, <i>Newsweek Magazine</i>, 3/6/14 AT 6:05 AM. URL:
https://www.newsweek.com/2014/03/14/face-behind-bitcoin-247957.html (accessed
04/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Mike Hearn (2013) Re:
Could Satoshi come back and tell us what he/her thinks about the block size? <i>Bitcoin
Talk</i>, February 25, 2013, 12:48:54 PM. URL: https://bitcointalk.org/index.php?topic=145850.msg1558053#msg1558053
; https://bitcoin.stackexchange.com/questions/28108/satoshis-final-statement (accessed
04/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Stan Higgins (2017) Proof-of-Life:
Vitalik Buterin Uses Ethereum to Disprove Death Hoax, <i>CoinDesk</i>, Jun 26,
2017 at 17:25 UTC, Updated Jun 27, 2017 at 11:39 UTC. URL: https://www.coindesk.com/proof-life-vitalik-buterin-uses-ethereum-blockchain-disprove-death-hoax
(accessed 04/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Kashmir Hill (2014) Bitcoin
Creator Returns To Internet To Say, 'I Am Not Dorian Nakamoto', <i>Forbes</i>, Mar
6, 2014, 11:33pm. URL: https://www.forbes.com/sites/kashmirhill/2014/03/06/bitcoin-creator-returns-to-internet-to-say-i-am-not-dorian-nakamoto/#1953f99d76bb
(accessed 04/12/2018)<b><o:p></o:p></b></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Lawrence Lewitinn
(2018) Bitcoin will hit $10 million, predicts Wall Street strategist Thomas J.
Lee, <i>Modern Consensus</i>, January 17, 2018. URL: https://modernconsensus.com/cryptocurrencies/bitcoin-will-hit-10-million-predicts-wall-street-strategist-thomas-j-lee/
(accessed 03/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Alexander Lielacher
(2018) Bitcoin and its Foundation in Austrian Economics, BTCManager.com, July
27, 2018 19:00. URL: https://btcmanager.com/bitcoin-foundation-austrian-economics/
(accessed 02/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Jon Matonis (2012) WikiLeaks
Bypasses Financial Blockade With Bitcoin, <i>Forbes</i>, Aug 20, 2012, 09:47am.
URL: https://www.forbes.com/sites/jonmatonis/2012/08/20/wikileaks-bypasses-financial-blockade-with-bitcoin/#b2df52d7202a
(accessed 03/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Ludwig von Mises (1953)
<i>The Theory of Money and Credit</i> (New Haven: Yale University Press),
originally published: 07/20/1912. URL: https://mises.org/library/principle-sound-money
(accessed 02/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Satoshi Nakamoto
(2009) E-mail to Mike Hearn, Mon, Jan 10, 2011 at 4:34 PM. URL: https://pastebin.com/wA9Jn100
(accessed 03/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Satoshi Nakamoto (2009)
An e-mail to Mike Hearn, Sun, Apr 12, 2009 at 10:44 PM. URL: https://pastebin.com/Na5FwkQ4
(accessed 03/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Satoshi Nakamoto (2009)
E-mail to Mike Hearn, Wed, Dec 29, 2010 at 10:42 PM. URL: https://pastebin.com/wA9Jn100
(accessed 03/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Satoshi Nakamoto
(2010) Re: They want to delete the Wikipedia article, <i>BitcoinTalk</i>, 2010-07-20
18:38:28 UTC. Stored on the <i>Satoshi Nakamoto Institute</i> website. URL: https://satoshi.nakamotoinstitute.org/posts/bitcointalk/249/#selection-9.0-9.45
(accessed 02/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Satoshi Nakamoto (2010)
Re: PC World Article on Bitcoin, Nakamoto Institute, 2010-12-11, 11:39:16 PM.
URL: https://satoshi.nakamotoinstitute.org/quotes/general/ ; https://satoshi.nakamotoinstitute.org/posts/bitcointalk/542/
; https://bitcointalk.org/index.php?topic=2216.msg29280#msg29280 (accessed
04/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Satoshi Nakamoto
(2014) RE: Bitcoin open source implementation of P2P currency, <i>P2P
Foundation</i>, March 7, 2014, 1:17. URL: http://p2pfoundation.ning.com/forum/topics/bitcoin-open-source?commentId=2003008%3AComment%3A52186&xg_source=activity
(accessed 04/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Hunain Naseer (2018) TRON
(TRX) Dips After Cash Out Allegations; Justin Sun Clarifies Situation, <i>Cryptovest.com</i>,
06 January 2018. URL: https://cryptovest.com/news/tron-trx-dips-after-cash-out-allegations-justin-sun-clarifies-situation/
(accessed 04/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Justin OConnell (2016)
Why Did Satoshi Nakamoto Abandon Bitcoin? <i>CCN</i>, Bitcoin Op-Ed, JANUARY
27, 2016 11:53 CET. URL: https://www.ccn.com/why-did-satoshi-nakamoto-abandon-bitcoin/
(accessed 04/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Stephen O’Neal (2018) ABC
vs SV: Assessing the Consequences of the Bitcoin Cash War, <i>CoinTelegraph</i>,
NOV 26, 2018. URL: https://cointelegraph.com/news/abc-vs-cv-assessing-the-consequences-of-the-bitcoin-cash-war
(accessed 04/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Thorsten Polleit
(2009) Ending the Monetary Fiasco — Returning to Sound Money, <i>Mises Daily
Articles</i>, 04/17/2009. URL: https://mises.org/library/ending-monetary-fiasco-%E2%80%94-returning-sound-money
(accessed 02/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Thorsten Polleit
(2010) The Curse of Fiat Money, <i>Mises Daily Articles</i>, 09/14/2010. URL: https://mises.org/library/curse-fiat-money
(accessed 02/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Nathaniel Popper
(2014) Hal Finney, Cryptographer and Bitcoin Pioneer, Dies at 58, <i>The New
York Times</i>, Aug. 30, 2014. URL: https://www.nytimes.com/2014/08/31/business/hal-finney-cryptographer-and-bitcoin-pioneer-dies-at-58.html
(accessed 04/12/2018).<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<span class="MsoFootnoteReference"><span style="font-family: Times;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 10pt;">[1]</span></span><!--[endif]--></span></span><span style="font-family: Times;"> URL: https://www.ninds.nih.gov/Disorders/Patient-Caregiver-Education/Fact-Sheets/Amyotrophic-Lateral-Sclerosis-ALS-Fact-Sheet
(accessed 04/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Rob Price (2017) Someone
in 2010 bought 2 pizzas with 10,000 bitcoins — which today would be worth $100
million, <i>Markets Insider</i>, Nov. 28, 2017, 03:06 PM. URL: https://markets.businessinsider.com/currencies/news/bitcoin-pizza-10000-100-million-2017-11-1009827466
(accessed 03/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Jeff John Roberts,
Nicolas Rapp (2017) Exclusive: Nearly 4 Million Bitcoins Lost Forever, New
Study Says, <i>Fortune</i>, November 25, 2017. URL: http://fortune.com/2017/11/25/lost-bitcoins/
(accessed 03/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">RPOW - Reusable Proofs
of Work, <i>Satoshi Nakamoto Institute</i>, 2004. URL: https://nakamotoinstitute.org/finney/rpow/
(accessed 02/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Tom Simonite (2014)
The Man Who Really Built Bitcoin, <i>Technology Review</i>, August 15, 2014.
URL: https://www.technologyreview.com/s/527051/the-man-who-really-built-bitcoin/
(accessed 04/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Nick Szabo (1999,
2005) Bit Gold: Towards Trust-Independent Digital Money, <i>Nick Szabo’s Paper
and Concise Tutorials</i>. URL: https://web.archive.org/web/20140406003811/http://szabo.best.vwh.net/bitgold.html
(accessed 02/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Nick Szabo (2008) Bit
gold markets. <i>Unenumerated</i>, Saturday, December 27, 2008. URL: https://unenumerated.blogspot.com/2008/04/bit-gold-markets.html?showComment=1207799580000#c3741843833998921269
(accessed 02/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Nick Szabo (2015a)
Origins & Future of Bitcoin, Presentation from Bitcoin Investor Conference
- Oct. 29 - 30, 2015, Las Vegas, NV. Online at <i>BitcoinInvestor.com</i>,
published on Nov 9, 2015. URL: https://www.youtube.com/watch?v=r_yUeuKu7L4
(accessed 02/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Nick Szabo (2015b) Nick
Szabo - History of the Blockchain, Nov 14, 2015: https://www.youtube.com/watch?v=YpSeOU1VVj4
; Origins & Future of Bitcoin – Nick Szabo, Nov. 9, 2015: https://www.youtube.com/watch?v=r_yUeuKu7L4
(accessed 02/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Fitz Tepper (2016) The
reward for mining Bitcoin was just cut in half, <i>TechCrunch</i>, 09/07/2016. URL:
https://techcrunch.com/2016/07/09/the-reward-for-mining-bitcoin-was-just-cut-in-half/
(accessed 03/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Sun Tzu (author),
Lionel Giles (translator) (1910) <i>Sun Tzŭ on the Art of War: The Oldest
Military Treatise in the World, Translated from the Chinese with introduction
and critical notes</i> (London: Luzac & Co.), V, 17. URL: https://en.wikisource.org/wiki/The_Art_of_War_(Sun)
(accessed 04/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<b><u><span style="font-family: Times;">Wikipedia /
BitcoinWiki articles<o:p></o:p></span></u></b></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Bitcoin (<i>Bitcoin
Wiki</i> article). URL: https://en.bitcoin.it/wiki/Bitcoin (accessed 03/12/2018
07:21 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Coinbase (<i>Bitcoin</i>
Wiki). URL: https://en.bitcoin.it/wiki/Coinbase (accessed 03/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Controlled supply (<i>Bitcoin
</i>Wiki). URL: https://en.bitcoin.it/wiki/Controlled_supply (accessed 03/12/2018
10:32 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Craig Steven Wright (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Craig_Steven_Wright (accessed
04/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Cryptocurrency (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Cryptocurrency#History (accessed
02/12/2018 12:05 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Cypherpunk (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Cypherpunk (accessed 02/12/2018
11:55 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Digital Revolution (<i>Wikipedia
</i>article). URL: URL: https://en.wikipedia.org/wiki/Digital_Revolution
(accessed 02/12/2018 07:49 AST)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Ecash (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Ecash (accessed 02/12/2018 12:02 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Halving day 2012 (<i>Bitcoin</i>
Wiki). URL: https://en.bitcoin.it/wiki/Halving_day_2012 (accessed 03/12/2018
09:51 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">History of bitcoin (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/History_of_bitcoin (accessed
02/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Industrial Revolution
(<i>Wikipedia </i>article). URL: https://en.wikipedia.org/wiki/Industrial_Revolution
(accessed 02/12/2018 07:45 AST)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times; font-size: 10.0pt;">Information
Age (<i>Wikipedia </i>article). URL: URL: https://en.wikipedia.org/wiki/Information_Age
(accessed 02/12/2018 07:49 AST)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Julian Assange (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Julian_Assange (accessed
03/12/2018 07:10 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Liberty dollar (private
currency) (<i>Wikipedia </i>article). URL: https://en.wikipedia.org/wiki/Liberty_dollar_(private_currency)
(accessed 04/12/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">WikiLeaks (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/WikiLeaks (accessed 03/12/2018
07:10 AST)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div>
<!--[if !supportFootnotes]--><br clear="all" />
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<div id="ftn1">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref1" name="_ftn1" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[1]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: Raw hex version of the
genesis block with bank bailout message. 1/3/09, fair use. URL: https://news.bitcoin.com/wp-content/uploads/2017/01/1tmreg.jpg
(accessed 05/12/2018). See: Jamie Redman (2017) Bitcoin’s Quirky Genesis Block
Turns Eight Years Old Today, <i>Bitcoin.com</i>, Jan 3, 2017. URL: https://news.bitcoin.com/bitcoins-quirky-genesis-block-turns-eight-years-old-today/
(accessed 05/12/2018). For more information on the license, see: https://www.copyright.gov/fair-use/more-info.html
; https://en.wikipedia.org/wiki/Fair_use (accessed 05/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn2">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref2" name="_ftn2" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[2]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: <i>The Times</i>,
1/3/09, fair use. URL: https://en.bitcoin.it/w/images/en/1/1d/Jonny1000thetimes.png
(accessed 05/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn3">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref3" name="_ftn3" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[3]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Industrial Revolution (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Industrial_Revolution
(accessed 02/12/2018 07:45 AST).<o:p></o:p></span></div>
</div>
<div id="ftn4">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref4" name="_ftn4" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[4]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Digital Revolution (<i>Wikipedia
</i>article). URL: URL: https://en.wikipedia.org/wiki/Digital_Revolution
(accessed 02/12/2018 07:49 AST).<o:p></o:p></span></div>
</div>
<div id="ftn5">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref5" name="_ftn5" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[5]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Information Age (<i>Wikipedia </i>article).
URL: URL: https://en.wikipedia.org/wiki/Information_Age (accessed 02/12/2018
07:49 AST).<o:p></o:p></span></div>
</div>
<div id="ftn6">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref6" name="_ftn6" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[6]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Julian Birkinshaw (2014) Beyond
the Information Age, <i>Wired</i>, 06/2014. URL: https://www.wired.com/insights/2014/06/beyond-information-age/
(accessed 02/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn7">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref7" name="_ftn7" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[7]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: Ledger from 1828, Andreas
Praefcke (own work), public domain. URL: https://upload.wikimedia.org/wikipedia/commons/4/49/Hauptbuch_Hochstetter_vor_1828.jpg
(accessed 05/12/2018). For more information on the license, see: https://en.wikipedia.org/wiki/Public_domain/
(accessed 05/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn8">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref8" name="_ftn8" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[8]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Thorsten Polleit (2010) The
Curse of Fiat Money, <i>Mises Daily Articles</i>, 09/14/2010. URL: https://mises.org/library/curse-fiat-money
(accessed 02/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn9">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref9" name="_ftn9" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[9]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: An example VisiCalc
spreadsheet on an Apple II, Gortu (apple2history.org), 1 September 2005. Public
domain. URL: https://upload.wikimedia.org/wikipedia/commons/7/7a/Visicalc.png (accessed
05/12/2018). For more information on the license, see: https://en.wikipedia.org/wiki/Public_domain/
(accessed 05/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn10">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref10" name="_ftn10" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[10]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Polleit (2010).<o:p></o:p></span></div>
</div>
<div id="ftn11">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref11" name="_ftn11" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[11]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: The Principle of Sound Money,
08/08/2006, from Ludwig von Mises (1953) <i>The Theory of Money and Credit</i>
(New Haven: Yale University Press), originally published: 07/20/1912. URL: https://mises.org/library/principle-sound-money
(accessed 02/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn12">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref12" name="_ftn12" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[12]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Thorsten Polleit (2009) Ending
the Monetary Fiasco — Returning to Sound Money, <i>Mises Daily Articles</i>,
04/17/2009. URL: https://mises.org/library/ending-monetary-fiasco-%E2%80%94-returning-sound-money
(accessed 02/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn13">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref13" name="_ftn13" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[13]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Polleit (2009).<o:p></o:p></span></div>
</div>
<div id="ftn14">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref14" name="_ftn14" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[14]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Alexander Lielacher (2018) Bitcoin
and its Foundation in Austrian Economics, BTCManager.com, July 27, 2018 19:00.
URL: https://btcmanager.com/bitcoin-foundation-austrian-economics/ (accessed
02/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn15">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref15" name="_ftn15" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[15]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Lielacher (2018).<o:p></o:p></span></div>
</div>
<div id="ftn16">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref16" name="_ftn16" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[16]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: NJ Bridgewater (2017) What is
Bitcoin? Crossing the Bridge, 7 December 2017. URL: https://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html
(accessed 04/12/2018); Nicholas Bridgewater (2018) What is Bitcoin? <i>Digitex
Futures Exchange Blog</i>, last updated Oct 2, 2018. URL: https://blog.digitexfutures.com/cryptocurrency/what-is-bitcoin/
(accessed 04/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn17">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref17" name="_ftn17" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[17]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: Taxonomy of money,
based on "Central bank cryptocurrencies" by Morten Linnemann Bech and
Rodney Garratt; Stanjourdan (own work), 3 December 2017. CC BY-SA 4.0. URL: https://upload.wikimedia.org/wikipedia/commons/8/86/Money_flower.png
(accessed 05/12/2018). For more information on the license, see: https://creativecommons.org/licenses/by-sa/4.0/
(accessed 05/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn18">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref18" name="_ftn18" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[18]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Andreas M. Antonopoulos (2017) <i>Mastering
Bitcoin: Programming the Open Blockchain</i> (Sebastopol, CA: O’Reilly Media),
p. 4. <o:p></o:p></span></div>
</div>
<div id="ftn19">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref19" name="_ftn19" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[19]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Antonopoulos (2017), p. 4. <o:p></o:p></span></div>
</div>
<div id="ftn20">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref20" name="_ftn20" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[20]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Satoshi Nakamoto (2010) Re:
They want to delete the Wikipedia article, <i>BitcoinTalk</i>, 2010-07-20
18:38:28 UTC. Stored on the <i>Satoshi Nakamoto Institute</i> website. URL: https://satoshi.nakamotoinstitute.org/posts/bitcointalk/249/#selection-9.0-9.45
(accessed 02/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn21">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref21" name="_ftn21" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[21]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: RPOW - Reusable Proofs of Work,
<i>Satoshi Nakamoto Institute</i>, 2004. URL: https://nakamotoinstitute.org/finney/rpow/
(accessed 02/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn22">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref22" name="_ftn22" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[22]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Nick Szabo (2002).<o:p></o:p></span></div>
</div>
<div id="ftn23">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref23" name="_ftn23" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[23]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Nick Szabo (2002).<o:p></o:p></span></div>
</div>
<div id="ftn24">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref24" name="_ftn24" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[24]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Nick Szabo - History of the
Blockchain, Nov 14, 2015: https://www.youtube.com/watch?v=YpSeOU1VVj4 ; Origins
& Future of Bitcoin – Nick Szabo, Nov. 9, 2015: https://www.youtube.com/watch?v=r_yUeuKu7L4.<o:p></o:p></span></div>
</div>
<div id="ftn25">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref25" name="_ftn25" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[25]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Szabo (2015) Origins &
Future of Bitcoin, Presentation from Bitcoin Investor Conference - Oct. 29 -
30, 2015, Las Vegas, NV. Online at <i>BitcoinInvestor.com</i>, published on Nov
9, 2015. URL: https://www.youtube.com/watch?v=r_yUeuKu7L4 (accessed
02/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn26">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref26" name="_ftn26" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[26]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Szabo (2015) Origins &
Future of Bitcoin. <o:p></o:p></span></div>
</div>
<div id="ftn27">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref27" name="_ftn27" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[27]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> URL: David Chaum (1985) Security
without Identification: Transaction Systems to Make Big Brother Obsolete, URL: https://www.cs.ru.nl/~jhh/pub/secsem/chaum1985bigbrother.pdf
(accessed 02/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn28">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref28" name="_ftn28" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[28]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Chaum (1985).<o:p></o:p></span></div>
</div>
<div id="ftn29">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref29" name="_ftn29" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[29]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Cypherpunk (<i>Wikipedia</i> article).
URL: https://en.wikipedia.org/wiki/Cypherpunk (accessed 02/12/2018 11:55 AST).<o:p></o:p></span></div>
</div>
<div id="ftn30">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref30" name="_ftn30" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[30]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Cypherpunk (<i>Wikipedia</i>
article).<o:p></o:p></span></div>
</div>
<div id="ftn31">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref31" name="_ftn31" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[31]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: DigiCash (David
Chaum), 10:01, 7 June 2018. URL: https://en.bitcoinwiki.org/upload/en/images/5/52/David_Chaum_digicash.jpg
(accessed 05/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn32">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref32" name="_ftn32" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[32]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Ecash (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Ecash (accessed 02/12/2018 12:02 AST).<o:p></o:p></span></div>
</div>
<div id="ftn33">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref33" name="_ftn33" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[33]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Ecash (<i>Wikipedia</i>
article).<o:p></o:p></span></div>
</div>
<div id="ftn34">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref34" name="_ftn34" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[34]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Ecash (<i>Wikipedia</i>
article).<o:p></o:p></span></div>
</div>
<div id="ftn35">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref35" name="_ftn35" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[35]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Cryptocurrency (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Cryptocurrency#History (accessed
02/12/2018 12:05 AST).<o:p></o:p></span></div>
</div>
<div id="ftn36">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref36" name="_ftn36" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[36]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Wei Dai (1998) B-money. URL: http://www.weidai.com/bmoney.txt
(accessed 02/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn37">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref37" name="_ftn37" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[37]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Wei Dai (1998) B-money.<o:p></o:p></span></div>
</div>
<div id="ftn38">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref38" name="_ftn38" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[38]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: Wei Dai, Artillar, 05:45,
3 December 2017. URL: https://en.bitcoinwiki.org/upload/en/images/8/8a/Weidai.png
(accessed 05/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn39">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref39" name="_ftn39" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[39]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Nick Szabo (1999, 2005) Bit
Gold: Towards Trust-Independent Digital Money, <i>Nick Szabo’s Paper and
Concise Tutorials</i>. URL: https://web.archive.org/web/20140406003811/http://szabo.best.vwh.net/bitgold.html
(accessed 02/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn40">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref40" name="_ftn40" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[40]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: Nick Szabo, Artillar, 14:53,
28 March 2018. URL: https://en.bitcoinwiki.org/upload/en/images/2/21/Nickszabo.jpg
(accessed 05/12/2018). <o:p></o:p></span></div>
</div>
<div id="ftn41">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref41" name="_ftn41" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[41]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Nick Szabo (2008) Bit gold
markets. <i>Unenumerated</i>, Saturday, December 27, 2008. URL: https://unenumerated.blogspot.com/2008/04/bit-gold-markets.html?showComment=1207799580000#c3741843833998921269
(accessed 02/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn42">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref42" name="_ftn42" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[42]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: History of bitcoin (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/History_of_bitcoin (accessed
02/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn43">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref43" name="_ftn43" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[43]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: History of bitcoin (<i>Wikipedia
</i>article).<o:p></o:p></span></div>
</div>
<div id="ftn44">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref44" name="_ftn44" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[44]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Satoshi Nakamoto (2008). <o:p></o:p></span></div>
</div>
<div id="ftn45">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref45" name="_ftn45" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[45]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: Bitcoin network data,
Matthäus Wander (own work), created 22 June 2013. CC BY-SA 3.0. URL: https://upload.wikimedia.org/wikipedia/commons/5/55/Bitcoin_Block_Data.svg
(accessed 05/12/2018). For more information on the license, see: https://creativecommons.org/licenses/by-sa/3.0/
(accessed 05/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn46">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref46" name="_ftn46" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[46]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Satoshi Nakamoto (2008).<o:p></o:p></span></div>
</div>
<div id="ftn47">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref47" name="_ftn47" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[47]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Satoshi Nakamoto (2009) An e-mail to
Mike Hearn, Sun, Apr 12, 2009 at 10:44 PM. URL: https://pastebin.com/Na5FwkQ4
(accessed 03/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn48">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref48" name="_ftn48" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[48]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Satoshi Nakamoto (2008).<o:p></o:p></span></div>
</div>
<div id="ftn49">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref49" name="_ftn49" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[49]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: The main chain (black)
consists of the longest series of blocks from the genesis block (green) to the
current block. Orphan blocks (purple) exist outside the main chain. Theymos
from Bitcoin Wiki (own work), 16 January 2011. CC BY-SA 3.0. URL: https://upload.wikimedia.org/wikipedia/commons/a/ab/Blockchain_landscape.svg
(accessed 05/12/2018). For more information on the license, see: https://creativecommons.org/licenses/by-sa/3.0/
(accessed 05/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn50">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref50" name="_ftn50" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[50]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Satoshi Nakamoto (2008).<o:p></o:p></span></div>
</div>
<div id="ftn51">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref51" name="_ftn51" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[51]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Coinbase (<i>Bitcoin</i> Wiki).
URL: https://en.bitcoin.it/wiki/Coinbase (accessed 03/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn52">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref52" name="_ftn52" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[52]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: See: Coinbase (<i>Bitcoin</i>
Wiki).<o:p></o:p></span></div>
</div>
<div id="ftn53">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref53" name="_ftn53" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[53]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Satoshi Nakamoto (2009) E-mail
to Mike Hearn, Sun, Apr 12, 2009 at 10:44 PM. URL: https://pastebin.com/Na5FwkQ4
(accessed 03/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn54">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref54" name="_ftn54" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[54]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Satoshi Nakamoto (2009) E-mail
to Mike Hearn, Sun, Apr 12, 2009 at 10:44 PM.<o:p></o:p></span></div>
</div>
<div id="ftn55">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref55" name="_ftn55" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[55]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Satoshi Nakamoto (2009) E-mail
to Mike Hearn, Wed, Dec 29, 2010 at 10:42 PM. URL: https://pastebin.com/wA9Jn100
(accessed 03/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn56">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref56" name="_ftn56" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[56]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: Graph of the Block
Reward halving schedule plotted against a logarithmic scale. CC0. URL: https://en.bitcoin.it/w/images/en/e/e0/Controlled_supply-block_reward_halving.png
(accessed 05/12/2018). For more information on the license, see: https://creativecommons.org/publicdomain/zero/1.0/deed.en
(accessed 05/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn57">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref57" name="_ftn57" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[57]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Satoshi Nakamoto (2009) E-mail
to Mike Hearn, Mon, Jan 10, 2011 at 4:34 PM. URL: https://pastebin.com/wA9Jn100
(accessed 03/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn58">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref58" name="_ftn58" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[58]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Halving day 2012 (<i>Bitcoin</i>
Wiki). URL: https://en.bitcoin.it/wiki/Halving_day_2012 (accessed 03/12/2018
09:51 AST).<o:p></o:p></span></div>
</div>
<div id="ftn59">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref59" name="_ftn59" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[59]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Halving day 2012 (<i>Bitcoin</i>
Wiki).<o:p></o:p></span></div>
</div>
<div id="ftn60">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref60" name="_ftn60" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[60]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Jeff John Roberts, Nicolas Rapp
(2017) Exclusive: Nearly 4 Million Bitcoins Lost Forever, New Study Says, <i>Fortune</i>,
November 25, 2017. URL: http://fortune.com/2017/11/25/lost-bitcoins/ (accessed
03/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn61">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref61" name="_ftn61" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[61]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Roberts, Rapp (2017).<o:p></o:p></span></div>
</div>
<div id="ftn62">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref62" name="_ftn62" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[62]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: Bitcoin transactions
(January 2009 – September 2017), Samueldrozdov (own work), created 20 September
2017. CC BY-SA 4.0. URL: https://upload.wikimedia.org/wikipedia/commons/f/fd/Confirmed_Transactions_Per_Day.png
(accessed 05/12/2018). For more information on the license, see: https://creativecommons.org/licenses/by-sa/4.0/
(accessed 05/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn63">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref63" name="_ftn63" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[63]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: History of bitcoin (<i>Wikipedia
</i>article).<o:p></o:p></span></div>
</div>
<div id="ftn64">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref64" name="_ftn64" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[64]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: History of bitcoin (<i>Wikipedia
</i>article).<o:p></o:p></span></div>
</div>
<div id="ftn65">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref65" name="_ftn65" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[65]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: History of bitcoin (<i>Wikipedia
</i>article).<o:p></o:p></span></div>
</div>
<div id="ftn66">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref66" name="_ftn66" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[66]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Billy Bambrough (2018) A
Bitcoin Halvening Is Two Years Away -- Here's What'll Happen To The Bitcoin
Price, <i>Forbes</i>, May 29, 2018, 10:17am. URL: https://www.forbes.com/sites/billybambrough/2018/05/29/a-bitcoin-halvening-is-two-years-away-heres-whatll-happen-to-the-bitcoin-price/#5b0faf5286a7
(accessed 03/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn67">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref67" name="_ftn67" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[67]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: History of bitcoin (<i>Wikipedia
</i>article).<o:p></o:p></span></div>
</div>
<div id="ftn68">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref68" name="_ftn68" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[68]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Fitz Tepper (2016) The reward
for mining Bitcoin was just cut in half, <i>TechCrunch</i>, 09/07/2016. URL: https://techcrunch.com/2016/07/09/the-reward-for-mining-bitcoin-was-just-cut-in-half/
(accessed 03/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn69">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref69" name="_ftn69" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[69]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Bambrough (2018).<o:p></o:p></span></div>
</div>
<div id="ftn70">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref70" name="_ftn70" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[70]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: Total Bitcoin supply
over time. Starting in 2009, the Bitcoin supply is created at a rate of
approximately 50 bitcoins every 10 minutes. Every 210,000 generations (about
every four years), the creation rate is cut in half (i.e. 50, 25, 12.5, 6.25,
etc.) and tends to zero, such that there will never be more than 21 million
total coins created, created 21 October 2015. CC BY-SA 3.0. URL: https://upload.wikimedia.org/wikipedia/commons/5/54/Total_bitcoins_over_time.png
(accessed 05/12/2018). For more information on the license, see: https://creativecommons.org/licenses/by-sa/3.0/
(accessed 05/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn71">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref71" name="_ftn71" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[71]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Controlled supply (<i>Bitcoin </i>Wiki).
URL: https://en.bitcoin.it/wiki/Controlled_supply (accessed 03/12/2018 10:32
AST). <o:p></o:p></span></div>
</div>
<div id="ftn72">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref72" name="_ftn72" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[72]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: franky1 (2018) Re: What happend
(sic) 2140 all BTC are mined, <i>BitcoinTalk.org</i>, May 03, 2018, 07:03:04 AM.
URL: https://bitcointalk.org/index.php?topic=3482911.0 (accessed 03/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn73">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref73" name="_ftn73" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[73]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Lawrence Lewitinn (2018) Bitcoin
will hit $10 million, predicts Wall Street strategist Thomas J. Lee, <i>Modern Consensus</i>,
January 17, 2018. URL: https://modernconsensus.com/cryptocurrencies/bitcoin-will-hit-10-million-predicts-wall-street-strategist-thomas-j-lee/
(accessed 03/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn74">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref74" name="_ftn74" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[74]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: Bitcoin Price History
Chart, Wikideas1 (own work), created 4 December 2017, CC0. URL: https://upload.wikimedia.org/wikipedia/commons/5/5b/Bitcoin_Price_History.png
(accessed 05/12/2018). For more information on the license, see: https://creativecommons.org/publicdomain/zero/1.0/deed.en
(accessed 05/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn75">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref75" name="_ftn75" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[75]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: History of bitcoin (<i>Wikipedia
</i>article).<o:p></o:p></span></div>
</div>
<div id="ftn76">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref76" name="_ftn76" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[76]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Rob Price (2017) Someone in
2010 bought 2 pizzas with 10,000 bitcoins — which today would be worth $100
million, <i>Markets Insider</i>, Nov. 28, 2017, 03:06 PM. URL: https://markets.businessinsider.com/currencies/news/bitcoin-pizza-10000-100-million-2017-11-1009827466
(accessed 03/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn77">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref77" name="_ftn77" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[77]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: A protestor wearing a
Guy Fawkes mask, Pierre-Selim (own work), CC BY-SA 3.0. URL: https://upload.wikimedia.org/wikipedia/commons/f/f1/Protest_ACTA_2012-02-11_-_Toulouse_-_05_-_Anonymous_guy_with_a_scarf.jpg
(accessed 05/12/2018). For more information on the license, see: https://creativecommons.org/licenses/by-sa/3.0/
(accessed 05/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn78">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref78" name="_ftn78" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[78]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: WikiLeaks (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/WikiLeaks (accessed 03/12/2018
07:10 AST).<o:p></o:p></span></div>
</div>
<div id="ftn79">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref79" name="_ftn79" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[79]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: WikiLeaks (<i>Wikipedia</i> article).<o:p></o:p></span></div>
</div>
<div id="ftn80">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref80" name="_ftn80" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[80]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Julian Assange (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Julian_Assange (accessed
03/12/2018 07:10 AST).<o:p></o:p></span></div>
</div>
<div id="ftn81">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref81" name="_ftn81" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[81]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Jon Matonis (2012) WikiLeaks
Bypasses Financial Blockade With Bitcoin, <i>Forbes</i>, Aug 20, 2012, 09:47am.
URL: https://www.forbes.com/sites/jonmatonis/2012/08/20/wikileaks-bypasses-financial-blockade-with-bitcoin/#b2df52d7202a
(accessed 03/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn82">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref82" name="_ftn82" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[82]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Bitcoin (<i>Bitcoin Wiki</i>
article). URL: https://en.bitcoin.it/wiki/Bitcoin (accessed 03/12/2018 07:21
AST).<o:p></o:p></span></div>
</div>
<div id="ftn83">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref83" name="_ftn83" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[83]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Matonis (2012).<o:p></o:p></span></div>
</div>
<div id="ftn84">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref84" name="_ftn84" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[84]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Blockchain (2018) Bitcoin
address: 1HB5XMLmzFVj8ALj6mfBsbifRoD4miY36v ; URL: https://www.blockchain.com/btc/address/1HB5XMLmzFVj8ALj6mfBsbifRoD4miY36v
(accessed 04/12/2018 07:26 AST).<o:p></o:p></span></div>
</div>
<div id="ftn85">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref85" name="_ftn85" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[85]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Satoshi Nakamoto (2010) Re: PC
World Article on Bitcoin, Nakamoto Institute, 2010-12-11, 11:39:16 PM. URL: https://satoshi.nakamotoinstitute.org/quotes/general/
; https://satoshi.nakamotoinstitute.org/posts/bitcointalk/542/ ; https://bitcointalk.org/index.php?topic=2216.msg29280#msg29280
(accessed 04/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn86">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref86" name="_ftn86" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[86]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Tom Simonite (2014) The Man Who
Really Built Bitcoin, <i>Technology Review</i>, August 15, 2014. URL: https://www.technologyreview.com/s/527051/the-man-who-really-built-bitcoin/
(accessed 04/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn87">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref87" name="_ftn87" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[87]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Simonite (2014). <o:p></o:p></span></div>
</div>
<div id="ftn88">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref88" name="_ftn88" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[88]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Simonite (2014).<o:p></o:p></span></div>
</div>
<div id="ftn89">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref89" name="_ftn89" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[89]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Simonite (2014).<o:p></o:p></span></div>
</div>
<div id="ftn90">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref90" name="_ftn90" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[90]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: https://twitter.com/gavinandresen/status/80785477342478336?lang=en
(accessed 04/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn91">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref91" name="_ftn91" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[91]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Atlas (2012) Satoshi dumped
Bitcoin right after Gavin announced he was going to the CIA, <i>Bitcointalk</i>,
September 28, 2012, 03:44:27 AM. URL: https://bitcointalk.org/index.php?topic=113609.0
(accessed 04/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn92">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref92" name="_ftn92" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[92]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Mike Hearn (2013) Re: Could
Satoshi come back and tell us what he/her thinks about the block size? <i>Bitcoin
Talk</i>, February 25, 2013, 12:48:54 PM. URL: https://bitcointalk.org/index.php?topic=145850.msg1558053#msg1558053
; https://bitcoin.stackexchange.com/questions/28108/satoshis-final-statement (accessed
04/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn93">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref93" name="_ftn93" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[93]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: IMAGE: DAMIAN
DOVARGANES/ASSOCIATED PRESS. Article: Stan Schroeder (2014) Dorian Nakamoto: I
Am Not the Creator of Bitcoin, Mashable, Mar 07, 2014. URL: https://i.amz.mshcdn.com/dGYDBWtLaKyUQUrB0jIdBYUs_WE=/950x534/filters:quality(90)/2014%2F03%2F07%2Fac%2FAP407286670.05998.jpg
; https://mashable.com/video/indiegogo-david-mandelbrot-crowdfunding-future/#.go2lapTbiqM
(accessed 05/12/2018). For more information on the license, see: http://www.apimages.com/Licenseterms
(accessed 05/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn94">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref94" name="_ftn94" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[94]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Leah McGrath Goodman (2014) The
Face Behind Bitcoin, <i>Newsweek Magazine</i>, 3/6/14 AT 6:05 AM. URL: https://www.newsweek.com/2014/03/14/face-behind-bitcoin-247957.html
(accessed 04/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn95">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref95" name="_ftn95" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[95]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Kashmir Hill (2014) Bitcoin
Creator Returns To Internet To Say, 'I Am Not Dorian Nakamoto', <i>Forbes</i>, Mar
6, 2014, 11:33pm. URL: https://www.forbes.com/sites/kashmirhill/2014/03/06/bitcoin-creator-returns-to-internet-to-say-i-am-not-dorian-nakamoto/#1953f99d76bb
(accessed 04/12/2018).<b><o:p></o:p></b></span></div>
</div>
<div id="ftn96">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref96" name="_ftn96" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[96]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Satoshi Nakamoto (2014) RE: Bitcoin
open source implementation of P2P currency, <i>P2P Foundation</i>, March 7,
2014, 1:17. URL: http://p2pfoundation.ning.com/forum/topics/bitcoin-open-source?commentId=2003008%3AComment%3A52186&xg_source=activity
(accessed 04/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn97">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref97" name="_ftn97" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[97]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Liberty dollar (private currency)
(<i>Wikipedia </i>article). URL: https://en.wikipedia.org/wiki/Liberty_dollar_(private_currency)
(accessed 04/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn98">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref98" name="_ftn98" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[98]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Liberty dollar (private currency)
(<i>Wikipedia </i>article).<o:p></o:p></span></div>
</div>
<div id="ftn99">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref99" name="_ftn99" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[99]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Liberty dollar (private currency)
(<i>Wikipedia </i>article).<o:p></o:p></span></div>
</div>
<div id="ftn100">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref100" name="_ftn100" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[100]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: A promotion photo of
liberty dollars. Qualifies as fair use under Copyright law of the United
States. URL: https://upload.wikimedia.org/wikipedia/en/e/ef/Liberty_Dollar.jpeg
(accessed 05/12/2018). For more information on the license, see: https://en.wikipedia.org/wiki/File:Liberty_Dollar.jpeg
(accessed 05/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn101">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref101" name="_ftn101" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[101]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Liberty dollar (private currency)
(<i>Wikipedia </i>article).<o:p></o:p></span></div>
</div>
<div id="ftn102">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref102" name="_ftn102" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[102]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Liberty dollar (private currency)
(<i>Wikipedia </i>article).<o:p></o:p></span></div>
</div>
<div id="ftn103">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref103" name="_ftn103" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[103]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Liberty dollar (private currency)
(<i>Wikipedia </i>article).<o:p></o:p></span></div>
</div>
<div id="ftn104">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref104" name="_ftn104" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[104]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: NJ Bridgewater (2018) What is
Ethereum? <i>Crossing the Bridge</i>, 29 April 2018. URL: https://nicholasjames19.blogspot.com/2018/04/what-is-ethereum.html
& Nicholas Bridgewater (2018) What is Ethereum? <i>Digitex Futures Exchange
Blog</i>, last updated Oct 2, 2018. URL: https://blog.digitexfutures.com/cryptocurrency/what-is-ethereum/
(accessed 04/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn105">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref105" name="_ftn105" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[105]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Nathaniel Popper (2014) Hal
Finney, Cryptographer and Bitcoin Pioneer, Dies at 58, <i>The New York Times</i>,
Aug. 30, 2014. URL: https://www.nytimes.com/2014/08/31/business/hal-finney-cryptographer-and-bitcoin-pioneer-dies-at-58.html
(accessed 04/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn106">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref106" name="_ftn106" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[106]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> URL: https://www.ninds.nih.gov/Disorders/Patient-Caregiver-Education/Fact-Sheets/Amyotrophic-Lateral-Sclerosis-ALS-Fact-Sheet
(accessed 04/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn107">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref107" name="_ftn107" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[107]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Nick Dominguez (2018) 6 Most
Logical Theories Why Satoshi Nakamoto Disappeared, <i>Coindiligent</i>, November
20, 2018. URL: https://coindiligent.com/why-satoshi-nakamoto-disappeared (accessed
04/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn108">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref108" name="_ftn108" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[108]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Popper (2014).<o:p></o:p></span></div>
</div>
<div id="ftn109">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref109" name="_ftn109" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[109]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Justin OConnell (2016) Why Did
Satoshi Nakamoto Abandon Bitcoin? <i>CCN</i>, Bitcoin Op-Ed, JANUARY 27, 2016
11:53 CET. URL: https://www.ccn.com/why-did-satoshi-nakamoto-abandon-bitcoin/
(accessed 04/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn110">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref110" name="_ftn110" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[110]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: OConnell (2016).<o:p></o:p></span></div>
</div>
<div id="ftn111">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref111" name="_ftn111" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[111]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Hoskins was, BTW, also a co-founder
of Ethereum.<o:p></o:p></span></div>
</div>
<div id="ftn112">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref112" name="_ftn112" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[112]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Stan Higgins (2017) Proof-of-Life:
Vitalik Buterin Uses Ethereum to Disprove Death Hoax, <i>CoinDesk</i>, Jun 26,
2017 at 17:25 UTC, Updated Jun 27, 2017 at 11:39 UTC. URL: https://www.coindesk.com/proof-life-vitalik-buterin-uses-ethereum-blockchain-disprove-death-hoax
(accessed 04/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn113">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref113" name="_ftn113" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[113]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Craig Steven Wright (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Craig_Steven_Wright (accessed
04/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn114">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref114" name="_ftn114" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[114]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Stephen O’Neal (2018) ABC vs
SV: Assessing the Consequences of the Bitcoin Cash War, <i>CoinTelegraph</i>,
NOV 26, 2018. URL: https://cointelegraph.com/news/abc-vs-cv-assessing-the-consequences-of-the-bitcoin-cash-war
(accessed 04/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn115">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref115" name="_ftn115" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[115]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Ian Demartino (2018) Craig
Wright Threatens to Crash Bitcoin Cash in Email to Ver, <i>CoinJournal</i>,
November 8, 2018. URL: https://coinjournal.net/craig-wright-threatens-to-crash-bitcoin-cash-in-email-to-ver/
(accessed 04/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn116">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref116" name="_ftn116" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[116]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: Various different
crypto currencies logos, Voytek Pavlik, 17 February 2016, CC0. URL: https://upload.wikimedia.org/wikipedia/commons/b/b8/Cryptocurrency_logos.jpg
(accessed 05/12/2018). For more information on the license, see: https://creativecommons.org/publicdomain/zero/1.0/deed.en
(accessed 05/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn117">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref117" name="_ftn117" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[117]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Belowsearcher (2018) What’s
going on with Cardano? <i>HackerNoon</i>, Oct 22, 2018. URL: https://hackernoon.com/whats-going-on-with-cardano-3f2996841b21
(accessed 04/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn118">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref118" name="_ftn118" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[118]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Belowsearcher (2018).<o:p></o:p></span></div>
</div>
<div id="ftn119">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref119" name="_ftn119" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[119]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Hunain Naseer (2018) TRON (TRX)
Dips After Cash Out Allegations; Justin Sun Clarifies Situation, <i>Cryptovest.com</i>,
06 January 2018. URL: https://cryptovest.com/news/tron-trx-dips-after-cash-out-allegations-justin-sun-clarifies-situation/
(accessed 04/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn120">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref120" name="_ftn120" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[120]</span></span><!--[endif]--></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Sun Tzu (author), Lionel Giles (translator)
(1910) <i>Sun Tzŭ on the Art of War: The Oldest Military Treatise in the World,
Translated from the Chinese with introduction and critical notes</i> (London:
Luzac & Co.), V, 17. URL: https://en.wikisource.org/wiki/The_Art_of_War_(Sun)
(accessed 04/12/2018).<o:p></o:p></span></div>
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</style>Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com0tag:blogger.com,1999:blog-3210933998341353221.post-14107520509301577222018-11-24T23:46:00.000-08:002018-11-24T23:46:53.026-08:00The Origins of Money (Part 2 of 2)
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Name="List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
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<b><span style="font-family: Times;">The Golden Age of Sound
Money:<o:p></o:p></span></b></div>
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<b><span style="font-family: Times;">European Exploration, the
Victorian Era and the Gilded Age<o:p></o:p></span></b></div>
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<br /></div>
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<span style="font-family: Times;">Whenever sound money is
widely used, prosperity and economic growth must exist. This is due to the fact
that sound money allows people to save up capital, which can then be used to
create businesses, facilitate trade, and purchase real-world assets, such as
real-estate. It also constrains governments from over-spending, allowing for
state stability. Furthermore, it discourages frivolous spending, because money
has greater value when kept rather than spent; conversely, fiat currency has
high velocity and is like a hot potato—if you don’t spend it, it loses value. In
such circumstances, great artists, litterateurs, architects and musicians,
therefore, tend to arise, and are patronised by kings, nobles and merchants who
appreciate high art and low-time-preference entertainment. The opposite can be
seen where the currency is debased or inflated, as in the case of the later
Roman Empire, where bread and circuses abounded, as the borders of the empire
collapsed, the economy stagnated, and the people were robbed of their wealth
through requisitions and high taxation. <o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: Times;">The term ‘Gilded Age’ was
coined by Mark Twain to refer to the late 19<sup>th</sup> century (i.e. 1870 –
1900). This was a particular age with particular characteristics, but it formed
part of a much wider time period embracing the Age of Discovery or ‘Age of Exploration’
(1418 – 1779), the Industrial Revolution (1760 – 1840), the Victorian Era (1837
– 1901), the Gilded Age (1870 – 1900), and La Belle Époque (i.e the ‘Beautiful
Era’) (1871 – 1914), ending with the outbreak of World War I and the
establishment of the Federal Reserve System in the United States in 1913 with
the Federal Reserve Act (December 22, 1913). This age could be said to have
begun with the reign of Prince Henry the Navigator (1394 – 1460), the fourth
child of King John I of Portugal. He made a number of important contributions,
including the capture of the Moorish port of Ceuta in northern Morocco, which
had long been a base for Barbary pirates who raided the coast, depopulating
entire villages and selling them in the African slave trade.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[1]</span></span><!--[endif]--></span></span></a>
This was followed by exploration of the coast of Africa, which was then unknown
to Europeans, aiming to find the source of the West African gold trade and
stopping pirate attacks on the Portuguese coast.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn2" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[2]</span></span><!--[endif]--></span></span></a>
Alternatively, the era could also be said to have begun with the end of the
Spanish Reconquista, which ended with the fall of the Nasrid kingdom of Granada
on January 2, 1492, followed by Columbus’s exploration of the Americas in the
same year.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn3" name="_ftnref3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[3]</span></span><!--[endif]--></span></span></a>
<o:p></o:p></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/c/c1/Philip_V_Coin_silver%2C_8_Reales_Mexico.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="421" data-original-width="800" height="168" src="https://upload.wikimedia.org/wikipedia/commons/c/c1/Philip_V_Coin_silver%2C_8_Reales_Mexico.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: Times;">Silver peso of Philip V</span></i></td></tr>
</tbody></table>
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<span style="font-family: Times;">This era was characterised
not only by a huge expansion in knowledge, economic growth and the building of
new empires, colonies and technologies, but also by an important factor which
ran throughout, ending in 1914, the use of real, sound money. This era
coincided with the usage of the Spanish silver dollar (1598 – 1869), which was
used from the America in the West to China in the East, serving as one of the
first world currencies, ending with the United States Coinage Act of 1857, and
the adoption in Spain of the peseta (equal to 4.5 grams of silver or 0.290322
grams of gold) in 1869.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn5" name="_ftnref5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[5]</span></span><!--[endif]--></span></span></a>
The introduction of high-silver-content coins in Spain was inspired by the
introduction of the Guldengroschen, originally minted in Tirol, Austria, in
1486, with a level of purity (0.937%) not seen in centuries, followed by the
introduction of the half-guldengroschen, valued at 30 kreutzer (with each
kreutzer being worth about 4.2 Pfennig, i.e pennies, and, from 1559, with 60
kreutzer being worth 1 <i>gulden </i>or guilder).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn6" name="_ftnref6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[6]</span></span><!--[endif]--></span></span></a>
The word ‘dollar’ comes from the Thaler (with <i>Thal</i> meaning ‘valley’,
equivalent to the English word ‘dale’). The first Thalers were minted by Louis
II of Hungary (1506 – 1526) which was called the Joachimsthaler, weighing one
ounce in weight (27.2g).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn7" name="_ftnref7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[7]</span></span><!--[endif]--></span></span></a>
This was followed by the imperial Reichsthaler (1566 – 1750), which was defined
as containing 400.99 grains of silver (25.984g), becoming the standard coin of
account for the entire Holy Roman Empire until the middle of the 18<sup>th</sup>
century. Another currency which spanned this period was the Portuguese real
(plural <i>réis </i>or <i>reais</i>), which was first introduced by Dom
Ferdinand I (1345 – 1383), called “the Handsome”, King of Portugal, being
originally a silver coin valued at 120 dinheiros, 10 <i>soldos,</i> or ½ <i>libra</i>.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn8" name="_ftnref8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[8]</span></span><!--[endif]--></span></span></a>
One soldo (from the Latin <i>solidus</i>) was equivalent to 12 dinheiros, and
twenty soldos was equal to one libra.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn9" name="_ftnref9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[9]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
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<span style="font-family: Times;">The Portuguese dinheiro
system was based on the only Roman system of the librae, solidi and denarii, reintroduced
to Europe by King Charlemagne in the 9<sup>th</sup> century AD.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn10" name="_ftnref10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[10]</span></span><!--[endif]--></span></span></a>
The Portuguese real weighed 3.5g of silver (about $50 USD), being almost the
same weight as the Venetian gold ducat.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn11" name="_ftnref11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[11]</span></span><!--[endif]--></span></span></a>
The Venetian gold ducat, introduced by the Great Council of Venice in 1284 AD,
contained 3.545 grams of 99.47% fine gold, which was the highest purity of gold
which could be produced at the time, until they were finally discontinued when
Napoleon ended the Venetian Republic in 1797 AD.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn12" name="_ftnref12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[12]</span></span><!--[endif]--></span></span></a>
In my short information guide, <i>Gold: 10 Ways to Make Money Using Gold</i>, I
give a brief summary of the history of gold coinage, including the Florentine
florin and the English guinea, which were both contemporaneous with the
Venetian gold ducat.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn13" name="_ftnref13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[13]</span></span><!--[endif]--></span></span></a>
I wrote: “In the Middle Ages, the Florentine florin, struck from 1252 to 1533
with no significant change, was a standard gold coin which was used across
Europe. Composed of 54 grains of ‘fine gold’ (3.5 grams), it was worth
approximately $140 U.S… Henry VIII’s monetary reform of 1526 resulted in the
creation of the crown, originally called ‘the crown of the double rose’, which
was valued at 5 shillings. These were minted of 22-karat ‘crown gold’, and it continued
to be produced until 1662. These were then replaced by the guinea, which was a
coin of approximately one quarter ounce of gold, minted in Great Britain
between 1663 and 1814 CE.<span style="mso-spacerun: yes;"> </span>The name
‘guinea’ derives from the Guinea region of West Africa, where much of the gold
used to produce the coins was sourced. The first English machine-struck gold
coin, it was originally worth one pound sterling (i.e. 20 shillings); however,
due to a rise in the price of gold relative to silver, it was at times worth 30
shillings. From 1717 to 1816, nevertheless, its value was officially fixed at
21 shillings.<span style="mso-spacerun: yes;"> </span>Guineas are currently not
recognized as legal tender. However, as they contain 22-karat gold and weigh
8.3g, or a quarter of an ounce of gold, one guinea is equivalent to about £246
GBP (in 2017).”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn14" name="_ftnref14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[14]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/d/d9/5_Guineas%2C_James_II%2C_Great_Britain%2C_1688_-_Bode-Museum_-_DSC02761.JPG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="800" data-original-width="800" height="200" src="https://upload.wikimedia.org/wikipedia/commons/d/d9/5_Guineas%2C_James_II%2C_Great_Britain%2C_1688_-_Bode-Museum_-_DSC02761.JPG" width="200" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: Times;">Five Guinea coin (1688)</span></i></td></tr>
</tbody></table>
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<span style="font-family: Times;">The era which we are
outlining, in which gold and silver standards prevailed, and in which central
banks did not exist, spans from about 1418 or 1492 until 1914, when World War
One ended and the era of fiat currency, hyperinflation, Keynesian economics and
boom and bust began. We might well describe this whole period of time as one
Grand Gilded Age, or perhaps the Golden Age of Sound Money, during which the
birth of a new world—a new technological and advanced modern era took shape and
formed. It was characterised, moreover, by the birth and expansion of the
British Empire, which, by 1913, held sway over some 412 million people, which
was 23% of the world’s population and, at 13.7 million square miles (35.5
million square kilometres), covered about 24% of the Earth’s total land area.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn16" name="_ftnref16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[16]</span></span><!--[endif]--></span></span></a>
The British Empire began in 1533 with the Statute of Restraint of Appeals, which
declared “that this realm of England is an Empire”, and took shape with
Elizabeth I’s patent granted to Humphrey Gilbert for overseas exploration,
followed by the establishment of the East India Company, chartered under Queen
Elizabeth I on December 31, 1600, and the Virginia Company, chartered under
James I on April 10, 1606. The Empire grew and expanded, with some setbacks,
such as the American Revolutionary War (or ‘War of Independence’), until 1921,
when the Anglo-Irish War ended. This led to Irish independence, followed by the
1926 Imperial Conference, resulting in the Balfour Declaration, which declared
that all the autonomous communities within the Empire, e.g. the settler
colonies, were equal in status, leading to the creation of the British
Commonwealth. The British Empire formally ended when Zimbabwe was granted
independence on April 18, 1980. It is 1914, however, that brought the end of La
Belle Époque in Europe, marking the end of the era which we have described
above, coinciding with the Federal Reserve Act of December 23, 1913. This piece
of legislation, signed into law by President Woodrow Wilson, established the
Federal Reserve System, which was authorised to issue Federal Reserve Notes as
legal tender (commonly called United States Dollars).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn17" name="_ftnref17" style="mso-footnote-id: ftn17;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[17]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
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<b><span style="font-family: Times;">The Age of Fiat Currency<o:p></o:p></span></b></div>
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<br /></div>
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<span style="font-family: Times;">While the Romans introduced
massive currency debasement and inflation, it was the Chinese who pioneered
true fiat currency, which consisted of paper banknotes with no value other than
the value decreed by government fiat. Fiat currency is, by its nature, <i>not </i>money.
While it has some value, and it is portable and fungible, it is not scarce,
because it can constantly be printed/expanded, and it is not durable, since it
consists of either electronic digits in a bank ledger or notes of paper which
do not last. History bears this out. All fiat currencies have, throughout
history, gone to zero and no longer hold any nominal value.<span class="MsoFootnoteReference"> <a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn18" name="_ftnref18" style="mso-footnote-id: ftn18;" title=""><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[18]</span></span><!--[endif]--></span></a></span>
Those Chinese banknotes from the Yuan and Ming Dynasties? They are now worth
nothing at all and are only of interest to collectors or historians.
Confederate banknotes? Worthless. Continental dollars? Useless. Bronze and
copper coins? Useless. None of these are of any interest, except to collectors.
If that is the case, why should any fiat currency have value now? The value of
existing fiat currencies is dependent on three main factors: belief in the
value of the currency, the authority of the government behind the currency, and
the rate of inflation. If people are told by the government that a piece of
paper has value, they believe that it has value. The government then backs up
this belief through force of arms. It punishes forgers, and it recognises the
currency as legal tender. It sends its money abroad and backs it up with
military force. People who steal it are punished, as are those who misuse the
currency. Authority backs up fiat. Third, the more currency that is printed and
enters circulation, and the higher the velocity of currency (i.e. how fast
currency circulates), the greater the rate of inflation. This type of inflation
results, according to Investopedia, from expansionary monetary policy, which
creates a surplus of liquidity, bringing down the value of money in relation to
the price of goods.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn19" name="_ftnref19" style="mso-footnote-id: ftn19;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[19]</span></span><!--[endif]--></span></span></a>
<o:p></o:p></span></div>
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<span style="font-family: Times;">How then did fiat currencies
become the norm across the globe? China’s various experiments with paper
currency led to hyperinflation and had to be replaced by a silver standard.
Paper did not originally exist in the West, which used sheepskin (vellum),
papyrus and other materials for books. The earliest examples of papermaking can
be traced to the 2<sup>nd</sup> century BCE in China, with its invention being
attributed to Cai Lun, an imperial eunuch official of the Han Dynasty.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn20" name="_ftnref20" style="mso-footnote-id: ftn20;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[20]</span></span><!--[endif]--></span></span></a>
Paper was probably brought to Europe via al-Andalus, with the earliest example
of paper dating to the 11<sup>th</sup> century. Papermaking began in Europe in
Toledo, and it reached England by 1490.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn21" name="_ftnref21" style="mso-footnote-id: ftn21;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[21]</span></span><!--[endif]--></span></span></a>
Europeans first learned of Chinese paper currency from early travellers, such
as the Venetian merchant and explorer, Marco Polo, and the Flemish missionary
and explorer, William of Rubruck. Marco Polo recorded his observations in a
chapter of his book of travels entitled "How the Great Kaan Causeth the
Bark of Trees, Made Into Something Like Paper, to Pass for Money All Over his
Country”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn22" name="_ftnref22" style="mso-footnote-id: ftn22;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[22]</span></span><!--[endif]--></span></span></a>
Insecurity in medieval Italy and Flanders led to the creation of promissory
notes, which were used to avoid transporting large sums of money over long
distances. These promissory notes may be regarded as early bills of exchange or
cheques. By the 14<sup>th</sup> century, these notes, called ‘banknotes’ or <i>nota
di banco</i>, with the Italian word <i>banco</i> meaning ‘bench, counter’, derived
from the desks or exchange counters used by Renaissance Jewish Florentine
bankers, who made transactions on desks with green tablecloths.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn23" name="_ftnref23" style="mso-footnote-id: ftn23;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[23]</span></span><!--[endif]--></span></span></a>
International payments were made using a bill of exchange (Italian <i>lettera
di cambio</i>), which was a promissory note backed by a ‘virtual currency
account’, with physical currencies being related to the virtual currency.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn24" name="_ftnref24" style="mso-footnote-id: ftn24;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[24]</span></span><!--[endif]--></span></span></a>
This avoided the actual movement of precious metals over long distances.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">These early promissory notes
were not money or currency in themselves, but, rather, promises to pay a
certain amount of money. It was only in the mid-17<sup>th</sup> century that
banknotes became a means of payment in themselves. During that period,
goldsmith-bankers of London began to give out receipts payable to the bearer of
the document rather than the depositor of the gold, meaning that the notes
themselves were tradable and could be exchanged without referring to the original
deposit. These goldsmiths also introduced another innovation—fractional reserve
banking. They began to issue a greater number of banknotes than the total value
of their gold reserves, meaning that there was more currency in circulation
than there were reserves to pay for it.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn25" name="_ftnref25" style="mso-footnote-id: ftn25;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[25]</span></span><!--[endif]--></span></span></a>
This has resulted in the absurd scenario where there could be a ‘run on the
banks’, i.e. where people rush to withdraw their precious metals or money and
find out that there isn’t enough money to go around. The first attempt by a
central bank to issue banknotes was in 1661, when Stockholms Banco, the
predecessor of the modern Sveriges Risksbank, issued banknotes which replaced
the copper-plates then used as a means of payment.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn26" name="_ftnref26" style="mso-footnote-id: ftn26;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[26]</span></span><!--[endif]--></span></span></a>
Three years later, the bank went bankrupt due to over-printing of banknotes far
beyond the bank’s actual supply of precious metals. Its replacement was the
Riksens Ständers Bank, but the lesson had been learned and this new ‘central
bank’, established in 1668, did not issue any banknotes until the 19<sup>th</sup>
century.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn27" name="_ftnref27" style="mso-footnote-id: ftn27;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[27]</span></span><!--[endif]--></span></span></a>
The first European attempt at central banking and government issued fiat
currency had failed, just as it had under Yuan and Ming-Dynasty China.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://www.nottingham.ac.uk/manuscriptsandspecialcollections/images-multimedia/researchguidance/accounting/promissory-07-4285m.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="267" data-original-width="600" height="142" src="https://www.nottingham.ac.uk/manuscriptsandspecialcollections/images-multimedia/researchguidance/accounting/promissory-07-4285m.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: Times;">Promissory note (1774)</span></i></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: Times;"><br />The development of the first
Europe-based fiat currencies and central banks brought with it an accompanying
development in insidious economic ideas. The economist Nicholas Barbon, for
example, quipped that money was “an imaginary value made by a law for the convenience
of exchange.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn29" name="_ftnref29" style="mso-footnote-id: ftn29;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[29]</span></span><!--[endif]--></span></span></a>
Barbon here ignores five thousand years of history and conflates money with
currency. He would later go on to inspire John Maynard Keynes and other 20<sup>th</sup>-century
economists, who have also regarded manipulation of the economy as a positive
social good. Moreover, Barbon advocated the use of paper currency and credit
money, and argued that a country’s wealth could be identified with its
population, rather than with its stock of precious metals.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn30" name="_ftnref30" style="mso-footnote-id: ftn30;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[30]</span></span><!--[endif]--></span></span></a>
Adam Smith (1723 – 1790), in contrast, defined the wealth of a nation as its
“annual produce” or “the necessaries or conveniences of life which it annually
consumes”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn31" name="_ftnref31" style="mso-footnote-id: ftn31;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[31]</span></span><!--[endif]--></span></span></a>
According to Blenman (2016), Adam Smith identified several key elements to
increasing wealth and bringing about universal prosperity. These he summarises
as: (1) enlightened self-interest, (2) limited government, and (3) solid
currency tied to a free-market economy.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn32" name="_ftnref32" style="mso-footnote-id: ftn32;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[32]</span></span><!--[endif]--></span></span></a>
Currency, Smith argued, should be backed by hard metals, which would prevent it
from being depreciated in order to pay for wars or other wasteful expenditures,
and this would also result in lower taxes, the elimination of tariffs and
international free trade.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn33" name="_ftnref33" style="mso-footnote-id: ftn33;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[33]</span></span><!--[endif]--></span></span></a>
By enlightened self-interest, he meant that it is in the interests of the
vendor to ensure that his wares/goods are high-quality, so that he can make a
profit, and this goes hand in hand with thrift and hard work. Thrift and
saving, indeed, can only go hand in hand with hard money, e.g. gold or silver,
and this would allow the individual to save up capital to invest, buy
labour-saving machinery or other business-enhancing assets, and encourage
innovation which would return invested capital and enhance one’s standard of
living, as well as the standard of living for the whole society.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn34" name="_ftnref34" style="mso-footnote-id: ftn34;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[34]</span></span><!--[endif]--></span></span></a>
Adam Smith did not entirely oppose the use of paper currency, but he did state
clearly that the total amount of paper currency circulating within a country
should never exceed metallic money.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn35" name="_ftnref35" style="mso-footnote-id: ftn35;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[35]</span></span><!--[endif]--></span></span></a>
<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: 36.0pt;">
<b><span style="font-family: Times;">“I
am fully persuaded that we shall never restore our currency to its equitable
state, but by this preliminary step, or by the total overthrow of our paper
credit.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn36" name="_ftnref36" style="mso-footnote-id: ftn36;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><b style="mso-bidi-font-weight: normal;"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[36]</span></b></span><!--[endif]--></span></span></a><o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-indent: 36.0pt;">
<span style="font-family: Times;">-
David Ricardo, <i>The High Price of Bullion</i><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">It was in England that
banknotes became a permanent phenomenon with the establishment of the Bank of
England in 1694, created to raise money for funding a war against France. The
bank began issuing notes in 1695 with a promise to pay the bearer the value of
the note on demand. These notes, originally handwritten to a precise amount,
were eventually replaced by fixed denomination notes, with notes ranging from
£20 GBP to £1000 being available by 1745.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn37" name="_ftnref37" style="mso-footnote-id: ftn37;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[37]</span></span><!--[endif]--></span></span></a>
Fully-printed banknotes which did not name the payee and did not require a
cashier’s signature did not appear in the UK, however, until 1855.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn38" name="_ftnref38" style="mso-footnote-id: ftn38;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[38]</span></span><!--[endif]--></span></span></a>
Nevertheless, all of these notes were actual promises to pay actual amounts of
money. The British pound (pound sterling), which traces its origins to the
Roman libra (approximately 328.9g), has varied in weight throughout time. In
757 AD, one pound consisted of a Tower pound of silver (approximately 350 g),
this being based on the silver penny used by King Offa. Silver pennies were
struck from Arabic dirhams, with one pound weighing 120 Arabic dirhams.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn39" name="_ftnref39" style="mso-footnote-id: ftn39;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[39]</span></span><!--[endif]--></span></span></a>
One dirham during the Abbasid Caliphate weighed approximately 2.8 or 2.9 grams
of silver,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn40" name="_ftnref40" style="mso-footnote-id: ftn40;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[40]</span></span><!--[endif]--></span></span></a>
while the gold dinar weighed 1 mithqal (4.25 grams) of gold.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn41" name="_ftnref41" style="mso-footnote-id: ftn41;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[41]</span></span><!--[endif]--></span></span></a>
Under Henry VIII, the pound sterling was changed to the Troy pound, i.e. 12
troy ounces or 373.241 grams.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn42" name="_ftnref42" style="mso-footnote-id: ftn42;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[42]</span></span><!--[endif]--></span></span></a>
In 1717, Sir Isaac Newton, who was then Master of the Mint, set the price of
gold at £4.25 GBP, essentially establishing a gold standard that was to last for
several centuries.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn43" name="_ftnref43" style="mso-footnote-id: ftn43;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[43]</span></span><!--[endif]--></span></span></a>
In 1816, the gold standard was officially established, and, in 1817, the
sovereign was introduced—a gold coin valued at 20 shillings.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn44" name="_ftnref44" style="mso-footnote-id: ftn44;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[44]</span></span><!--[endif]--></span></span></a>
Banknotes during this period, therefore, did not replace the gold standard, and
they served as promissory notes which could be redeemed for gold (or the
equivalent value in silver).<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">The Bank of England, which
is the 8<sup>th</sup> oldest bank in the world, became the template for future
central banks. What is a central bank? A central bank is an institution which
manages a nation’s currency, money supply and interest rates.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn45" name="_ftnref45" style="mso-footnote-id: ftn45;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[45]</span></span><!--[endif]--></span></span></a>
This runs counter to the free market idea that the value of sound money should
be determined by the market, not by governments. Central banks, therefore, are
incapable of issuing or creating sound money, but they are able to determine
and issue legal tender, i.e. the nationally-authorised and recognised currency.
As already mentioned, in North America in the 18<sup>th</sup> century, the
Spanish dollar, a fine silver coin, was widespread, and formed the basis for
later ‘dollars’. Following the existing practise of using promissory notes,
paper currency was widespread in the early British colonies, and this was
regulated by the British Parliament through the Currency Acts of 1751, 1764 and
1773.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn46" name="_ftnref46" style="mso-footnote-id: ftn46;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[46]</span></span><!--[endif]--></span></span></a>
During the American Revolution, however, the thirteen colonies became
independent states and could issue paper currency to fund their military
expenditures. The Continental Congress, also, which was formed from representatives
from each colony/state, began to issue paper currency called Continental
dollars. Due to overprinting, however, the currency depreciated rapidly, and,
by the end of the war, it was practically worthless, just like every other fiat
currency experiment in the centuries which preceded it. In addition to paper
currency, there was also commodity money, e.g. tobacco, beaver skins, and
wampum, and specie (coins) (such as the Spanish dollar). Paper currency was
divided into promissory notes and bills of exchange—the latter being fiat
currency which could not be exchanged for gold or silver.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn47" name="_ftnref47" style="mso-footnote-id: ftn47;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[47]</span></span><!--[endif]--></span></span></a>
The Continental Congress issued some $241,552,780, which quickly fell to almost
zero value (being worth 1/40<sup>th</sup> of their face value by 1780), giving
rise to the phrase “not worth a continental.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn48" name="_ftnref48" style="mso-footnote-id: ftn48;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[48]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/f/ff/Continental_Currency_One-Third-Dollar_17-Feb-76_obv.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="543" data-original-width="420" height="320" src="https://upload.wikimedia.org/wikipedia/commons/f/ff/Continental_Currency_One-Third-Dollar_17-Feb-76_obv.jpg" width="247" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: Times;">One-third of a Continental dollar</span></i></td></tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">After the ratification of
the United States Constitution, the Federal Government decreed that Continental
dollars could be exchanged for treasury bonds at 1% of their face value.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn50" name="_ftnref50" style="mso-footnote-id: ftn50;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[50]</span></span><!--[endif]--></span></span></a>
That’s a 99% decrease in value, indicating, yet again, that all fiat currencies
eventually go to zero.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn51" name="_ftnref51" style="mso-footnote-id: ftn51;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[51]</span></span><!--[endif]--></span></span></a>
Nowadays, a Continental dollar has nothing but collector’s value. The United
States Constitution also sought to do away with the concept of fiat currency
altogether, decreeing that Congress had the power “to borrow money on the
credit of the United States” and “to coin Money, regulate the Value thereof,
and of foreign Coin, and fix the Standard of Weights and Measures”, but it did
not give Congress the power to create fiat currency or bills of exchange.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn52" name="_ftnref52" style="mso-footnote-id: ftn52;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[52]</span></span><!--[endif]--></span></span></a>
Rather, Congress had the power to coin money from precious metals. This is
reinforced by Article I, Section X, which states that “No State shall… coin
Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender
in Payment of Debts.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn53" name="_ftnref53" style="mso-footnote-id: ftn53;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[53]</span></span><!--[endif]--></span></span></a>
This blocked states both from coining their own money and from creating fiat
bills of credit, as well as from paying debts in anything but gold and silver
coinage. Despite this fact, fiat currency is now widely used by state
governments within the United States, and this article of the Constitution is
widely ignored. The framers of the Constitution were determined to avoid the
hyperinflation which had beset the Continental dollar and other state
currencies during the Revolutionary War, but their wise determinations have now
fallen on deaf ears. In the 1790s, Alexander Hamilton, Secretary of the
Treasury, argued for the creation of a national bank, which was opposed by the
Jeffersonian Republicans. This led to the creation of the First Bank of the
United States, based in Philadelphia, Pennsylania, which was dissolved in 1811
when its charter expired.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn54" name="_ftnref54" style="mso-footnote-id: ftn54;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[54]</span></span><!--[endif]--></span></span></a>
It was succeeded by the Second Bank of the United States in 1816, also based in
Philadelphia, which had a 20-year charter, expiring in 1836, after which it
became a private corporation, before being liquidated in 1841.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn55" name="_ftnref55" style="mso-footnote-id: ftn55;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[55]</span></span><!--[endif]--></span></span></a>
Following this, there was no central bank in the United States until the
Federal Reserve System was established in 1913. <o:p></o:p></span></div>
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<div class="MsoNormal">
<span style="font-family: Times;">The American Civil War,
which lasted from 1861 to 1865, split the United States into two rival
nation-states, each of which issued paper currency. The Legal Tender Act of
1862 allowed the issuance of $150 million in national notes called ‘greenbacks’
due to their colour, which were issued without backing by gold and silver, only
the credibility of the United States government.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn56" name="_ftnref56" style="mso-footnote-id: ftn56;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[56]</span></span><!--[endif]--></span></span></a>
Additional legal tender acts allowed Congress to issue more and more currency
so that, by the end of the war, more than $447 million USD was in circulation.
Meanwhile, the Confederate States of America, based on the South, issued their
own currency, called the ‘greyback’ to distinguish it from the ‘greenback’.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn57" name="_ftnref57" style="mso-footnote-id: ftn57;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[57]</span></span><!--[endif]--></span></span></a>
As in the Revolutionary War, these greybacks were bills of credit and were not
backed by precious metals, leading to eventual hyperinflation. By the time the
war ended, Confederate dollars were not worth the paper they were printed on. Of
course, in the 21<sup>st</sup> century, greenbacks are also worthless, as
government-backed paper currency has to be continually updated and exchanged
for newer notes. A Spanish dollar from the 19<sup>th</sup> century, however,
could be exchanged for its value in gold or its collector’s value, and would now
have a significant value. In 1878, the Brand-Allison Act required the
government to purchase $2 - $4 million USD of silver per month at market prices
and coin it into silver dollars. Silver and gold coinage both already existed
within the United States at the time, with the Coinage Act of 1792, which
pegged the value of the United States dollar to the Spanish silver dollar. The
U.S. Mint originally issued gold, silver and copper coins. The U.S. dollar was
a silver coin weighing 24.1 g of pure silver, half dollars weighing 12g of pure
silver, and quarter dollars weighing 6.01 g of pure silver. There were also
three gold coins: Eagles, which were valued at $10.00 and contained 16.04 g of
pure gold, half eagles, valued at $5.00 and containing 8.02 grams of pure gold,
and quarter eagles, valued at $2.50 and containing 4.01 grams of pure gold.
This thus created a bimetallic gold-silver standard.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn58" name="_ftnref58" style="mso-footnote-id: ftn58;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[58]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://upload.wikimedia.org/wikipedia/commons/b/b6/1849_G%241_Open_Wreath_(rev).jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="800" data-original-width="800" height="200" src="https://upload.wikimedia.org/wikipedia/commons/b/b6/1849_G%241_Open_Wreath_(rev).jpg" width="200" /></a></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">In 1875, Congress passed the
Specie Payment Resumption Act, which required the Treasury to allow U.S.
banknotes to be redeemed for gold after January 1, 1879, and the bimetallic
standard was abandoned in 1900 with the Gold Standard Act, which defined the
U.S. dollar as 23.22 grains (1.505 g) of gold.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn60" name="_ftnref60" style="mso-footnote-id: ftn60;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[60]</span></span><!--[endif]--></span></span></a>
One troy ounce of gold was thus fixed at a value of $20.67. This established a
gold standard within the United States. Nevertheless, silver coins continued to
circulate until 1964, when silver was removed from dimes and quarters and the
half-dollar was debased to contain only 40% silver, the latter of which was
last issued in 1970.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn61" name="_ftnref61" style="mso-footnote-id: ftn61;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[61]</span></span><!--[endif]--></span></span></a>
The gold standard faced several setbacks, however, due to the World Wars One
and Two. Executive Order 6102 (1933) under President Franklin D. Roosevelt
ordered that gold coins were to be confiscated, and the price of gold was set
at $35 per troy ounce; this was eventually reduced to $42.22 per troy ounce
before President Nixon abandoned the gold standard on August 15, 1971, allowing
the dollar to become a fully-fiat currency.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn62" name="_ftnref62" style="mso-footnote-id: ftn62;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[62]</span></span><!--[endif]--></span></span></a>
This is known as the ‘Nixon shock’, as it ended the Bretton Woods system of
international financial exchange. The Bretton Woods system was established in
1944 with the Bretton Woods Agreement between 44 Allied nations, which fixed
exchange rates between major currencies and pegged them to the United States
dollar and gold.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn63" name="_ftnref63" style="mso-footnote-id: ftn63;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[63]</span></span><!--[endif]--></span></span></a>
This resulted in the United States hoarding two-thirds of the world’s gold.
With the Nixon shock, however, most nations also ended their currencies’ peg to
the dollar, leading to widespread inflation and economic aftershocks. 1971
marks the beginning of the current Age of Fiat.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-indent: 36.0pt;">
<b><span style="font-family: Times;">“Paper
is being reduced to its intrinsic value.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn64" name="_ftnref64" style="mso-footnote-id: ftn64;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><b style="mso-bidi-font-weight: normal;"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[64]</span></b></span><!--[endif]--></span></span></a><o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-indent: 36.0pt;">
<span style="font-family: Times;">-
Voltaire<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Since ending the gold
standard, the unemployment rate in the United States has averaged over 6%,
averaging 8.5% in 1975 and almost 10% in 1982, compared with an average of 5%
during the post-WWII gold standard era, with economic growth averaging 2.9%
compared to 4% under the gold standard.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn65" name="_ftnref65" style="mso-footnote-id: ftn65;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[65]</span></span><!--[endif]--></span></span></a>
Kadlec (2011) argues that the U.S. economy today is about $8 trillion USD
smaller than it would have been under a gold standard, and the median family
income is 50% lower than it should have been.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn66" name="_ftnref66" style="mso-footnote-id: ftn66;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[66]</span></span><!--[endif]--></span></span></a>
Like Diocletian before him, Nixon combined this currency devaluation with price
controls, freezing wages and prices for 90 days and establishing a 10% tariff
on imports.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn67" name="_ftnref67" style="mso-footnote-id: ftn67;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[67]</span></span><!--[endif]--></span></span></a>
The effect on the U.S. dollar was devastating. It plunged by a third in value
during the 1970s, with currency volatility threatening several national economies
since, including Asian and Latin American countries in 1997.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn68" name="_ftnref68" style="mso-footnote-id: ftn68;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[68]</span></span><!--[endif]--></span></span></a>
Price controls under Nixon had to be extended until 1974, when Nixon resigned.
They were ineffective, however, in reducing inflation, which had topped 11%.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn69" name="_ftnref69" style="mso-footnote-id: ftn69;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[69]</span></span><!--[endif]--></span></span></a>
Not quite as bad as Diocletian, but Rome’s price controls were more rigorous.
Nixon’s economic policies coincided with the Great Inflation, which lasted from
1965 to 1982.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn70" name="_ftnref70" style="mso-footnote-id: ftn70;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[70]</span></span><!--[endif]--></span></span></a>
The Great Inflation began in the 1960s, as U.S. dollars were increasingly being
converted into gold—in other words, countries were sending dollars in return
for gold, causing the value of the dollar to slip. When Nixon ended the gold
standard, there was nothing to tether the dollar’s value, so it fluctuated
wildly, further exacerbating inflation. To give some perspective on how much
the dollar has declined in value since being taken off the gold standard, $1.00
in 1971 in now worth about $6.19 in 2018 dollars, with annual inflation during
the period from 1971 to present of over 3.96%.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn71" name="_ftnref71" style="mso-footnote-id: ftn71;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[71]</span></span><!--[endif]--></span></span></a>
If you had saved money in the 1970s until now, your currency would have lost more
than 5/6<sup>th</sup> its value.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Savers, investment guru
Robert Kiyosaki likes to inform us, are losers.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn72" name="_ftnref72" style="mso-footnote-id: ftn72;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[72]</span></span><!--[endif]--></span></span></a>
When you save money in your bank account, it loses value because it isn’t
pegged to anything. If one dollar in 1971 is worth $6.19 today, what will your
dollar saved today be worth in 10 years’ time? Not much, likely. One dollar in
1914, when the Federal Reserve was established, is now worth $24.65—that’s with
an average annual inflation from 1914 – 2018 of 3.13%.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn73" name="_ftnref73" style="mso-footnote-id: ftn73;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[73]</span></span><!--[endif]--></span></span></a>
It has thus lost 24.65 times its value over that period. If we take 1792 as the
beginning of the United States dollar, with the Coinage Act of 1792, what would
the value of a 1792 dollar be today? The answer: $25.53 in 2017 dollars, and
that is with an inflation rate of only 1.45% over the time period 1792 – 2017.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn74" name="_ftnref74" style="mso-footnote-id: ftn74;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[74]</span></span><!--[endif]--></span></span></a>
The difference between 1 dollar in 1792 and 1914 is very small, as the dollar
was originally based on precious metals. However, the difference from 1914 to
2018 is huge. Up until 1914, savers were definitely not losers. However, from
1914 to present, and especially from 1971 to present, savers have most
certainly been losers, as the value of the United States dollar—and all fiat
currencies—is in continual decline, just as the value of Roman currency was in
decline at the very end of the Roman Empire in the third and fourth centuries, before
Rome was finally sacked and the last Emperor deposed. We are living in very
similar times. With the end of the gold standard, and the great prosperity that
that standard had brought to mankind, and the reign of central banks and the
Federal Reserve System, what can be done to bring humanity back to sound money
and a solid money system? Moreover, what is the next step in the evolution of
money, and how can people weather the storm of the inevitable fall of empires
certain to come when the current system collapses?<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">Digital Money and
Computer Banking<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">We live in an increasingly
digital age, when digital assets are starting to take the place of physical
assets. Since the invention of the computer, starting with Charles Babbage’s
Analytical Engine invented and improved between 1833 and 1871, followed by the
Z1 programmable computer of Konrad Zuse (invented 1936 – 1938), and the
Colossus (December 1943),<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn75" name="_ftnref75" style="mso-footnote-id: ftn75;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[75]</span></span><!--[endif]--></span></span></a>
up until modern personal computer, laptops, tablets, smartphones and smart
watches, we have become increasingly dependent on machines for business, trade,
banking and payment systems. Computers were originally of interest to
governments, the military and scientists, who used them to crack codes and
perform high-speed calculations. By 1954, however, the banking industry got in
on the new technology. A partnership between Bank of America and the Stanford
Research Institute resulted, in 1954, in the creation of the Remington Rand UNIVAC-1,
the world’s first computer designed for business use, which was a massive
computer utilising vacuum tubes and magnetic tapes to operate, processing
12,000 numbers or letters per second.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn76" name="_ftnref76" style="mso-footnote-id: ftn76;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[76]</span></span><!--[endif]--></span></span></a>
This was followed, in September 1955, by the creation of ERMA—the Electronic
Recording Method of Accounting, which could process 33,000 accounts in the time
it would take a bookkeeper to do 245, posting accounts, identifying stop
payments and holds, flagging overdrafts, storing account information, printing
daily and monthly bank statements, and sorting 600 cheques per minute—a
reduction in time of 80%.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn77" name="_ftnref77" style="mso-footnote-id: ftn77;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[77]</span></span><!--[endif]--></span></span></a>
From that time forward, banking and money would no longer be a paper affair—we
had entered a new, digital age of banking—an age of digital ledgers and
computer-based transactions. This was a departure as radical as the Chinese
invention of paper currency.<o:p></o:p></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/4/4b/Colossus.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="534" data-original-width="800" height="213" src="https://upload.wikimedia.org/wikipedia/commons/4/4b/Colossus.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: Times;">Colossus codebreaker</span></i></td></tr>
</tbody></table>
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<span style="font-family: Times;">What most people do not
realise is that our currency has become almost completely digital. When people
think of U.S. dollars, Euros, Great British pounds, etc. they think of printed
notes and coins. Somewhere in our imagination, there is a huge vault at the
back of our local bank, where all of our money is stored in neat piles of cash.
If the bank isn’t careful, an old robber, like Jesse James, might swing buy,
hold everyone hostage and loot the bank, taking our money with him. This, of
course, is not the case. There is no vault at the back of the bank with all
your money in it, because your cash doesn’t really exist at all. It’s all just
1s and 0s in and computer ledger. The New Yorker estimates that there is about
$1.4 trillion U.S. dollars in circulation, with the amount tripling over the
last two decades (2001 – 2016)—that’s an immense amount of cash.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn79" name="_ftnref79" style="mso-footnote-id: ftn79;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[79]</span></span><!--[endif]--></span></span></a>
They estimate that the average American carries about $30 dollars, with 1/20<sup>th</sup>
having a stash of about $1200 at home, and everyone else averaging about $74.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn80" name="_ftnref80" style="mso-footnote-id: ftn80;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[80]</span></span><!--[endif]--></span></span></a>
Of the $1.5 trillion U.S. dollars in circulation, 80% of this is comprised of
11.5 billion $100 notes, with, each year, 70% of new bills being used to replaced
older notes which are going out of circulation.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn81" name="_ftnref81" style="mso-footnote-id: ftn81;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[81]</span></span><!--[endif]--></span></span></a>
The total money supply (called M2) in the United States, however, is much, much
bigger than this—in fact, it amounts to around $14 trillion USD, with physical
currency making up only 11% of the total value. That means that digital cash
makes up 89% of the U.S. money supply.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn82" name="_ftnref82" style="mso-footnote-id: ftn82;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[82]</span></span><!--[endif]--></span></span></a>
We do not have to imagine a world where digital currency is the norm, because
it already exists. We already live in a world where the vast majority of our
currency is digital, and physical notes and coins are only a tiny fraction of
that total amount. Worldwide, in fact, only 8% of the world’s currency exists
as physical cash, <i>with 92% consisting of digital money</i>!<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn83" name="_ftnref83" style="mso-footnote-id: ftn83;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[83]</span></span><!--[endif]--></span></span></a>
Even if everyone wanted to convert their digital cash into physical notes and
coins, they would be unable to do so, as such an amount of physical currency
simply does not exist! What does that mean for us today? It means, essentially,
that all the dollars, euros, pounds and other currency that you have in your
bank account, exists as nothing more than digital ones and zeros in a digital
ledger which exists within a computer database. If that ledger, or that
computer database, were destroyed, your “money” would cease to exist. It also
means that your “money” can be hacked, stolen or confiscated via computers or
the internet. <o:p></o:p></span></div>
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<span style="font-family: Times;">This is a shocking
revelation to most people, who like to believe that governments “print” or
“coin” money. That used to be the case, but no longer. Physical cash still
exists, but more as a mask or illusion to make us feel like fiat currencies
have real value. The value of a fiat currency, in fact, is only what we believe
it to have. As with the 17<sup>th</sup> century economist, Nicholas Barbon, the
modern banking system is based on the idea that money is “an imaginary value
made by a law for the convenience of exchange.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn84" name="_ftnref84" style="mso-footnote-id: ftn84;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[84]</span></span><!--[endif]--></span></span></a>
This is wrong, of course, as fiat currency is not, strictly speaking, money but
currency, but the point still applies—U.S. dollars, euros, British pound
sterling, Chinese renminbi, etc. all exist as mere abstractions. The entire
banking system is a mere façade which hides the reality that currency is merely
a collection of numbers stored and moved from one computer to another on a
network, with the total amount of these numbers constantly being increased—indeed,
on a massive scale—by governments, who use this increase to reduce the
purchasing power of citizens, while allowing themselves to create more debt,
pay off existing debts, and fund ever-expansive spending programmes, including
“quantitative easing”, military spending and entitlements. This digital age of
currency was further supported by the creation of non-physical methods of
payment, including the credit card, which was invented by Frank McNamara in
1950, when the Diners Club card was released.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn85" name="_ftnref85" style="mso-footnote-id: ftn85;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[85]</span></span><!--[endif]--></span></span></a>
This was followed by American Express and Visa (originally BankAmerica) in
1958, and eventually by MasterCard, Discover Card and JCB.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn86" name="_ftnref86" style="mso-footnote-id: ftn86;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[86]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
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<a href="https://upload.wikimedia.org/wikipedia/commons/c/cc/Credit_card_logos_(2015-12-1816-27-350044).jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="800" data-original-width="575" height="200" src="https://upload.wikimedia.org/wikipedia/commons/c/cc/Credit_card_logos_(2015-12-1816-27-350044).jpg" width="143" /></a></div>
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<span style="font-family: Times;">With the dawn of the credit
card, and later debit card, people no longer needed to rely on physical cash
for payments. Banknotes and coins have, throughout the late 20<sup>th</sup> and
early 21<sup>st</sup> centuries, been rendered almost entirely obsolete. Credit
cards, have, in addition, not only facilitated payments, but also allowed
Americans and people from all over the world, to amass staggering amounts of
personal debt, as people often end up spending more money than they actually
have. Other methods of digital payment have also arisen, including PayPal,
which was launched in 1999, allowing for easy digital transactions between
individuals across the planet. PayPal, however, still relied on existing
banking systems and fiat currency. Most people, during the late 20<sup>th</sup>
century, accepted that this would always be the case—that we would always be
reliant on the banking system and government-created currency. To say otherwise
would be anarchist, antinomian or utopian. Indeed, while communists and
Marxists dreamed of a world where money no longer needed to exist—on the one
hand, libertarians dreamed of a world in which everyone could make their own
currency, while gold-bugs and silver-bugs hoped for an eventual reinstatement
of the gold standard, or a bimetallic standard. All of these ideas remained
within the realm of speculation and fantasy, however, until two new
developments began to take shape: developments in digital cryptography, and a
wide expansion in the number of people using personal computers and the
internet. The World Wide Web, invented by English scientist Sir Tim Berners-Lee
(b. 1955), was launched in 1989, and the idea of creating a new, encrypted digital
currency began to take shape. My next article/chapter, will outline the rise of
Bitcoin, the world’s newest form of sound money, which is that new digital
currency, and which has now come to be regarded as a secure store of value and a
medium of exchange. <o:p></o:p></span></div>
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<span style="font-family: Times;">©️</span><span style="font-family: Times;">NJ Bridgewater 2018<o:p></o:p></span></div>
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<b><span style="font-family: Times;">SOURCES:<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Authorised Version of the
Bible (King James Bible / KJV) (1611) <i>The Holy Bible, Conteyning the
Old Testament, and the New: Newly Translated out of the Originall tongue Newly
Translated out of the Originall tongues: & with the former Translations
diligently compared and reuised</i> (London: Robert Barker). Available
online at: http://biblehub.com/kjv/ ; https://www.biblegateway.com/keyword/ ;
https://quod.lib.umich.edu/k/kjv/simple.html ;
https://archive.org/details/1611TheAuthorizedKingJamesBible ;
http://www.sacred-texts.com/bib/kjv/index.htm ; https://www.gutenberg.org/ebooks/10
(accessed 18/07/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">ADANA (Anadolu Agency)
(2014) Money used by Sumerians in Mesopotamia, says expert, <i>Hurriyet Daily
News</i>, January 13, 2014 00:01:00. URL:
http://www.hurriyetdailynews.com/money-used-by-sumerians-in-mesopotamia-says-expert-60909
(accessed 12/11/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Bank of America
Corporation (2018) Bank of America revolutionizes banking industry, <i>Bank of
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(accessed 21/11/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Nicholas Barbon, <i>Discourse
On Trade</i>, 1690. p.37. URL:
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Bruce Bartlett (1994)
How Excessive Government Killed Ancient Rome, <i>Cato Journal</i>, Vol. 14, No.
2, 1994, p. 299. URL:
https://object.cato.org/sites/cato.org/files/serials/files/cato-journal/1994/11/cj14n2-7.pdf
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Joy Blenman (2016) Adam
Smith and "The Wealth Of Nations". <i>Investopedia</i>, September 7,
2016 4:53 PM EDT. URL: https://www.investopedia.com/updates/adam-smith-wealth-of-nations/
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Andrew Boyd (2018) Who
invented credit cards, <i>Credit Card Compare</i>, July 4, 2018. URL:
https://www.creditcardcompare.com.au/blog/who-invented-credit-cards/ (accessed
21/11/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">NJ Bridgewater (2017) <i>Gold:
10 Ways to Make Money Using Gold</i> (Abergavenny: Jaha Publishing)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">NJ Bridgewater (2017)
What is Bitcoin? <i>Crossing the Bridge</i>, 7 December 2017. URL: https://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html
(accessed 23/11/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">NJ Bridgewater (2018)
The Origins of Wealth (Part 1 of 4), <i>Crossing the Bridge</i>, Thursday, 5,
July 2018. URL: https://nicholasjames19.blogspot.com/2018/07/the-origins-of-wealth-part-1-of-4.html
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Brilliant Maps (2015)
Roman Empire GDP Per Capita Map Shows That Romans Were Poorer Than Any Country
in 2015, <i>BrilliantMaps.com</i>, May 4, 2015. URL: https://brilliantmaps.com/roman-empire-gdp/
(accessed 14/11/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Michael Bryan (2013)
The Great Inflation, <i>Federal Reserve History</i>, November 22, 2013. URL:
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20/11/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Edwin Cannan (1922) <i>Wealth:
A Brief Explanation of the Causes of Economic Wealth</i> (London: P.S. King and
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13:49 AST)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Computer Hope (2018)
When was the first computer invented? <i>Computer Hope</i>, 11/13/2018. URL:
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<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">CPI Inflation
Calculator (2018) $1 in 1792 </span><span style="font-family: "Times New Roman",serif;">→</span><span style="font-family: Times;"> 2017 | Inflation Calculator.” <i>U.S. Official
Inflation Data</i>, Alioth Finance, 20 Nov. 2018. URL: https://www.officialdata.org/1792-dollars-in-2017?amount=1<span style="mso-spacerun: yes;"> </span>(accessed 20/11/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Jason Daley (2018)
People Lived in This Cave for 78,000 Years, <i>Smithsonian.com</i>, May 11,
2018. URL:
https://www.smithsonianmag.com/smart-news/people-lived-cave-78000-years-180969051/
(accessed 22/11/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Jeff Desjardins (2018)
Here's how much US currency there is in circulation, <i>Business Insider</i>,
19.04.2018, 01:30. URL: https://www.businessinsider.de/heres-how-much-us-currency-there-is-in-circulation-2018-4?r=US&IR=T
(accessed 21/11/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Tyler Durden (2018)
Fiat Currency Always Ends In Collapse, <i>ZeroHedge</i>, Mon, 06/18/2018 –
20:55. URL: https://www.zerohedge.com/news/2018-06-18/fiat-currency-always-ends-collapse
(accessed 21/11/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">The Economist (2010)
Tricky Dick and the dollar, <i>The Economist</i>, Mar 25<sup>th</sup> 2010.
URL:
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(accessed 20/11/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Peter Foldvari &
Bas van Leeuwen (2010) Comparing per capita income in the Hellenistic world:
the case of Mesopotamia, 5 July 2010. URL:
http://www.basvanleeuwen.net/bestanden/Mesopotamia%20GDP%201Julyl2010.pdf
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Dominic Frisby (2017)
What wages in ancient Athens can tell us about the silver price today, <i>MoneyWeek</i>,
02/03/2017. URL: https://moneyweek.com/462534/what-wages-in-ancient-athens-can-tell-us-about-the-silver-price-today/
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Mark Gimein (2016) Why
Digital Money Hasn’t Killed Cash, <i>The New Yorker</i>, April 28, 2016. URL:
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Global Security
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12/11/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Zachary A. Goldfarb
(2014) Who was the richest man in all of history? <i>The Washington Post</i>,
April 1, 2014. URL:
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(accessed 13/11/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Ed Grabianowski (2018)
How Currency Works, <i>HowStuffWorks.com</i>. URL:
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">H Brothers Inc
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Tim Harford (2017) How
the world's first accountants counted on cuneiform, <i>BBC News</i>, 12 June
2017. URL: https://www.bbc.co.uk/news/business-39870485 (accessed 12/11/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Henry Hazlitt (1971)
Poor Relief in Ancient Rome, <i>Foundation for Economic Education (FEE)</i>,
originally published Thursday, April 01, 1971. URL:
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Stefan Heidemann
(2011) The early Islamic Empire and its religion on coin imagery. In Albrecht
Fuess, Jan-Peter Hartung (editors) (2011) <i>Court Cultures in the Muslim
World: Seventh to nineteenth centuries</i> (London; New York: Routledge). URL:
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<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Jacob H. Hollander
(1911) The Development of the Theory of Money from Adam Smith to David Ricardo,
<i>The Quarterly Journal of Economics</i>, Vol. 25, No. 3 (May, 1911), pp.
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<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Investopedia (2018)
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<div class="MsoFootnoteText">
<span style="font-family: Times;">JM Bullion (2015) How
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<div class="MsoFootnoteText">
<span style="font-family: Times;">Charles Kadlec (2011)
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<div class="MsoFootnoteText">
<span style="font-family: Times;">Robert Kiyosaki (2005)
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<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Julia Limitone (2017)
Bitcoin is more powerful than physical money: Overstock CEO, <i>Fox Business</i>,
published November 20, 2017. URL:
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<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Mike Maloney (2015) <i>Guide
to Investing in Gold & Silver: Protect Your Financial Future</i> (Scottsdale,
Arizona: RDA Press LLC), p. 217. Download the free PDF from: https://goldsilver.com/promo/freebook/
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Mark (2012) Tales From
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<div class="MsoFootnoteText">
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<div class="MsoFootnoteText">
<span style="font-family: Times;">Mary Ames Mitchell
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<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">John Morley (1872), In
<i>The Quarterly Review</i>, Vol. 135, July & October, 1873 (London: John
Murray)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
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<span style="font-family: Times;">Robert Nedelkoff
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<div class="MsoFootnoteText">
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Joseph R. Peden (2017)
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<div class="MsoFootnoteText">
<span style="font-family: Times;">Lawrence W. Reed
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<div class="MsoFootnoteText">
<span style="font-family: Times;">David Ricardo (1810) <i>The
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<div class="MsoFootnoteText">
<span style="font-family: Times;">Walter Scheidel (2009)
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<div class="MsoFootnoteText">
<span style="font-family: Times;">Silver Prices Today,
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<div class="MsoFootnoteText">
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<div class="MsoFootnoteText">
<span style="font-family: Times;">Thomas Sowell (2010) <i>The
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<div class="MsoFootnoteText">
<span style="font-family: Times;">Spiros (2012) How much
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<div class="MsoFootnoteText">
<span style="font-family: Times;">Blair Sullivan,
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<div class="MsoFootnoteText">
<span style="font-family: Times;">Nick Szabo (2002)
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<div class="MsoFootnoteText">
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<div class="MsoFootnoteText">
<span style="font-family: Times;">Richard Henry
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<div class="MsoFootnoteText">
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<div class="MsoFootnoteText">
<span style="font-family: Times;">World Gold Council
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<div class="MsoFootnoteText">
<span style="font-family: Times;">Zheng Xueyi, Yaguang
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<div class="MsoFootnoteText">
<span style="font-family: Times;">Jay Zawatsky (2012)
The Collapse of the Fiat System, <i>The National Interest</i>, March 15, 2012.
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<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<u><span style="font-family: Times;">Wikipedia Articles<o:p></o:p></span></u></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Achaemenid coinage (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Achaemenid_coinage (accessed
12/11/2018 11:33 AST)<o:p></o:p></span></div>
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<span style="font-family: Times;">Achaemenid Empire (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Achaemenid_Empire (accessed
12/11/2018 12:24 PM AST)<o:p></o:p></span></div>
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<div class="MsoFootnoteText">
<span style="font-family: Times;">Ancient Chinese
coinage (<i>Wikipedia </i>article). URL: https://en.wikipedia.org/wiki/Achaemenid_coinage
(accessed 12/11/2018 11:40 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
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<div class="MsoFootnoteText">
<span style="font-family: Times;">Ancient Greek Coinage
(<i>Wikipedia </i>article). URL: https://en.wikipedia.org/wiki/Coin (accessed
12/11/2018 07:59 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Bank (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Bank (accessed 19/11/2018 12:10 PM AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
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<div class="MsoFootnoteText">
<span style="font-family: Times;">Banknote (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Banknote (accessed 19/11/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Bretton Woods system (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Bretton_Woods_system (accessed
20/11/2018 09:58 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">British Empire (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/British_Empire (accessed
19/11/2018 16:48 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Bullion (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Bullion (accessed 12/11/2018 07:45
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<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Byzantine Empire (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Byzantine_Empire (accessed
15/11/2018 11:35 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Central bank (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Central_bank (accessed 20/11/2018
06:59 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Chao (currency) (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Chao_(currency) (accessed
15/11/2018 12:24 PM AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Code of Ur-Nammu (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Code_of_Ur-Nammu (accessed
12/11/2018 08:05 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Coin (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Coin (accessed 12/11/2018 07:49 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Coinage Act of 1792 (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Coinage_Act_of_1792 (accessed
20/11/2018 09:44 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Confederate States
dollar (<i>Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/Confederate_States_dollar
(accessed 20/11/2018 07:34 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Croesus (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Croesus (accessed 12/11/2018 08:12 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Denarius (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Denarius (accessed 12/11/2018
12:03 PM)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Diocletian (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Diocletian (accessed 14/11/2018
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<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Dirham (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Dirham (accessed 19/11/2018 14:40 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Ducat (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Ducat (accessed 16/11/2018 16:33 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Early American
Currency (<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/Early_American_currency (accessed 20/11/2018
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<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Edict on Maximum
Prices (<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/Edict_on_Maximum_Prices (accessed 14/11/2018
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<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">End of Roman rule in
Britain (<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/End_of_Roman_rule_in_Britain (accessed 15/11/2018
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Federal Reserve Act (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Federal_Reserve_Act (accessed
19/11/2018 17:02 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">First Bank of the
United States (<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/First_Bank_of_the_United_States (accessed 20/11/2018
07:26 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Gold dinar (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Gold_dinar (accessed
19/11/2018 14:43 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
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<div class="MsoFootnoteText">
<span style="font-family: Times;">Gold reserve
(Wikipedia article). URL: https://en.wikipedia.org/wiki/Gold_reserve (accessed
12/11/2018 11:43 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Guilder (<i>Wikipedia </i>article);
also see: Spanish peseta (<i>Wikipedia </i>article). URL:
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<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Guldengroschen (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Guldengroschen (accessed
16/11/2018 15:50 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Han dynasty (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Han_dynasty (accessed
12/11/2018 12:27 PM AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Hard currency (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Hard_currency (accessed 02/11/2018
12:02 PM)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">History of Chinese currency
(<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/History_of_Chinese_currency (accessed 15/11/2018
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<div class="MsoFootnoteText">
<span style="font-family: Times;">History of paper (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/History_of_paper (accessed
19/11/2018 12:02 PM AST)<o:p></o:p></span></div>
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<span style="font-family: Times;">Kreuzer (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Kreuzer (accessed 16/11/2018 15:50 AST)<o:p></o:p></span></div>
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<div class="MsoFootnoteText">
<span style="font-family: Times;">List of largest
empires (<i>Wikipedia </i>article). URL:
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<span style="font-family: Times;">Ming Dynasty (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Ming_dynasty (accessed
16/11/2018 14:48 PM AST)<o:p></o:p></span></div>
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<span style="font-family: Times;">National Bank Act (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/National_Bank_Act (accessed
20/11/2018 07:32 AST)<o:p></o:p></span></div>
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<span style="font-family: Times;">Nicholas Barbon (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Nicholas_Barbon (accessed
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<span style="font-family: Times;">Odoacer (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Odoacer (accessed 15/11/2018 12:08
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<div class="MsoFootnoteText">
<span style="font-family: Times;">Portuguese dinheiro (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Portuguese_dinheiro (accessed
16/11/2018 16:20 AST)<o:p></o:p></span></div>
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<span style="font-family: Times;">Portuguese real (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Portuguese_real (accessed
16/11/2018 15:59 AST)<o:p></o:p></span></div>
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<span style="font-family: Times;">Pound (mass) (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Pound_(mass) (accessed
19/11/2018 14:46 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Pound sterling (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Pound_sterling (accessed
19/11/2016 14:57 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Prince Henry the
Navigator (<i>Wikipedia </i>article). URL: https://en.wikipedia.org/wiki/Prince_Henry_the_Navigator
(accessed 16/11/2018 15:31 PM AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Qin (state) (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Qin_(state) (accessed
12/11/2018 11:45 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Reconquista (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Reconquista (accessed
16/11/2018 15:35 PM AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Renminbi (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Renminbi (accessed 19/11/2018
11:06 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Roman currency (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Roman_currency (accessed
14/11/2018 11:39 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Roman Empire (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Roman_Empire (accessed
14/11/2018 07:32 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Second Bank of the
United States (<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/Second_Bank_of_the_United_States (accessed 20/11/2018
07:27 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Senate of the Roman
Empire (<i>Wikipedia </i>article). URL:
https://en.wikipedia.org/wiki/Senate_of_the_Roman_Empire (accessed 14/11/2018
07:32 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Silver standard (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Silver_standard#China
(accessed 19/11/2018 11:03 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Spanish dollar (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Spanish_dollar (accessed
16/11/2018 15:06 PM AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Spanish peseta (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Spanish_peseta (accessed 16/11/2018
15:43 PM AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Tael (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Tael (accessed 19/11/2018 10:56 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Thaler (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Thaler (accessed 16/11/2018 15:56 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">United States dollar (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/United_States_dollar (accessed
20/11/2018 09:49 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times;">Wu Zhu (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Qin_(state) (accessed 12/11/2018 12:01 PM
AST)<o:p></o:p></span></div>
<div style="mso-element: footnote-list;">
<!--[if !supportFootnotes]--><br clear="all" />
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<div id="ftn1" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[1]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Prince Henry the Navigator (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Prince_Henry_the_Navigator
(accessed 16/11/2018 15:31 PM AST).<o:p></o:p></span></div>
</div>
<div id="ftn2" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref2" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[2]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Prince Henry the Navigator (<i>Wikipedia
</i>article).<o:p></o:p></span></div>
</div>
<div id="ftn3" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref3" name="_ftn3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[3]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Reconquista (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Reconquista (accessed 16/11/2018 15:35 PM AST).<o:p></o:p></span></div>
</div>
<div id="ftn4" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref4" name="_ftn4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[4]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: Silver peso of Philip
V. (a.k.a. Spanish dollar). Mexico mint. Dated 1739 Mº (Mexico monogram).
Public domain. URL:
https://upload.wikimedia.org/wikipedia/commons/c/c1/Philip_V_Coin_silver%2C_8_Reales_Mexico.jpg
(accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn5" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref5" name="_ftn5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[5]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Spanish dollar (<i>Wikipedia </i>article);
also see: Spanish peseta (<i>Wikipedia </i>article). URL:
https://en.wikipedia.org/wiki/Spanish_peseta (accessed 16/11/2018 15:43 PM
AST).<o:p></o:p></span></div>
</div>
<div id="ftn6" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref6" name="_ftn6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[6]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> The Dutch guilder weighed 10.61g and
was a .910 silver coin. See: Guilder (<i>Wikipedia </i>article); also see:
Spanish peseta (<i>Wikipedia </i>article). URL:
https://en.wikipedia.org/wiki/Guilder (accessed 16/11/2018 15:49 PM AST). See
also: Guldengroschen (<i>Wikipedia </i>article). URL:
https://en.wikipedia.org/wiki/Guldengroschen (accessed 16/11/2018 15:50 AST);
Kreuzer (<i>Wikipedia </i>article). URL: https://en.wikipedia.org/wiki/Kreuzer
(accessed 16/11/2018 15:50 AST). <o:p></o:p></span></div>
</div>
<div id="ftn7" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref7" name="_ftn7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[7]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Thaler (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Thaler (accessed 16/11/2018 15:56 AST).<o:p></o:p></span></div>
</div>
<div id="ftn8" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref8" name="_ftn8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[8]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Portuguese real (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Portuguese_real (accessed 16/11/2018 15:59
AST).<o:p></o:p></span></div>
</div>
<div id="ftn9" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref9" name="_ftn9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[9]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Portuguese dinheiro (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Portuguese_dinheiro (accessed
16/11/2018 16:20 AST).<o:p></o:p></span></div>
</div>
<div id="ftn10" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref10" name="_ftn10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[10]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Mary Ames Mitchell (2015)
Fifteenth Century Portuguese Dinheiro [Money], <i>Crossing the Ocean Sea</i>.
URL: http://www.crossingtheoceansea.com/OceanSeaPages/OS-46-Dinheiro.html
(accessed 16/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn11" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref11" name="_ftn11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[11]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Blair Sullivan, Geoffrey Symcox
(2005) <i>Christopher Columbus and the Enterprise of the Indies: A Brief
History with Documents</i> (Boston, Mass. : Bedford/ St Martin's), p. 45. <o:p></o:p></span></div>
</div>
<div id="ftn12" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref12" name="_ftn12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[12]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Ducat (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Ducat (accessed 16/11/2018 16:33 AST).<o:p></o:p></span></div>
</div>
<div id="ftn13" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref13" name="_ftn13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[13]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: NJ Bridgewater (2017) <i>Gold:
10 Ways to Make Money Using Gold</i> (Abergavenny: Jaha Publishing), pp. 15 –
17. <o:p></o:p></span></div>
</div>
<div id="ftn14" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref14" name="_ftn14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[14]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> NJ Bridgewater (2017) <i>Gold: 10
Ways to Make Money Using Gold</i>, pp. 15 – 16. <o:p></o:p></span></div>
</div>
<div id="ftn15" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref15" name="_ftn15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[15]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: Five Guinea coin,
James II, Great Britain, 1688. Public domain. URL: https://upload.wikimedia.org/wikipedia/commons/d/d9/5_Guineas%2C_James_II%2C_Great_Britain%2C_1688_-_Bode-Museum_-_DSC02761.JPG
(accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn16" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref16" name="_ftn16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[16]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: British Empire (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/British_Empire (accessed 19/11/2018 16:48
AST).<o:p></o:p></span></div>
</div>
<div id="ftn17" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref17" name="_ftn17" style="mso-footnote-id: ftn17;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[17]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Federal Reserve Act (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Federal_Reserve_Act (accessed
19/11/2018 17:02 AST).<o:p></o:p></span></div>
</div>
<div id="ftn18" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref18" name="_ftn18" style="mso-footnote-id: ftn18;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[18]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Mike Maloney (2015) <i>Guide to
Investing in Gold & Silver: Protect Your Financial Future</i> (Scottsdale,
Arizona: RDA Press LLC), p. 217. Download the free PDF from: https://goldsilver.com/promo/freebook/
(accessed 25/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn19" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref19" name="_ftn19" style="mso-footnote-id: ftn19;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[19]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Investopedia (2018) What causes
inflation, and does anyone gain from it? <i>Investopedia, LLC</i>, updated
January 22, 2018 1:05 PM EST. URL: https://www.investopedia.com/ask/answers/111314/what-causes-inflation-and-does-anyone-gain-it.asp
(accessed 19/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn20" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref20" name="_ftn20" style="mso-footnote-id: ftn20;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[20]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: History of paper (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/History_of_paper (accessed 19/11/2018 12:02
PM AST).<o:p></o:p></span></div>
</div>
<div id="ftn21" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref21" name="_ftn21" style="mso-footnote-id: ftn21;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[21]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: History of paper (<i>Wikipedia </i>article).<o:p></o:p></span></div>
</div>
<div id="ftn22" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref22" name="_ftn22" style="mso-footnote-id: ftn22;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[22]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Banknote (<i>Wikipedia </i>article).<o:p></o:p></span></div>
</div>
<div id="ftn23" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref23" name="_ftn23" style="mso-footnote-id: ftn23;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[23]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Bank (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Bank (accessed 19/11/2018 12:10 PM AST).<o:p></o:p></span></div>
</div>
<div id="ftn24" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref24" name="_ftn24" style="mso-footnote-id: ftn24;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[24]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Banknote (<i>Wikipedia </i>article).<o:p></o:p></span></div>
</div>
<div id="ftn25" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref25" name="_ftn25" style="mso-footnote-id: ftn25;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[25]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Banknote (<i>Wikipedia </i>article).<o:p></o:p></span></div>
</div>
<div id="ftn26" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref26" name="_ftn26" style="mso-footnote-id: ftn26;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[26]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Banknote (<i>Wikipedia </i>article).<o:p></o:p></span></div>
</div>
<div id="ftn27" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref27" name="_ftn27" style="mso-footnote-id: ftn27;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[27]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Banknote (<i>Wikipedia </i>article).<o:p></o:p></span></div>
</div>
<div id="ftn28" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref28" name="_ftn28" style="mso-footnote-id: ftn28;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[28]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: Promissory note, 1774
(MS 376/3). Public domain. URL:
https://www.nottingham.ac.uk/manuscriptsandspecialcollections/images-multimedia/researchguidance/accounting/promissory-07-4285m.jpg
(accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn29" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref29" name="_ftn29" style="mso-footnote-id: ftn29;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[29]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Nicholas Barbon, <i>Discourse On
Trade</i>, 1690. p.37.<o:p></o:p></span></div>
</div>
<div id="ftn30" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref30" name="_ftn30" style="mso-footnote-id: ftn30;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[30]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Nicholas Barbon (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Nicholas_Barbon (accessed 19/11/2018 13:49
AST).<o:p></o:p></span></div>
</div>
<div id="ftn31" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref31" name="_ftn31" style="mso-footnote-id: ftn31;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[31]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Edwin Cannan (1922) <i>Wealth:
A Brief Explanation of the Causes of Economic Wealth</i> (London: P.S. King and
Son, 1922). URL: https://oll.libertyfund.org/titles/2063 (accessed 19/11/2018
13:49 AST).<o:p></o:p></span></div>
</div>
<div id="ftn32" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref32" name="_ftn32" style="mso-footnote-id: ftn32;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[32]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Joy Blenman (2016) Adam Smith
and "The Wealth Of Nations". <i>Investopedia</i>, September 7, 2016
4:53 PM EDT. URL:
https://www.investopedia.com/updates/adam-smith-wealth-of-nations/ (accessed
19/11/2018).<b><o:p></o:p></b></span></div>
</div>
<div id="ftn33" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref33" name="_ftn33" style="mso-footnote-id: ftn33;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[33]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Blenman (2016).<o:p></o:p></span></div>
</div>
<div id="ftn34" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref34" name="_ftn34" style="mso-footnote-id: ftn34;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[34]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Blenman (2016).<o:p></o:p></span></div>
</div>
<div id="ftn35" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref35" name="_ftn35" style="mso-footnote-id: ftn35;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[35]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Jacob H. Hollander (1911) The
Development of the Theory of Money from Adam Smith to David Ricardo, <i>The
Quarterly Journal of Economics</i>, Vol. 25, No. 3 (May, 1911), pp. 429-470 (42
pages). URL: https://www.jstor.org/stable/1883613 (accessed 19/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn36" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref36" name="_ftn36" style="mso-footnote-id: ftn36;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[36]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> David Ricardo (1810) <i>The High
Price of Bullion: A Proof of the Depreciation of Bank Notes</i> (London: John
Murray), p. 44. URL: https://archive.org/details/highpriceofbulli10rica/page/n5
(accessed 21/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn37" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref37" name="_ftn37" style="mso-footnote-id: ftn37;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[37]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Banknote (<i>Wikipedia </i>article).<o:p></o:p></span></div>
</div>
<div id="ftn38" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref38" name="_ftn38" style="mso-footnote-id: ftn38;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[38]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Banknote (<i>Wikipedia </i>article).<o:p></o:p></span></div>
</div>
<div id="ftn39" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref39" name="_ftn39" style="mso-footnote-id: ftn39;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[39]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Dirham (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Dirham (accessed 19/11/2018 14:40 AST).<o:p></o:p></span></div>
</div>
<div id="ftn40" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref40" name="_ftn40" style="mso-footnote-id: ftn40;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[40]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Stefan Heidemann (2011) The
early Islamic Empire and its religion on coin imagery. In Albrecht Fuess,
Jan-Peter Hartung (editors) (2011) <i>Court Cultures in the Muslim World:
Seventh to nineteenth centuries</i> (London; New York: Routledge). URL:
https://www.aai.uni-hamburg.de/voror/personen/heidemann/medien/2011-heidemann-courtcultures2011-representation.pdf
(accessed 19/11/2018), p. 47.<o:p></o:p></span></div>
</div>
<div id="ftn41" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref41" name="_ftn41" style="mso-footnote-id: ftn41;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[41]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Gold dinar (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Gold_dinar (accessed 19/11/2018 14:43 AST).<o:p></o:p></span></div>
</div>
<div id="ftn42" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref42" name="_ftn42" style="mso-footnote-id: ftn42;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[42]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Pound (mass) (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Pound_(mass) (accessed 19/11/2018 14:46
AST).<o:p></o:p></span></div>
</div>
<div id="ftn43" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref43" name="_ftn43" style="mso-footnote-id: ftn43;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[43]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Chris Parker (2016) A short
history of the British pound, <i>World Economic Forum</i>, 27 Jun 2016. URL:
https://www.weforum.org/agenda/2016/06/a-short-history-of-the-british-pound/
(accessed 19/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn44" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref44" name="_ftn44" style="mso-footnote-id: ftn44;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[44]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Pound sterling (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Pound_sterling (accessed
19/11/2016 14:57 AST).<o:p></o:p></span></div>
</div>
<div id="ftn45" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref45" name="_ftn45" style="mso-footnote-id: ftn45;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[45]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Central bank (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Central_bank (accessed 20/11/2018
06:59 AST).<o:p></o:p></span></div>
</div>
<div id="ftn46" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref46" name="_ftn46" style="mso-footnote-id: ftn46;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[46]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Early American Currency (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Early_American_currency (accessed
20/11/2018 07:03 AST).<o:p></o:p></span></div>
</div>
<div id="ftn47" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref47" name="_ftn47" style="mso-footnote-id: ftn47;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[47]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Early American Currency (<i>Wikipedia</i>
article).<o:p></o:p></span></div>
</div>
<div id="ftn48" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref48" name="_ftn48" style="mso-footnote-id: ftn48;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[48]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Early American Currency (<i>Wikipedia</i>
article).<o:p></o:p></span></div>
</div>
<div id="ftn49" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref49" name="_ftn49" style="mso-footnote-id: ftn49;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[49]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: Continental One Third
Dollar Note (obverse). Public domain. URL:
https://upload.wikimedia.org/wikipedia/commons/f/ff/Continental_Currency_One-Third-Dollar_17-Feb-76_obv.jpg
(accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn50" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref50" name="_ftn50" style="mso-footnote-id: ftn50;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[50]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Early American Currency (<i>Wikipedia</i>
article).<o:p></o:p></span></div>
</div>
<div id="ftn51" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref51" name="_ftn51" style="mso-footnote-id: ftn51;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[51]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Jay Zawatsky (2012) The
Collapse of the Fiat System, <i>The National Interest</i>, March 15, 2012. URL:
https://nationalinterest.org/commentary/the-collapse-the-fiat-system-6639
(accessed 21/11/2018); Julia Limitone (2017) Bitcoin is more powerful than
physical money: Overstock CEO, <i>Fox Business</i>, published November 20,
2017. URL:
https://www.foxbusiness.com/features/bitcoin-is-more-powerful-than-physical-money-overstock-ceo
(accessed 21/11/2018); John Morley (1872), In <i>The Quarterly Review</i>, Vol.
135, July & October, 1873 (London: John Murray), p. 336. See also: Tyler
Durden (2018) Fiat Currency Always Ends In Collapse, <i>ZeroHedge</i>, Mon,
06/18/2018 – 20:55. URL: https://www.zerohedge.com/news/2018-06-18/fiat-currency-always-ends-collapse
(accessed 21/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn52" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref52" name="_ftn52" style="mso-footnote-id: ftn52;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[52]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: <i>U.S. Constitution</i>,
Article I, Section VIII. URL: https://www.usconstitution.net/xconst_A1Sec8.html
(accessed 20/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn53" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref53" name="_ftn53" style="mso-footnote-id: ftn53;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[53]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: <i>U.S. Constitution</i>,
Article I, Section X. URL: https://www.usconstitution.net/xconst_A1Sec10.html
(accessed 20/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn54" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref54" name="_ftn54" style="mso-footnote-id: ftn54;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[54]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: First Bank of the United States
(<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/First_Bank_of_the_United_States (accessed
20/11/2018 07:26 AST).<o:p></o:p></span></div>
</div>
<div id="ftn55" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref55" name="_ftn55" style="mso-footnote-id: ftn55;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[55]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Second Bank of the United States
(<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/Second_Bank_of_the_United_States (accessed
20/11/2018 07:27 AST).<o:p></o:p></span></div>
</div>
<div id="ftn56" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref56" name="_ftn56" style="mso-footnote-id: ftn56;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[56]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: National Bank Act (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/National_Bank_Act (accessed
20/11/2018 07:32 AST).<o:p></o:p></span></div>
</div>
<div id="ftn57" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref57" name="_ftn57" style="mso-footnote-id: ftn57;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[57]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Confederate States dollar (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Confederate_States_dollar
(accessed 20/11/2018 07:34 AST).<o:p></o:p></span></div>
</div>
<div id="ftn58" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref58" name="_ftn58" style="mso-footnote-id: ftn58;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[58]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Coinage Act of 1792 (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Coinage_Act_of_1792 (accessed
20/11/2018 09:44 AST).<o:p></o:p></span></div>
</div>
<div id="ftn59" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref59" name="_ftn59" style="mso-footnote-id: ftn59;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[59]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: United States gold
dollar. U.S. Mint (coin); Heritage Auctions (image) - Heritage Auctions Lot
6787, 9 January 2015. Public domain. URL: https://upload.wikimedia.org/wikipedia/commons/b/b6/1849_G%241_Open_Wreath_%28rev%29.jpg
(accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn60" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref60" name="_ftn60" style="mso-footnote-id: ftn60;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[60]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: United States dollar (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/United_States_dollar (accessed
20/11/2018 09:49 AST).<o:p></o:p></span></div>
</div>
<div id="ftn61" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref61" name="_ftn61" style="mso-footnote-id: ftn61;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[61]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: United States dollar (<i>Wikipedia</i>
article).<o:p></o:p></span></div>
</div>
<div id="ftn62" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref62" name="_ftn62" style="mso-footnote-id: ftn62;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[62]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: United States dollar (<i>Wikipedia</i>
article).<o:p></o:p></span></div>
</div>
<div id="ftn63" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref63" name="_ftn63" style="mso-footnote-id: ftn63;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[63]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Bretton Woods system (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Bretton_Woods_system (accessed
20/11/2018 09:58 AST).<o:p></o:p></span></div>
</div>
<div id="ftn64" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref64" name="_ftn64" style="mso-footnote-id: ftn64;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[64]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: John Morley (1872), In <i>The
Quarterly Review</i>, Vol. 135, July & October, 1873 (London: John Murray),
p. 336.<o:p></o:p></span></div>
</div>
<div id="ftn65" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref65" name="_ftn65" style="mso-footnote-id: ftn65;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[65]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Charles Kadlec (2011) Nixon's
Colossal Monetary Error: The Verdict 40 Years Later, <i>Forbes</i>, Aug 15,
2011, 10:00am. URL: https://www.forbes.com/sites/charleskadlec/2011/08/15/nixons-colossal-monetary-error-the-verdict-40-years-later/#558a84ff69f7
(accessed 20/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn66" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref66" name="_ftn66" style="mso-footnote-id: ftn66;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[66]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Kadlec (2011).<o:p></o:p></span></div>
</div>
<div id="ftn67" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref67" name="_ftn67" style="mso-footnote-id: ftn67;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[67]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: The Economist (2010) Tricky
Dick and the dollar, <i>The Economist</i>, Mar 25<sup>th</sup> 2010. URL: https://www.economist.com/finance-and-economics/2010/03/25/tricky-dick-and-the-dollar
(accessed 20/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn68" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref68" name="_ftn68" style="mso-footnote-id: ftn68;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[68]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Robert Nedelkoff (2011) Forty
Years After The “Nixon Shock”, <i>The Nixon Foundation</i>, August 5, 2011.
URL: https://www.nixonfoundation.org/2011/08/forty-years-after-the-nixon-shock/
(accessed 20/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn69" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref69" name="_ftn69" style="mso-footnote-id: ftn69;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[69]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Nedelkoff (2011).<o:p></o:p></span></div>
</div>
<div id="ftn70" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref70" name="_ftn70" style="mso-footnote-id: ftn70;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[70]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Michael Bryan (2013) The Great
Inflation, <i>Federal Reserve History</i>, November 22, 2013. URL:
https://www.federalreservehistory.org/essays/great_inflation (accessed 20/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn71" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref71" name="_ftn71" style="mso-footnote-id: ftn71;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[71]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: H Brothers Inc (2007-2018)
Calculate the value of $1.00 in 1971, <i>DollarTimes</i>, 20/11/2018. URL:
https://www.dollartimes.com/inflation/inflation.php?amount=1&year=1971
(accessed 20/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn72" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref72" name="_ftn72" style="mso-footnote-id: ftn72;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[72]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Robert Kiyosaki (2005) Why
Savers are Losers, <i>RichDad.com</i>, Monday, October 17, 2005. URL:
http://www.richdad.com/Resources/Articles/why-savers-are-losers.aspx (accessed
21/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn73" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref73" name="_ftn73" style="mso-footnote-id: ftn73;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[73]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: H Brothers Inc (2007-2018).<o:p></o:p></span></div>
</div>
<div id="ftn74" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref74" name="_ftn74" style="mso-footnote-id: ftn74;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[74]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: CPI Inflation Calculator (2018)
$1 in 1792 </span><span style="font-family: "Times New Roman",serif; font-size: 8.0pt;">→</span><span style="font-family: Times; font-size: 8.0pt;"> 2017 | Inflation Calculator.” <i>U.S.
Official Inflation Data</i>, Alioth Finance, 20 Nov. 2018. URL:
https://www.officialdata.org/1792-dollars-in-2017?amount=1<span style="mso-spacerun: yes;"> </span>(accessed 20/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn75" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref75" name="_ftn75" style="mso-footnote-id: ftn75;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[75]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Computer Hope (2018) When was
the first computer invented? <i>Computer Hope</i>, 11/13/2018. URL:
https://www.computerhope.com/issues/ch000984.htm (accessed 21/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn76" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref76" name="_ftn76" style="mso-footnote-id: ftn76;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[76]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Bank of America Corporation
(2018) Bank of America revolutionizes banking industry, <i>Bank of America
Corporation</i>. URL: https://about.bankofamerica.com/en-us/our-story/bank-of-america-revolutionizes-industry.html#fbid=k9IDxSLJ4_R
(accessed 21/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn77" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref77" name="_ftn77" style="mso-footnote-id: ftn77;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[77]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Bank of America Corporation
(2018).<o:p></o:p></span></div>
</div>
<div id="ftn78" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref78" name="_ftn78" style="mso-footnote-id: ftn78;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[78]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: Colossus codebreaking
computer in operation. Public Domain. URL: https://upload.wikimedia.org/wikipedia/commons/4/4b/Colossus.jpg
(accessed 21/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn79" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref79" name="_ftn79" style="mso-footnote-id: ftn79;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[79]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Mark Gimein (2016) Why Digital
Money Hasn’t Killed Cash, <i>The New Yorker</i>, April 28, 2016. URL:
https://www.newyorker.com/business/currency/why-digital-money-hasnt-killed-cash
(accessed 21/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn80" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref80" name="_ftn80" style="mso-footnote-id: ftn80;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[80]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Mark Gimein (2016).<o:p></o:p></span></div>
</div>
<div id="ftn81" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref81" name="_ftn81" style="mso-footnote-id: ftn81;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[81]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Jeff Desjardins (2018) Here's
how much US currency there is in circulation, <i>Business Insider</i>,
19.04.2018, 01:30. URL:
https://www.businessinsider.de/heres-how-much-us-currency-there-is-in-circulation-2018-4?r=US&IR=T
(accessed 21/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn82" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref82" name="_ftn82" style="mso-footnote-id: ftn82;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[82]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Jeff Desjardins (2018).<o:p></o:p></span></div>
</div>
<div id="ftn83" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref83" name="_ftn83" style="mso-footnote-id: ftn83;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[83]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Ed Grabianowski (2018) How
Currency Works, <i>HowStuffWorks.com</i>. URL:
https://money.howstuffworks.com/currency6.htm (accessed 21/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn84" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref84" name="_ftn84" style="mso-footnote-id: ftn84;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[84]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Nicholas Barbon, <i>Discourse On
Trade</i>, 1690. p.37. URL: https://archive.org/details/nicholasbarbonon00barb
(accessed 21/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn85" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref85" name="_ftn85" style="mso-footnote-id: ftn85;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[85]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Andrew Boyd (2018) Who invented
credit cards, <i>Credit Card Compare</i>, July 4, 2018. URL:
https://www.creditcardcompare.com.au/blog/who-invented-credit-cards/ (accessed
21/11/2018).<o:p></o:p></span></div>
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<div id="ftn86" style="mso-element: footnote;">
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref86" name="_ftn86" style="mso-footnote-id: ftn86;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[86]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Andrew Boyd (2018).<o:p></o:p></span></div>
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<div id="ftn87" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref87" name="_ftn87" style="mso-footnote-id: ftn87;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[87]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Image source: Visa, MasterCard,
American Express (CC BY-SA 4.0), uploaded by MB-one (own work). URL: https://upload.wikimedia.org/wikipedia/commons/c/cc/Credit_card_logos_%282015-12-1816-27-350044%29.jpg
(accessed 22/11/2018). For more information on the license, see:
https://creativecommons.org/licenses/by-sa/4.0/ (accessed 22/11/2018).<o:p></o:p></span></div>
</div>
</div>
<!--EndFragment--><br />Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com0tag:blogger.com,1999:blog-3210933998341353221.post-39723928711378678432018-11-24T23:36:00.000-08:002018-11-24T23:47:25.018-08:00The Origins of Money (Part 1 of 2)<!--[if gte mso 9]><xml>
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<span style="font-family: "times";">NJ Bridgewater<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times";">25 November 2018</span></div>
<div class="MsoNormal">
<b style="font-size: 12pt; text-align: center;"><span style="font-family: "times";"><br /></span></b></div>
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<b style="font-size: 12pt; text-align: center;"><span style="font-family: "times";">Introduction</span></b></div>
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<span style="font-family: "times";">What is money? And where did
it come from? This is a subject which few people ask, because they know what
money is—or <i>do</i> they? The conventional wisdom is that money is something
printed by governments and distributed by banks. If I want money, I usually have
to go out and get a job. I work from 9am to 5pm or from 8am to 4pm, and then I
collect a pay cheque at the end of the week, or the end of the month. If I work
for cash-in-hand (and potentially avoid taxes while doing so), I might get paid
a lump sum at the end of the day. In either case, I am collecting either
printed notes, coins or digital money in my bank account. Money is, the
conventional wisdom states, divided into many different currencies, such as the
United States dollar (USD), the Great British Pound Sterling (GBP), the Euro
(EUR), the Swiss Franc (CHF), the Chinese Renminbi (or yuan) (CNY), the
Japanese Yen (JPY or JP¥), the Australian dollar (AUD), the Canadian dollar
(CAD), the New Zealand dollar (NZD), the South African rand (ZAR), the Kenyan shilling
(KES), etc. If we extend this further back into history, we would include the
Spanish doubloon (<i>doblón</i>), the British guinea, the Florentine florin,
the ancient Greek drachma, the Roman denarius, the Persian daric, the medieval
Islamic gold dinar, and the Lydian stater. All of these are government-issued
currencies, which consist of either paper notes or metal coins, being made
usually of gold, silver, copper or bronze. Money is backed by the government,
most people presume, so it is safe. Government money cannot disappear in a
day—it is something with the force of law behind it, and it is protected by a
legal system. Most currencies throughout history, moreover, have been backed by
precious metals, such as silver and gold, so this gives further solidity and
value to the currencies. And it’s always been like this, most people would
imagine. Is it necessary, therefore, for me to go on?<o:p></o:p></span></div>
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<br /></div>
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<tr><td><a href="https://upload.wikimedia.org/wikipedia/commons/7/7a/Tesoro_de_Villena.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="332" data-original-width="500" height="212" src="https://upload.wikimedia.org/wikipedia/commons/7/7a/Tesoro_de_Villena.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="font-size: 12.8px;"><div class="MsoNormal">
<i><span style="font-family: "times";">The Treasure of Villena (c. 1000 BCE)<o:p></o:p></span></i></div>
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<b><span style="font-family: "times";"><br /></span></b></div>
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<tr><td><a href="https://upload.wikimedia.org/wikipedia/commons/6/6a/Gold_stater%2C_Alexander_the_Great%2C_323_BC%2C_Memphis.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="405" data-original-width="800" height="162" src="https://upload.wikimedia.org/wikipedia/commons/6/6a/Gold_stater%2C_Alexander_the_Great%2C_323_BC%2C_Memphis.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="font-size: 12.8px;"><div class="MsoNormal">
<i><span style="font-family: "times";">Gold stater of Alexander the Great, Memphis mint (c. 336 – 323 BCE)<o:p></o:p></span></i></div>
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<i><span style="font-family: "times";"><br /></span></i></div>
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<br /></div>
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<b><span style="font-family: "times";">Money vs. Currency<o:p></o:p></span></b></div>
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<span style="font-family: "times";">The reality is far different
from the conventional understanding. The facts do not conform with what most
people imagine. Conventional currencies, as they exist right now, are <i>not</i>
sound money, nor are they backed by gold or other assets. Moreover, money, throughout
history, has not had value because of government decree. Money has value to
society because of its intrinsic value and the natural properties which characterise
it. In fact, when governments try to decree value for currency, this usually
results in negative effects. Governments cannot, in reality, control the value
of money, nor can they create money out of thin air. All they can do is to issue
currencies which are backed by assets, or made from precious metals, or they
can create debt in the form of fiat currencies, which are subject to massive
amounts of inflation, and are backed by nothing other than sentiment and
belief. All the major currencies which currently exist are actually fiat
currencies, meaning that they are created by decree (i.e. fiat). They are not
backed by anything at all. When the government creates a currency, all that
they are doing is creating 1s and 0s in a digital ledger, which are then loaned
out to banks, which loan these digital 1s and 0s to individuals. It’s
debt-backed 1s and 0s, electronic currency stored in computer databases. A lot
of paper notes are also printed, and coins, but these are only a small fraction
of the total money supply, which is almost entirely digital. I have explained
this in more detail in my article entitled <a href="https://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html">‘What
is Bitcoin?’</a> on my <i><a href="https://nicholasjames19.blogspot.com/">Crossing
the Bridge</a></i> blog.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn3" name="_ftnref3" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[3]</span></span><!--[endif]--></span></a>
Fiat currencies, such as the United States dollar, are literally created from
nothing and have no intrinsic value, other than the value that people believe them
to have. This is a uniquely modern phenomenon, as currencies in previous
centuries were backed by gold or silver. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td><a href="https://upload.wikimedia.org/wikipedia/commons/b/b0/Money_100_USD_(4792018878).jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="300" data-original-width="400" height="150" src="https://upload.wikimedia.org/wikipedia/commons/b/b0/Money_100_USD_(4792018878).jpg" width="200" /></a></td></tr>
<tr><td class="tr-caption" style="font-size: 12.8px;"><i><span style="font-size: 12pt;">$100 USD banknotes</span></i></td></tr>
</tbody></table>
<div class="MsoNormal" style="font-size: medium;">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td><a href="https://upload.wikimedia.org/wikipedia/commons/a/ae/BMC_06.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="202" data-original-width="500" height="80" src="https://upload.wikimedia.org/wikipedia/commons/a/ae/BMC_06.jpg" width="200" /></a></td></tr>
<tr><td class="tr-caption" style="font-size: 12.8px;"><i><span style="font-size: 12pt;">One-third stater coin from Lydia (640 BCE)</span></i> </td></tr>
</tbody></table>
<div class="MsoNormal" style="font-size: medium;">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td><a href="https://upload.wikimedia.org/wikipedia/commons/d/db/Bitcoin_paper_wallet_generated_at_bitaddress.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="390" data-original-width="729" height="106" src="https://upload.wikimedia.org/wikipedia/commons/d/db/Bitcoin_paper_wallet_generated_at_bitaddress.jpg" width="200" /></a></td></tr>
<tr><td class="tr-caption" style="font-size: 12.8px;"><i><span style="font-size: 12pt;">Bitcoin paper wallet</span></i></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "times";"><br />Let us then distinguish
between “money” and “currency”. What the vast majority of governments use right
now is <i>not </i>money. It is fiat currency, which is based on debt. It has
not any real substance, other than what people believe it to have, and most of
it is electronic. It can easily be hacked, manipulated, inflated and lost. It
can also be subject to hyperinflation, which reduces the value of each unit due
to failures in the economic and financial policy of a given country. “Money”,
in contrast, is both a unit or medium of exchange and a store of value. The
term “sound money” may be defined as hard currency, safe-haven currency or
strong currency, which serves as a reliable and stable store of value, as
opposed to soft currencies, which fluctuate wildly in value.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn8" name="_ftnref8" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[8]</span></span><!--[endif]--></span></a>
Fiat currency is a medium of exchange, but it is not a reliable store of value.
It is money only in the sense that it is used to buy and purchase goods, but
its value is highly inflationary and subject to manipulation. Money, in the
truest sense, is capable of storing value over long periods of time, something
which fiat currencies are currently incapable of doing. If you have $100 in
your bank account today, it will be worth only a fraction of that in 10 years’
time. Therefore, fiat currencies do not meet all the requirements of being
sound money, and must be regarded as soft currencies. In order to maintain
value, money should be backed by hard assets, such as precious metals. If I
know that $100 is backed by a certain amount of gold, then it would qualify as
sound money, since that gold is limited in supply. So, let us try to go back to
the history of money. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">Proto-Money<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times";">Now that we understand that
money serves both as a medium of exchange and a store of value, we begin to
realise that the history of money goes back very far indeed. It has nothing to
do with governments, states, or central banks. Rather, money is something that
goes back to the very origins of human history and human evolution. This is
something which I have expounded upon at length in a previous essay, entitled <a href="https://nicholasjames19.blogspot.com/2018/07/the-origins-of-wealth-part-1-of-4.html">“The
Origins of Wealth”,</a> published in four parts on my <i>Crossing the Bridge</i>
blog.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn9" name="_ftnref9" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[9]</span></span><!--[endif]--></span></a> It has also been addressed at length by Nick
Szabo in his article, <a href="https://nakamotoinstitute.org/shelling-out/">“Shelling
Out: The Origins of Money”</a>.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn10" name="_ftnref10" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[10]</span></span><!--[endif]--></span></a>
Money is deeply-rooted in the human consciousness and psyche. It is commonly
believed that primitive man had no form of money, and that society was largely
equal, or perhaps “socialist” in structure. This is certainly the argument of
most Marxists, and other ideologues who want to warp reality to fit their
worldview. The reality, however, is quite different. Money is part of what we
are as human beings. Man is, in his earliest origins, both a social creature
and an intelligent being. He is essentially curious, sociable, inventive and
innovative. In the world of nature, there are natural resources and there is
wealth. Wealth is an element built into the fabric of reality. It’s not an
invented concept. It exists in the mineral kingdom, in the animal kingdom, and
in the resources which human beings create out of nature and reality. Early man
was able to collect rocks, shells and other items and fashion these into tools,
jewellery and ritual items. He was able to hunt animals and collect animal
skins. He created artwork and other handicrafts, weapons and ornaments. All of
these originated in the natural world, and they were transformed into new
commodities and collectibles. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Each human being, being
different in capacities, strength, intelligence and creativity, was able to
create or acquire different amounts of wealth. A skilled hunter might collect
many animal skins, whereas a craftsman might create many tools and weapons, and
a skilled jeweller might create many beaded necklaces. Everyone had natural
skills and abilities which allowed them to acquire different amounts of wealth.
This wealth could then be transferred through trade, warfare or marriage alliances.
As such, some early humans were wealthier than others, some bands had greater
wealth, and some tribes were stronger and more able to acquire wealth forcibly
or through trade. Natural self-interest and self-preservation led to warfare
and conflict between bands and tribes, as well as networks of trade and
commerce. The earliest human societies were based on the acquisition and trade
of capital, and were hence capitalist, rather than primitive socialist,
societies. Capitalism is an essential part of human nature, because each human
individual is different in their capacities and abilities to acquire, collect
and manage wealth. Why does wealth inequality exist? Because of the Pareto
principle, which is a fact of nature. The <a href="https://en.wikipedia.org/wiki/Pareto_principle">Pareto principle</a> (also
called the ‘80/20 rule’) declares that 80% of the wealth tends to go to 20% of
the population.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn11" name="_ftnref11" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[11]</span></span><!--[endif]--></span></a> For
more on that, see <a href="https://nicholasjames19.blogspot.com/2018/07/the-origins-of-wealth-part-3-of-4.html">Part
3</a> of my essay on <a href="https://nicholasjames19.blogspot.com/2018/07/the-origins-of-wealth-part-3-of-4.html">“The
Origins of Wealth”</a>.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn12" name="_ftnref12" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[12]</span></span><!--[endif]--></span></a>
The point is, money and differences in wealth are based on natural differences
between people and go back to the earliest eras of prehistory.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td><a href="https://upload.wikimedia.org/wikipedia/commons/0/06/Cypraea-moneta-001.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="228" data-original-width="800" height="91" src="https://upload.wikimedia.org/wikipedia/commons/0/06/Cypraea-moneta-001.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="font-size: 12.8px;"><div class="MsoNormal">
<i><span style="font-family: "times";">Money made from cowries (Cypraea moneta) (1742)</span></i></div>
</td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "times";"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times";">The earliest forms of money
took the form of collectibles. Shells were collected from coastal areas. These
were then traded with bands and tribes further inland. Those who lived farther
away from the sea had more difficulty acquiring shells. As such, shells were
limited in supply. These were denominated by collecting them into necklaces,
which could be easily transported. Shells collected by human beings can be
found as early as 67,000 – 63,000 years ago in the Panga ya Saidi cave on the
coast of Kenya, just north of Mombasa.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn14" name="_ftnref14" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[14]</span></span><!--[endif]--></span></a>
About 33,000 years ago, beads from shells some 9 miles away became popular,
followed by beads made from ostrich shells some 25,000 years ago, and, roughly
10,000 years ago, seashells were commonly used.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn15" name="_ftnref15" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[15]</span></span><!--[endif]--></span></a>
Shells served as primitive money, which could be used as a means of exchange
and a store of value. They could be traded for skins, tools, weapons, meat or
other resources. They could also be used as a bride price or dowry, allowing
for the exchange of that other important form of wealth: wives. Human capital,
indeed, has always been an essential component of wealth and wealth transfers.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">Early Societies<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times";">For more on the earliest
forms of money, I would suggest reading the aforementioned article by Nick
Szabo, as well as my previous article on the Origins of Wealth.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn16" name="_ftnref16" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[16]</span></span><!--[endif]--></span></a>
The point that we must take from the above is that money is a natural evolution
of human society. In the earliest human societies, proto-money existed in the
form of collectibles—objects which can retain value over time, serving as a
store of value as well as a means of exchange. In the case of shells or beads,
these can be stringed together and worn on the human body. The same goes for
animal skins, tools or weapons. Shells, however, were smaller and easier to
carry, and could also serve as jewellery. This meant that wealth could
literally be displayed on the human body as a visual display of capital. Shell
money could also be easily exchanged in the form of a bride price for a new
wife, allowing for the development of peaceful arrangements between tribes and
clans. Warring tribes and clans, likewise, could raid a rival clan and steal
their wealth, in the form of women, shells, skins and other collectibles.
Women, indeed, could also be seen as a form of transferrable wealth. Moreover,
as tribes grew in size and settlements became more permanent, it was also
possible to acquire slaves through war or trade, allowing for the greater
accumulation of human capital. Slavery, though certainly not good by modern
standards, was an important development in early human society, as it allowed
for greater diversification of human industry and labour. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/a/ac/Male_bust_Louvre_AO10921.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="800" data-original-width="800" height="320" src="https://upload.wikimedia.org/wikipedia/commons/a/ac/Male_bust_Louvre_AO10921.jpg" width="319" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: "times";">Lugal-kisal-si, king of Uruk</span></i></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "times";"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times";">It was in the Middle East
and Fertile Crescent that the first human settlements were made. This was, in
part, due to the climate and geography of the area, which allowed for the
domestication of a number of species, including sheep and goats, as well as a
number of different grains, allowing humans to increase their calorie
consumption and create permanent villages. This also allowed for the
development of the first organized societies with a priestly elite, who
developed organized religion, temples and collective worship, as well as
warriors, merchants, craftsmen and slaves, each fulfilling a particular role
within society. Greater wealth and food led to greater diversification of
skills. This also necessitated the creation of record-keeping, which took the
form of lines made with a reed pen on clay tablets. These started off as simple
drawings or representations of living objects, but quickly developed into a
full-fledged writing system, called cuneiform. This allowed the early priests
and scribes to record tributes and taxes from the surrounding countryside,
leading early settlements to transform from villages into the first cities, such
as Uruk (from which we get the word Iraq) and Eridu within Mesopotamia. I have
described this development in more detail in my previous essay on the <a href="https://nicholasjames19.blogspot.com/2018/07/the-origins-of-wealth-part-1-of-4.html">Origins
of Wealth</a>. These first cities developed a system of government and laws,
leading to the creation of law and order, which is an essential component of
capitalism. Capitalism consists of three main elements: a free market, the rule
of law, and private property. It is usually accompanied by some form of money
(or proto-money), though it could also work with a barter system. Whenever
these three elements are present, there is capitalism. Capitalism then, far
from being an ideology, is a condition that naturally arises as a result of
human development. Here’s a diagram I have made on the elements of capitalism.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5owM5dQ8nNEjup58FBuYcrAdyhyphenhyphen-9a5y_MDCvI4H456iols8gYsJFcGr5kDybegMr4WVtALeuy_Ke6Le9ijaHa1NL_qkiSUhvyTss9l9ZNvRTrc_ogcxSJUd2ByECwyGRnqFzEOx9wDg/s1600/elementsofcapitalism_12112018_njb.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="600" data-original-width="800" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5owM5dQ8nNEjup58FBuYcrAdyhyphenhyphen-9a5y_MDCvI4H456iols8gYsJFcGr5kDybegMr4WVtALeuy_Ke6Le9ijaHa1NL_qkiSUhvyTss9l9ZNvRTrc_ogcxSJUd2ByECwyGRnqFzEOx9wDg/s320/elementsofcapitalism_12112018_njb.png" width="320" /></a></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">The First Civilizations<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times";">What allowed mankind to
create the first civilizations? Human beings did not set out to build complex
societies. They were not created through some intentional feat of human social
planning. Rather, complex societies evolved over time, gradually and
incrementally, as the right conditions emerged, and the right systems developed.
Proto-money, as we learned above, consisted of shells, beads and other
collectibles. This allowed people to transfer and store wealth, i.e. capital.
The accumulation of capital was difficult in hunter-gatherer societies, as food
was limited and there was little diversification of labour. When humans began
to find grains and animals they could domesticate, however, they were able to
create fixed settlements and increase their food supplies. This allowed some
people to become farmers—others priests, others potters, others scribes, others
weapon-makers, and so on. This led to the creation of writing, permanent houses
of mud-brick, organized religion and laws to govern society. A diversified
labour force resulted in the creation of a market economy, in which each person
sold the goods and services he could create in exchange for other goods or
services, through a system of barter. Of course, shells and beads could still
be used to exchange these goods and services, but more efficient and more
permanent means of storing and exchanging capital were necessary. Humanity’s
wealth increased on a vast scale, and that wealth needed to be stored and
exchanged across vast distances. As the first cities emerged, warfare between
city-states became common and slavery emerged as captured enemies were forced
into labour. Trade also led to the creation of debt and debtors, leading some
people to lose their liberty in exchange for debts amassed: hence slavery.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">The first money in ancient
Mesopotamia consisted of precious metals. According to Professor Hayat Erkanal, about
5,000 years ago, there was a trade of production surplus, leading to the use of
money for the first time.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn19" name="_ftnref19" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[19]</span></span><!--[endif]--></span></a>
This early money consisted of rings made of gold, silver and other metals,
which were later turned into bullions of the same materials.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn20" name="_ftnref20" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[20]</span></span><!--[endif]--></span></a>
Bullion means gold or silver (or other precious metals) measured and valued by
weight, rather than in the form of coins. This usually takes the form of bars
or ingots.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn21" name="_ftnref21" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[21]</span></span><!--[endif]--></span></a> The
development of early money was tied to organized religion. Early temples were
not just places of worship—they served as the very heart, soul and centre of
every city. A city was, in reality, defined by its central temple, with
everything else surrounding this centre of worship. The construction and
maintenance of temples required a great deal of capital, which meant that
resources had to be collected and stored from the surrounding countryside,
allowing for the creation of building projects and the maintenance of a
priestly hierarchy. Cuneiform writing allowed the early Mesopotamians to record
taxes and make records of inventory. Production surpluses were collected within
temples, leading to a concentration of wealth and capital which could be used
to maintain the city. Eventually, these priests became priest-kings, commanding
armies and territory, which led to the creation of early kingdoms and empires.</span><span style="font-family: "times"; font-size: 12pt;"> </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">How do we know that these early
societies had market economies? Amazingly, records of early trade still survive
in the form of hollow clay balls, called bulla. On the outside of a bulla,
parties to a contract could write down the details of the obligation, including
the resources to be paid, while, on the inside, there would be tokens which
represent the deal. These ancient records, indeed, were among the first
examples of financial contracts, and they date back to the city of Uruk in the
8<sup>th</sup> millennium BCE.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn24" name="_ftnref24" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[24]</span></span><!--[endif]--></span></a>
Human beings have recorded numerical records for a long time, with the earliest
notation system going back 20,000 years, to the creation of the Ishango Bone,
which was found near one of the sources of the Nile in the Democratic Republic
of the Congo. It consisted of tally-marks on the thigh-bone of a baboon.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn25" name="_ftnref25" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[25]</span></span><!--[endif]--></span></a>
The ancient Sumerians, however, developed a far more complex system for
recording numbers and figures. They developed abstract symbols to represent
different numbers, e.g. a circle for 10 and a stroke for 1. Thus, 23 could be represented
by a circle and three strokes.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn26" name="_ftnref26" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[26]</span></span><!--[endif]--></span></a>
By this means, financial records could be recorded, including debts, interest
and other contractual obligations. The free market was maintained, furthermore,
by the creation of a system of laws, which were recorded in ancient law codes.
These law codes guaranteed the very first human rights, including the most
fundamental right of all—i.e. the right to private property. Ancient Sumerian
city-states, therefore, could be regarded as the first capitalist societies. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">Mina, shekels and talents<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times";">The first recorded law-code,
the Code of Ur-Nammu (c. 2100 – 2050 BCE), defined the basic laws of property
and commerce which formed the basis of civilized, capitalist society. This
included rules for the maintenance of slaves, property, money, murder,
adultery, rape and sorcery.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn27" name="_ftnref27" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[27]</span></span><!--[endif]--></span></a>
This included both capital punishment and punishments in the form of monetary
fines. For example, if someone knocked out the eye of another man, he would
have to pay one half a mina of silver. One mina was equivalent to 1/60<sup>th</sup>
of a talent and consisted of 60 shekels. One shekel was equivalent to 8.3 grams
or 0.3 ounces. At the present time, one ounce of silver is about $14.21 USD, or
$0.46 per gram.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn28" name="_ftnref28" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[28]</span></span><!--[endif]--></span></a>
However, the price of silver is currently highly devalued due to the fact that
it is not currently being used as money. According to Dominic Frisby (2017),
the daily wage of a construction worker today is about £120, equivalent to
about 12 grams of silver in Athenian times, meaning that silver (by ancient
values), should be worth about £10 GBP ($14) per gram, or about $400 USD per
ounce.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn29" name="_ftnref29" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[29]</span></span><!--[endif]--></span></a>
Half a mina is thus 30 shekels, or about 9 ounces of silver, i.e. about $3,600
USD by today’s standards, which is a pretty reasonable compensation. The
punishment for kidnapping is imprisonment and a fine of 15 shekels (about
$1,800 USD). Women also had fixed rights. If a man divorced his first-time
wife, he had to pay her one mina of silver (i.e. 60 shekels, or about $7,200
USD). If a man falsely accused another man’s wife of adultery, he had to pay
1/3 of a mina of silver (about $2,400 USD); if a man severed another’s nose
with a copper knife, he had to pay 2/3 of a mina (about $4,800 USD), and if he
knocked out another man’s tooth, 2 shekels (about $240 USD). If a witness
committed perjury, he had to pay 15 shekels of silver (about $1,800 USD).
Robbery and murder resulted in capital punishment.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn30" name="_ftnref30" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[30]</span></span><!--[endif]--></span></a>
All of these punishments showed that there was not only a well-established
system of law and order, but also guaranteed property rights and an advanced
system of money, weights and measures, fines and financial compensation. These
are all established elements of a capitalist society. <o:p></o:p></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/8/8e/Half_Shekel.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="391" data-original-width="800" height="156" src="https://upload.wikimedia.org/wikipedia/commons/8/8e/Half_Shekel.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: "times";">A silver Jerusalem shekel (68 AD)</span></i></td></tr>
</tbody></table>
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<b><span style="font-family: "times";">Ancient Wealth<o:p></o:p></span></b></div>
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<span style="font-family: "times";">There are many examples from
ancient history, scripture and legend that give us a picture of how much wealth
existed in the ancient world. The Prophet Job, for example, in the Bible, is recorded
to have owned some 7,000 sheep, 3,000 camels, 500 yoke of oxen, 500 she-asses,
and a great many servants.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn32" name="_ftnref32" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[32]</span></span><!--[endif]--></span></a>
Likewise, the Prophet Abraham was said to have had an army of some 318 men,
presumably the able-bodied men among his servants/slaves.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn33" name="_ftnref33" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[33]</span></span><!--[endif]--></span></a>
In the ancient world, the price of a sheep varied from 2.6g to 16g of silver,
e.g. about $36 to $224 USD. In Ancient Greece, the price of a slave was roughly
200 to 300 drachmas.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn34" name="_ftnref34" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[34]</span></span><!--[endif]--></span></a>
One drachma weighed about 4.3 grams or 0.15 ounces of silver. Thus, 200
drachmas would be about 860 grams (i.e. about $12,040 USD). According to West
(1916), an ordinary labourer in the second century AD earned about 8 or 9 obols
per day (about $80 USD). With about 6 obols to the drachma, that makes about
5.73g of silver per day, or about 172g of silver per month.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn35" name="_ftnref35" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[35]</span></span><!--[endif]--></span></a>
West estimates that camels sold between 144 – 160 AD sold for about 9 months’
wages, or about 1,548g of silver, i.e. about $21,672 USD. Job’s 3,000 camels,
therefore, would be worth about $65 million USD by today’s standards. His
sheep, likewise, would have been worth, at the very least, about $252,000 USD.
The Prophet Abraham’s able-bodied male servants alone would have been worth
about $3,828,720 million US dollars, assuming $12,040 per slave. And he
certainly had a much larger number of women, children and older men among his
flocks and herds, making him a considerably powerful and wealthy individual in
ancient Mesopotamia, Canaan and Egypt. What this shows us is not just that some
pastoralists and individuals were incredibly wealthy, but that they were able
to accumulate that wealth in a world where hard commodities and sound money
existed, where a free market allowed trade across vast distances, and a where
silver and gold were used to store value. In fact, Biblical accounts frequently
refer to both gold and silver, and the shekel is mentioned as a monetary unit
used by Abraham and others. <o:p></o:p></span></div>
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<b><span style="font-family: "times";">“And
all thy estimations shall be according to the shekel of the sanctuary: twenty
gerah<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn36" name="_ftnref36" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><b><span style="font-size: 12pt;">[36]</span></b></span><!--[endif]--></span></a>s
shall be the shekel.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn37" name="_ftnref37" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><b><span style="font-size: 12pt;">[37]</span></b></span><!--[endif]--></span></a><o:p></o:p></span></b></div>
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<span style="font-family: "times";">-
Leviticus 27:25<o:p></o:p></span></div>
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<b><span style="font-family: "times";">Gold and Silver – Hard
Money<o:p></o:p></span></b></div>
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<span style="font-family: "times";">The question arises: why
gold and silver? This brings us also to the question of what sound or hard
money is. As we have already learned earlier, sound money is money which serves
as a store of value over time, as a means of exchange, and the value of which
is determined by the market. This latter element makes it very distinct from
fiat currency, which is denominated by government fiat, rather than the free
market. The best way to ensure that money can serve as a store of value is by
ensuring that it is scarce. Shells are cheap by the seaside, because there they
are abundant. Further inland, shells gain greater value, and when strung
together on a necklace, they have greater value still, due to the uniqueness
and rarity of the item. The value of shells, however, can go down over time as
the supply increases. Supply and demand determine the value of any good or
commodity, including money. If you flood the market with shells, you decrease
their value. When the purchasing power of a form of money is reduced, we call
this currency depreciation. The opposite is appreciation. When the supply
increases, we call this inflation. When the supply decreases, it is called
deflation. Inflation and depreciation go hand-in-hand, as money decreases in
value as the supply increases. Conversely, it increases in value as the supply
decreases. When governments print currency on a vast scale, as happened in
Germany, Zimbabwe and Venezuela at various times throughout history, the result
is hyperinflation, where fiat currency becomes practically worthless. The only
way to avoid such rapid fluctuations in the value of money is by ensuring that
it is limited and scarce. Gold and silver are excellent examples of money that
is scarce.<o:p></o:p></span></div>
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<b><span style="font-family: "times";">“Gold
and silver, like other commodities, have an intrinsic value, which is not
arbitrary, but is dependent on their scarcity, the quantity of labour bestowed
in procuring them, and the value of the capital employed in the mines which
produce them.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn38" name="_ftnref38" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><b><span style="font-size: 12pt;">[38]</span></b></span><!--[endif]--></span></a><o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-indent: 36.0pt;">
<span style="font-family: "times";">-
David Ricardo, <i>The High Price of Bullion</i><o:p></o:p></span></div>
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<span style="font-family: "times";">Gold is great money because
of a few key properties: first and foremost, it is limited in supply. The exact
amount of gold in the world is unknown, but much of it has been used and reused
for thousands of years. The total amount of gold mined by 2017 is estimated to
be around 187,200 metric tonnes, with estimates varying by about 20%, with one
tonne of gold being valued (in 2017) at about $40.2 million, and the total
supply of gold in the world currently valued at about $7.5 trillion USD.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn39" name="_ftnref39" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[39]</span></span><!--[endif]--></span></a>
According to the World Gold Council, two thirds of the current supply of gold
have been mined since 1950, meaning that, in ancient times, there would have
been no more than about 62,400 metric tonnes of gold. If all the gold in the
world were collected together in one box, it would only measure about 21 metres
on each side.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn40" name="_ftnref40" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[40]</span></span><!--[endif]--></span></a>
That’s how little gold there is in the world. The second reason it makes good
money is because it is durable. Gold is practically indestructible. It does not
decay or rust over time. Therefore, the same gold that was in an ancient Roman
coin might be the same gold you have in your wedding ring today. This, along
with its scarcity, makes gold an excellent store of value. Third, gold is
incredibly recognisable and verifiable. The properties of gold are universally
recognisable, meaning that it is possible to easily verify that a gold coin or
bar is legitimate, thus avoiding counterfeit money, fraud and deception. This
means that gold it serves as a good means of exchange, because it is easy for merchants
and salesmen to exchange gold for goods and services without having to trust
the seller or buyer’s integrity. Trustlessness is essential for a
well-functioning free market economy. <o:p></o:p></span></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhYboLSan0tNb0ZZ0oIua1n_Y5cejKqwCPcIkAfrGCimWfIW2FDlrQHRnP-V0N0OQ0gx1QzgNcdRLwXH-YBHtWj2ovPG9qexWP0Q-XPgJh2rgDjp1-f8InmfhJ4W1oUBAWPKrJehnXGCA/s1600/money_scarce_fungible_njb_23112018.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="600" data-original-width="800" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhYboLSan0tNb0ZZ0oIua1n_Y5cejKqwCPcIkAfrGCimWfIW2FDlrQHRnP-V0N0OQ0gx1QzgNcdRLwXH-YBHtWj2ovPG9qexWP0Q-XPgJh2rgDjp1-f8InmfhJ4W1oUBAWPKrJehnXGCA/s320/money_scarce_fungible_njb_23112018.png" width="320" /></a></div>
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<b><span style="font-family: "times";">The Ancient Money Supply<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times";">Other properties of gold,
such as its beauty, make it desirable as a commodity, but do not relate to its
usage as a form of money. Likewise, those who argue that gold is valuable
because of its use in science or jewellery, fail to understand the distinction
between gold as money and gold as a material. The same could be said of silver.
Silver, like gold, is a precious metal, meaning that it is highly sought after
and valuable, though that value has gone down in the present century due to its
demonetisation. It is estimated that there are currently 3 to 3.5 billion
ounces of .999 fine silver in the world.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn42" name="_ftnref42" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[42]</span></span><!--[endif]--></span></a>
This is significantly more than was available in ancient times. By the second
century AD, R.P. Duncan-Jones estimated that the total money supply of the
Roman Empire was roughly 20 billion sesterces.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn43" name="_ftnref43" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[43]</span></span><!--[endif]--></span></a>
One sesterce (<i>sestertius</i>) was equivalent to 1 quarter of a denarius—as
silver coin weighing 3.41g.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn44" name="_ftnref44" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[44]</span></span><!--[endif]--></span></a>
The total supply in precious metals amounted to 880 tonnes of gold and 5,766
tonnes of silver. There was thus roughly 6 and a half times more silver than
gold in the Roman Empire, meaning that gold should have been about 6 and a half
times more valuable than silver at that time. If we value one sesterce at about
$10 USD (1 denarius = $40 USD), the total money supply would have been about
$200 billion USD. Both gold and silver are not chemically very reactive,
meaning that they can last for centuries. Thus, a large portion of the gold
that is circulating the world has been doing so for centuries, or thousands of
years, taking many different shapes and forms, as coins, jewellery and
artefacts are melted down and recast or coined. Gold coins from the time of
Alexander the Great still shine resplendent, while the mask of Tutankhamun,
which weighs some 22.5 lb (10.23 kg) of 18.4 karat and 22.5 karat gold,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn45" name="_ftnref45" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[45]</span></span><!--[endif]--></span></a>
is immortal in its exquisite craftsmanship and resplendent glimmer. Gold
lasts—which is one of the key characteristics of sound money. <o:p></o:p></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/2/27/CairoEgMuseumTaaMaskMostlyPhotographed.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="800" data-original-width="533" height="320" src="https://upload.wikimedia.org/wikipedia/commons/2/27/CairoEgMuseumTaaMaskMostlyPhotographed.jpg" width="213" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: "times";">The Mask of Tutankhamun</span></i></td></tr>
</tbody></table>
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<div class="MsoNormal">
<b><span style="font-family: "times";">The First Coins<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times";">Measuring gold and silver in
varying weights is all well and good, except that you can’t always carry a set
of scales with you, wherever you go. Money should be portable, and that means
that it should be possible to exchange it at a moment’s notice with a merchant
or vendor. So, how could that be achieved? In ancient Lydia, they found a
solution: gold and silver coins. In fact, the Lydians originally used a natural
alloy of gold and silver called electrum. The first coins, therefore, contained
both precious metals. The innovation of the Lydians was to basically stamp metal
to show that it was a standard amount, ensuring that the coins were both
fungible and countable. Fungibility means that something can be exchanged with
something of the same value. I can exchange one gold coin for another. It is
also divisible, because I can exchange one gold sovereign for two half-sovereigns,
for example, or two silver half-dollars for one silver dollar. Gold, silver and
electrum were already fungible as they could be measured and exchanged for
equal amounts of the same substance and weight, e.g. the shekel weight, but
they were not standardised. Coinage meant that money was now standardised and
weighing precious metals became unnecessary. The origin of this innovation is
disputed. Coinage may have been invented by King Croesus of Lydia (595 – 546
BCE), or Pheidon II of Argos (7<sup>th</sup> century BCE), while, according to
Aristotle, the first issuer of coins was Hermodike II of Kyme (probably the
first Greek to issue coins).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn47" name="_ftnref47" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[47]</span></span><!--[endif]--></span></a>
The earliest coins were not used directly in commerce. Rather, they were
stamped with the image of a symbolic animal, e.g. a lion. These earliest coins
may have been used as medals or badges issued by priests of the Temple of
Artemis at Ephesus—a building which was counted as one of the Seven Wonders of
the Ancient World. The first coin used in retail on a large-scale was probably
the hemiobol (0.36 grams of silver, i.e. about $5 USD), or half an obol (0.72
grams, about $10 USD), which was a small silver coin issued by the Ionian Greeks
in the 6<sup>th</sup> century BCE.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn48" name="_ftnref48" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[48]</span></span><!--[endif]--></span></a><o:p></o:p></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/b/b0/Kroisos._Circa_564-53-550-39_BC._AV_Stater_(16mm%2C_10.76_g)._Heavy_series._Sardes_mint.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="332" data-original-width="800" height="132" src="https://upload.wikimedia.org/wikipedia/commons/b/b0/Kroisos._Circa_564-53-550-39_BC._AV_Stater_(16mm%2C_10.76_g)._Heavy_series._Sardes_mint.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: "times";">Gold Croeseid, minted by King Croesus (c. 561-546 BCE)</span></i></td></tr>
</tbody></table>
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<div class="MsoNormal">
<span style="font-family: "times";">One of the innovations of
King Croesus of Lydia was the introduction of a double gold-silver standard,
with the introduction of pure gold and silver coins.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn50" name="_ftnref50" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[50]</span></span><!--[endif]--></span></a>
So rich was Croesus that his name is used to represent extreme wealth with the
phrase ‘as rich as Croesus’. In fact, the Alcmaeonids, who were an illustrious
and ancient Athenian family, claimed to have obtained their wealth from
Croesus. Alcmaeon, their ancestor, was an assistant to the Lydians of Sardis
and he used to help them eagerly. When Croesus learned of Alcmaeon’s
enthusiasm, he summoned him and offered him to take as much gold as he could
carry. Alcmaeon, therefore, took a large tunic and high boots and filled both
his boots and every fold in his tunic with as much gold-dust as he could carry,
even sprinkling gold-dust in his hair and more in his mouth, so that he was
stuffed full of gold. Croesus, when he saw him, was amused, so he gave him
another portion of gold equalling that which he had taken.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn51" name="_ftnref51" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[51]</span></span><!--[endif]--></span></a>
However rich Croesus may have been, however, his wealth did not last. He
probably died around 546 BCE, which is when Cyrus the Great of Persia marched
on Lydia, killed its king and took his possessions, confiscating all of his
wealth.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn52" name="_ftnref52" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[52]</span></span><!--[endif]--></span></a>
Following this conquest, Cyrus the Great (550 – 530 BCE) introduced coinage to
the Persian Empire, which became the largest and greatest empire of the ancient
world. Like Croesus, the Persians practised bimetallism, with a duel
gold-silver standard, using the Persian <i>daric </i>(a gold coin) and the <i>siglos</i>
(a silver coin), which were both used throughout the Achaemenid era.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn53" name="_ftnref53" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[53]</span></span><!--[endif]--></span></a>
<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Persian currency was updated
by Darius I (521 – 486 BCE), who introduced a new, thick gold daric with a
standard weight of 8.4 grams of gold (and with a purity of 95.83%), which equalled
20 silver <i>sigloi</i> (or 25 Attic <i>Drachmae</i>) in value, or about $1,500
USD. Like modern coins, the daric displayed an image of the Persian king (as a
warrior with bow and arrow). One siglos was equivalent to 7.5 Attic obols (1
obol = 0.72 grams; 7.5 = 5.4 grams of silver), or about $75 USD.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn54" name="_ftnref54" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[54]</span></span><!--[endif]--></span></a>
After capturing Babylon following the Battle of Gaugamela, Alexander the Great
issued the double daric of 16.65 grams, which bore the name Alexander.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn55" name="_ftnref55" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[55]</span></span><!--[endif]--></span></a>
Metal coins were also used from the beginning of Chinese imperial history. The
issuance of coinage was traditionally associated with Qin Shu Huang Di, the
first emperor, who united China in 221 BCE.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn56" name="_ftnref56" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[56]</span></span><!--[endif]--></span></a>
This currency was called the Ban Liang, which means ‘half a liang’ (1 <i>liang</i>
being a Chinese ounce, or about 16 grams, and consisting of 24 <i>zhu</i>), thus
weighing about 8 grams (12 <i>zhu</i>). History tells us, however, that the
first Ban Liang coins were actually issued by the State of Qin during the
Warring States period. The State of Qin (<i>Ch’in</i>; Old Chinese: <i>*dzin</i>)
was an ancient Chinese state that existed during the Zhou dynasty, emerging as
one of the dominant powers of the Seven Warring States.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn57" name="_ftnref57" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[57]</span></span><!--[endif]--></span></a>
Unlike their counterparts in the Persian Empire, however, the Ban Liang coins
were usually made of bronze, not silver. During the Han dynasty (from 118 BCE),
however, a new gold coin was introduced, which was equivalent to 10,000 bronze
Wu Zhu (‘five grain’) coins. One ‘grain’ was equivalent to 100 grains of
millet.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn58" name="_ftnref58" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[58]</span></span><!--[endif]--></span></a>
In Western Han, 1 Jin was equivalent to 250 grams, so a 1-Jin gold weight was
equivalent to 250 grams of gold. At the time, 1 head of cattle would cost about
1.619 liang of gold, with a sheep at 0.952 liang.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn59" name="_ftnref59" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[59]</span></span><!--[endif]--></span></a>
<o:p></o:p></span></div>
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<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/b/b8/Achaemenid_coin_daric_420BC_front.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="504" data-original-width="510" height="316" src="https://upload.wikimedia.org/wikipedia/commons/b/b8/Achaemenid_coin_daric_420BC_front.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: "times";">Achaemenid Daric (c. 420 BCE)</span></i></td></tr>
</tbody></table>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">The gold and silver standard
across the world allowed for trade and commerce across vast differences. A
Persian daric or silver siglos could be used across the entire Persian
(Achaemenid) Empire, which encompassed a total area of between 3.6 and 5.5
million square kilometres,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn61" name="_ftnref61" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[61]</span></span><!--[endif]--></span></a>
linked by a 2,500 kilometre highway, including the Royal Road, which stretched
from Susa (in the south-west of Persia proper, now in Khuzestan) to Sardis in
Anatolia (now located in Manisa Province, Turkey).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn62" name="_ftnref62" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[62]</span></span><!--[endif]--></span></a>
By about 50 BCE, the Han dynasty likewise ruled over an area of some 6 million
square kilometres, throughout which their own gold-standard currency could be
used.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn63" name="_ftnref63" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[63]</span></span><!--[endif]--></span></a>
Beyond this, of course, gold is easily convertible (i.e. fungible), so a
Persian daric, or a Chinese Jin, or Greek and Roman currency, could easily be
exchanged for goods and services. Merchants and businessmen, traders and
farmers, across the whole stretch of the Old World, were well aware of gold and
silver’s value, as it was sound money. No one would refuse a coin simply
because it bore the face of Darius, regardless of his national origin. Gold is
gold, silver is silver, and real money is real money. Try buying bread with a
Confederate paper dollar or a nineteenth-century British copper or bronze penny
and see if you can convince the buyer to part with his goods. In all
likelihood, he will not. Offer to trade an ancient Persian daric for some food
in 2018, and you will probably find a buyer. It might not be accepted at your
local chain supermarket, but you’ll find someone willing to part with his goods
for sound money, because we instinctively know what is good and what isn’t good
money. <o:p></o:p></span></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWO0-BUqhR2ni6ABV2fIudDFstea4rt7xtQaYFUe0A1axaFU2amrt1zkwkVIyPAaaTWCCgm3LL2R13ng7qPMIXB9f5PrGiEgM4BLIccOKyTQdWOnBYRfvgaXoIYKoQOtou2jeHxVY5wpo/s1600/soundmoney_11132018_njb.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="460" data-original-width="768" height="191" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWO0-BUqhR2ni6ABV2fIudDFstea4rt7xtQaYFUe0A1axaFU2amrt1zkwkVIyPAaaTWCCgm3LL2R13ng7qPMIXB9f5PrGiEgM4BLIccOKyTQdWOnBYRfvgaXoIYKoQOtou2jeHxVY5wpo/s320/soundmoney_11132018_njb.png" width="320" /></a></div>
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<b><span style="font-family: "times";">Gold, Silver and
Prosperity<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times";">Not only is gold and silver
good money, because of all the reasons mentioned above, i.e. they are scarce, durable,
verifiable and fungible, as well as trustless—they are also a source of growing
wealth and prosperity, because they allow people to store value over time and
use it to build up trade and industry. Sound money, moreover, has a value
determined by the market, rather than by fiat, and this is what we mean by
‘good money’. The various government decrees to strike coins or measure them by
weight and purity, are merely the means by which the precious metals are
weighed, but the value is in the precious metals themselves, with their value
being determined by the law of supply and demand. Why would such money lead to
prosperity? The answer lies in the various incentives which using sound money
creates. Imagine if we lived in a city-state. In this city state, the
government constantly needed to create new currency to pay for wars or public
building projects. They also needed to support the cost of the arena and
theatre, where the citizens would go for entertainment, and for free bread for
the freemen of the city. This constant need to expend money means that the
city-state must issue new currency to cover its debts. As a result, the state
issues more and more debased currency. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">The city-state starts off
with coins that are made of gold. Then they mix the coins with bronze, until
eventually they issue thousands of bronze coins covered with gold. Finally,
they have to issue tens of thousands of bronze coins backed by nothing other
than the decree of the state. Every time the coins are debased, the money
supply increases, leading to inflation, while the value of each coin decreases.
In such a case, would you want to save your money or spend it? The price of
milk last month was 1 bronze coin. Now, a gallon of milk costs 10 bronze coins.
Instead of keeping your bronze coins, you will no doubt spend them on an
ever-increasing number of things. Perhaps you’ll buy an extra toga—a blue
one—and maybe a few new vases, and a leather ball for your son, and a wooden
mug, and so on. You’ll keep spending the currency because it is like a hot
potato. If you keep it in your hands too long, it will burn up and be worth
nothing at all. Therefore, you have to keep throwing it around, until it loses
it all its value. If you’re the last person to receive the hot potato in that
game, <i>you lose</i>. This creates a society of spenders, who spend money on
an increasing number of frivolous or less-than-useful things, while the
government spends money on an increasing number of wars and crippling debts.
Eventually, the debts exceed the government’s capacity to create new money, and
the entire society collapses. Your city-state gets taken over by a rival tribe
or city, your civilization collapses, you go from wealthy merchant to peasant,
or you might be killed, captured as a slave, or made to fight in gladiatorial
combat for the amusement of a wealthy Roman. Game over!<o:p></o:p></span></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOSrXDFs9595lJ-T5a0A5ezHzAM4xfpwZpAvlL8zKRJfE2RN03QZhPn7n_lKoDky3gts5orhFzH1aPl-4tCyukOuCeEdKwLXFMLiXH8Sna96qcnIrepBWhdo1J2NZC8gRBUSVSNCezLb0/s1600/governmentdebt_11132018_njb.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="460" data-original-width="768" height="191" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOSrXDFs9595lJ-T5a0A5ezHzAM4xfpwZpAvlL8zKRJfE2RN03QZhPn7n_lKoDky3gts5orhFzH1aPl-4tCyukOuCeEdKwLXFMLiXH8Sna96qcnIrepBWhdo1J2NZC8gRBUSVSNCezLb0/s320/governmentdebt_11132018_njb.png" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">This scenario has been
repeated again and again, and still applies today, as we will find out below in
relation to inflation and currency debasement in Rome. With sound money,
however, the opposite is true. When a country has a gold-standard, the opposite
incentive is created. People are encouraged to save their money. When they save
money, they are able to build up capital. This allows them to create
businesses, which in turn leads to economic growth and innovation. The farmer
one year may become the merchant the next; the merchant may become a member of
the gentry or a nobleman, and the nobleman may become a king. Even slaves in
many societies could save up money over time and buy their freedom. A debtor
could save up money and pay off his debts. Likewise, people’s tastes in art,
architecture and music tended to appreciate <a href="https://en.wikipedia.org/wiki/Time_preference">low time-preference works</a>,
such as a sculpture which takes months to produce, a painting that takes days, or
a building which takes years to build. This is because people can afford to wait
to spend their money. There is no hot potato effect, so people can save their
money, bide their time, and purchase works of art or architecture which take a
great deal of time, effort and imagination to produce. There is no wasteful
consumer economy. Society values good taste, excellent craftsmanship and
invention. Rather than pursuing frivolities, people pursue useful commerce and
industry which will allow them to accumulate more sound money. Governments,
likewise, refrain from excessive debts and military spending, as they cannot
afford to use up all their stores of precious metals. Sound money leads to a
sound economy, economic growth and prosperity. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">The Roman Empire<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Human greed and the desire
for power often result in corruption and the downfall of civilizations.
Governments desire, first and foremost, to maintain power and control. Kings
and emperors, throughout history, have desired to expand their territories, and
the leaders of Greek democracies and the Roman Empire were no different. War is
expensive, however, and requires a great deal of funds, and there is only so
much money within the coffers of any state at one time. What was there to do,
therefore, but to increase the money supply and allow the state to pursue
warfare through currency debasement? While ancient Lydia had pure, sound money,
and the Athenian drachma was maintained at 67 and 65 grains of silver over
time,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn66" name="_ftnref66" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[66]</span></span><!--[endif]--></span></a>
other Greek city-states mixed their coins with base metals and debased the
currency, leading to inflation. Eventually, even the Athenians resorted to
bronze coinage during times of war, issuing token bronze coins in 406 BCE to
help defray the costs of the Peloponnesian War (431 – 404 BCE).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn67" name="_ftnref67" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[67]</span></span><!--[endif]--></span></a>
Athens lost that war, by the way, so currency debasement did them no good. Debasement
was also carried out by Dionysius of Syracuse, who called in all coins for
counter-stamping, reducing the standard by half while doubling their nominal
value and keeping half the coins to pay off his outstanding debts, thus
debasing the currency by 50%.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn68" name="_ftnref68" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[68]</span></span><!--[endif]--></span></a>
Rome, the great empire of Europe, originally had a stable currency based on
gold and silver. This, along with the other elements of capitalism, including
the rule of law and a free market, allowed for the development of unparalleled
wealth and prosperity. Marcus Licinius Crassus, for example, was estimated by
Pliny to have had a total wealth of approximately 200 million sesterces,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn69" name="_ftnref69" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[69]</span></span><!--[endif]--></span></a>
which is equivalent to about $8 billion USD in today’s currency. <o:p></o:p></span></div>
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<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/c/cc/Marcus_Licinius_Crassus_Louvre.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="800" data-original-width="575" height="320" src="https://upload.wikimedia.org/wikipedia/commons/c/cc/Marcus_Licinius_Crassus_Louvre.jpg" width="230" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: "times";">Bust of Marcus Licinius Crassus</span></i></td></tr>
</tbody></table>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">For centuries, the Roman
Empire was the pinnacle of human civilization. Stretching across Europe and
North Africa, from the Pillars of Hercules and the British Isles in the West, to
Egypt and Libya in the south, to the edge of Anatolia, Syria and Arabia in the
East, the Roman Empire was one of the largest and most powerful empires in
history, comprising a total area of about 4.4 million square kilometres by 390
AD, and with a population of about 56.8 million people by 25 BCE.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn71" name="_ftnref71" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[71]</span></span><!--[endif]--></span></a>
According to Madison (2003), the GDP per capita across the Roman Empire was
about $570 USD (in 1990 PPP Dollars),<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn72" name="_ftnref72" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[72]</span></span><!--[endif]--></span></a>
though Lo Cascio and Malanima (2009) have revised this to $1400 G-K
(Geary-Khamis) dollars,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn73" name="_ftnref73" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[73]</span></span><!--[endif]--></span></a>
which is roughly twice the Mesopotamian per capita income of roughly $728 1990
G-K dollars (about 30 shekels per year, or 2.5 shekels per month).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn74" name="_ftnref74" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[74]</span></span><!--[endif]--></span></a>
At the same time, subsistence level income in Mesopotamia, i.e. enough money to
survive, would have been about $400 G-K dollars.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn75" name="_ftnref75" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[75]</span></span><!--[endif]--></span></a>
Roman GDP was also quite similar to the per capita income of the average
Englishman between 1676 – 1700 AD, who earned roughly 9.958 pounds Sterling per
capita, or about $1411 1990 G-K dollars. Nevertheless, there were great
concentrations of wealth among the Roman ruling elites. At the time of the
first emperor, Augustus Caesar, a Senator had to be a citizen of free birth,
not be convicted of crimes under the <i>lex Julia de vi privata</i>, and have
property worth at least 1,000,000 sesterces, i.e. about $10 million USD, and
the total number of Senators was about 600 (600 x $10 million = $6 billion
USD).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn76" name="_ftnref76" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[76]</span></span><!--[endif]--></span></a>
Disparities of wealth, therefore, are not a recent phenomenon, though the
standard of living has now vastly increased for everyone on the planet. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">Inflation and Currency
Debasement – the Fall of Rome<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">The enemy of prosperity, of
course, is inflation. The city of Rome was founded, according to tradition, on
the 21<sup>st</sup> of April 753 BCE. The Roman Republic lasted from 509 – 27
BCE, a period of almost 500 years, and the Roman Empire lasted from the reign
of August Caesar (27 BCE – 14 CE) until the last Roman Emperor, Romulus
Augustulus was deposed by the Germanic King Odoacer on the 4<sup>th</sup> of
September 476 CE—a period of 502 years. In total, the Roman Republic and Empire
together lasted a period of about 1,000 years. Roman coinage was introduced in
the Roman Republic c. 300 BC, beginning with bronze and silver coins following
the example of the Greek city-states.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn77" name="_ftnref77" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[77]</span></span><!--[endif]--></span></a>
This replaced the earlier system of <i>aes signatum</i> (Latin for ‘struck
bronze’), which consisted of large, bronze bullion (measuring 160 x 90 mm; 6.3
x 3.5 in), and weighing between 1,500 and 1,600 grams (53 – 56 oz).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn78" name="_ftnref78" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[78]</span></span><!--[endif]--></span></a>
Julius Caesar was the first ruler of Rome to introduce coins bearing his
profile, which practice was followed by Augustus and later emperors.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn79" name="_ftnref79" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[79]</span></span><!--[endif]--></span></a>
The silver denarius of August contained about 95% silver, which was reduced to
85% by the time of Emperor Trajan in 117 AD. The trend of currency debasement
sped up in the subsequent centuries, being reduced to 75% silver by the time of
Marcus Aurelius in 180 AD, 60% in the time of Septimius and 50% by the reign of
Caracalla, who was assassinated in 217 AD. It was in that same century that
Rome experienced one of its worst periods, the Crisis of the Third Century,
which lasted from AD 235 to 284, also known as the Military Anarchy or the
Imperial Crisis, during which the empire nearly collapsed.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">It was during this time of
crisis that that the Emperor Diocletian (244 – 311 AD) introduced even more debased
and inflated currency. The situation of third century Rome was rather like the
modern world today, in the sense that the government resorted to the use of
fiat currency and the state suffered from a number of self-induced crises and
intractable problems. Diocletian’s economic policies, fraught with bad
consequences as they were, are also reminiscent of the prevailing policies and
economic theories of the 20<sup>th</sup> and 21<sup>st</sup> centuries. One of
these policies was the Edict of Maximum Prices, which was issued in 301 AD. The
edict not only set out to further inflate the official Roman currency, but it
also set a series of price controls (or ‘price ceilings’), on well over a
thousand products, including food items, clothing, freight charges and weekly
wages.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn80" name="_ftnref80" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[80]</span></span><!--[endif]--></span></a>
By 268 AD, the Roman denarius had become so debased that it only contained 0.5%
silver. Diocletian, therefore, did away with this coin altogether, replacing it
with a new coin called the argenteus, which was fixed at a value of 50 denarii
(of the old debased standard), with 96 coins to the pound of silver. While this
might be seen as a positive step, Diocletian also introduced a new bronze coin
fixed at a value of ten denarii, called the <i>nummus</i>. Despite these
efforts, however, no more than a decade passed before the value of the <i>nummus</i>
had inflated to 20 denarii and the argenteus from 50 denarii to 100, resulting
in an inflation rate of 100%. The Emperor Constantine, who reigned during the
fourth century, issued a new gold coin called the solidus, which was struck at
72 coins to the pound, being even more debased than Diocletian’s.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn81" name="_ftnref81" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[81]</span></span><!--[endif]--></span></a>
<o:p></o:p></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/8/8d/ByzantineBronzes.jpeg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="315" data-original-width="246" src="https://upload.wikimedia.org/wikipedia/commons/8/8d/ByzantineBronzes.jpeg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: "times";">Nummi coins from the reign of Anastasius I</span></i></td></tr>
</tbody></table>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">In addition to currency
debasement and price controls, the later Roman emperors also sought to manage
the economy with ever-increasing taxation, much like modern Western democracies
today. In the early Roman Empire (30 BCE – 235 CE), the Roman government paid
for what it needed with gold and silver. By the time of the Crisis of the Third
Century, however, this was no longer possible, so the government resorted to
“requisition”, which basically means ‘forced purchase’, to support its armies
and other expenses.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn83" name="_ftnref83" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[83]</span></span><!--[endif]--></span></a>
This was combined with a number of land taxes. Increased taxation leads to
decreased productivity, resulting in worse economic performance. It’s a vicious
cycle. As government taxes go up, people have less incentives to be productive,
resulting in abandonment of businesses, farms, etc. As Thomas Sowell explains,
existing tax systems, like those of Diocletian, tax productivity rather than
consumption. He writes that “someone who is adding to the total wealth of this
country is not depriving you of anything. But someone who is consuming the
nation's wealth, without contributing anything to it, is. Yet our tax system
penalizes those who are producing wealth in order to subsidize those who are
only consuming it.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn84" name="_ftnref84" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[84]</span></span><!--[endif]--></span></a>
He also attributes Rome’s decline to the growth of “a large parasitic lass”
which served as “an underclass supported by government handouts”, along with “a
large and growing bureaucracy.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn85" name="_ftnref85" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[85]</span></span><!--[endif]--></span></a><o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Like today, ancient Roman
had elections and politicians who benefited by appealing to the masses. Rome
had a system of poor relief, which initially began by introducing low-cost
wheat. This was eventually transformed into free wheat and, by the time Julius
Caesar took power, there were some 320,000 people receiving grain relief.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn86" name="_ftnref86" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[86]</span></span><!--[endif]--></span></a>
Caesar set about to trim down the welfare state, reducing the number of people
receiving relief to 200,000, but, forty years later, it had risen again to
about 300,000.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn87" name="_ftnref87" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[87]</span></span><!--[endif]--></span></a>
The welfare state, once established, is difficult to dismantle, as people
become dependent on it. Emperor Aurelian, who reigned from 214 – 275 AD,
further entrenched the institution by making wheat relief hereditary. In fact,
what is worse, the government no longer provided wheat which one could cook at
home, but, rather, provided government-baked bread, and added free salt, pork
and olive oil, thus increasing the ranks of the unproductive citizenry and
ramping up government spending, which, in turn, led to greater currency
debasement and inflation.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn88" name="_ftnref88" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[88]</span></span><!--[endif]--></span></a>
The government, therefore, had to requisition and tax more property from the
productive citizenry, further destroying economic productivity. The same effect
can be seen today in the massive welfare states of Western governments, which
are burdened by huge and unpayable debts—debts which could potentially destroy
the entire economic world order within the next few decades. The result of
Diocletian’s policies in 301 are well-described by a contemporary called
Lactantius, who wrote, in 314 AD: <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: 36.0pt;">
<span style="font-family: "times";">“After
the many oppressions which he put in practice had brought a general dearth upon
the empire, he then set himself to regulate the prices of all vendible things.
There was much bloodshed upon very slight and trifling accounts; and the people
brought provisions no more to markets, since they could not get a reasonable
price for them; and this increased the dearth so much that at last after many
had died by it, the law itself was laid aside.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn89" name="_ftnref89" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[89]</span></span><!--[endif]--></span></a><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">By the 5<sup>th</sup>
century, the Roman Empire had decayed to such an extent that it was subject to
foreign invasions and the sacking of Rome. In 330, the Emperor Constantine had
moved the seat of the Roman Empire to Constantinople, which was founded as a
second Rome. The last Roman Emperor to rule both the Western and Eastern
portions of the Empire was Theodosius I (379 – 395 AD). Theodosius was a
Christian who issued a series of decrees banning pagan religions, festivals,
sacrifices and the Olympic Games. The last Olympic Games were held in 393 AD.
Splitting the empire in two, Theodosias bequeathed the Western Empire to his
son Honorius, and the Eastern Empire to Arcadius.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn90" name="_ftnref90" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[90]</span></span><!--[endif]--></span></a>
The Eastern Empire, which managed to defend itself through mercenaries and
placating invaders with tribute, survived and became known to historians as the
Byzantine Empire. The Western Empire, based in Rome, however, was not so
fortunate. Even Theodosius himself was so weak that he had to pay an enormous
annual tribute to Attila the Hun, literally paying him not to invade Rome and
destroy the empire.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn91" name="_ftnref91" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[91]</span></span><!--[endif]--></span></a>
Lack of national security and secure borders was a fatal problem. Germanic
tribes harassed the borders of the Empire to the north, and the economy and
social order collapsed within. This was due, in large part, to government
manipulation of the economy. Constantine the Great continued Diocletian’s
policies of economic regulation, going so far as to tie workers to the land,
along with their descendants, thus preventing internal migration of
agricultural workers and causing economic stagnation. Nevertheless, tenants
still abandoned land and trade decreased. The government continued to
requisition resources, including food from farmers, leading to farmland
becoming deserted wasteland.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn92" name="_ftnref92" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[92]</span></span><!--[endif]--></span></a>
<o:p></o:p></span></div>
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<br /></div>
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<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/a/ab/Bust_of_Diocletian_at_the_National_Museum_of_Serbia.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="800" data-original-width="450" height="320" src="https://upload.wikimedia.org/wikipedia/commons/a/ab/Bust_of_Diocletian_at_the_National_Museum_of_Serbia.jpg" width="180" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: 16px; font-style: italic; text-align: start;">The Emperor Diocletian</span></td></tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">In order to continue to pay
for defence spending, the Roman Empire had to increase taxes yet more. In 444
AD, the sales tax rose from 1% to 4.5%. Nevertheless, tax revenues fell as more
and more wealthier Romans sought to avoid excessive taxation. Large landowners
began to attract small communities of tenants around them, with some people
even signing on as slaves in order to support themselves. At the end, there was
no money left to support the army, and the barbarians flooded in, being
welcomed as saviours from excessive taxation and currency debasement.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn94" name="_ftnref94" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[94]</span></span><!--[endif]--></span></a>
In 410 AD, the Romans abandoned Britain, for example, leading to the end of
Romano-British Britain. Britain was under attack from Germanic barbarians, and
Rome had failed to provide protection. This led to the Romano-Britons expelling
the magistrates of the usurper Constantine III. When the Western Roman Emperor
Honorius was asked to provide assistance to the island, as well as other Roman
cities, he replied with the Rescript of Honorius, telling the Roman cities to
look after their own defence. He was himself already tied up with defending
Italy from the Visigoths under Alaric, and the City of Rome itself was under
siege.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn95" name="_ftnref95" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[95]</span></span><!--[endif]--></span></a>
Rome was sacked on the 24<sup>th</sup> of August 410 AD by Alaric. By 402 AD,
the capital of the Western Roman Empire had moved from Rome to Ravenna, in
northern Italy, until the ultimate collapse of the Empire in 476 AD, when Odoacer
advanced to Ravenna, capturing the city and forcing the 16-year-old emperor to
abdicate on the 4<sup>th</sup> of September. The Eastern Roman Empire
recognised Odoacer’s conquest, giving him the title of Patrician, while he
himself took up the role of King of Italy.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn96" name="_ftnref96" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[96]</span></span><!--[endif]--></span></a> The Roman Empire had ended. Inflation,
excessive taxation and a large welfare state had finally brought down one of
the greatest civilizations of all time.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">China and Paper Money<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">China, as we learned
earlier, used both precious metals and bronze coins. However, in the early 8<sup>th</sup>
or 9<sup>th</sup> centuries, China introduced its own innovation: paper
currency, called ‘flying money’.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn97" name="_ftnref97" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[97]</span></span><!--[endif]--></span></a>
This began as a draft rather than bank-issued currency, but private merchant
drafts were replaced by government-issued notes in the early 9<sup>th</sup>
century, under the Song dynasty (960 – 1279 AD), allowing the forwarding of
taxes and revenues to the imperial capital (Chengdu, China). This first paper
currency was called Jiaozi. Paper currency was eventually replaced by more
durable silk-money, and, by the late 13<sup>th</sup> century, there was a
unified currency throughout China, being used as far afield as Persia, with
Marco Polo himself remarking on the innovation. Originally, this ‘paper money’
was backed by precious metals, just like the U.S. dollar and British pound
Sterling. Like these more modern currencies, however, they were soon detached
from the sound assets to which they had been tied. Under the Mongol-founded
Yuan dynasty (1271 – 1368 AD), a new, paper-based monetary system was created,
which was not backed by silver or gold, becoming the world’s first truly-fiat
currency.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn98" name="_ftnref98" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[98]</span></span><!--[endif]--></span></a>
The ancient Greeks had inflated their currencies by using bronze coins in
addition to silver and gold coins, but at least bronze had some value in and of
itself, and it was sometimes used as bullion. The Yuan dynasty’s paper
currency, however, was backed by nothing but faith, and was known as Chao. Like
modern fiat currency, the Chao was printed (another Chinese innovation).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn99" name="_ftnref99" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[99]</span></span><!--[endif]--></span></a>
In addition, like modern fiat currencies today, the Chao was subject to massive
inflation, as the government printed as much currency as it wanted to cover its
expenses, leading to an expansion of the “money supply”, reducing purchasing
power for each banknote. The problem grew to such an extent that the entire
currency had to be replaced in 1287 AD, but inflation remained a problem until
the end of the Yuan dynasty.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn100" name="_ftnref100" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[100]</span></span><!--[endif]--></span></a><o:p></o:p></span></div>
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<!--StartFragment--><i><span style="font-size: 12pt;">Yuan
dynasty banknote with printing plate (1287)</span></i><!--EndFragment-->
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<span style="font-family: "times";">The Ming Dynasty began with
promise, and the Great Ming Empire lasted for 276 years (from 1368 – 1644 AD),
only to be followed by the Qing Dynasty—the last Chinese ruling dynasty. The
Ming Dynasty was a native Han Chinese dynasty, replacing the Mongol-led Yuan
dynasty. Its founder, the peasant-born Hongwu Emperor (r. 1368 – 1398),
initiated a series of reforms from his capital of Nanjing, breaking the power
of the court eunuchs, leaving a ‘mirror for princes’ with admonitions for his
descendants to follow (i.e. the <i>Huáng-Míng Zǔxùn</i>, “Instructions of the
Ancestor of the August Ming”), and leaving a legacy which was further fortified
by his successors, including the Yongle Emperor, who established Beijing
(formerly Yan) as a secondary capital, constructing the Forbidden City,
restoring the Grand Canal and patronising the explorer Zheng He, who explored
as far afield as Arabia and Africa.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn102" name="_ftnref102" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[102]</span></span><!--[endif]--></span></a>
When it came to money, however, the Ming Dynasty made the same mistake as the
Yuan. From the beginning of the Ming Dynasty (i.e. 1368) until 1450 AD, the
Ming used paper currency, resulting in the same hyperinflation suffered under
the Yuan. The Ming note was known as the ‘precious note of great rising’ and
was only introduced in one denomination, making divisibility impossible.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn103" name="_ftnref103" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[103]</span></span><!--[endif]--></span></a>
Copper coins were allowed to circulate, however, and this allowed for payments
in smaller denominations. Due to the increasing worthlessness of the paper
currency, silver gradually replaced the ironically-named ‘precious notes’.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn104" name="_ftnref104" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[104]</span></span><!--[endif]--></span></a>
Barter was widely used until silver began to flow in from Japan and Spain (via
the Manila Galleon), being traded as bullion called sycee or <i>yuánbǎo</i>
(lit. ‘coin pouch’). Sycee was not made by a central bank but, rather, by
individual silversmiths, and was formed in various shapes, including square and
oval ingots, boats, flowers, tortoises and other forms.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn105" name="_ftnref105" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[105]</span></span><!--[endif]--></span></a>
Cowrie shells were also traded during this period. Spanish dollars were also
used. These, being approximately 38mm in diameter, where minted in the Spanish
Empire from 1598 AD and corresponded with the German thaler.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn106" name="_ftnref106" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[106]</span></span><!--[endif]--></span></a>
So influential was this currency that it formed the basis of the United States
dollar and remained legal tender in the United States until the Coinage Act of
1857.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn107" name="_ftnref107" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[107]</span></span><!--[endif]--></span></a>
By the 18<sup>th</sup> century, the Spanish dollar was virtually a world
currency.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn108" name="_ftnref108" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[108]</span></span><!--[endif]--></span></a><o:p></o:p></span></div>
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<span style="font-family: "times";">While the Chinese were the
first to introduce paper money, they were not the last. By the period of Late
Imperial China, under the Qing Dynasty, China had both a silver and copper
currency system, based on copper cash (called <i>wen</i>) and silver cash
(called <i>lí</i>). One <i>lí</i>, or ‘silver cash’, was equivalent to 0.0013
ounces (or 0.037g) of silver, with 1,000 silver cash being equivalent to 100
candareens, 10 mace or 1 tael (<i>liang</i>) of silver, i.e. 37.8g.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn109" name="_ftnref109" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[109]</span></span><!--[endif]--></span></a>
This remained the system until 1889, when the Chinese yuan was introduced on a
par with the Mexicon peso, i.e. 8 Spanish reals.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn110" name="_ftnref110" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[110]</span></span><!--[endif]--></span></a>
Even after the overthrow of the Qing Dynasty and establishment of the Republic
of China, a silver standard was maintained. While the United States left the
gold standard due to the Great Depression, China maintained its silver standard
until 1935, when China resorted back to a fiat currency system, issuing ‘legal
notes’. Along with Hong Kong, China was the last country to maintain a silver
standard.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn111" name="_ftnref111" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[111]</span></span><!--[endif]--></span></a>
The People’s Republic of China, likewise, issued renminbi banknotes from
December 1948, continuing the fiat standard. That was, of course, until 2005,
when the value of the renminbi was pegged to the US dollar, effectively
creating a US-dollar standard.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn112" name="_ftnref112" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[112]</span></span><!--[endif]--></span></a>
We will look at this new fiat standard in the section on the ‘Age of Fiat
Currency’ below. For now, let us divert our attention to the golden age of
money, which coincided with the great European Age of Exploration and
Discovery.<o:p></o:p></span></div>
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<span style="font-family: "times";"><a href="https://nicholasjames19.blogspot.com/2018/11/the-origins-of-money-part-2-of-2.html" target="_blank">Continued in Part 2...</a></span></div>
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<span style="font-family: "times";"><br /></span></div>
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<span style="font-family: "times";">©️NJ Bridgewater 2018</span></div>
<div>
<!--[if !supportFootnotes]--><br clear="all" />
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<br />
<div id="ftn1">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref1" name="_ftn1" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[1]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: Treasure of Villena as
a whole, 10<sup>th</sup> century BCE (CC BY-SA 3.0), created by Unknown, circa
2000 AD. URL: https://upload.wikimedia.org/wikipedia/commons/7/7a/Tesoro_de_Villena.jpg
(accessed 22/11/2018). For more on the license, see:
https://creativecommons.org/licenses/by-sa/3.0/ (accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn2">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref2" name="_ftn2" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[2]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: Gold stater of
Alexander the Great (17mm, 8.59 g, 3h). Memphis mint, circa 336-323 BC. (CC
BY-SA 3.0). Classical Numismatic Group, Inc. http://www.cngcoins.com. URL:
https://upload.wikimedia.org/wikipedia/commons/6/6a/Gold_stater%2C_Alexander_the_Great%2C_323_BC%2C_Memphis.jpg
(accessed 22/11/2018). For more on the license, see:
https://creativecommons.org/licenses/by-sa/3.0/ (accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn3">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref3" name="_ftn3" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[3]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: NJ Bridgewater (2017) What is
Bitcoin? <i>Crossing the Bridge</i>, 7 December 2017. URL: https://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html
(accessed 23/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn4">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref4" name="_ftn4" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[4]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: 100 USD banknote (CC
BY-SA 2.0). URL:
https://upload.wikimedia.org/wikipedia/commons/b/b0/Money_100_USD_%284792018878%29.jpg
(accessed 22/11/2018). For more on the license, see:
https://creativecommons.org/licenses/by/2.0/ (accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn5">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref5" name="_ftn5" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[5]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source A 640 BCE one-third
stater coin from Lydia, shown larger. Classical Numismatic Group, Inc.
http://www.cngcoins.com (CC BY-SA 3.0). URL:
https://upload.wikimedia.org/wikipedia/commons/a/ae/BMC_06.jpg (accessed
22/11/2018). For more on the license, see:
https://creativecommons.org/licenses/by-sa/3.0/ (accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn6">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref6" name="_ftn6" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[6]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source A sample picture of a
fictional ATM card (CC BY-SA 3.0), created by Airodyssey at English Wikipedia
(own work). URL:
https://en.wikipedia.org/wiki/Money#/media/File:ClientCardSample.png (accessed
22/11/2018). For more on the license, see: https://creativecommons.org/licenses/by-sa/3.0/
(accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn7">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref7" name="_ftn7" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[7]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source Bitcoin paper wallet,
http://bitaddress.org/ (MIT license), created 29 November 2013. URL: https://upload.wikimedia.org/wikipedia/commons/d/db/Bitcoin_paper_wallet_generated_at_bitaddress.jpg
(accessed 22/11/2018). For more on the license, see:
https://opensource.org/licenses/mit-license.php (accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn8">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref8" name="_ftn8" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[8]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Hard currency (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Hard_currency (accessed 02/11/2018
12:02 PM).<o:p></o:p></span></div>
</div>
<div id="ftn9">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref9" name="_ftn9" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[9]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: NJ Bridgewater (2018) The
Origins of Wealth (Part 1 of 4), <i>Crossing the Bridge</i>, Thursday, 5, July
2018. URL:
https://nicholasjames19.blogspot.com/2018/07/the-origins-of-wealth-part-1-of-4.html
(accessed 02/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn10">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref10" name="_ftn10" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[10]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: See: Nick Szabo (2002) Shelling
Out: The Origins of Money, <i>Satoshi Nakamoto Institute</i>. URL:
https://nakamotoinstitute.org/shelling-out/ (accessed 02/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn11">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref11" name="_ftn11" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[11]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Pareto principle (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Pareto_principle (accessed 23/11/2018 12:41
AST).<o:p></o:p></span></div>
</div>
<div id="ftn12">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref12" name="_ftn12" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[12]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: NJ Bridgewater (2018) The
Origins of Wealth, Part 3, <i>Crossing the Bridge</i>, Friday, 6 July 2018.
URL: https://nicholasjames19.blogspot.com/2018/07/the-origins-of-wealth-part-3-of-4.html
(accessed 23/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn13">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref13" name="_ftn13" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[13]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: 1742 drawing of shells
of the money cowry, Cypraea moneta. Public domain. URL: https://en.wikipedia.org/wiki/Cowry#/media/File:Cypraea-moneta-001.jpg
(accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn14">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref14" name="_ftn14" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[14]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Jason Daley (2018) People Lived
in This Cave for 78,000 Years, <i>Smithsonian.com</i>, May 11, 2018. URL:
https://www.smithsonianmag.com/smart-news/people-lived-cave-78000-years-180969051/
(accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn15">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref15" name="_ftn15" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[15]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Daley (2018).<o:p></o:p></span></div>
</div>
<div id="ftn16">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref16" name="_ftn16" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[16]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: NJ Bridgewater (2018) The
Origins of Wealth (Part 1 of 4), <i>Crossing the Bridge</i>, Thursday,
05/07/2018. URL:
https://nicholasjames19.blogspot.com/2018/07/the-origins-of-wealth-part-1-of-4.html
(accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn17">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref17" name="_ftn17" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[17]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: Lugal-kisal-si, king
of Uruk. Public domain. URL:
https://upload.wikimedia.org/wikipedia/commons/a/ac/Male_bust_Louvre_AO10921.jpg
(accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn18">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref18" name="_ftn18" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[18]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image: NJB (2018) The Elements of
Capitalism.<o:p></o:p></span></div>
</div>
<div id="ftn19">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref19" name="_ftn19" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[19]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: ADANA (Anadolu Agency) (2014)
Money used by Sumerians in Mesopotamia, says expert, <i>Hurriyet Daily News</i>,
January 13, 2014 00:01:00. URL:
http://www.hurriyetdailynews.com/money-used-by-sumerians-in-mesopotamia-says-expert-60909
(accessed 12/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn20">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref20" name="_ftn20" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[20]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: ADANA (2014).<o:p></o:p></span></div>
</div>
<div id="ftn21">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref21" name="_ftn21" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[21]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Bullion (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Bullion (accessed 12/11/2018 07:45
AST).<o:p></o:p></span></div>
</div>
<div id="ftn22">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref22" name="_ftn22" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[22]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: Sumerian inscription
in monumental archaic style, c. 26th century BC. Public domain. URL:
https://upload.wikimedia.org/wikipedia/commons/9/91/Sumerian_26th_c_Adab.jpg
(accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn23">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref23" name="_ftn23" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[23]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: A bulla (or clay
envelope) and its contents on display at the Louvre. Uruk period (4000 BC–3100
BC). Public domain. URL: https://upload.wikimedia.org/wikipedia/commons/0/0a/Accountancy_clay_envelope_Louvre_Sb1932.jpg
(accessed 23/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn24">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref24" name="_ftn24" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[24]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Tim Harford (2017) How the
world's first accountants counted on cuneiform, <i>BBC News</i>, 12 June 2017.
URL: https://www.bbc.co.uk/news/business-39870485 (accessed 12/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn25">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref25" name="_ftn25" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[25]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Harford (2017).<o:p></o:p></span></div>
</div>
<div id="ftn26">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref26" name="_ftn26" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[26]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Harford (2017).<o:p></o:p></span></div>
</div>
<div id="ftn27">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref27" name="_ftn27" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[27]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Code of Ur-Nammu (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Code_of_Ur-Nammu (accessed 12/11/2018 08:05
AST).<o:p></o:p></span></div>
</div>
<div id="ftn28">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref28" name="_ftn28" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[28]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Silver Prices Today, Live Spot
Prices & Historical Charts, <i>Money Metals Exchange</i>. URL:
https://www.moneymetals.com/precious-metals-charts/silver-price (accessed
12/11/2018 07:59 AST).<o:p></o:p></span></div>
</div>
<div id="ftn29">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref29" name="_ftn29" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[29]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Dominic Frisby (2017) What
wages in ancient Athens can tell us about the silver price today, <i>MoneyWeek</i>,
02/03/2017. URL: https://moneyweek.com/462534/what-wages-in-ancient-athens-can-tell-us-about-the-silver-price-today/
(accessed 12/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn30">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref30" name="_ftn30" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[30]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Code of Ur-Nammu (<i>Wikipedia </i>article).<o:p></o:p></span></div>
</div>
<div id="ftn31">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref31" name="_ftn31" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[31]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: A silver Jerusalem
shekel (ad 68) from the First Jewish Revolt against Roman rule. The obverse
inscription reads "Shekel of Israel / Year 3" and that on the reverse
"Jerusalem the Holy". Classical Numismatic Group, Inc.
http://www.cngcoins.com (CC BY-SA 3.0). URL: https://upload.wikimedia.org/wikipedia/commons/2/27/CairoEgMuseumTaaMaskMostlyPhotographed.jpg
(accessed 22/11/2018). For more on the license, see: https://creativecommons.org/licenses/by-sa/3.0/
(accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn32">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref32" name="_ftn32" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[32]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Job 1:3 (King James Version).<o:p></o:p></span></div>
</div>
<div id="ftn33">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref33" name="_ftn33" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[33]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Genesis 14:14 (King James
Version).<o:p></o:p></span></div>
</div>
<div id="ftn34">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref34" name="_ftn34" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[34]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Spiros (2012) How much expensive
was life in ancient Greece, <i>Hellenic History Subjects</i>, Saturday, April
7, 2012. URL:
https://akrokorinthos.blogspot.com/2012/04/how-much-expensive-was-life-in-ancient.html
(accessed 11/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn35">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref35" name="_ftn35" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[35]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Louis C. West (1916) The Cost
of Living in Roman Egypt, <i>Classical Philology</i>, Vol. 11, No. 3 (Jul.,
1916), pp. 293-314 (22 pages). URL: https://www.jstor.org/stable/261854
(accessed 11/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn36">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref36" name="_ftn36" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[36]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> One shekel weighed 180 grains (11
grams or .35 troy ounces). One gerah is equivalent to 9 grains or 0.57 grams.<o:p></o:p></span></div>
</div>
<div id="ftn37">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref37" name="_ftn37" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[37]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Leviticus 27:25 (King James Bible).<o:p></o:p></span></div>
</div>
<div id="ftn38">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref38" name="_ftn38" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[38]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Ricardo (1810), p. 2.<o:p></o:p></span></div>
</div>
<div id="ftn39">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref39" name="_ftn39" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[39]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Gold reserve (Wikipedia
article). URL: https://en.wikipedia.org/wiki/Gold_reserve (accessed 12/11/2018
11:43 AST).<o:p></o:p></span></div>
</div>
<div id="ftn40">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref40" name="_ftn40" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[40]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: World Gold Council (WGC) (2017)
How much gold has been mined? <i>World Gold Council</i>. URL:
https://www.gold.org/about-gold/gold-supply/gold-mining/how-much-gold (accessed
12/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn41">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref41" name="_ftn41" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[41]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image: NJB (2018) Money (1).<o:p></o:p></span></div>
</div>
<div id="ftn42">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref42" name="_ftn42" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[42]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: JM Bullion (2015) How Much Fine
Silver Bullion is in the World? <i>JM Bullion</i>. URL:
https://www.jmbullion.com/investing-guide/types-physical-metals/how-much-fine-silver-bullion-in-world/
(accessed 11/12/2018).<o:p></o:p></span></div>
</div>
<div id="ftn43">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref43" name="_ftn43" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[43]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Global Security (2000-2018) How
Much is That in Real Money? <i>GlobalSecurity.org</i>. URL:
https://www.globalsecurity.org/military/world/spqr/money-1.htm (accessed
12/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn44">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref44" name="_ftn44" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[44]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Denarius (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Denarius (accessed 12/11/2018
12:03 PM).<o:p></o:p></span></div>
</div>
<div id="ftn45">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref45" name="_ftn45" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[45]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Mask of Tutankhamun (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Mask_of_Tutankhamun (accessed
22/11/2018 13:18 AST).<o:p></o:p></span></div>
</div>
<div id="ftn46">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref46" name="_ftn46" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[46]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: Since January 1, 2016
it is possible again to take photographs in the Egyptian Museum in Cairo. The
funerary mask of Tutankhamun is certainly the most demanded exhibit (CC BY-SA
3.0), uploaded by Roland Unger. URL:
commons/2/27/CairoEgMuseumTaaMaskMostlyPhotographed.jpg (accessed 22/11/2018).
For more on the license, see: https://creativecommons.org/licenses/by-sa/3.0/
(accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn47">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref47" name="_ftn47" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[47]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Coin (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Coin (accessed 12/11/2018 07:49 AST).<o:p></o:p></span></div>
</div>
<div id="ftn48">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref48" name="_ftn48" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[48]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Coin (<i>Wikipedia </i>article).<o:p></o:p></span></div>
</div>
<div id="ftn49">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref49" name="_ftn49" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[49]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: Gold Croeseid, minted
by king Croesus circa 561-546 BCE. (10.7 grams, Sardis mint), Classical
Numismatic Group, Inc. http://www.cngcoins.com (CC BY-SA 3.0). Public domain.
URL:
https://upload.wikimedia.org/wikipedia/commons/b/b8/Achaemenid_coin_daric_420BC_front.jpg
(accessed 22/11/2018). For more on the license, see:
https://creativecommons.org/licenses/by-sa/3.0/ (accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn50">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref50" name="_ftn50" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[50]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Ancient Greek Coinage (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Coin (accessed 12/11/2018
07:59 AST).<o:p></o:p></span></div>
</div>
<div id="ftn51">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref51" name="_ftn51" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[51]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Mark (2012) Tales From
Herodotus XIV. Two Stories of the Alcmaeonid Family (translation), posted on
August 17, 2012. URL:
https://metaphrastes.wordpress.com/2012/08/17/tales-from-herodotus-xiv-two-stories-of-the-alcmaeonid-family/
(accessed 13/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn52">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref52" name="_ftn52" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[52]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Croesus (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Croesus (accessed 12/11/2018 08:12 AST).<o:p></o:p></span></div>
</div>
<div id="ftn53">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref53" name="_ftn53" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[53]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Persian daric (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Persian_daric (accessed 12/11/2018 08:14
AST).<o:p></o:p></span></div>
</div>
<div id="ftn54">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref54" name="_ftn54" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[54]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Achaemenid coinage (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Achaemenid_coinage (accessed
12/11/2018 11:33 AST).<o:p></o:p></span></div>
</div>
<div id="ftn55">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref55" name="_ftn55" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[55]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Achaemenid coinage (<i>Wikipedia
</i>article).<o:p></o:p></span></div>
</div>
<div id="ftn56">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref56" name="_ftn56" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[56]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Ancient Chinese coinage (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Achaemenid_coinage (accessed
12/11/2018 11:40 AST).<o:p></o:p></span></div>
</div>
<div id="ftn57">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref57" name="_ftn57" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[57]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Qin (state) (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Qin_(state) (accessed 12/11/2018 11:45 AST).<o:p></o:p></span></div>
</div>
<div id="ftn58">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref58" name="_ftn58" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[58]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Wu Zhu (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Qin_(state) (accessed 12/11/2018 12:01 PM
AST).<o:p></o:p></span></div>
</div>
<div id="ftn59">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref59" name="_ftn59" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[59]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See:
Walter Scheidel (2009) <i>Rome and China: Comparative Perspectives on
Ancient World Empires</i> (Oxford: Oxford University Press), p. 163.<o:p></o:p></span></div>
</div>
<div id="ftn60">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref60" name="_ftn60" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[60]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: Type IIIb Achaemenid
Daric, c. 420 BC. Public domain. URL:
https://upload.wikimedia.org/wikipedia/commons/b/b8/Achaemenid_coin_daric_420BC_front.jpg
(accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn61">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref61" name="_ftn61" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[61]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: List of largest empires (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/List_of_largest_empires
(accessed 12/11/2018 12:22 PM AST).<o:p></o:p></span></div>
</div>
<div id="ftn62">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref62" name="_ftn62" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[62]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Achaemenid Empire (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Achaemenid_Empire (accessed
12/11/2018 12:24 PM AST).<o:p></o:p></span></div>
</div>
<div id="ftn63">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref63" name="_ftn63" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[63]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Han dynasty (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Han_dynasty (accessed 12/11/2018 12:27 PM
AST).<o:p></o:p></span></div>
</div>
<div id="ftn64">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref64" name="_ftn64" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[64]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image: NJB (2018) The Sound Money
Cycle of Growth.<o:p></o:p></span></div>
</div>
<div id="ftn65">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref65" name="_ftn65" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[65]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image: NJB (2018) Government Debt to
Collapse of Civilization.<o:p></o:p></span></div>
</div>
<div id="ftn66">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref66" name="_ftn66" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[66]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Christopher Weber (2018) A
Short History of International Currencies, <i>Weber
Global Opportunities</i> p. 3. URL:
http://www.weberglobal.net/Historyofmoneycompleter.pdf (accessed 20/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn67">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref67" name="_ftn67" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[67]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Richard Henry Timberlake, Kevin
Dowd (2017) <i>Money and the Nation State:
The Financial Revolution, Government and the World Monetary System</i> (London:
Taylor and Francis), p. 26.<o:p></o:p></span></div>
</div>
<div id="ftn68">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref68" name="_ftn68" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[68]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Timberlake, Dowd (2017), p. 26.<o:p></o:p></span></div>
</div>
<div id="ftn69">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref69" name="_ftn69" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[69]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Zachary A. Goldfarb (2014) Who
was the richest man in all of history? <i>The Washington Post</i>, April 1,
2014. URL:
https://www.washingtonpost.com/news/wonk/wp/2014/02/19/who-was-the-richest-man-in-all-of-history/?noredirect=on&utm_term=.b706e1e51b0d
(accessed 13/11/2018). <o:p></o:p></span></div>
</div>
<div id="ftn70">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref70" name="_ftn70" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[70]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: Bust of Marcus
Licinius Crassus located in the Louvre, Paris, uploaded by cjh1452000 (own
work). Public domain. URL:
https://upload.wikimedia.org/wikipedia/commons/c/cc/Marcus_Licinius_Crassus_Louvre.jpg
(accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn71">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref71" name="_ftn71" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[71]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Roman Empire (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Roman_Empire (accessed 14/11/2018 07:32
AST).<o:p></o:p></span></div>
</div>
<div id="ftn72">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref72" name="_ftn72" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[72]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Brilliant Maps (2015) Roman
Empire GDP Per Capita Map Shows That Romans Were Poorer Than Any Country in
2015, <i>BrilliantMaps.com</i>, May 4, 2015. URL:
https://brilliantmaps.com/roman-empire-gdp/ (accessed 14/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn73">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref73" name="_ftn73" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[73]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> That is, a hypothetical unit of
currency that has the same purchasing power as the U.S. dollar at any given
point in time. See: Peter Foldvari & Bas van Leeuwen (2010) Comparing per
capita income in the Hellenistic world: the case of Mesopotamia, 5 July 2010.
URL: http://www.basvanleeuwen.net/bestanden/Mesopotamia%20GDP%201Julyl2010.pdf
(accessed 14/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn74">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref74" name="_ftn74" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[74]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Foldvari & van Leeuwen
(2010).<o:p></o:p></span></div>
</div>
<div id="ftn75">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref75" name="_ftn75" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[75]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Foldvari & van Leeuwen
(2010).<o:p></o:p></span></div>
</div>
<div id="ftn76">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref76" name="_ftn76" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[76]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Senate of the Roman Empire (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Senate_of_the_Roman_Empire
(accessed 14/11/2018 07:32 AST).<o:p></o:p></span></div>
</div>
<div id="ftn77">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref77" name="_ftn77" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[77]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Roman currency (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Roman_currency (accessed 14/11/2018
11:39 AST).<o:p></o:p></span></div>
</div>
<div id="ftn78">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref78" name="_ftn78" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[78]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Roman currency (<i>Wikipedia</i>
article).<o:p></o:p></span></div>
</div>
<div id="ftn79">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref79" name="_ftn79" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[79]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Roman currency (<i>Wikipedia</i>
article).<o:p></o:p></span></div>
</div>
<div id="ftn80">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref80" name="_ftn80" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[80]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Edict on Maximum Prices (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Edict_on_Maximum_Prices (accessed
14/11/2018 12:08 PM AST).<o:p></o:p></span></div>
</div>
<div id="ftn81">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref81" name="_ftn81" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[81]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Joseph R. Peden (2017)
Inflation and the Fall of the Roman Empire, <i>Mises Daily Articles</i>,
10/19/2017. URL: https://mises.org/library/inflation-and-fall-roman-empire
(accessed 14/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn82">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref82" name="_ftn82" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[82]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: Yuan dynasty banknote
with its printing plate (1287) (CC BY-SA 3.0), uploaded by PHGCOM (own work).
URL: https://upload.wikimedia.org/wikipedia/commons/8/8d/ByzantineBronzes.jpeg
(accessed 22/11/2018). For more information on the license, see:
https://creativecommons.org/licenses/by-sa/3.0/ (accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn83">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref83" name="_ftn83" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[83]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Diocletian (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Diocletian (accessed 14/11/2018
12:22 PM AST).<o:p></o:p></span></div>
</div>
<div id="ftn84">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref84" name="_ftn84" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[84]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Thomas Sowell (2004) A taxing
experience, <i>Townhall.com</i>, Nov 25, 2004 12:00 AM. URL:
https://townhall.com/columnists/thomassowell/2004/11/25/a-taxing-experience-n935368
(accessed 14/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn85">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref85" name="_ftn85" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[85]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Thomas Sowell (2010) <i>The
Thomas Sowell Reader</i> (New York, NY: Basic Books), p. 210.<o:p></o:p></span></div>
</div>
<div id="ftn86">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref86" name="_ftn86" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[86]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Henry Hazlitt (1971) Poor
Relief in Ancient Rome, <i>Foundation for Economic Education (FEE)</i>,
originally published Thursday, April 01, 1971. URL:
https://fee.org/articles/poor-relief-in-ancient-rome/ (accessed 14/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn87">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref87" name="_ftn87" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[87]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Lawrence W. Reed (1979) The
Fall of Rome and Modern Parallels, <i>Foundation for Economic Education (FEE)</i>,
originally published Thursday, April 21, 1979. URL:
https://fee.org/articles/poor-relief-in-ancient-rome/ (accessed 14/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn88">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref88" name="_ftn88" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[88]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Reed (1979).<o:p></o:p></span></div>
</div>
<div id="ftn89">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref89" name="_ftn89" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[89]</span></span><!--[endif]--></span></span></a><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[89]</span></span><!--[endif]--></span></span><span style="font-family: "times"; font-size: 8.0pt;"> See: Reed (1979).<o:p></o:p></span></div>
</div>
<div id="ftn90">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref90" name="_ftn90" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[90]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Byzantine Empire (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Byzantine_Empire (accessed
15/11/2018 11:35 AST).<b><o:p></o:p></b></span></div>
</div>
<div id="ftn91">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref91" name="_ftn91" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[91]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Byzantine Empire (<i>Wikipedia</i>
article).<o:p></o:p></span></div>
</div>
<div id="ftn92">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref92" name="_ftn92" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[92]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Bruce Bartlett (1994) How
Excessive Government Killed Ancient Rome, <i>Cato Journal</i>, Vol. 14, No. 2,
1994, p. 299. URL:
https://object.cato.org/sites/cato.org/files/serials/files/cato-journal/1994/11/cj14n2-7.pdf
(accessed 15/11/2018 11:35 AST).<o:p></o:p></span></div>
</div>
<div id="ftn93">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref93" name="_ftn93" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[93]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: Yuan dynasty banknote
with its printing plate (1287) (CC BY-SA 4.0), uploaded by PHGCOM (own work).
URL: https://upload.wikimedia.org/wikipedia/commons/a/ab/Bust_of_Diocletian_at_the_National_Museum_of_Serbia.jpg
(accessed 22/11/2018). For more information on the license, see:
https://creativecommons.org/licenses/by-sa/4.0/ (accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn94">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref94" name="_ftn94" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[94]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Bartlett (1994), pp. 300 – 301.
<o:p></o:p></span></div>
</div>
<div id="ftn95">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref95" name="_ftn95" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[95]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: End of Roman rule in Britain (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/End_of_Roman_rule_in_Britain
(accessed 15/11/2018 12:00 PM AST).<o:p></o:p></span></div>
</div>
<div id="ftn96">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref96" name="_ftn96" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[96]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Odoacer (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Odoacer (accessed 15/11/2018 12:08
PM AST).<o:p></o:p></span></div>
</div>
<div id="ftn97">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref97" name="_ftn97" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[97]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Zheng Xueyi, Yaguang Zhang,
John Whalley (2010) Monetary Theory from a Chinese Historical Perspective, <i>National
Bureau of Economic Research</i>, Working Paper 16092, June 2010. URL:
https://www.nber.org/papers/w16092.pdf (accessed 15/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn98">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref98" name="_ftn98" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[98]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: History of Chinese currency (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/History_of_Chinese_currency
(accessed 15/11/2018 12:25 PM AST).<o:p></o:p></span></div>
</div>
<div id="ftn99">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref99" name="_ftn99" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[99]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Chao (currency) (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Chao_(currency) (accessed
15/11/2018 12:24 PM AST).<o:p></o:p></span></div>
</div>
<div id="ftn100">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref100" name="_ftn100" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[100]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: History of Chinese currency (<i>Wikipedia</i>
article).<o:p></o:p></span></div>
</div>
<div id="ftn101">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref101" name="_ftn101" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[101]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: Yuan dynasty banknote
with its printing plate (1287) (CC BY-SA 3.0), uploaded by PHGCOM (own work).
URL: https://upload.wikimedia.org/wikipedia/commons/d/de/Yuan_dynasty_banknote_with_its_printing_plate_1287.jpg
(accessed 22/11/2018). For more information on the license, see:
https://creativecommons.org/licenses/by-sa/3.0/ (accessed 22/11/2018).<o:p></o:p></span></div>
</div>
<div id="ftn102">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref102" name="_ftn102" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[102]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Ming Dynasty (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Ming_dynasty (accessed 16/11/2018 14:48 PM
AST).<o:p></o:p></span></div>
</div>
<div id="ftn103">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref103" name="_ftn103" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[103]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Xueyi, Zhang, Whalley (2010).<o:p></o:p></span></div>
</div>
<div id="ftn104">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref104" name="_ftn104" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[104]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Xueyi, Zhang, Whalley (2010).<o:p></o:p></span></div>
</div>
<div id="ftn105">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref105" name="_ftn105" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[105]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: See: Sycee (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Sycee (accessed 16/11/2018 15:02 PM AST).<o:p></o:p></span></div>
</div>
<div id="ftn106">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref106" name="_ftn106" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[106]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Spanish dollar (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Spanish_dollar (accessed 16/11/2018 15:06 PM
AST).<o:p></o:p></span></div>
</div>
<div id="ftn107">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref107" name="_ftn107" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[107]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Spanish dollar (<i>Wikipedia </i>article).<o:p></o:p></span></div>
</div>
<div id="ftn108">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref108" name="_ftn108" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[108]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Spanish dollar (<i>Wikipedia </i>article).<o:p></o:p></span></div>
</div>
<div id="ftn109">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref109" name="_ftn109" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[109]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Tael (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Tael (accessed 19/11/2018 10:56 AST).<o:p></o:p></span></div>
</div>
<div id="ftn110">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref110" name="_ftn110" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[110]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: History of Chinese currency (<i>Wikipedia</i>
article).<o:p></o:p></span></div>
</div>
<div id="ftn111">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref111" name="_ftn111" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[111]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Silver standard (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Silver_standard#China (accessed 19/11/2018
11:03 AST).<o:p></o:p></span></div>
</div>
<div id="ftn112">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref112" name="_ftn112" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 8pt;">[112]</span></span><!--[endif]--></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Renminbi (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Renminbi (accessed 19/11/2018 11:06 AST).<o:p></o:p></span></div>
</div>
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-->Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com0tag:blogger.com,1999:blog-3210933998341353221.post-5378811031545667262018-10-20T05:57:00.001-07:002018-10-20T05:57:31.241-07:00Ten More Ways to Earn/Get More Bitcoin<span style="font-size: 16px;">NJ Bridgewater</span><br />
<span style="font-size: 16px;">20 October 2018</span><br />
<span style="background-color: white; color: #333333; font-size: 16px;"><br /></span>
<span style="background-color: white; color: #333333; font-size: 16px;">This article is also <a href="https://steemit.com/bitcoin/@njbridgewater/ten-more-ways-to-earn-get-more-bitcoin" target="_blank">available on STEEMIT here</a> </span><span style="background-color: white; color: #333333; font-size: 16px;">(October 12, 2018).</span><br />
<br />
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<span style="background-color: white; color: #333333; font-family: Times;">[</span><i style="background-color: white; color: #333333; font-family: Times;">NOTE: This article should not be construed as investment advice. For advice on investing, purchasing/selling Bitcoin and other cryptocurrencies, and buying/selling futures contracts, please contact a licensed financial advisor. The reader is responsible for his own investments. Disclaimer: this article contains referral links</i><span style="background-color: white; color: #333333; font-family: Times;">].</span></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://steemitimages.com/640x480/https://cdn.steemitimages.com/DQmRmYC43B6SVqpDaNQ6BjKY8pakx4yUi7pyEeQy9baViZM/btc-dgtx.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="480" data-original-width="640" height="240" src="https://steemitimages.com/640x480/https://cdn.steemitimages.com/DQmRmYC43B6SVqpDaNQ6BjKY8pakx4yUi7pyEeQy9baViZM/btc-dgtx.jpg" width="320" /></a></div>
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<span style="font-family: Times;"><o:p><br /></o:p></span></div>
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<span style="font-family: Times;"><o:p><br /></o:p></span></div>
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<span style="font-family: Times;">Bitcoin is a revolutionary
asset, and it’s one that has made a lot of people rich. Not everyone, of
course. Those who bought Bitcoin in early 2017, for example, have made huge
returns on their investment—and even more those who bought Bitcoin prior to
2017. While Bitcoin has gone up and down throughout the years, its overall
trend is up. This is due to the fact that Bitcoin is hardwired to increase in
value. There are only 21 million Bitcoins that will ever be created, while the
demand for this limited asset keeps going up. The law of supply and demand
determines the value of any commodity. The best comparison, of course, is gold,
which has an extremely limited supply. Gold, of course, is a precious metal,
which is mined at great cost, and which has a finite supply on Earth. Bitcoin,
likewise, is finite and requires a great deal of energy and computing power to
mine. Bitcoin mining, however, unlike gold mining, is hardwired to slow down,
with halving in the Bitcoin supply occurring every 4 years, until the last
Bitcoin is mined more than 100 years from now. In 2017, I wrote a short
e-book/information guide on Bitcoin entitled <a href="https://www.amazon.com/Bitcoin-Money-Business-Mastery-Secrets-ebook/dp/B077M1WJR2/">Bitcoin:
10 Ways to Make Money Using Bitcoin</a>, along with two other information
guides on investment: <a href="https://gumroad.com/l/eYACw">Gold: 10 Ways to
Make Money Using Gold</a>, and <a href="https://gumroad.com/l/vvHYL">Information
Products: 10 Ways to Make Money Using Information Products</a>. These are all
available to purchase and download online. There are, however, a lot more than
10 ways to make money through Bitcoin, so let’s have a look at some more ways
to make money via Bitcoin.<o:p></o:p></span></div>
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<b><span style="font-family: Times;">1. Use <i>Crypto.Jobs</i>
or other Cryptocurrency Hiring Websites<o:p></o:p></span></b></div>
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<span style="font-family: Times;">One of the best ways to make
Bitcoin is to work for Bitcoin. This has already been mentioned in my
information guide, but it is worth repeating here. When you are paid in
cryptocurrency, you take out the middle man. Ordinarily, if you want to
accumulate Bitcoin or other cryptocurrencies, you have to buy them using fiat
currency (e.g. through Coinbase, Kraken, etc.) and are charged exorbitant
transaction fees. When you are paid directly in cryptocurrency, you are able to
accumulate Bitcoin without having to use your bank account or debit card. This
saves time, as well as money. It furthermore protects your earnings by making
them anonymous. Just make sure that you are paid into an anonymous wallet,
rather than one which is linked to an exchange or other KYC details. This will
allow you to accumulate earnings without having them potentially reported to
tax authorities or other government authorities. There are many jobs for
software/blockchain developers, marketers, writers, etc. Just find something
which is suitable for you. Besides Crypto.jobs,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[1]</span></span><!--[endif]--></span></span></a>
there are several other good places to search for cryptocurrency-related jobs,
including Reddit, where you can find jobs at 4/Jobs4Bitcoins,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn2" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[2]</span></span><!--[endif]--></span></span></a>
Coinality.com,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn3" name="_ftnref3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[3]</span></span><!--[endif]--></span></span></a> XBTFreelancer.com,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn4" name="_ftnref4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[4]</span></span><!--[endif]--></span></span></a>
and bitWAGE.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn5" name="_ftnref5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[5]</span></span><!--[endif]--></span></span></a> In addition, you could
search the Bitcointalk Forum Services Section for any available openings.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn6" name="_ftnref6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[6]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">2. Earn Bitcoin through
Lightning Tasks<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: Times;">The Lightning Network (LN),
as I explain in my article on <a href="https://steemit.com/bitcoin/@njbridgewater/ten-reasons-to-buy-bitcoin">10
Reasons to Buy Bitcoin</a>,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn7" name="_ftnref7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[7]</span></span><!--[endif]--></span></span></a><span style="mso-spacerun: yes;"> </span>is a way to increase the scalability of the
Bitcoin network. A lot of people have criticised Bitcoin’s ability to scale up
and provide for the huge number of transactions that a world currency would
require. Such criticisms, however, miss the entire point of Bitcoin’s
existence. Bitcoin was not created, as Nick Szabo explains, to have excellent
computational scalability.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn8" name="_ftnref8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[8]</span></span><!--[endif]--></span></span></a>
Rather, it was created to have social scalability, i.e. by providing a
trustless payment network and store of value, in the same manner as gold. While
transactions on the Bitcoin blockchain may not be able to directly scale up to
the speed and volume of VISA, for example, there are solutions which would
allow Bitcoin to be used by billions of people on a secondary layer. The best
solution so far is the Lightning Network (LN), which uses a network of
micropayment channels to scale to billions of transactions per day without
relying on a separate trusted network.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn9" name="_ftnref9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[9]</span></span><!--[endif]--></span></span></a> There
are also sidechains, such as the Liquid Network, which enables faster
transactions between businesses and individuals through the medium of Liquid
Bitcoin (L-BTC),<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn10" name="_ftnref10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[10]</span></span><!--[endif]--></span></span></a> RSK’s upcoming sidechain
(to-be-named),<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn11" name="_ftnref11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[11]</span></span><!--[endif]--></span></span></a> and Paul Sztorc’s
Drivechain project,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn12" name="_ftnref12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[12]</span></span><!--[endif]--></span></span></a> but
that’s another topic. One new and innovative way of making money using Bitcoin
is through ‘Lightning Tasks’, which are specific tasks which anyone can do in
exchange for a reward denominated in Satoshis (the divisible parts of a
Bitcoin). The Lightning Task website is currently a proof of concept, so the
current reward is fixed at 1,000 Satoshis, which is worth about 6 cents (USD).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn13" name="_ftnref13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[13]</span></span><!--[endif]--></span></span></a>
Nevertheless, something is better than nothing, so this is one extra way to
earn Bitcoin online. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">3. Trade Bitcoin
peer-to-peer<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: Times;">I have already referred to
OTC (over-the-counter) trading of Bitcoin in my short information guide, <a href="https://bizmasterysecrets.com/bitcoininformationguide">Bitcoin: 10 Ways
to Make Money Using Bitcoin</a>. However, it is worth repeating here in terms
of small-scale, direct peer-to-peer transfers of Bitcoin. Over the counter
trades are highly unregulated and risky. Unless an escrow service is used, the
trades rely heavily on trust, so some kind of neutral party is best used, e.g. <a href="https://localbitcoins.com/">Localbitcoins</a>. Even then, the buyer and
seller must beware, as the legality of trading Bitcoin and the applicability of
taxes varies from one region to another, and from one nation to another. There
are numerous stories of Bitcoin traders getting arrested. Back in 2017 in the
US, the Department of Justice announced that a Bitcoin trader and his son were
arrested and sentenced to prison terms for ‘running an unlicensed money
transmission business’.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn14" name="_ftnref14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[14]</span></span><!--[endif]--></span></span></a>
This wasn’t a one-off trade that went wrong, however. Rather, ‘Internet151’ had
conducted more than 3,000 confirmed trades since 2012 and had used a series of
personal and business bank accounts in order to hide their activities. So, if
you are operating your trades for profit, taking a commission, for example,
make sure that you are registered as a legitimate business with appropriate
licenses and other approval according to the rules and regulations of the
jurisdiction that you are in. The last thing you want is for your business
activities to get your arrested or accused of a crime. Another example in the
US was ‘Bitcoin Maven’, who was sentenced to 12 months and a day in prison, as
well as a $20,000 fine for laundering Bitcoin as proceeds of narcotics sales.
Again, this wasn’t a small-scale operation. The proceeds of her business
included $292,264 in cash, 25 gold bars and 40 Bitcoins, all of which were confiscated
by the state. To put it simply, crime doesn’t pay. Therefore, either use
Localbitcoins just to buy yourself Bitcoin, or, if you want to make an actual
business out of it, make sure that you are following appropriate legislation
and regulations, and are paying VAT or other relevant taxes on proceeds. And
make sure to ‘know your customer’ (KYC) to avoid accusations of money
laundering. It is clear, in this case, that ‘Bitcoin Maven’ ignored that
responsibility. While most of these busts seem to happen in the United States,
they can happen to anyone anywhere, so be careful. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">4. Trade/buy Bitcoin
futures contracts<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: Times;">I have addressed this topic
in my previous articles, <a href="https://nicholasjames19.blogspot.com/2018/09/digitex-commission-free-cryptocurrency.html">Digitex:
A commission-free cryptocurrency futures exchange (my review)</a>, and <a href="https://nicholasjames19.blogspot.com/2018/09/10-reasons-to-buy-digitex-dgtx.html">10
Reasons to Buy Digitex [DGTX]</a>, where I give a brief introduction to futures
exchanges and futures contracts and describe two of the main Bitcoin futures
exchanges, </span><a href="https://www.bitmex.com/register/ELgrJy"><span style="background: white; color: #954f72; font-family: Times;">BitMEX</span></a><span style="font-family: Times;"> and </span><a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail"><span style="background: white; color: #954f72; font-family: Times;">Digitex</span></a><span style="font-family: Times;">. As I explained in the first article, “according to <i>Investopedia</i>,
a futures contract is an agreement between a buyer and a seller to buy or sell
an asset or commodity for a specified price at a specified date. A futures
contract is thus an agreement to buy and sell the asset/commodity/security. In
many cases, this does not mean that the actual commodity is exchanged. A
futures contract may represent 27 metric tons of corn, for example, but the
corn does not necessarily exchange hands.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn15" name="_ftnref15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[15]</span></span><!--[endif]--></span></span></a>
Why invest in futures contracts? The reason is simple. People use futures
contracts because “a futures contract can also be used to hedge against
potential losses or gains in the value of an asset in order to reduce
volatility associated with the price of the asset. In other words, one may be a
Bitcoin holder/investor who wishes to hedge against the volatility of the price
of Bitcoin. The Bitcoin investor can reduce the risk of their investment by
taking an opposite position in the market to what they are trying to hedge,
with one effect cancelling out the other. The goal of hedgers is to reduce risk
by protecting themselves against any future drops in the price of the asset.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn16" name="_ftnref16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[16]</span></span><!--[endif]--></span></span></a>
Speculators, likewise, “buy a contract in the hope that the price of the asset
will increase in the future.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn17" name="_ftnref17" style="mso-footnote-id: ftn17;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[17]</span></span><!--[endif]--></span></span></a>
In other words, you can use a futures contract to either hedge against the risk
of Bitcoin dropping in price, or as a means to speculate on future price rises.
Either way, it is a useful way of increasing the size of your portfolio through
careful and considered investment. It is not without risks, however, as you may
make the wrong bet and lose your initial investment. Buyer beware, therefore,
and make sure to only invest what you can afford to lose. If you are interested
in finding out more about how to get started, then check out the two articles I
have referred to above, or <a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail">click
here for more on the Digitex Futures Exchange</a> and get access to their Early
Access Waiting List (which will probably close in December 2018).</span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">5. Join a Bitcoin Mining
Pool<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: Times;">Bitcoin mining isn’t what it
used to be. The mining difficulty increases day by day, but so does the
technology used to mine Bitcoin, which advances year-on-year, becoming faster
and more efficient, and one way to increase the odds of seeing a return is by
participating in a mining pool, which allows you to share your miner’s hash
power with numerous others, each earning a slice of a Bitcoin when the ship
comes in, so to speak. Some of the top Bitcoin mining pools include: AntPool,
which is owned by Bitmain Technologies Ltd., headquartered in Beijing China and
founded by Jihan Wu and Micree Zhan in 2013, discovering roughly 18% of Bitcoin
blocks over a six-month period; BTC.com, which is second to AntPool, generating
16.5% of Bitcoin blocks over the same six-month period; BTC.TOP, which has mined
13% of Bitcoin of six months; ViaBTC, which offers options to mine different
cryptocurrencies, including Litecoin, Ether, Ethereum Classic, and Dash; Slushpool,
owned by Satoshi Labs, which has mined over 1 million Bitcoins since December
2010 and 9% of total BTC over a six-month period;<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn18" name="_ftnref18" style="mso-footnote-id: ftn18;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[18]</span></span><!--[endif]--></span></span></a> DiscusFish/F2Pool,
which opened in May 2013; BTCC / BTC China, which was the second largest mining
pool as of 2012; Eligius, which has operated since 2011;<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn19" name="_ftnref19" style="mso-footnote-id: ftn19;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[19]</span></span><!--[endif]--></span></span></a> BW
Pool, established in 2014, which mines about 2% of all blocks; Bitfury, which
is a private pool that mines 11% of all BTC blocks;<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn20" name="_ftnref20" style="mso-footnote-id: ftn20;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[20]</span></span><!--[endif]--></span></span></a>
the Bitminter Mining Pool, started in 2011, which also produces Bitminter
client, a cross-platform program with a clear, graphical interface that works
with both GPUs and external ASIC devices;<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn21" name="_ftnref21" style="mso-footnote-id: ftn21;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[21]</span></span><!--[endif]--></span></span></a> and
Ckpool, which is explicitly suitable for miners with old hardware, e.g. GUIs.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn22" name="_ftnref22" style="mso-footnote-id: ftn22;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[22]</span></span><!--[endif]--></span></span></a>
Bear in mind that Ckpool take 1% of what you make, but it are nevertheless
better for hobbyists who use PCs, laptops and GUIs to mine Bitcoin. Other
pools, such as Slushpool and Bitminter, specifically advise against mining with
a CPU/GPU or smart phone.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn23" name="_ftnref23" style="mso-footnote-id: ftn23;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[23]</span></span><!--[endif]--></span></span></a> With
regards to Bitmain,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn24" name="_ftnref24" style="mso-footnote-id: ftn24;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[24]</span></span><!--[endif]--></span></span></a>
one should bear in mind that Bitmain manufactures the Antminer S9 and S9i,
which are both used for Bitcoin mining, and Jihan Wu is one of the key
supporters of Bitcoin Cash (BCH)—a hard fork of Bitcoin which aims to replace
and supplant Bitcoin—which it has so far failed to do and will fail to do. Bitcoin.com
also has its own mining pool, pool.bitcoin.com,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn25" name="_ftnref25" style="mso-footnote-id: ftn25;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[25]</span></span><!--[endif]--></span></span></a>
which, again, one should be cautious of, due to its connections with BitcoinCash.
BitcoinCash is not Bitcoin, and Bitcoin.com confuses the issue by trying to
create equivalence between the two, especially by referring to Bitcoin by the misnomer
‘Bitcoin Core.’<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">At the moment, the best way
to mine Bitcoin is by using an Application-Specific Integrated Circuit (ASIC)
device, which can be customized for a particular use, in this case: Bitcoin
mining.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn26" name="_ftnref26" style="mso-footnote-id: ftn26;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[26]</span></span><!--[endif]--></span></span></a>
These can be bought for as cheaply as $489.99 (Antminer S7), or as expensive as
$2,729 (Dragonmint 16T). Cheaper ASICs are, of course, less efficient and have
a lower hash rate. The Avalon 6 is relatively cheap, at $559.95, with a hash
power of 3.50 TH/s, and the Antminer S7 has a hash rate of 4.73 TH/s. More
expensive models, such as the Antminer S9, which goes for $3,000, and the
Dragonmint 16T have hash rates of 14.0 TH/s and 16.0 TH/s respectively.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn27" name="_ftnref27" style="mso-footnote-id: ftn27;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[27]</span></span><!--[endif]--></span></span></a>
The greater the hash power, the more Bitcoin you will be able to mine. Besides
the device itself, however, you have to make several other considerations.
First of all, is Bitcoin mining legal in your region or locality? If not, then
that needs to be taken into consideration. Also, don’t mine Bitcoin on someone
else’s PC. That’s just illegal—and you’ll probably get in trouble. Several
Russian engineers, for example, were arrested for using a supercomputer housed
in the Federal Nuclear Center in Sarov to mine for cryptocurrencies, leading to
their arrest.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn28" name="_ftnref28" style="mso-footnote-id: ftn28;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[28]</span></span><!--[endif]--></span></span></a> Likewise, a Florida
Government employee was arrested for mining Bitcoin and Litecoin using Florida’s
Department of Citrus (FDOC) computers, being charged with grand theft and
official misconduct.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn29" name="_ftnref29" style="mso-footnote-id: ftn29;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[29]</span></span><!--[endif]--></span></span></a>
Moral of the story: use your own mining equipment and electricity to mine
Bitcoin. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Besides hardware costs, of
course, there is the question of profitability. After purchasing an ASIC miner,
your main costs will be electricity and internet usage. Electricity is, by far,
the most expensive element to your mining plan. If the cost of electricity is
too high, you will not be able to break even, and would be better off just
buying Bitcoin in an exchange. So, look up the electricity usage per hour of
your preferred ASIC device, and look at the terawatt hour costs for electricity
in your area/provider, so that you can do the math on how profitable it will
be. Electricity costs vary widely from one country to another. In Venezuela, it
costs about $530 to mine one Bitcoin while, in South Korea, it costs as much as
$26,000.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn30" name="_ftnref30" style="mso-footnote-id: ftn30;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[30]</span></span><!--[endif]--></span></span></a> Also, to make matters
worse, you have to factor in the rise in mining difficulty. One can assume a
daily increase in mining difficulty of 0.4527678%, as factored in on the
BuyBitcoinWorldwide website.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn31" name="_ftnref31" style="mso-footnote-id: ftn31;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[31]</span></span><!--[endif]--></span></span></a>
Moreover, roughly every four years, Bitcoin’s mining rewards (block reward) decreases
by half. This is called the ‘Bitcoin halving’ event. So far, there have been
two halvings, one in 2012, and one in 2016, with each halving occurring after
210,000 blocks have been mined, with both such events happening before
significant bull runs,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn32" name="_ftnref32" style="mso-footnote-id: ftn32;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[32]</span></span><!--[endif]--></span></span></a>
indicating that the Bitcoin halving event always (or usually) results in a huge
rise in the price of Bitcoin. BTCC founder, Bobby Lee, argues that the halving
event in 2020 will drive the price of Bitcoin beyond $60,000 or 10x where it
currently stands, giving Bitcoin a total market-cap of about $1 trillion USD.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn33" name="_ftnref33" style="mso-footnote-id: ftn33;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[33]</span></span><!--[endif]--></span></span></a> Accumulating
as much Bitcoin as possible before such an event (e.g. in 2020) is probably a
sound idea, though that is something you will have to decide for yourself after
researching the matter. <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">6. Invest in Bitcoin and
Cryptocurrency-Related Investment Funds<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: Times;">To buy more Bitcoin, you
need to earn more money. One could, of course, just get a job and put excess
income into Bitcoin. Investing a small amount in Bitcoin every month can go a
long way and serves as a form of dollar-cost averaging. However, what about
combining traditional investment strategies with Bitcoin? One way of doing is
through investing in an investment trust, such as the Bitcoin Investment Trust
(GBTC), which is currently the only option (as of 2018) for investors to trade
Bitcoin on the stock market. An investment trust is a company which owns a
fixed amount of an asset—in this case Bitcoin—and investors pool money to buy
shares of the trust, owning contracts which represent ownership of a certain
amount of the asset via the trust. Thus, one owns Bitcoin without owning
Bitcoin, and one must pay a fee to the company which manages the fund, i.e.
Grayscale.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn34" name="_ftnref34" style="mso-footnote-id: ftn34;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[34]</span></span><!--[endif]--></span></span></a> As of 2018, Grayscale
Investments reports that it is onboarding nearly $10 million in new investments
every single week, showing the popularity of Bitcoin investment, with the
majority of this money coming from institutional investors (as defined under US
law).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn35" name="_ftnref35" style="mso-footnote-id: ftn35;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[35]</span></span><!--[endif]--></span></span></a> <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Another option is to invest
in cryptocurrency investment firms or hedge funds, such as, Pantera Capital,
which has reported a 10,000% return over the five-year period from its
formation,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn36" name="_ftnref36" style="mso-footnote-id: ftn36;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[36]</span></span><!--[endif]--></span></span></a> Pivot Trading-2, which is
managed by Hong-Kong-based Amber AI Group, which produced a first-quarter
return of 30%,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn37" name="_ftnref37" style="mso-footnote-id: ftn37;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[37]</span></span><!--[endif]--></span></span></a> Market Neutral Liquidity
SP-Institutional, which has had a 2018 return of 5.7%,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn38" name="_ftnref38" style="mso-footnote-id: ftn38;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[38]</span></span><!--[endif]--></span></span></a> Galaxy
Digital Assets Fund, which is headed by Mike Novogratz and is listed on
Toronto’s TSX Venture Exchange,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn39" name="_ftnref39" style="mso-footnote-id: ftn39;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[39]</span></span><!--[endif]--></span></span></a>
Polychain Capital, which manages $200 million in assets and was founded by
Coinbase’s first employee, Olaf Carlson-Wee,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn40" name="_ftnref40" style="mso-footnote-id: ftn40;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[40]</span></span><!--[endif]--></span></span></a> Metastable
Capital, run by Lucas Ryan, Josh Seims and Naval Ravikant, which manages $45
million in assets,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn41" name="_ftnref41" style="mso-footnote-id: ftn41;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[41]</span></span><!--[endif]--></span></span></a>
Blockchain Capital, which raised $50 million, tokenizing $10 million as BCAP
tokens which <a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn42" name="_ftnref42" style="mso-footnote-id: ftn42;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[42]</span></span><!--[endif]--></span></span></a>were offered to accredited
investors in the US, California-based Reality Shares, which has launched a
Chinese blockchain ETF, attracting $25 million in investments,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn43" name="_ftnref43" style="mso-footnote-id: ftn43;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[43]</span></span><!--[endif]--></span></span></a> Cayman
Islands-based Alphabit Fund, which has a fund of $13 but aims to eventually
manage $300 million,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn44" name="_ftnref44" style="mso-footnote-id: ftn44;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[44]</span></span><!--[endif]--></span></span></a>
Auryn Capital, which launched in August with $12.5 million,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn45" name="_ftnref45" style="mso-footnote-id: ftn45;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[45]</span></span><!--[endif]--></span></span></a>
Block View Capital, which manages a diversified cryptocurrency portfolio of
between $10 and $20 million,<span class="MsoFootnoteReference"> <a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn46" name="_ftnref46" style="mso-footnote-id: ftn46;" title=""><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[46]</span></span><!--[endif]--></span></a></span>
Brian Kelly Capital Management, which buys and holds 50% of assets, with 20%
investment in ICOs and the rest actively managed,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn47" name="_ftnref47" style="mso-footnote-id: ftn47;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[47]</span></span><!--[endif]--></span></span></a>
BlockTower Capital, which differs from Polychain and MetaStable in that funds
are actively traded instead of simply following a buy-and-hold strategy,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn48" name="_ftnref48" style="mso-footnote-id: ftn48;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[48]</span></span><!--[endif]--></span></span></a>
Crypto Asset Fund, which launched in June 2018 with $10 million and aims to
manage $400 million,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn49" name="_ftnref49" style="mso-footnote-id: ftn49;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[49]</span></span><!--[endif]--></span></span></a>
Coinshares 1 LP, which is based in Jersey,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn50" name="_ftnref50" style="mso-footnote-id: ftn50;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[50]</span></span><!--[endif]--></span></span></a> and
many others. Other funds, such as Silver 8 Partners, however, are down in 2018,
so buyer beware. Quite likely numerous new hedge funds will arise in the coming
months and years. In 2018 alone, some 90 crypto hedge funds have already been
launched, with 120 expected to form by the end of this financial year.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn51" name="_ftnref51" style="mso-footnote-id: ftn51;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[51]</span></span><!--[endif]--></span></span></a> Out
of a total of 600 hedge funds expected to launch in 2018, the number which are
cryptocurrency-related represents some 20% of the total, showing rising
interest in the space.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn52" name="_ftnref52" style="mso-footnote-id: ftn52;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[52]</span></span><!--[endif]--></span></span></a>
If you have the means to do so, this is one avenue to explore. Earnings from
shares in these funds can be reinvested in Bitcoin to allow one to accumulate
more and more Bitcoin. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">7. Earn Bitcoin by Doing
Odd Jobs<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: Times;">Everyone has a bit of spare
time. The question is: how to utilise it? There are several websites where you
can complete surveys and other random tasks, such as BitcoinGet.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn53" name="_ftnref53" style="mso-footnote-id: ftn53;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[53]</span></span><!--[endif]--></span></span></a>
BitforTip allows you to get tipped for helping people with small tasks, such as
finding an ornament or an old advertisement from TV.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn54" name="_ftnref54" style="mso-footnote-id: ftn54;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[54]</span></span><!--[endif]--></span></span></a>
CoinWorker allows you to complete short analytical tasks which can be done
within your browser. When your account accumulates 200 points, the points are
converted to an amount of Bitcoin and paid directly into a Bitcoin address that
is created when you register.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn55" name="_ftnref55" style="mso-footnote-id: ftn55;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[55]</span></span><!--[endif]--></span></span></a>
As with a lot of these websites, make sure that it is up-to-date and current.
As of 9 October 2018, the last update I can see on their Twitter page is from 5
May 2018,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn56" name="_ftnref56" style="mso-footnote-id: ftn56;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[56]</span></span><!--[endif]--></span></span></a> apologising for a delay
in payments. Bear the unreliability of a lot of these Bitcoin-related faucets
and micro-job payment systems in mind when investing your time in them. If you
have a website, you can also post advertisements on your website via CoinAd,
which will pay you in Bitcoin.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn57" name="_ftnref57" style="mso-footnote-id: ftn57;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[57]</span></span><!--[endif]--></span></span></a>
Their payment is weekly, direct to a Bitcoin wallet or via PayPal (as
requested), and new publishers are only accepted on an invite basis. This is
because they want to ensure quality for their advertisers. Finally, you can use
BTC Clicks to earn Bitcoin by posting affiliate and referral links. You get
paid per click and can also potentially earn an 80% referral/affiliate
commission. The website says that you can earn up to “0.00031 mBTC” per click.
A Centibit (cBTC) is one hundredth of a Bitcoin (0.01 BTC), a MilliBitcoin
(mBTC) refers to 1 thousandth of a Bitcoin (0.001 BTC), a Microbit (µBTC/uBTC)
is 1 millionth of a Bitcoin (0.000001 BTC),<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn58" name="_ftnref58" style="mso-footnote-id: ftn58;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[58]</span></span><!--[endif]--></span></span></a>
and a Satoshi is 1 hundred millionths of a Bitcoin (0.00000001 BTC).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn59" name="_ftnref59" style="mso-footnote-id: ftn59;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[59]</span></span><!--[endif]--></span></span></a>
So 0.00031 mBTC is actually about 31 Satoshis ($0.0020549187 as of 9<sup>th</sup>
October 2018). If you are happy to be paid 2 tenths of a cent for a click, then
by all means. If you are a compulsive internet user, this may be one way of
capitalising on your free time.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">8. Earn Bitcoin by
Reading Books<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: Times;">Everyone enjoys a good novel
or a work of classic literature. PaidBooks allows you to enjoy doing so while
earning Bitcoin.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn60" name="_ftnref60" style="mso-footnote-id: ftn60;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[60]</span></span><!--[endif]--></span></span></a> In order to take part,
you have to visit their website and then sign up for Airdrips.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn61" name="_ftnref61" style="mso-footnote-id: ftn61;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[61]</span></span><!--[endif]--></span></span></a>
This will require you to login to your Facebook account, which would give them
access to your e-mail address and public profile. If that’s too much to give
away, then you will want to steer clear of this option. As always, when giving
away personal information, the user should be cautious. However, if you are
comfortable giving away your e-mail address, then you can sign up and start
earning small amounts of Bitcoin as you read. Rather like a Bitcoin faucet (see
below), the amounts you will earn will not be great. However, if you are a
prodigious reader already, this could be considered an added bonus on top of
the enjoyment of reading the books themselves. So, if you enjoy reading on your
laptop, tablet or phone, then check it out and see if it is something you would
like to do. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">9. Play Online/Mobile
Games to Earn Bitcoin<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: Times;">As with a Bitcoin faucet
(see below), it is possible to earn small amounts of Bitcoin by playing games.
A lot of these games and faucets change their options or shut down over time,
so there’s no guarantee that any of these are still working. Tremor Games, for
example, allows you earn coins for achievements in each game, which can then be
converted into BTC.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn62" name="_ftnref62" style="mso-footnote-id: ftn62;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[62]</span></span><!--[endif]--></span></span></a>
Cash Clamber is an example of social gaming, which allows you to play head to
head against your friends while earning Bitcoin as a result. They also pay
Bitcoin royalties for new HTML games, ideas, translations and animations.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn63" name="_ftnref63" style="mso-footnote-id: ftn63;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[63]</span></span><!--[endif]--></span></span></a>
SaruTobi is a game which means ‘Monkey Fly’ in Japanese. The original game
allowed you to fling your monkey through the air while collecting bananas (and
Bitcoin). This game was taken down and will be replaced with a new version that
utilises the Lightning Network (LN).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn64" name="_ftnref64" style="mso-footnote-id: ftn64;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[64]</span></span><!--[endif]--></span></span></a>
You can check their website for updates. Takara, which means ‘treasure’ in
Japanese, is a mobile game app for iOS devices, which allows you plant and hunt
for Bitcoin treasures planted across the world. It’s a geocaching game, rather
like PokemonGo. App users plant Bitcoin treasures, and users find and collect
amounts of Bitcoin, as well as other tokens.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn65" name="_ftnref65" style="mso-footnote-id: ftn65;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[65]</span></span><!--[endif]--></span></span></a>
No doubt, more such games, perhaps using the Lightning Network, will arise in
the future. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">10. Earn Bitcoin using a
Bitcoin faucet<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: Times;">A Bitcoin faucet is a reward
system which allows you to receive rewards in the form of Satoshis, for
visiting the website, completing a captcha task or other task described by the
website.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn66" name="_ftnref66" style="mso-footnote-id: ftn66;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[66]</span></span><!--[endif]--></span></span></a> The first such faucet was
created by Gavin Andresen back in 2010—this particular example no longer exists
(as of Jan 30, 2013).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn67" name="_ftnref67" style="mso-footnote-id: ftn67;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[67]</span></span><!--[endif]--></span></span></a>
Bitcoin faucets operate by making you perform certain tasks, such as filling in
a captcha. Usually, there is a certain amount of Satoshis which must accrue
before you can withdraw. Rewards are, moreover, dispensed after a certain
interval of time, so faucets can be quite time-consuming to use.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn68" name="_ftnref68" style="mso-footnote-id: ftn68;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[68]</span></span><!--[endif]--></span></span></a> There
are a number of these Bitcoin faucets, including: Cointiply, Bitcoin Aliens,
Bonus Bitcoin, Milli,<span style="mso-spacerun: yes;"> </span>Bitcoinker, Moon
Bitcoin, Satoshi City, Satoshi Quiz, Robot Coin, and Wonderland Coin.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn69" name="_ftnref69" style="mso-footnote-id: ftn69;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[69]</span></span><!--[endif]--></span></span></a>
Bitcoin Zebra ended operations in July 2016.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn70" name="_ftnref70" style="mso-footnote-id: ftn70;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[70]</span></span><!--[endif]--></span></span></a>
There are some things to bear in mind before participating. First of all, a lot
of these faucets make their revenue through advertising.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn71" name="_ftnref71" style="mso-footnote-id: ftn71;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[71]</span></span><!--[endif]--></span></span></a>
If you are happy being exposed to advertising, then go ahead. Other faucets can
be nefarious. For example, there are mining faucets which highjack your
computer’s CPU for mining purposes, and there are also scams which never
deliver on the Bitcoin you have ‘accrued’.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn72" name="_ftnref72" style="mso-footnote-id: ftn72;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[72]</span></span><!--[endif]--></span></span></a>
Furthermore, it is essential to remember that faucets take a lot of time. Due
to the small rewards (perhaps 100 Satoshis or more), it may not really be worth
your time.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn73" name="_ftnref73" style="mso-footnote-id: ftn73;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[73]</span></span><!--[endif]--></span></span></a> But if you are desperate
to get Bitcoin for free, this is one of the few options that will allow you to
do so. In short, only use Bitcoin faucets if you have an abundance of spare
time and no other way of earning Bitcoin. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">Conclusion<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: Times;">All of the above offer
opportunities for investing in or earning Bitcoin, which is a revolutionary new
asset class and the sound money of the future. Whatever method you choose, you
should always make sure to invest only what you can afford to lose and hedge
against risk. Bitcoin is a new asset class, and, therefore, there is a huge amount
of volatility. This is not due to the nature of the asset itself, since Bitcoin
is fundamentally an immutable ledger which records transactions on the
blockchain. Its value is related to Metcalfe’s law, which determines that a
network is valuable in and of itself, and its value increases as the size of
the network, the number of holders and users, increases. As Bitcoin is
extremely limited, and there can only ever be 21 million BTC, demand for
Bitcoin will continue to rise, increasing the price over time. Currently, this
is usually measured against fiat currencies. In the future, however, where a
Bitcoin standard is the norm, the value of Bitcoin will be measured against
real-world goods, much in the same way that the U.S. dollar is measured against
a basket of goods for the purpose of measuring inflation. Inflation results
from an abundance in the money supply, or devaluation of the currency. Bitcoin,
which cannot be devalued, can be regarded as sound money. As such, possessing
Bitcoin is possessing <i>real money</i> which cannot be artificially inflated.
While the U.S. dollar, euro and pound Sterling are all backed by nothing but
thin air, and the goodwill of their governments, Bitcoin is backed by code, the
network effect and scarcity, and its value is determined by the fundamental
economic laws of the market, such as supply and demand. For more on this, you
can read my related article on <a href="https://steemit.com/bitcoin/@njbridgewater/ten-reasons-to-buy-bitcoin">10
Reasons to Buy Bitcoin</a> (on <a href="https://steemit.com/bitcoin/@njbridgewater/ten-reasons-to-buy-bitcoin">Steemit</a>),
and my short information guide, <a href="https://www.amazon.com/Bitcoin-Money-Business-Mastery-Secrets-ebook/dp/B077M1WJR2/">Bitcoin:
10 Ways to Make Money Using Bitcoin</a>. <o:p></o:p></span></div>
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<div class="MsoNormal">
<b><span style="font-family: Times;">Sources:<o:p></o:p></span></b></div>
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<span style="font-family: Times;">99Bitcoins.com (2018) Top
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<br /></div>
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<span style="font-family: Times;">AirDrips.com. URL: https://airdrips.com/
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<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Osato Avan-Nomayo (2018)
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<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">NJ Bridgewater (2018) Digitex:
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">NJ
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Bitcoin
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<br /></div>
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<span style="font-family: Times; font-size: 12.0pt;">The
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<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">BitcoinGet.
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<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">BitcoinTalk Forum. URL: https://bitcointalk.org/index.php?board=52.0
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<span style="font-family: Times; font-size: 12.0pt;">BitforTip.
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<span style="font-family: Times; font-size: 12.0pt;">BitUSD.
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<span style="font-family: Times;">BitWage. URL: https://www.bitwage.com/
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<br /></div>
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<span style="font-family: Times; font-size: 12.0pt;">Nick
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<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">CoinAd.
URL: https://coinad.com/ (accessed 09/10/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">CoinWorker.
URL: https://coinworker.com/ (accessed 09/10/2018). See also: URL: https://twitter.com/CoinWorking
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<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Crypto.Jobs. URL: https://crypto.jobs/
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<div class="MsoNormal">
<br /></div>
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<span style="font-family: Times;">The CryptoCurrency Facts
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">CryptoLeet.
URL: https://cryptoleet.com/tremorgames-get-paid-bitcoin-playing-games/
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<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Patrick
Daniels (2018) These are the largest Bitcoin mining farms in the world, <i>Digital
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Nikhilesh
De (2018) 10,000%: Pantera Reports Massive 5-Year Crypto Investment Return, <i>CoinDesk</i>,
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Mina
Down (2018) Bitcoin Faucets: The Good, the Bad, and the Ugly, <i>CoinMonks</i>,
September 6, 2018. URL:
https://medium.com/coinmonks/bitcoin-faucets-the-good-the-bad-and-the-ugly-a8687c2a2e72
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<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Nate
Drake (2018) The best mining software in 2018, <i>TechRadarPro</i>, August 28,
2018. URL: https://www.techradar.com/news/the-best-cryptocurrency-mining-software-2018
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<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Omar
Faridi (2018) Bitcoin's Sidechains May Soon Support Smart Contracts and Allow
Firms to Launch ICOs, <i>CryptoGlobe</i>, 8 Oct 2018. URL: https://www.cryptoglobe.com/latest/2018/10/bitcoin-s-sidechains-may-soon-support-smart-contracts-and-allow-firms-to-launch-icos/
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Stan
Higgins (2017) 9 Years: LocalBitcoins Trader Sentenced in Latest Money
Transmission Case, <i>CoinDesk</i>, May 30, 2017 at 20:00 UTC. URL: https://www.coindesk.com/9-years-localbitcoins-trader-sentenced-latest-money-transmission-case/
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<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Zach
Hildreth (2018) Best Bitcoin Mining Software: An In-Depth Look at the Top Choices,
<i>Blockonomi.com</i>, July 4, 2018. URL: https://blockonomi.com/bitcoin-mining-software/
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Bei
Hu (2018) As Bitcoin Plunged, These Crypto Hedge Funds Kept Making Money, <i>Bloomberg</i>,
19 April 2018, 19:00 GMT+3. URL: https://www.bloomberg.com/news/articles/2018-04-19/as-bitcoin-plunged-these-crypto-hedge-funds-kept-making-money
(accessed 10/10/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Jobs4Bitcoins. URL: https://www.reddit.com/r/Jobs4Bitcoins/
(accessed 01/10/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">MandelDuck. URL: http://www.mandelduck.com/sarutobi/
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<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Avi
Mizrahi (2016) Bitcoin Go! AR Geocaching Game Takara Lets You Collect
Counterparty Tokens, <i>FinanceMagnates</i>, 09/08/2016 09:54 GMT. URL: https://www.financemagnates.com/cryptocurrency/interview/bitcoin-go-geocaching-game-takara-lets-you-collect-counterparty-tokens/
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<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Samson Mow (2018) The Launch
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Rahul
Nambiampurath (2018) Lightning Tasks Allows you to Earn Bitcoin for Completing
Micro Tasks, <i>BitManager.com</i>, September 26, 2018 5:00. URL:
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<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">PaidBooks.
URL: http://www.paidbooks.com/ (accessed 09/10/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Daniel
Palmer (2018) Crypto Hedge Fund Launches Are Soaring to Record Levels This Year,
<i>CoinDesk</i>, Oct 10, 2018 at 15:00 UTC. URL: https://www.coindesk.com/crypto-hedge-fund-launches-are-soaring-to-record-levels-this-year/
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Joseph
Poon, Thaddeus Dryja (2016) The Bitcoin Lightning Network: Scalable Off-Chain
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Jamie
Redman (2018) Developer Paul Sztorc Launches the First Version of Drivechain, <i>Bitcoin.com</i>,
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Shobhit
Seth (2018) Top 5 Bitcoin Mining Pools, <i>Investopedia</i>, February 23, 2018
— 1:40 PM EST. URL: https://www.investopedia.com/news/top-bitcoin-mining-pools/
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Laura
Shin (2018) Crypto Boom: 15 New Hedge Funds Want In On 84,000% Returns, <i>Forbes</i>,
Jul 12, 2017, 08:00am. URL: https://www.forbes.com/sites/laurashin/2017/07/12/crypto-boom-15-new-hedge-funds-want-in-on-84000-returns/#114f25b2416a
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<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Hamad
Subani (2017) The Easiest Way to make your PC mine Bitcoins, <i>techtangerine</i>,
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">William
Suberg (2018) Reality Shares Will Join Increasingly Crowded Bitcoin Hedge Fund
Arena, Says Source, <i>Coin Telegraph</i>, August 15, 2018. URL: <a href="https://cointelegraph.com/news/reality-shares-will-join-increasingly-crowded-bitcoin-hedge-fund-arena-says-source">https://cointelegraph.com/news/reality-shares-will-join-increasingly-crowded-bitcoin-hedge-fund-arena-says-source</a>
(accessed 10/10/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Nick Szabo (2017) Money,
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09, 2017. URL:
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<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">David Trujillo Uribe (2018)
5 Best Bitcoin Faucets, <i>ToughNickel.com</i>. URL:
https://toughnickel.com/personal-finance/What-is-a-Bitcoin-Faucet-5-Best-Faucets
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Jordan
Tuwiner (2018) Bitcoin Mining Hardware ASICs, <i>BuyBitcoinWorldwide</i>, last
updated June 30, 2018. URL: https://www.buybitcoinworldwide.com/mining/hardware/
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<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Jordan
Tuwiner (2018) Bitcoin Mining Pools, <i>BuyBitcoinWorldwide.com</i>, last
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">UseBitcoins.info.
URL: https://usebitcoins.info/index.php/leisure/games/games-social-gaming/346-cash-clamber
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<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Preeti
Varathan (2018) Russian nuclear scientists were arrested for using a
supercomputer to mine bitcoin, <i>Quartz</i>, February 9, 2018. URL: https://qz.com/1203665/russian-nuclear-scientists-were-arrested-for-using-a-supercomputer-to-mine-bitcoin/
(accessed 11/10/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Josiah
Wilmoth (2018) Bitcoin Investment Trust Creator Adding $10 Million in New
Investments Every Week, <i>CCN.com</i>, July 18, 2018 17:11 CET. URL: https://www.ccn.com/bitcoin-investment-trust-creator-adding-10-million-in-new-investments-every-week/
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<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">XBTFreelancer. URL: https://www.xbtfreelancer.com/
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<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Molly
Jane Zuckerman (2018) Florida Gov’t Agency Employee Arrested For Mining Crypto
Using Dept. Computers, <i>Coin Telegraph</i>, Mar 15, 2018. URL: https://cointelegraph.com/news/florida-govt-agency-employee-arrested-for-mining-crypto-using-dept-computers
(accessed 11/10/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoNormal">
<u><span style="font-family: Times;">Wikipedia / BitcoinWiki articles:<o:p></o:p></span></u></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Application-specific
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<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Bitcoin
faucet (<i>BitcoinWiki </i>article). URL:
https://en.bitcoinwiki.org/wiki/Bitcoin_faucet (accessed 01/10/2018 12:27 PM
AST)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Bitcoin
faucet (<i>Wikipedia </i>article). URL:
https://en.wikipedia.org/wiki/Bitcoin_faucet (accessed 01/10/2018 12:12 PM AST)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Bitmain (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Bitmain (accessed 11/10/2018 07:02
AST).<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div style="mso-element: footnote-list;">
<!--[if !supportFootnotes]--><br clear="all" />
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<div id="ftn1" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[1]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: https://crypto.jobs/ (accessed
01/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn2" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref2" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[2]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See:
https://www.reddit.com/r/Jobs4Bitcoins/ (accessed 01/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn3" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref3" name="_ftn3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[3]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: https://coinality.com/
(accessed 01/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn4" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref4" name="_ftn4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[4]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: https://www.xbtfreelancer.com/
(accessed 01/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn5" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref5" name="_ftn5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[5]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: https://www.bitwage.com/
(accessed 01/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn6" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref6" name="_ftn6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[6]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See:
https://bitcointalk.org/index.php?board=52.0 (accessed 01/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn7" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref7" name="_ftn7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[7]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: NJ Bridgewater (2018) Ten
Reasons to Buy Bitcoin, <i>Steemit</i>, 24 September 2018. URL:
https://steemit.com/bitcoin/@njbridgewater/ten-reasons-to-buy-bitcoin (accessed
30/09/2018). Also available at:
https://nicholasjames19.blogspot.com/2018/09/ten-reasons-to-buy-bitcoin.html
(accessed 30/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn8" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref8" name="_ftn8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[8]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See:<span style="mso-spacerun: yes;">
</span>Nick Szabo (2017) Money, blockchains, and social scalability, <i>Unenumerated</i>,
Thursday, February 09, 2017. URL:
https://unenumerated.blogspot.com/2017/02/money-blockchains-and-social-scalability.html
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn9" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref9" name="_ftn9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[9]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Joseph Poon, Thaddeus Dryja
(2016) The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments,
DRAFT Version 0.5.9.2, January 14, 2016, <i>Lightning Network</i>. URL:
https://lightning.network/lightning-network-paper.pdf (accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn10" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref10" name="_ftn10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[10]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Samson Mow (2018) The Launch of
the Liquid Network, <i>Blockstream</i>, Oct 10, 2018. URL: https://blockstream.com/2018/10/10/liquid-launch.html
(accessed 12/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn11" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref11" name="_ftn11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[11]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Omar Faridi (2018) Bitcoin's
Sidechains May Soon Support Smart Contracts and Allow Firms to Launch ICOs, <i>CryptoGlobe</i>,
8 Oct 2018. URL: https://www.cryptoglobe.com/latest/2018/10/bitcoin-s-sidechains-may-soon-support-smart-contracts-and-allow-firms-to-launch-icos/
(accessed 12/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn12" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref12" name="_ftn12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[12]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Jamie Redman (2018) Developer
Paul Sztorc Launches the First Version of Drivechain, <i>Bitcoin.com</i>, Sep
26, 2018. URL: https://news.bitcoin.com/developer-paul-sztorc-launches-the-first-version-of-drivechain/
(accessed 12/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn13" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref13" name="_ftn13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[13]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Rahul Nambiampurath (2018)
Lightning Tasks Allows you to Earn Bitcoin for Completing Micro Tasks, <i>BitManager.com</i>,
September 26, 2018 5:00. URL:
https://btcmanager.com/lightning-tasks-bitcoin-micro-tasks/<span style="mso-spacerun: yes;"> </span>(accessed 30/09/2018)<o:p></o:p></span></div>
</div>
<div id="ftn14" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref14" name="_ftn14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[14]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Stan Higgins (2017) 9 Years:
LocalBitcoins Trader Sentenced in Latest Money Transmission Case, <i>CoinDesk</i>,
May 30, 2017 at 20:00 UTC. URL: https://www.coindesk.com/9-years-localbitcoins-trader-sentenced-latest-money-transmission-case/
(accessed 10/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn15" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref15" name="_ftn15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[15]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: NJ Bridgewater (2018) Digitex:
A commission-free cryptocurrency futures exchange (my review), <i>Crossing the
Bridge (blog)</i>, 4 September 2018. URL: https://nicholasjames19.blogspot.com/2018/09/digitex-commission-free-cryptocurrency.html
(accessed 10/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn16" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref16" name="_ftn16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[16]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Bridgewater (2018).<o:p></o:p></span></div>
</div>
<div id="ftn17" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref17" name="_ftn17" style="mso-footnote-id: ftn17;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[17]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Bridgewater (2018).<o:p></o:p></span></div>
</div>
<div id="ftn18" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref18" name="_ftn18" style="mso-footnote-id: ftn18;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[18]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Shobhit Seth (2018) Top 5 Bitcoin
Mining Pools, <i>Investopedia</i>, February 23, 2018 — 1:40 PM EST. URL: https://www.investopedia.com/news/top-bitcoin-mining-pools/
(accessed 11/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn19" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref19" name="_ftn19" style="mso-footnote-id: ftn19;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[19]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Patrick Daniels (2018) These
are the largest Bitcoin mining farms in the world, <i>Digital Trends</i>, Posted
on July 1, 2018 - 2:08PM. URL: https://www.digitaltrends.com/cool-tech/largest-bitcoin-mining-farm/
(accessed 11/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn20" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref20" name="_ftn20" style="mso-footnote-id: ftn20;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[20]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Jordan Tuwiner (2018) Bitcoin
Mining Pools, <i>BuyBitcoinWorldwide.com</i>, last updated June 30, 2018. URL: https://www.buybitcoinworldwide.com/mining/pools/
(accessed 11/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn21" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref21" name="_ftn21" style="mso-footnote-id: ftn21;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[21]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Nate Drake (2018) The best
mining software in 2018, <i>TechRadarPro</i>, August 28, 2018. URL: https://www.techradar.com/news/the-best-cryptocurrency-mining-software-2018
(accessed 11/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn22" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref22" name="_ftn22" style="mso-footnote-id: ftn22;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[22]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Hamad Subani (2017) The Easiest
Way to make your PC mine Bitcoins, <i>techtangerine</i>, September 22, 2017.
URL: http://www.techtangerine.com/2017/09/22/bitcoin-pc-mining/ (accessed
11/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn23" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref23" name="_ftn23" style="mso-footnote-id: ftn23;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[23]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Subani (2017).<o:p></o:p></span></div>
</div>
<div id="ftn24" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref24" name="_ftn24" style="mso-footnote-id: ftn24;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[24]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Bitmain (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Bitmain (accessed 11/10/2018 07:02
AST).<o:p></o:p></span></div>
</div>
<div id="ftn25" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref25" name="_ftn25" style="mso-footnote-id: ftn25;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[25]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Zach Hildreth (2018) Best
Bitcoin Mining Software: An In-Depth Look at the Top Choices, <i>Blockonomi.com</i>,
July 4, 2018. URL: https://blockonomi.com/bitcoin-mining-software/ (accessed
11/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn26" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref26" name="_ftn26" style="mso-footnote-id: ftn26;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[26]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Application-specific integrated
circuit (<i>Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/Application-specific_integrated_circuit
(accessed 10/10/2018 20:44 AST).<o:p></o:p></span></div>
</div>
<div id="ftn27" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref27" name="_ftn27" style="mso-footnote-id: ftn27;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[27]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Jordan Tuwiner (2018) Bitcoin
Mining Hardware ASICs, <i>BuyBitcoinWorldwide</i>, last updated June 30, 2018.
URL: https://www.buybitcoinworldwide.com/mining/hardware/ (accessed 10/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn28" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref28" name="_ftn28" style="mso-footnote-id: ftn28;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[28]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Preeti Varathan (2018) Russian
nuclear scientists were arrested for using a supercomputer to mine bitcoin, <i>Quartz</i>,
February 9, 2018. URL: https://qz.com/1203665/russian-nuclear-scientists-were-arrested-for-using-a-supercomputer-to-mine-bitcoin/
(accessed 11/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn29" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref29" name="_ftn29" style="mso-footnote-id: ftn29;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[29]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Molly Jane Zuckerman (2018) Florida
Gov’t Agency Employee Arrested For Mining Crypto Using Dept. Computers, <i>Coin
Telegraph</i>, Mar 15, 2018. URL: https://cointelegraph.com/news/florida-govt-agency-employee-arrested-for-mining-crypto-using-dept-computers
(accessed 11/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn30" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref30" name="_ftn30" style="mso-footnote-id: ftn30;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[30]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Ryan Browne (2018) It costs
$26,000 to mine one bitcoin in South Korea — and just $530 in Venezuela, <i>CNBC</i>,
Published 9:31 AM ET Thu, 15 Feb 2018<span style="mso-spacerun: yes;">
</span>Updated 12:58 PM ET Sat, 17 Feb 2018. URL: https://www.cnbc.com/2018/02/15/the-cheapest-and-most-expensive-countries-to-mine-bitcoin.html
(accessed 11/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn31" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref31" name="_ftn31" style="mso-footnote-id: ftn31;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[31]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Tuwiner (2018).<o:p></o:p></span></div>
</div>
<div id="ftn32" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref32" name="_ftn32" style="mso-footnote-id: ftn32;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[32]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Osato Avan-Nomayo (2018)
Bitcoin ‘Halving’ 2020: What Will The Price of Bitcoin Be? <i><u>Bitcoinist</u></i>,
May 31, 2018 17:00. URL: https://bitcoinist.com/bitcoin-halving-2020-what-will-the-price-of-bitcoin-be/
(accessed 10/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn33" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref33" name="_ftn33" style="mso-footnote-id: ftn33;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[33]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Nick Chong (2018) BTCC Founder:
The Next Bitcoin Halving Will Push Prices To $60,000, <i>Ethereum World News</i>,
August 25, 2018. URL: https://ethereumworldnews.com/btcc-founder-bitcoin-halving-prices/
(accessed 10/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn34" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref34" name="_ftn34" style="mso-footnote-id: ftn34;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[34]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: The CryptoCurrency Facts (2018)
Understanding The Bitcoin Investment Trust (GBTC), <i>CryptocurrencyFacts.com</i>.
URL: https://cryptocurrencyfacts.com/understanding-the-bitcoin-investment-trust-gbtc/
(accessed 10/10/2018). <o:p></o:p></span></div>
</div>
<div id="ftn35" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref35" name="_ftn35" style="mso-footnote-id: ftn35;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[35]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Josiah Wilmoth (2018) Bitcoin
Investment Trust Creator Adding $10 Million in New Investments Every Week, <i>CCN.com</i>,
July 18, 2018 17:11 CET. URL: https://www.ccn.com/bitcoin-investment-trust-creator-adding-10-million-in-new-investments-every-week/
(accessed 10/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn36" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref36" name="_ftn36" style="mso-footnote-id: ftn36;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[36]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Nikhilesh De (2018) 10,000%:
Pantera Reports Massive 5-Year Crypto Investment Return, <i>CoinDesk</i>, Jul
27, 2018 at 20:36 UTC; updated Jul 27, 2018 at 21:02 UTC. URL: https://www.coindesk.com/10000-pantera-capital-reports-massive-5-year-crypto-investment-return/
(accessed 10/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn37" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref37" name="_ftn37" style="mso-footnote-id: ftn37;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[37]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Bei Hu (2018) As Bitcoin
Plunged, These Crypto Hedge Funds Kept Making Money, <i>Bloomberg</i>, 19 April
2018, 19:00 GMT+3. URL: https://www.bloomberg.com/news/articles/2018-04-19/as-bitcoin-plunged-these-crypto-hedge-funds-kept-making-money
(accessed 10/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn38" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref38" name="_ftn38" style="mso-footnote-id: ftn38;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[38]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Bei Hu (2018).<o:p></o:p></span></div>
</div>
<div id="ftn39" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref39" name="_ftn39" style="mso-footnote-id: ftn39;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[39]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Bitcoin Exchange Guide News
Team (2018) Cryptocurrency Funds Explained: List of the Top 25 Bitcoin Hedge
Funds, <i>BitcoinExchangeGuide.com</i>, August 13, 2018. URL: https://bitcoinexchangeguide.com/cryptocurrency-funds-explained/
(accessed 10/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn40" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref40" name="_ftn40" style="mso-footnote-id: ftn40;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[40]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Laura Shin (2018) Crypto Boom:
15 New Hedge Funds Want In On 84,000% Returns, <i>Forbes</i>, Jul 12, 2017,
08:00am. URL: https://www.forbes.com/sites/laurashin/2017/07/12/crypto-boom-15-new-hedge-funds-want-in-on-84000-returns/#114f25b2416a
(accessed 10/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn41" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref41" name="_ftn41" style="mso-footnote-id: ftn41;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[41]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Shin (2018).<o:p></o:p></span></div>
</div>
<div id="ftn42" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref42" name="_ftn42" style="mso-footnote-id: ftn42;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[42]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Shin (2018).<o:p></o:p></span></div>
</div>
<div id="ftn43" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref43" name="_ftn43" style="mso-footnote-id: ftn43;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[43]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: William Suberg (2018) Reality
Shares Will Join Increasingly Crowded Bitcoin Hedge Fund Arena, Says Source, <i>Coin
Telegraph</i>, August 15, 2018. URL: <a href="https://cointelegraph.com/news/reality-shares-will-join-increasingly-crowded-bitcoin-hedge-fund-arena-says-source">https://cointelegraph.com/news/reality-shares-will-join-increasingly-crowded-bitcoin-hedge-fund-arena-says-source</a>
(accessed 10/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn44" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref44" name="_ftn44" style="mso-footnote-id: ftn44;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[44]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Shin (2018).<o:p></o:p></span></div>
</div>
<div id="ftn45" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref45" name="_ftn45" style="mso-footnote-id: ftn45;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[45]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Shin (2018).<o:p></o:p></span></div>
</div>
<div id="ftn46" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref46" name="_ftn46" style="mso-footnote-id: ftn46;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[46]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Shin (2018).<o:p></o:p></span></div>
</div>
<div id="ftn47" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref47" name="_ftn47" style="mso-footnote-id: ftn47;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[47]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Shin (2018).<o:p></o:p></span></div>
</div>
<div id="ftn48" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref48" name="_ftn48" style="mso-footnote-id: ftn48;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[48]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Shin (2018).<o:p></o:p></span></div>
</div>
<div id="ftn49" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref49" name="_ftn49" style="mso-footnote-id: ftn49;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[49]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Shin (2018).<o:p></o:p></span></div>
</div>
<div id="ftn50" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref50" name="_ftn50" style="mso-footnote-id: ftn50;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[50]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Shin (2018). (accessed
10/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn51" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref51" name="_ftn51" style="mso-footnote-id: ftn51;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[51]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Daniel Palmer (2018) Crypto
Hedge Fund Launches Are Soaring to Record Levels This Year, <i>CoinDesk</i>,
Oct 10, 2018 at 15:00 UTC. URL: https://www.coindesk.com/crypto-hedge-fund-launches-are-soaring-to-record-levels-this-year/
(accessed 10/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn52" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref52" name="_ftn52" style="mso-footnote-id: ftn52;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[52]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Palmer (2018).<o:p></o:p></span></div>
</div>
<div id="ftn53" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref53" name="_ftn53" style="mso-footnote-id: ftn53;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[53]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: URL: https://www.bitcoinget.com/
(accessed 09/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn54" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref54" name="_ftn54" style="mso-footnote-id: ftn54;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[54]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: URL: https://www.bitfortip.com/
(accessed 09/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn55" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref55" name="_ftn55" style="mso-footnote-id: ftn55;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[55]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: URL: https://coinworker.com/
(accessed 09/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn56" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref56" name="_ftn56" style="mso-footnote-id: ftn56;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[56]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: URL: https://twitter.com/CoinWorking
(accessed 09/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn57" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref57" name="_ftn57" style="mso-footnote-id: ftn57;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[57]</span></span><!--[endif]--></span></span></span></a><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[57]</span></span><!--[endif]--></span></span></span><span style="font-family: Times; font-size: 9.0pt;"> See: URL: https://coinad.com/
(accessed 09/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn58" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref58" name="_ftn58" style="mso-footnote-id: ftn58;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[58]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: URL: https://thebitcoinstrip.com/bitcoin-denominations-explained/
(accessed 09/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn59" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref59" name="_ftn59" style="mso-footnote-id: ftn59;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[59]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: URL: https://bitsusd.com/bitcoin-units/
(accessed 09/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn60" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref60" name="_ftn60" style="mso-footnote-id: ftn60;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[60]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: URL: http://www.paidbooks.com/
(accessed 09/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn61" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref61" name="_ftn61" style="mso-footnote-id: ftn61;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[61]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: URL: https://airdrips.com/
(accessed 09/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn62" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref62" name="_ftn62" style="mso-footnote-id: ftn62;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[62]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: URL: https://cryptoleet.com/tremorgames-get-paid-bitcoin-playing-games/
(accessed 09/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn63" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref63" name="_ftn63" style="mso-footnote-id: ftn63;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[63]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: URL: https://usebitcoins.info/index.php/leisure/games/games-social-gaming/346-cash-clamber
(accessed 09/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn64" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref64" name="_ftn64" style="mso-footnote-id: ftn64;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[64]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: URL: http://www.mandelduck.com/sarutobi/
(accessed 09/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn65" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref65" name="_ftn65" style="mso-footnote-id: ftn65;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[65]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Avi Mizrahi (2016) Bitcoin Go!
AR Geocaching Game Takara Lets You Collect Counterparty Tokens, <i>FinanceMagnates</i>,
09/08/2016 09:54 GMT. URL: https://www.financemagnates.com/cryptocurrency/interview/bitcoin-go-geocaching-game-takara-lets-you-collect-counterparty-tokens/
(accessed 09/10/2018).<o:p></o:p></span></div>
</div>
<div id="ftn66" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref66" name="_ftn66" style="mso-footnote-id: ftn66;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[66]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Bitcoin faucet (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Bitcoin_faucet (accessed 01/10/2018 12:12 PM
AST).<o:p></o:p></span></div>
</div>
<div id="ftn67" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref67" name="_ftn67" style="mso-footnote-id: ftn67;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[67]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Bitcoin faucet (<i>BitcoinWiki </i>article).
URL: https://en.bitcoinwiki.org/wiki/Bitcoin_faucet (accessed 01/10/2018 12:27
PM AST).<o:p></o:p></span></div>
</div>
<div id="ftn68" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref68" name="_ftn68" style="mso-footnote-id: ftn68;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[68]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Bitcoin faucet (<i>BitcoinWiki </i>article).<o:p></o:p></span></div>
</div>
<div id="ftn69" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref69" name="_ftn69" style="mso-footnote-id: ftn69;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[69]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Top Ten Bitcoin Faucets, <i>99Bitcoin</i>s.
URL: https://99bitcoins.com/top-10-bitcoin-faucets/ (accessed 01/10/2018 12:12
PM AST).<o:p></o:p></span></div>
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<div id="ftn70" style="mso-element: footnote;">
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref70" name="_ftn70" style="mso-footnote-id: ftn70;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[70]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: David Trujillo Uribe (2018) 5
Best Bitcoin Faucets, <i>ToughNickel.com</i>. URL:
https://toughnickel.com/personal-finance/What-is-a-Bitcoin-Faucet-5-Best-Faucets
(accessed 01/10/2018).<o:p></o:p></span></div>
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<div id="ftn71" style="mso-element: footnote;">
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref71" name="_ftn71" style="mso-footnote-id: ftn71;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[71]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Mina Down (2018) Bitcoin
Faucets: The Good, the Bad, and the Ugly, <i>CoinMonks</i>, September 6, 2018.
URL:
https://medium.com/coinmonks/bitcoin-faucets-the-good-the-bad-and-the-ugly-a8687c2a2e72
(accessed 01/10/2018).<o:p></o:p></span></div>
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<div id="ftn72" style="mso-element: footnote;">
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref72" name="_ftn72" style="mso-footnote-id: ftn72;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[72]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Down (2018).<o:p></o:p></span></div>
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<div id="ftn73" style="mso-element: footnote;">
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref73" name="_ftn73" style="mso-footnote-id: ftn73;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[73]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 9.0pt;"> See: Down (2018).<o:p></o:p></span></div>
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</style>Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com0tag:blogger.com,1999:blog-3210933998341353221.post-4397703594207225402018-09-29T21:37:00.002-07:002018-09-29T21:37:32.631-07:00Ten Reasons to Buy Bitcoin
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<span style="font-family: Times; font-size: 12pt;">NJ Bridgewater</span></div>
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<span style="font-family: Times;">This article is also <a href="https://steemit.com/bitcoin/@njbridgewater/ten-reasons-to-buy-bitcoin" target="_blank">available on Steemit HERE</a> (September 24, 2018).</span></div>
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<span style="font-family: Times;"><br /></span></div>
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<span style="font-family: Times;">[<i>NOTE: This article is
not financial advice. The reader should consult a licensed financial advisor
before making investment decisions. All predictions within this article are
speculative and/or theoretical.</i>]<o:p></o:p></span></div>
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<br /></div>
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<b><span style="font-family: Times;">Introduction<o:p></o:p></span></b></div>
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<br /></div>
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<span style="font-family: Times;">Bitcoin is a cryptocurrency
– a revolutionary new asset class which allows for quick and easy transfer of
money and wealth from one individual to another. In other words, it is
peer-to-peer digital money. At the same time, Bitcoin is not <i>just</i> a form
of money. It is more than that—it is a store of value and a new digital gold
standard. Money, as I explained in my article entitled <span class="MsoHyperlink"><a href="https://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html">‘What
is Bitcoin’</a></span>, is an idea-meme. Money has value because we <i>believe</i>
it has value. But what makes <i>money</i> money? Why does it have value in the
first place? The key thing which distinguishes money from other asset classes
is that it is scarce and fungible. In other words, there has to be a limited
supply of money, and it has to be mutually interchangeable with other
denominations of itself. For example, gold can serve as money because it is
limited in supply and can be denominated in various coins and measures. I could
exchange two gold half sovereigns for one gold sovereign, for example, or I
could exchange one gold sovereign for another. I can weigh gold and determine
its value relative to its weight. Moreover, gold does not rust or deteriorate
over time, so it is a good long-term store of value. Modern-day currencies,
however, such as the United States dollar (USD), the Great British pound (GBP),
and the Euro (EUR), do not qualify as real money. Rather, they are referred to
as ‘fiat currencies.’ In other words, they are created by fiat, i.e. decree.
Most of the supply of these currencies is digital, meaning that they consist of
1s and 0s on a digital database, created out of thin air and with nothing to
back them up. Bitcoin is different. It <i>isn’t</i> a fiat currency. Instead,
it has a fixed supply of 21 million Bitcoins, which means that it is scarce, as
well as being immutable, fungible and inherently valuable. <o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: Times;">Here are ten of the main
reasons for buying Bitcoin.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
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<span style="font-family: Times;"><span style="mso-spacerun: yes;"><br /></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://steemitimages.com/0x0/https://cdn.steemitimages.com/DQmcj54uG5M4Vvp8KPQA4qbiKkyNEf6S9hk3DRpfPBtoy2w/Blockchain-.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="500" data-original-width="800" height="200" src="https://steemitimages.com/0x0/https://cdn.steemitimages.com/DQmcj54uG5M4Vvp8KPQA4qbiKkyNEf6S9hk3DRpfPBtoy2w/Blockchain-.jpg" width="320" /></a></div>
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<br /></div>
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<b><span style="font-family: Times;">1. Bitcoin is
peer-to-peer digital money<o:p></o:p></span></b></div>
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<br /></div>
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<span style="font-family: Times;">Bitcoin is the first truly
peer-to-peer (p2p) money system. Bitcoin was invented by the pseudonymous
Satoshi Nakamoto in 2008, when he released his whitepaper, entitled <i>Bitcoin:
A Peer-to-Peer Electronic Cash System</i>. This should not be misunderstood.
Bitcoin is not merely a new payment system, or just a form of electronic cash.
That would make Bitcoin no more unique or valuable than the United States
dollar, which is also a form of electronic cash. Digital payment systems such
as PayPal or VISA already exist. So, what is the unique feature which Bitcoin
possesses? Bitcoin, in contrast to PayPal, VISA or USD, is “based on
cryptographic proof instead of trust, allowing any two willing parties to
transact directly with each other without the need for a trusted third party.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[1]</span></span><!--[endif]--></span></span></a>
While PayPal and VISA transactions can potentially be reversed, Bitcoin
transactions are completely irreversible, protecting users from fraud.
Moreover, Bitcoin solves the double-spending problem, in which the same digital
cash is spent twice, by using “a peer-to-peer distributed timestamp server”
which generates “computational proof of the chronological order of
transactions.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn2" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[2]</span></span><!--[endif]--></span></span></a> In other words, Bitcoin
cannot be spent twice because all transactions are immutably recorded on the
blockchain, which is a distributed ledger. Since every node on the Bitcoin
network has a copy of the blockchain, all transactions can be verified,
ensuring that no fraud or double spending occurs. This also ensures that new
Bitcoins cannot simply be created out of thin air, fraudulently. In other
words, Bitcoin functions as a form of digital gold, as gold, like Bitcoin, has
a fixed and limited supply, which we will explain further below. A word of
caution, however. We should not take the use of the term ‘electronic cash’ to
mean that Bitcoin is literally a payment system, and nothing more. This is the
mistake of Bitcoin Cash enthusiasts, who fundamentally misunderstand the intent
of the Bitcoin whitepaper. Rather, as Satoshi himself explained in 2010,
Bitcoin is more properly understood as being “more like a collectible or
commodity.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn3" name="_ftnref3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[3]</span></span><!--[endif]--></span></span></a> More on that below.<o:p></o:p></span></div>
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<b><span style="font-family: Times;">2. Bitcoin is scarce and
limited<o:p></o:p></span></b></div>
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<br /></div>
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<span style="font-family: Times;">Following on from what we
have said about Bitcoin as electronic cash, let us consider what Bitcoin
actually is. Is it merely a digital payment system, like PayPal, or is it
something more? As Satoshi Nakamoto himself affirms, “Bitcoin is an
implementation of Wei Dai‘s b-money proposal on Cypherpunks in 1998 and Nick
Szabo’s Bitgold proposal.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn4" name="_ftnref4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[4]</span></span><!--[endif]--></span></span></a> In
other words, Bitcoin is a direct implementation or realization of Nick Szabo’s
Bitgold. So, how does Nick Szabo explain the whole Bitgold concept? He
describes it as “a protocol whereby unforgeably costly bits could be created
online with minimal dependence on trusted third parties, and then securely
stored, transferred, and assayed with similar minimal trust.” In other words,
Bitcoin is analogous to “precious metals and collectibles” in that they have
“an unforgeable scarcity due to the costliness of their creation”, while
removing the main problem that gold and silver face, which is the costliness of
repeatedly assaying metals for common transactions, and the difficulty of
transporting gold over long distances.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn5" name="_ftnref5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[5]</span></span><!--[endif]--></span></span></a>
One can thus have the benefits of gold, i.e. a consistent store of value, while
also transferring value from one party to another over great distances and
without any intermediary, i.e. peer-to-peer electronic cash. The concept of
‘electronic cash’, therefore, must be understood within this context. The main
proponents of Bitcoin Cash (BCH), commonly called ‘Bcash’, which is a hard fork
of the Bitcoin blockchain, fail to understand the original motive and purpose
behind Bitcoin. <o:p></o:p></span></div>
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<span style="font-family: Times;">Bitcoin is extremely limited
and scarce. There will only ever be 21 million BTC. Why is that? Because, every
four years, or thereabouts, the difficulty of generating new Bitcoins doubles,
and will continue to do so, until eventually no new Bitcoins can be created.
This allows for a minimal inflation in the supply of Bitcoin, until the last
BTC is generated, by which time, if Bitcoin still exists, its value will be
worth millions of dollars by today’s standards.<span style="mso-spacerun: yes;">
</span>How are Bitcoins created? As I explained in my article, <span class="MsoHyperlink"><a href="https://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html">‘What
is Bitcoin’</a></span>: “This is how it works: a block of Bitcoin transactions
is chosen from the list of all currently-pending transactions, called the
‘mempool’. These are recorded into the distributed ledger, consisting of an
ever-growing number of blocks, collectively called the ‘blockchain’, with a new
block being created roughly every 10 minutes. The integrity of this system is
maintained via Proof of Work (PoW) hashing. Bitcoin miners must unlock a
cryptographic puzzle called a ‘hash’, with each new correctly-hashed block
releasing a pre-determined number of newly-created Bitcoins.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn6" name="_ftnref6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[6]</span></span><!--[endif]--></span></span></a>
The cost of mining 1 BTC can be calculated based on the computing power used
and the amount of electricity used to unlock this cryptographic puzzle. This
varies widely from one country to another, based on the relative electricity
costs in each country. As of March 2018, for example, it costs as little as
$3,172 USD to mine a Bitcoin in Saudi Arabia, $4,758 in the United States,
$8,402 in the United Kingdom, and as much as $26,170 in South Korea.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn7" name="_ftnref7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[7]</span></span><!--[endif]--></span></span></a>
This was calculated at a time when Bitcoin was valued at $11,332 USD.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn8" name="_ftnref8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[8]</span></span><!--[endif]--></span></span></a>
With one Bitcoin currently worth around $6,700 USD,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn9" name="_ftnref9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[9]</span></span><!--[endif]--></span></span></a> it
would be profitable to mine Bitcoin is some countries, but not in others. The
inherent value of Bitcoin may be determined based on the cost of creating one
Bitcoin. This could also factor in addition costs, such as hardware, premises,
etc. This is in line with the economist David Ricardo’s argument that “the
value of a commodity, or the quantity of any other commodity for which it will
exchange, depends on the relative quantity of labour which is necessary for its
production...”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn10" name="_ftnref10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[10]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
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<div class="MsoNormal">
<b><span style="font-family: Times;">3. Bitcoin is valuable
due to the network effect<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Bitcoin’s value, as we
learned in point 2 above, can be calculated based on the amount of energy used
to create Bitcoin. This makes Bitcoin a valuable commodity, like gold, which
has, Ricardo argues, “an intrinsic value, which is not arbitrary, but is
dependent on their scarcity, the quantity of labour bestowed in procuring them,
and the value of the capital employed in the mines which produce them.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn11" name="_ftnref11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[11]</span></span><!--[endif]--></span></span></a>
To this may be added an even newer concept: Metcalfe’s law, developed by Robert
Melancton Metcalf (b. 1946), which states that the effect of a
telecommunications network is proportional to the square of the number of
connected users in the system.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn12" name="_ftnref12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[12]</span></span><!--[endif]--></span></span></a>
The example may be given of a fax machine. A single fax machine is useless,
and, therefore, its value is extremely low, since it cannot be connected to
other fax machines. If there were only 1 Bitcoin in the world, and 1 Bitcoin
full node, which contained 1 copy of the Bitcoin blockchain, then the value of
1 Bitcoin would be virtually $0.00. This is rather similar to how Bitcoin
sceptics regard the value of Bitcoin. Since they regard Bitcoin as an arbitrary
creation, a sort of ‘magical internet money’, they see the value as being
arbitrary. Quite often, they characterize Bitcoin as a Ponzi scheme. A Ponzi
scheme involves the collection of money solely by recruiting more people into
the Ponzi scheme, until no new users are recruited and the whole system
collapses. Another way they criticise Bitcoin is by comparing it to the tulip
mania which occurred during the Dutch golden age, finally collapsing in
February 1637, or the South Sea Bubble, in which the value of stock in the
South Sea Company peaked in 1720 before collapsing to little above its
flotation price. None of these comparisons are apt, however, as they do not
take three factors into consideration: the essential or intrinsic value of
Bitcoin, the network effect, and the nature of sound money. <o:p></o:p></span></div>
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<span style="font-family: Times;">The intrinsic value of
Bitcoin is strongly related to the network effect. As we have already
mentioned, Bitcoin takes a considerable investment to create, and that
investment is tied into the maintenance of the network, as the Bitcoin
blockchain is maintained and verified by thousands of full nodes distributed
across the planet. Bitcoin miners verify the blockchain while be financially
incentivized through the creation of new Bitcoins. This is a self-perpetuating system—even
with the existing Bitcoin user base, Bitcoin’s value can be maintained. In
other words, while the value of Bitcoin does increase when its user-base
increases, it does not rely for its value on the constant recruitment of new
users. In other words, it cannot be classified as a Ponzi scheme. As for
tulip-mania, again the analogy is inapt. First of all, tulip-mania is largely a
myth. It did not result in the wholesale destruction of the economy, as
suggested by the story, and it did not really affect all levels of society.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn13" name="_ftnref13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[13]</span></span><!--[endif]--></span></span></a>
It was merely a minor speculative bubble. Every commodity or asset class is
subject to speculative bubbles. Gold prices, for example, used to be based on
the gold standard, with gold being fixed at $35 per ounce. When America went off
the gold standard in 1973, gold became a speculative asset, reaching an
all-time-high (ATH) of $1,895 on September 5, 2011.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn14" name="_ftnref14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[14]</span></span><!--[endif]--></span></span></a>
As of September 23, 2018, the price of gold is $1,202 USD.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn15" name="_ftnref15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[15]</span></span><!--[endif]--></span></span></a> These
facts negate the argument of Ray Dalio, founder of Bridgewater Associates, the
world’s largest hedge fund, who argues that Bitcoin is “not an effective store
of wealth”, since “it has volatility to it, unlike gold.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn16" name="_ftnref16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[16]</span></span><!--[endif]--></span></span></a>
It is clear that gold has volatility, but it also has inherent value, just as
Bitcoin does. All commodities, regardless of their relative utility as stores
of value (SoV), are subject to speculation. Has the rise in the price of gold
been the result of ‘a bubble’? Perhaps. But that does not negate the underlying
value of gold, which is related to its scarcity and immutability. The value of
Bitcoin, likewise, is based on scarcity and immutability, as well as Metcalfe’s
law. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Economists, bankers and
other critics who hold that Bitcoin has no essential value mostly belong to the
generation before the internet. When the World Wide Web was launched by British
scientist Tim Berners-Lee in 1989, a new, digital world emerged.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn17" name="_ftnref17" style="mso-footnote-id: ftn17;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[17]</span></span><!--[endif]--></span></span></a><span style="mso-spacerun: yes;"> </span>Robert Metcalfe originally used his law to
calculate the value of Ethernet—his own creation—which was a widely used
local-area network (LAN) launched by Xerox PARC in 1973, and it is still used
today.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn18" name="_ftnref18" style="mso-footnote-id: ftn18;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[18]</span></span><!--[endif]--></span></span></a>
Metcalfe’s original law was based on the square of the number of users, as it
was based on the idea that the value of a network grows in proportion to the
number of all possible connections, assuming all nodes can connect with each
other.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn19" name="_ftnref19" style="mso-footnote-id: ftn19;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[19]</span></span><!--[endif]--></span></span></a>
Wheatley argues that this should be adjusted and updated, as, in reality, if N
is 1 million, the average user only connects to 10,000 other users. The number
of active Bitcoin users would therefore be an exponent of 1.69, rather than
Metcalfe’s original exponent of 2.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn20" name="_ftnref20" style="mso-footnote-id: ftn20;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[20]</span></span><!--[endif]--></span></span></a>
Haoski uses 1.59. He calculates that, as of 2018–05–22, the value of 1 BTC
according to Metcalfe’s law would be $2700 USD. However, this is just one
factor in determining the real or intrinsic value of Bitcoin, and does not take
account of Ricardo’s ‘labor theory of value’, which argues that the value of a
commodity is equivalent to the labour required to produce the raw materials and
the machinery used in the process,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn21" name="_ftnref21" style="mso-footnote-id: ftn21;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[21]</span></span><!--[endif]--></span></span></a>
i.e. the cost of mining 1 BTC, including both hardware and electricity costs.
In either case, however, Bitcoin has an intrinsic value, and the intrinsic of
Bitcoin is well above zero, thus refuting the arguments of Bitcoin critics who
see it as mere ‘magic internet money’. Bitcoin’s value is economically
determined, being based on tangible economic factors. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">4. Bitcoin is divisible
to 100 million parts<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Here again, Bitcoin differs
from gold quite significantly. Gold is a metal, and, as such, can be divided
into smaller and small parts, down to the atomic level. However, human beings
can only cope with measures which are visible, easily weighed, and portable. As
such, gold is usually divided into various manageable divisions, including
coins and bars. In Britain, for example, there is a half sovereign, which used
to be equivalent to half a pound sterling, ten shillings of 120 old pence,
being currently worth slightly more than melt value, i.e. around £130 GBP.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn22" name="_ftnref22" style="mso-footnote-id: ftn22;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[22]</span></span><!--[endif]--></span></span></a>
The British sovereign was originally worth one pound sterling, being struck
from 1817 until present.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn23" name="_ftnref23" style="mso-footnote-id: ftn23;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[23]</span></span><!--[endif]--></span></span></a> Using
gold sovereigns and half sovereigns is all well and good, of course, unless you
want to buy items which are less than £130 in value. And what if you want to
buy items worth more than a single sovereign, let’s say, £10,000 or more? Would
you use gold sovereigns, which are worth about £197.61 each?<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn24" name="_ftnref24" style="mso-footnote-id: ftn24;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[24]</span></span><!--[endif]--></span></span></a>
If so, you would need about 50 coins, or 51 just to make up the amount. One
gold sovereign weighs about 7.98 grams. 7.98 grams x 51 = 406.98g, or about
0.89723 pounds of gold. This must then be carried, and is at risk of being
stolen, lost or confiscated by authorities. Bitcoin, in contrast, can be sent anywhere
in the world at a relatively low cost, without any chance of being confiscated,
lost or stolen along the way. Furthermore, each Bitcoin can be divided into 100
million parts, meaning that one does not have to waver between 50 or 51 coins.
Rather, Bitcoin is divisible into 100 million Satoshis, allowing for
transactions of any size. For more on the difference between Bitcoin and gold,
see my article, <span class="MsoHyperlink"><a href="https://blog.digitexfutures.com/cryptocurrency/bitcoin-vs-gold-a-comparison/">‘Bitcoin
vs. Gold: A Comparison’</a></span>.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn25" name="_ftnref25" style="mso-footnote-id: ftn25;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[25]</span></span><!--[endif]--></span></span></a> <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">The divisibility of Bitcoin
brings up another interesting question: are there enough Bitcoins for everyone
on Earth? Many people, when first encountering Bitcoin, are depressed to find
that they cannot afford a single Bitcoin, at least since it reached $1,000 in
value, and its current floor of $6,000. But that’s beside the point. The point
is, how much Bitcoin do you want? Not everyone can afford one Bitcoin, of
course, since there are only 21 million that will ever be created. In fact, by
the year 2140 CE, some 122 years in the future, there will be 20,999,999.9769
BTC in circulation,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn26" name="_ftnref26" style="mso-footnote-id: ftn26;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[26]</span></span><!--[endif]--></span></span></a>
not counting the vast amounts that have been lost when people lost hard-drives
or private keys, and not taking account of the large amount of Bitcoins owned
by Satoshi Nakamoto himself, which have not been touched or moved in years
(these will probably be lost forever). Gill (2017) calculates that there will
be 16 billion people on Earth by 2140, with about 2 billion Bitcoin wallets in
use; and each Bitcoin can be divided into 100 million parts (called Satoshis),
resulting in a total supply of 2 quadrillion Satoshis.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn27" name="_ftnref27" style="mso-footnote-id: ftn27;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[27]</span></span><!--[endif]--></span></span></a>
He calculates, therefore, that the average person will be able to own about
131,250 Satoshis.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn28" name="_ftnref28" style="mso-footnote-id: ftn28;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[28]</span></span><!--[endif]--></span></span></a> <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Is that quite enough for
everyday usage? Well, what will one Bitcoin be worth in 2140? The total value
of all the world’s easily accessible money is about $36.8 trillion USD,
including coins, banknotes and checking deposits, with the total value of the
world’s money being about $90.4 trillion USD, including the above plus money
market accounts, savings accounts and time deposits.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn29" name="_ftnref29" style="mso-footnote-id: ftn29;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[29]</span></span><!--[endif]--></span></span></a><span style="mso-spacerun: yes;"> </span>If we count derivates and other investments,
the amount is much higher, but let’s just stick to that moderate amount. $90.4
trillion divided by 21 million BTC gives us a rough figure of $4,304,761.90 USD
per BTC in today’s values. To put that into perspective, Jeff Bezos, the
richest man on the planet, with $112 billion USD,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn30" name="_ftnref30" style="mso-footnote-id: ftn30;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[30]</span></span><!--[endif]--></span></span></a>
would only be able to afford 26,017.69 BTC. And this is assuming that there
will be 21 million BTC available. Roughly 4 million BTC have been lost forever,
further increasing the value of each Bitcoin due to deflation.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn31" name="_ftnref31" style="mso-footnote-id: ftn31;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[31]</span></span><!--[endif]--></span></span></a> The
United Nations projects that the world population will increase to about 11.2
billion by the year 2100 CE,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn32" name="_ftnref32" style="mso-footnote-id: ftn32;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[32]</span></span><!--[endif]--></span></span></a>
with a medium estimate of 8.494 billion by 2150, a high estimate of 16.722
billion and a low estimate of 3.921 billion.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn33" name="_ftnref33" style="mso-footnote-id: ftn33;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[33]</span></span><!--[endif]--></span></span></a>
This all depends, of course, on whether the birth rate slows down or not, which
is a matter for debate. Gill seems to have been using the high end of this
spectrum. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">In addition to population
size, we also have to consider economic growth. This must take into
consideration the World Gross Domestic Product (GDP), also called the Gross
World Product (GWP), which was $127 trillion USD in terms of purchasing power
parity (PPP) in 2017 (using 2017 dollars).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn34" name="_ftnref34" style="mso-footnote-id: ftn34;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[34]</span></span><!--[endif]--></span></span></a>
Robert H. Samet (2009) estimates that this will increase to $150 trillion USD
by 2050 (in 2000 dollars), $225 trillion by 2100 and $320 trillion in 2150. In
other words, the world’s gross domestic product will be two and a half times
greater than present.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn35" name="_ftnref35" style="mso-footnote-id: ftn35;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[35]</span></span><!--[endif]--></span></span></a> Assuming
a money supply of $320 trillion, and a population of, let’s say, 9 billion in
2150, we’d have about $15,238,095.23 USD per BTC, with a supply of 21 million
BTC, or $18,823,529.41 USD per BTC, with each Satoshi being worth roughly
$0.188235 USD according to the latter projection. Each of the 9 billion people
on Earth could have roughly 188,888.88 Satoshis, worth about $35,555.50 USD,
equally divided. This would never happen, of course, as the Pareto principle
(80/20 rule) ensures that the top 20% of society always controls 80% of the
wealth, and this only accounts for the money supply, and not all the wealth in
the world, derivatives, gold, land, etc.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn36" name="_ftnref36" style="mso-footnote-id: ftn36;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[36]</span></span><!--[endif]--></span></span></a>
In real terms, I wouldn’t be surprised if each Bitcoin were worth the value of
$100 million USD or more. Moreover, these calculations also don’t take into
account the Bitcoin standard hypothesis, proposed by Saifedean Ammous (see
Reason 9 below).<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">5. Bitcoin is sound
money, which increases in value<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">What is sound money? Sound
money may be defined as money the value of which is independent of government
control and is, rather, determined by the market. Money under a gold standard,
for example, may be classed as sound money, as the value of gold fluctuates on
the market, and is determined by supply and demand. Bitcoin is a perfect
example of sound money. The value of Bitcoin, as we have already established, is
decided by the market. As supply decreases and demand rises, the value of
Bitcoin continues to rise. This can result in speculative bubbles and price
crashes, but such fluctuations do not account for the steady rise in the value
of Bitcoin over time, which is due to these twin factors—a slowing rate of
supply and an increasing demand for Bitcoin. Since the price of Bitcoin
fluctuates on the market, we can say that it has a perceived value. I have
already mentioned the fact that money is an idea-meme, as defined by Richard
Dawkins. In other words, money is an idea which we transmit from person-to-person
and perpetuate through culture and society. It is something deeply rooted in
the human psyche, and it has been an important part of the human consciousness
since the earliest origins of humanity. This is a topic that I discuss at
length in my four-part article entitled <span class="MsoHyperlink"><a href="https://nicholasjames19.blogspot.com/2018/07/the-origins-of-wealth-part-1-of-4.html">‘The
Origins of Wealth’</a></span>.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn37" name="_ftnref37" style="mso-footnote-id: ftn37;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[37]</span></span><!--[endif]--></span></span></a> <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">The USD price of Bitcoin,
therefore, depends on fluctuations in market sentiment. When the cryptocurrency
market is bullish, Bitcoin goes on a bull run and sharply increases in value.
This leads a large number of investors to sell their Bitcoins for fiat
currency, in order to take gains from their investment, resulting in a sharp
decline in price. This is followed by a bear market, which is a natural part of
the market cycle. Yet again, another bull market comes along, and the value of
Bitcoin increases yet again. The cycle repeats itself, again and again, and has
been doing so since at least 2010. The smaller the cryptocurrency market, the
greater the volatility in the price of Bitcoin. As the market grows in size,
however, and achieves a greater equilibrium, price fluctuations will become
much smaller, and the value of Bitcoin will begin to rise steadily as it becomes
adopted by more and more banks, institutions, nations and investors. Since
Bitcoin is the hardest money there is—real ‘sound money’, in contrast to the
USD, GBP, EUR etc.—it is an excellent hedge against inflation. Inflation is
government manipulation of the money supply (see Reason 8 below). Sound money
allows the individual to put his or her wealth into a more secure store of
value, which will beat inflation and continue growing independent of government
control or censure. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">6. Bitcoin is decentralized
and has no leadership<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">In line with Bitcoin’s
nature as sound money, it has no leadership. There is no central authority
which brings Bitcoin into existence. Indeed, as Satoshi Nakamoto himself wrote:
“The nature of Bitcoin is such that once version 0.1 was released, the core
design was set in stone for the rest of its lifetime.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn38" name="_ftnref38" style="mso-footnote-id: ftn38;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[38]</span></span><!--[endif]--></span></span></a> In
other words, the core design of Bitcoin is set in stone and it is incredibly
difficult to change anything about the Bitcoin blockchain. This is evidenced by
the almost-universally-acknowledged failure of the Bitcoin Cash (BCH) fork,
which occurred on 1 August 2017, resulting in the creation of a new
cryptocurrency called Bitcoin Cash (BCH). Bitcoin Cash was based on the idea
that the block size of Bitcoin had to be increased in order to make the base
layer quicker and more efficient for day-to-day transactions. In other words,
the purpose of BCH was to ensure that it would always be easy and cheap to buy
a cup of coffee or a stick of gum using the Bitcoin blockchain. This is based
on a fundamental misunderstanding of the economics behind Bitcoin. Roger Ver,
and others, interpreted the whitepaper’s mention of “peer-to-peer electronic
cash” literally, ignoring the fact that it a direct implementation of Nick
Szabo’s Bit gold proposal, which called for the creation of a new digital gold
standard, rather than a super-efficient base-layer payment system. If Bitcoin’s
purpose is to make it easy to make electronic payments, then it has already
been defeated by PayPal and VISA. Rather, Bitcoin’s essential use case is as
sound money and a store of value. For this to be possible, it must be extremely
difficult to change the Bitcoin protocol, so there mustn’t be any form of
leadership of the community. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Bitcoin thus stands in contrast
to BCH, which is led by a few individuals (including Roger Ver), XRP, which is
led by the Ripple Foundation, ETH, which is led by Vitalik Buterin, Cardano
(ADA), which is led by Charles Hoskinson, LTC, which is led by Charlie Lee,
NEO, which is led by Da Hong Fei, and Tron (TRX), which is led by Justin Sun.
Only a truly decentralized, leaderless cryptocurrency can represent truly sound
money. And this is only possible with Bitcoin. Why? Because Bitcoin arose and grew
out of obscurity before all the other cryptocurrencies. It grew organically,
over a period of about 10 years, from a small community of Cypherpunks, to
millions of users today. No such project could get off the ground now, without
having an ICO (Initial Coin Offering), TGE (Token Generation Event), or other
regulated and organized fundraising project, set in motion by a centralized
group, company or foundation, resulting in a lack of decentralization. Bitcoin,
in other words, is a unique cryptocurrency—one which cannot be replaced by anything
like it. Bitcoin Cash is a prime example of the impossibility of replacing
Bitcoin, as BCH lacks the essential component of decentralization which makes
Bitcoin unique. As Nick Szabo, the original creator of the Bit gold concept
(and thus of the Bitcoin idea itself) wrote: ““Bitcoin Cash” is centralized
sock puppetry.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn39" name="_ftnref39" style="mso-footnote-id: ftn39;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[39]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">The secret to Bitcoin’s
success, Nick Szabo argues, is not its scalability. Bitcoin Cash is an alleged
attempt to provide scalability by increasing the block size. Roger Ver and
Jihan Wu’s attempt to scale Bitcoin in this way represents a misunderstanding
of the purpose and philosophy behind Bitcoin. Rather, Nick Szabo informs us,
“the secret to Bitcoin’s success is that its prolific resource consumption and
poor computational scalability is buying something even more valuable: social
scalability.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn40" name="_ftnref40" style="mso-footnote-id: ftn40;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[40]</span></span><!--[endif]--></span></span></a> He describes “social
scalability” as being about how individuals’ and participants’ behaviours are
constrained or motivated. Bitcoin provides social scalability “via trust
minimization: reducing vulnerability to counterparties and third parties alike.
By substituting computationally expensive but automated security for
computationally cheap but institutionally expensive traditional security,
Satoshi gained a nice increase in social scalability.” The most distinctive
characteristics of Bitcoin which he highlights are: “independence from existing
institutions for its basic operations, and ability to operate seamlessly across
borders”. Bitcoin thus sacrifices computational scalability for social scalability,
“sacrificing performance in order to achieve the security necessary for
independent, seamlessly global, and automated integrity.” This means that it
cannot achieve VISA-like transactions on the blockchain-layer, but it can do so
via secondary layers and payment services, which operate as “a less
trust-minimized peripheral payment network (possibly Lightning).”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn41" name="_ftnref41" style="mso-footnote-id: ftn41;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[41]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">7. Bitcoin is
censorship-resistant<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">This has already been
mentioned and referred to above, especially in Nick Szabo’s comments regarding
trustlessness and decentralization. Data integrity, Szabo informs us, is
achieved via the blockchain—via computer science, rather than reliance on
traditional law enforcement, e.g. calling the cops. Here, censorship resistance
means that Bitcoin can be used as a means of transferring wealth and value on a
peer-to-peer basis, without the control of any government body. Traditional
financial institutions, banks and governments can control access to your funds.
They can freeze your bank account. They can deduct taxes without your consent.
They can take a portion of your income and forcibly give it to your ex-wife or
ex-husband. An oppressive government can devalue or debase the currency,
reducing your hard-earned savings to a fraction of their original value. They
can prevent you from sending money to countries which are under government
sanctions. Bank accounts can be frozen, preventing access to your money. Perhaps
you criticise the government, and the government decides that you are now a
threat to national security. You could be labelled a terrorist or rebel, and
your bank accounts and assets could be frozen, confiscated or appropriated by
the government. This isn’t isolated to tin-pot dictators and tyrants. On the
contrary, one day in 2013, Cypriots woke up to find that their bank accounts
had been raided by the government due to a “one-off levy” as part of a €10
billion bailout deal agreed with the European Union and other international
leaders.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn42" name="_ftnref42" style="mso-footnote-id: ftn42;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[42]</span></span><!--[endif]--></span></span></a> Imagine that the
government decides that they need your money rather more than you do, and
decides to confiscate a portion of it. How would you feel if they did this to <i>you</i>?<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">With Bitcoin, such a thing
is impossible. As long as you hold control of your private keys, you control
your Bitcoin. You can send it to anyone, anywhere in the world, in a matter of
minutes, without any bank or government intervening. You can bypass sanctions,
send money to political dissidents, or otherwise evade government and legal
restrictions. A government might have an oppressive tax regime, for example.
Imagine if the economy were on the brink of collapse, and the government
decided that it wanted to tax everyone at a rate of 90%. You could put all of
your wealth into Bitcoin, hide your private key, or memorize it and destroy any
physical copies, and your wealth would be secure from confiscation. What if the
regime in your country collapses, or your country devolves into civil war, like
Syria? What then? You could, again, put all of your wealth into Bitcoin,
memorize the private key, or put it onto a USB storage device (e.g. LedgerNano,
TREZOR), paper wallet, etc. and flee the country with your wealth secure. You
couldn’t do this with traditional fiat currencies, as these require banks and
infrastructure. Nor could you do it with gold or silver, which would likely be
lost or stolen along the way. With Bitcoin, you could simply memorize your
private key and carry all your wealth with you, stored securely on the
blockchain. These are all hypothetical scenarios and thought experiments, of
course, and not financial or legal advice. Another famous example is Wikileaks,
which began to accept donations in Bitcoin back in 2011, amassing more than 4,025
Bitcoins (worth $26.6 million USD).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn43" name="_ftnref43" style="mso-footnote-id: ftn43;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[43]</span></span><!--[endif]--></span></span></a>
The Pirate Bay, likewise, began accepting Bitcoin donations back in 2013,
raising 10 BTC in little more than a single day (then worth about $1,300 USD).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn44" name="_ftnref44" style="mso-footnote-id: ftn44;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[44]</span></span><!--[endif]--></span></span></a>
Similar censorship-resistant projects will benefit from being able to use BTC
in the future. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">8. Bitcoin prevents
inflation and government debt<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Now we come to the heart of
the economic question—inflation and debt. We live in a fortunate era in many
respects, but also unfortunate in some respects, such as the lack of sound
money. Most (if not all) governments around the world use a system of fiat
currency, or money created by decree. The value of a USD is based solely on
trust and confidence in the United States government and its ability to pay its
debts. Of course, the US government can always pay its debts, because it can
simply print more dollars to pay those debts, thus inflating the money supply.
The more USD in circulation, the greater the rate of inflation. Inflation may
be described as a form of hidden taxation, in that it reduces the purchasing
power of each individual without overtly forcing them to give more money to the
government through overt taxation. Thus, you may think you have the same amount
of money, but the amount of things you can purchase with that money decreases
day-by-day, until the value of $1 is only a fraction of what it used to be.
This is a point that I make in my article, <span class="MsoHyperlink"><a href="https://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html">‘What
is Bitcoin’</a></span>:<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: 36.0pt;">
<span style="font-family: Times;">“There
are several ways of measuring the total money supply. M1 is a metric used to
refer to all the paper money and coins of a currency, as well as all the
checking accounts, demand deposits and negotiable order of withdrawal (NOW)
accounts. M2 is a wider metric used to include everything in M1 plus savings
account deposits and money market account deposits. In February 2015, the total
M1 money supply in the United States was $2.9882 trillion USD. That’s
2,988,200,000,000 U.S. dollars! In late 2016, the supply of U.S. dollars
increased dramatically, at a 46-month high of 11.2%. As of October 2017, the
total M1 money supply in the United States had reached 3.5947 trillion U.S.
dollars! What do you think that does to the value of your savings? It is
decimating to them! How much does it cost to create these trillions of dollars?
Surprisingly little. Paper money costs hardly anything. $1 and $2 notes cost
4.9 cents to make, $5 notes cost 10.9 cents, $10 notes cost 10.3 cents, $20 and
$50 notes cost 10.5 cents and $100 notes cost 12.3 cents. However, this
includes only the printed/minted money supply. As of 2017, that amounts to
$1.59 trillion USD, of which $1.55 trillion USD is Federal Reserve notes, i.e.
paper money. Wait a minute! That’s $1.59 trillion out of $3.5947 trillion USD.
That’s a huge discrepancy! Here’s the rub: most U.S. dollars are 100% digital.
How much does it cost to produce them? Nothing. U.S. dollars are, for the most
part, created out of thin air and exist as nothing other than debt. Fiat
currency = debt.”<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Inflation, therefore, is an
inevitability. As governments increase spending over time, and as more and more
money is needed to service existing government debt, inflation will continue to
eat away at your savings. By putting money in the bank, i.e. fiat currency, you
are automatically committing your savings to gradual decimation and reduction.
Even if the bank account has an interest rate of 1% or 2%, how will that make
any difference if the rate of inflation is 3% or 5%? As of financial year (FY)
2018, the US federal government debt amounts to $21.48 trillion USD,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn45" name="_ftnref45" style="mso-footnote-id: ftn45;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[45]</span></span><!--[endif]--></span></span></a>
which is an amount that can never be reasonably paid back. The only way it can
ever be paid back would be through a massive increase in the money supply,
resulting in massive inflation. At the moment, all that is being done is
successive governments pushing the problem down the road for future generations
to deal with. The situation in the United Kingdom is not much better, with the
national debt amounting to £1.78 trillion GBP, which is 86.58% of total GDP,
with the annual cost of servicing the debt standing at £48 billion GBP.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn46" name="_ftnref46" style="mso-footnote-id: ftn46;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[46]</span></span><!--[endif]--></span></span></a> <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Where does all of this lead?
There are only two possibilities. Eventually, governments may decide to default
on their debts, or there will be periods of hyperinflation, as seen in the
Weimar Republic in Germany, modern-day Venezuela, and Zimbabwe. In the case of
social security and healthcare provision, governments are between a rock and a
hard place. The US government has borrowed heavily from the Social Security
trust fund and the Medicare trust fund, issuing non-marketable IOUs in return.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn47" name="_ftnref47" style="mso-footnote-id: ftn47;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[47]</span></span><!--[endif]--></span></span></a>
There are cost-of-living escalators built into Social Security payments,
preventing simple inflation as a method of paying out on these debts.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn48" name="_ftnref48" style="mso-footnote-id: ftn48;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[48]</span></span><!--[endif]--></span></span></a>
Whatever happens, there will eventually be a severe debt-related economic
crisis that upends the existing financial order, making existing fiat
currencies incredibly volatile and potentially worthless. Bitcoin is a hedge
against economic crises, as it is essentially deflationary and increases in
value over time, while fiat currencies do the opposite. Bitcoin is, therefore,
a safeguard against inflation. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">9. The future economic
system will be based on a Bitcoin standard<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">The inevitable economic
crises that will shake the world over the current century will lead to a
reassessment of the current economic world order. Just as we moved from
seashells to precious metals, and from a gold standard to fiat currencies,
including paper and digital cash, the next inevitable stage in the development
of money is the adoption of a cryptocurrency standard. For the reasons already
mentioned above, i.e. network effect, immutability, decentralization, scarcity,
trustlessness, and fungibility, that standard has to be Bitcoin. Bitcoin will
be, in other words, the new digital gold standard for the world financial
order. How will this work, given that Bitcoin, as Nick Szabo admits, has
sacrificed computational scalability for social scalability? Bitcoin has a
capacity, at the moment, to verify some 350,000 transactions per day, which is,
Saifedean Ammous informs us, sufficient to allow for the existence of a global
network of 850 banks which can each have one daily transaction with every other
bank on the network.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn49" name="_ftnref49" style="mso-footnote-id: ftn49;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[49]</span></span><!--[endif]--></span></span></a>
In other words, Bitcoin would function as a global settlement layer, in much
the same way that gold used to do during the Gilded Age. Wait a minute, though,
you might protest, isn’t the whole point of Bitcoin to <i>get rid</i> of
central banks? Isn’t the point to allow individuals to make peer-to-peer
transactions on their own? That is correct. Bitcoin is a censorship-resistant
peer-to-peer digital store of value and sound money. There’s nothing to stop
individuals from owning Bitcoin and using it directly. That will always be
possible. One would imagine that people will own fractions of a Bitcoin as a
personal savings account, and it will still be used directly for major
purchases, such as buying a house, dowry/bride price for a wedding, investment
in a trust fund, paying for college, etc. Financial institutions would also no
doubt use Bitcoin in ETFs and hedge funds. Nevertheless, are you going to use
it directly to buy coffee with? Probably not. Due to high demand for Bitcoin,
direct transactions might take several minutes and cost a few dollars, so it
wouldn’t really be worth it to use the blockchain for direct transactions.
Bitcoin Cash (BCH) seeks to address this issue by endlessly increasing the
block size, but it misses the point entirely. NOBODY needs or wants to use
Bitcoin to buy coffee. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">As Nick Szabo informs us,
from the very beginning, when he made his Bitgold proposal (which was directly
implemented as Bitcoin according to Satoshi Nakamoto himself), he foresaw that
two layers would be needed—a basic settlement layer, and a slightly
less-trustless payment layer. In other words, the blockchain would be used for
settling accounts while the payment system would be used for everyday
transactions. This secondary layer of Bitcoin, called the Lightning Network
(LN), is currently under development and is already being used in Bern,
Switzerland. energyKitchen, which is located in Switzerland’s capital, has
begun offering coffee, drinks and food using both Bitcoin and the Lightning
Network (LN) as payment methods,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn50" name="_ftnref50" style="mso-footnote-id: ftn50;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[50]</span></span><!--[endif]--></span></span></a>
meaning that you can already use the secondary payment layer that Nick Szabo
envisaged when he created the concept behind Bitcoin. The purpose of a central
bank, as it is currently understood, is to be a lender of last resort to the
banking sector during a financial crisis, as well as printing the national currency
and having other supervisory and regulatory powers.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn51" name="_ftnref51" style="mso-footnote-id: ftn51;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[51]</span></span><!--[endif]--></span></span></a>
This seems to differ vastly from central banks as Ammous appears to conceive
them. According to the Lightning Network whitepaper, “the blockchain as a
payment platform, by itself, cannot cover the world’s commerce anytime in the
near future”. In order to achieve greater scalability than VISA and other
existing payment systems, the Lightning Network uses a network of micropayment
channels to scale to billions of transactions per day without relying on a
separate trusted network.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn52" name="_ftnref52" style="mso-footnote-id: ftn52;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[52]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">There are currently about 181
central banks in the world, serving the traditional purpose of a central bank,
which is to control the money supply. This will not be the case in the future.
Ammous describes the 850 central banks he envisages as “a network of global
peers, rather than a global hegemonic centralized order.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn53" name="_ftnref53" style="mso-footnote-id: ftn53;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[53]</span></span><!--[endif]--></span></span></a>
As no individual bank can inflate the money supply, Bitcoin becomes “a more
attractive store of value proposition than national currencies whose creation
was precisely so their supply can be increased to finance governments.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn54" name="_ftnref54" style="mso-footnote-id: ftn54;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[54]</span></span><!--[endif]--></span></span></a>
The question arises: who creates these central banks, and what authority do
they have? I think the answer to that may vary. In some cases, existing central
banks, if they still exist, may take on such a role, perhaps under government
influence. In other cases, the free market may simply bring these banks into
existence. Individuals, investors, and financiers may come together and set up
Bitcoin-based banks, which then become dominant as countries and nations shift
away from fiat-based currencies to a Bitcoin standard. In other words, they are
created through individual initiatives and financing, and they take on the role
of central banks through natural evolution. The market has a need, and the
market provides. They settle at around 850 such institutions, due to the
capacities of the Bitcoin blockchain. In other words, they will organically be
created and take on the role that Ammous projects. Banks which fail to adjust
to this economic shift will fail and collapse or go out of business. Governments
may set up sovereign wealth funds in Bitcoin, thus further reducing the
available supply, which will already be limited to no more than 17 million BTC.
Thus, the earlier projection of around $18,823,529.41 USD, which I made above,
is probably quite low. If more than 200 sovereign nations each set up strategic
Bitcoin reserve funds, and 850 central banks also try to maintain a Bitcoin
reserve for settlement purposes, then the demand for Bitcoin will be incredibly
high, while the circulating supply will be incredibly low, meaning that 1 BTC
would probably be worth in the 100s of millions of USD by today’s standards.
That figure is not based on anything substantive; it’s just a speculative stab
in the dark. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">10. Bitcoin is a legacy
for future generations<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Given everything that we
have established above, assuming that you accept the arguments laid out as
being valid, then Bitcoin is an increasingly valuable asset. The first Bitcoin
transaction consisted of a purchase of two pizzas from Papa John’s for 10,000 BTC
on May 22, 2010 (worth roughly $82 million USD as of May 2018).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn55" name="_ftnref55" style="mso-footnote-id: ftn55;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[55]</span></span><!--[endif]--></span></span></a>
This has gone down in history as ‘Bitcoin Pizza Day’. At the time, those 10,000
BTC were worth about $30. The person who spent these Bitcoins was Laszlo
Hanyecz and the person who sent him the pizza was called jercos. Hanyecz hasn’t
disappeared, however. He’s still around and still using Bitcoin. This February
(2018), he repeated the transaction, sending $67 worth of Bitcoin (0.00649 BTC)
to a friend in London in exchange for two pizzas to be delivered to him in
Florida, this time using the Lightning Network (LN), which keeps the fees of
the transaction incredibly low. From January 2009 until March 2010, Bitcoin was
being mined on people’s hard-drives and had no monetary value at all. On 17
March 2010, the first Bitcoin exchange, <i>BitcoinMarket.com</i>, which is now
defunct, started up and 1 Bitcoin had a value of $0.003, which is less than a
third of a penny.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn56" name="_ftnref56" style="mso-footnote-id: ftn56;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[56]</span></span><!--[endif]--></span></span></a>
By July of the same year, the price had increased to $0.08, by October $0.125,
and, from February to April 2011, it traded at about $1.00. By July of the same
year, it reached $31 USD, before crashing to $2; then up to $13 again by
December 2012, until it reached another all-time-high, this time of $266, on 11
April 2013. Again, this was followed by a crash to $130, and down to $100 by
June 2013. In November 2013, Bitcoin reached $1,242 per coin, before crashing
hard to $600. This was followed by an extended bear market, with Bitcoin going
from $200 to $300 in March of 2015. By November 2016, Bitcoin had reached $780,
as the Chinese Renminbi depreciated against the US dollar, eventually
accelerating to $1,150 by January of 2017, and it reached $1,290 by the 2<sup>nd</sup>
or 3<sup>rd</sup> of March. By May 2017, the price of Bitcoin had accelerated
to $2000, by August to $4,400, by September to $5,000, by November to $8,000
and, amazingly, by 15 December 2017, Bitcoin reached $17,900. The price crashed
thereafter, falling to $13,800 and finally, on 5 February 2018, it hit a low of
$6,200 USD. Since then, it has traded mostly in the $6,000 - $7,000 range.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn57" name="_ftnref57" style="mso-footnote-id: ftn57;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[57]</span></span><!--[endif]--></span></span></a>
Anyone who looks at the broad picture can see that Bitcoin’s value has exploded
since 2010 and has gone through periodic market cycles, including both bull and
bear markets, price explosions, all-time-highs and price crashes. The crashes,
however, never reduce Bitcoin to a value of zero. Rather, over all, the price
continues to rise throughout time, and its eventual rise to $30,000, $50,000,
$100,000 and even $200,000, $250,000, $500,000 and $1 million are all simply
mathematical and economic inevitabilities, for the reasons explained in the 10
points above, as well as in my <span class="MsoHyperlink"><a href="https://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html">‘What
is Bitcoin’</a></span> article, and <span class="MsoHyperlink"><a href="https://www.youtube.com/watch?v=EBCdt-UdkFA">‘Bitcoin: What is it?’</a></span>
video.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn58" name="_ftnref58" style="mso-footnote-id: ftn58;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[58]</span></span><!--[endif]--></span></span></a> <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">The price of Bitcoin has
been notoriously difficult to predict, as its value depends on a number of
factors, and market sentiment is often affected by the spread of ‘Fear,
Uncertainty and Doubt’ (or FUD for short), as well as other geopolitical
factors. Factors within the Bitcoin community, such as hard-forks and
disagreements, e.g. the Bitcoin Cash (BCH) hard-fork, can also affect the
price. Thankfully, the complete failure of the Bitcoin Cash experiment, and its
further fragmentation, should deter future attempts to split the blockchain and
Bitcoin community. There are several prominent Bitcoin predictions at the moment,
each of which could be more or less right or wrong or could be less or more
accurate than the others. Notable among these include predictions by Tim
Draper, John McAfee, Max Keiser, Mike Novogratz, Marc Van der Chijs, as well as
sundry predictions from various organizations, financial institutions, funds
and think tanks. At the lower end of the prediction range, Daniel Mark Harrison
predicts that Bitcoin will be worth $30,000 by 2020.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn59" name="_ftnref59" style="mso-footnote-id: ftn59;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[59]</span></span><!--[endif]--></span></span></a> BTCC
CEO Bobby Lee predicts that Bitcoin will surpass $60,000 by 2020, reaching a
total circulation value of $1 trillion USD.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn60" name="_ftnref60" style="mso-footnote-id: ftn60;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[60]</span></span><!--[endif]--></span></span></a> Arguing
that “world’s central banks are disintegrating”, Max Keiser (in May 2018)
predicted that $28,000 is “*still* in play” for 2018;<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn61" name="_ftnref61" style="mso-footnote-id: ftn61;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[61]</span></span><!--[endif]--></span></span></a>
he had earlier, in 2017, predicted that Bitcoin would eventually reach
$100,000.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn62" name="_ftnref62" style="mso-footnote-id: ftn62;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[62]</span></span><!--[endif]--></span></span></a> Saxobank’s Kay
Van-Peterson also foresees a $100,000 Bitcoin within ten years, e.g. by around
2026.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn63" name="_ftnref63" style="mso-footnote-id: ftn63;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[63]</span></span><!--[endif]--></span></span></a> Jihan
Wu of Bitmain predicted in 2017 that Bitcoin would reach a value of $100,000 by
2022.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn64" name="_ftnref64" style="mso-footnote-id: ftn64;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[64]</span></span><!--[endif]--></span></span></a> Marc
van der Chijs, Dutch millionaire and entrepreneur, predicts that Bitcoin will
hit $150,000 by 2021.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn65" name="_ftnref65" style="mso-footnote-id: ftn65;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[65]</span></span><!--[endif]--></span></span></a>
Tim Draper predicted (in April 2018) that Bitcoin will reach $250,000 by 2022,
multiplying by 30 times within four years.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn66" name="_ftnref66" style="mso-footnote-id: ftn66;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[66]</span></span><!--[endif]--></span></span></a> John
McAfee, the creator of McAfee anti-virus, meanwhile, maintains his prediction
that Bitcoin will hit $1 million USD by 2020, which is, by far, the most
extreme prediction.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn67" name="_ftnref67" style="mso-footnote-id: ftn67;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[67]</span></span><!--[endif]--></span></span></a> Iqbal
Gandham, the UK managing director of eToro trading platform, argues that Bitcoin
will have to eventually reach $1 million in value before it can become a viable
monetary unit, with each Satoshi being worth about 1 penny.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn68" name="_ftnref68" style="mso-footnote-id: ftn68;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[68]</span></span><!--[endif]--></span></span></a> Such
predictions, whether true or not in the short term, can become self-fulfilling
prophecies due to their effect on market sentiment and awareness of Bitcoin.
They are also useful for gaining a perspective on the potentialities of Bitcoin
and its eventual, inevitable rise in value over the long term. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">This is not to forget, of
course, the notorious predictions of anti-Bitcoin economists, usually of the
Keynesian tradition, who gloat at every dip in Bitcoin’s price and always
predict that it will eventually reach $0.00, which is a virtual impossibility
(even if it fails overall, people will still treat Bitcoin as a collectible, so
it will always have value). Notable among these FUDders and nocoiners
extraordinaire are: economists Joseph Stiglitz, Paul Krugman, Robert Shiller,
as well as Jamie Dimon, CEO of JP Morgan. These individuals are simply out of
their time and unable to understand the vast paradigm shift that Bitcoin has
brought to the world. In fact, some of them are so brazen, e.g. Joseph
Stiglitz, as to say that Bitcoin should be outlawed.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn69" name="_ftnref69" style="mso-footnote-id: ftn69;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[69]</span></span><!--[endif]--></span></span></a>
It is ironic that distinguished economists should be so myopic and
short-sighted—not to mention malicious in intent towards Bitcoin—as this. A
Nobel prize, it seems, does not a good economist make. Nevertheless, the only
thing that can account for such malice and negativity towards Bitcoin, on the
part of these distinguished economists and financiers, is fear. Either they
fail to understand the economics of Bitcoin, or they fear what it represents: a
complete revolution in the financial world order—the replacement of the
existing fiat currency-system with a Bitcoin standard. Surprisingly, perhaps,
other notable individuals, such as Christine Lagarde of the International
Monetary Fund (IMF), argue that Bitcoin should not be dismissed as it could
have many useful applications.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn70" name="_ftnref70" style="mso-footnote-id: ftn70;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[70]</span></span><!--[endif]--></span></span></a>
Even Jamie Dimon admitted, eventually, that he regretted calling Bitcoin a
fraud, and that he believes in the technology behind it.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn71" name="_ftnref71" style="mso-footnote-id: ftn71;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[71]</span></span><!--[endif]--></span></span></a>
This, of course, is another obfuscation, as blockchain technology and Bitcoin
cannot really be separated, since Bitcoin is the only real application of
blockchain technology as sound money. All of this FUD, of course, should be
ignored, just as one should rightly have ignored the critics of other new
technologies, such as the aeroplane or the internet.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Buying and holding Bitcoin
means investing in the future that Bitcoin will bring about. As old financial
systems and currencies fail, the economic aftermath will be devastating.
Countries now face unsustainable sovereign debt, without holding sufficient
quantities of tangible assets which will bring stability later on, e.g. silver,
gold, platinum and palladium. Nixon took the US off the gold standard in 1973,
resulting in high inflation and high unemployment, according to Kadlec (2011).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn72" name="_ftnref72" style="mso-footnote-id: ftn72;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[72]</span></span><!--[endif]--></span></span></a>
Gordon Browne, who was Chancellor of the Exchequer in the late 1990s and early
2000s, sold off 395 tonnes of gold, helping to drive the price of gold to a
20-year low. The value of the gold was about $3.5 billion dollars; however, had
he waited until 2009, it would have been worth about $10.5 billion.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn73" name="_ftnref73" style="mso-footnote-id: ftn73;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[73]</span></span><!--[endif]--></span></span></a>
This decision is characteristic of the times we currently live in, when the
currency is allowed to be debased and devalued to serve political agendas.
Eventually, as the economic situation of the world becomes unsustainable, and peoples
and nations need to have a solid store of value, a Bitcoin standard will
gradually emerge, as more and more nations, banks, hedge funds and individuals
turn to Bitcoin as a safe haven and hedge against inflation. Bitcoin will allow
for the emergence of a new type of economy, and a new golden age of commerce,
free market capitalism and prosperity—an economic boom the like of which we have
never witnessed before. <o:p></o:p></span></div>
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<span style="font-family: Times;">“The world needs,” Saifedean
Ammous writes, “a liquid and easily-accessible sound money.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn74" name="_ftnref74" style="mso-footnote-id: ftn74;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[74]</span></span><!--[endif]--></span></span></a>
Moreover, “the real significance of bitcoin is that it has given everyone in
the world the chance to save their wealth in easily-accessible sound money that
cannot be inflated by any authority in the world.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn75" name="_ftnref75" style="mso-footnote-id: ftn75;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[75]</span></span><!--[endif]--></span></span></a>
By buying and holding Bitcoin, you are investing in a future of economic
prosperity and growth—a new Gilded Age.<o:p></o:p></span></div>
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<div class="MsoNormal">
<span style="font-family: Times;">NJ Bridgewater<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">Sources<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Joshua
Althauser (2017) Jihan Wu of Bitmain Confident that Bitcoin Will be Valued
$100,000 in 5 years, Coin Telegraph, August 26, 2017. URL: https://cointelegraph.com/news/jihan-wu-of-bitmain-confident-that-bitcoin-will-be-valued-100000-in-5-years
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Kimberley
Amadeo (2018) Gold, "The Ultimate Bubble," Has Burst, <i>The Balance,</i>
updated January 12, 2018. URL: https://www.thebalance.com/gold-the-ultimate-bubble-has-burst-3970478
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<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Saifedean Ammous (2016) The
Bitcoin Halving and Monetary Competition, <i>The Saif House</i>, posted on July
9, 2016. URL:
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<br /></div>
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<span style="font-family: Times; font-size: 12.0pt;">Saifedean
Ammous (2017) Economics of Bitcoin as a Settlement Network, <i>Satoshi Nakamoto
Institute</i>. First published on <i>The Saif House</i>, May 19, 2017. URL:
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<br /></div>
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<span style="font-family: Times; font-size: 12.0pt;">Lorraine
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<br /></div>
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<span style="font-family: Times; font-size: 12.0pt;">NJ
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<br /></div>
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<span style="font-family: Times;">NJ Bridgewater (2018a)
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<br /></div>
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<span style="font-family: Times; font-size: 12.0pt;">Nicholas
Bridgewater (2018b) Bitcoin vs. Gold: A Comparison, <i>Digitex Futures Exchange
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<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">NJ Bridgewater (2018c) The
Origins of Wealth (Part 1 of 4), <i>Crossing the Bridge</i>, 5 July 2018. URL:
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<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Vitalik Buterin (2013) The
Pirate Bay Accepting Bitcoin Donations, Other Torrent Sites Follow, <i>Bitcoin
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<br /></div>
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<span style="font-family: Times; font-size: 12.0pt;">Jennifer
Calfas (2017) The Richest People in the World, <i>Time.com</i>, Updated: March
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<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">CERN,
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23/09/2018).<o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: Times; font-size: 12.0pt;">Sue
Chang (2017) Here’s all the money in the world, in one chart, <i>MarketWatch</i>,
Published: Nov 28, 2017 5:17 p.m. ET. URL:
https://www.marketwatch.com/story/this-is-how-much-money-exists-in-the-entire-world-in-one-chart-2015-12-18
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<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Evelyn
Cheng (2018) Tech investor Tim Draper predicts bitcoin will reach $250,000 by
2022, CNBC, Published 3:14 PM ET Fri, 13 April 2018, Updated 7:19 PM ET Fri, 13
April 2018. URL:
https://www.cnbc.com/2018/04/13/tech-investor-tim-draper-predicts-bitcoin-will-reach-250000-by-2022.html
(accessed 23/09/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<i><span style="font-family: Times; font-size: 12.0pt;">CIA
World Factbook</span></i><span style="font-family: Times; font-size: 12.0pt;">.
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Computer
Hope.com, Ethernet, URL: https://www.computerhope.com/jargon/e/ethernet.htm
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Mark
DeCambre (2017) Bitcoin needs to be worth $1,000,000 to be a legitimate
currency, <i>MarketWatch</i>, Published: Sept 19, 2017 1:32 p.m. ET. URL:
https://www.marketwatch.com/story/bitcoin-needs-to-be-worth-1000000-to-be-a-legitimate-currency-2017-09-15
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">DoESA
(2004) <i>World Population to 2300</i>, Department of Economic and Social
Affairs: Population Division, United Nations (New York: United Nations). URL:
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Richard
Dyson (2014) Cheapest way to buy Royal Mint gold? Not from the Royal Mint, <i>Telegraph
Finance</i>, 8:14AM BST 26 Sep 2014. URL:
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Emerging
Technology from the arXiv (2018) How network theory predicts the value of
Bitcoin, <i>MIT Technology Review</i>, March 29, 2018. URL:
https://www.technologyreview.com/s/610614/how-network-theory-predicts-the-value-of-bitcoin/
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Omar
Faridi (2018) John McAfee Is Still Standing By His $1 Million Bitcoin Price
Prediction, <i>CryptoGlobe</i>, 17 Aug 2018. URL:
https://www.cryptoglobe.com/latest/2018/08/john-mcafee-is-still-standing-by-his-1-million-bitcoin-price-by-2020-prediction/
(accessed 23/09/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Eric
Gill (2017) The Divisibility of Bitcoin, <i>Medium</i>, May 8, 2017. URL:
https://medium.com/@EricGrill/the-divisibility-of-bitcoin-fc1bcb40dd52
(accessed 23/09/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Omkar
Godbole (2018) $6,700: Bitcoin Price Charts Bullish Reversal as Altcoins Surge,
<i>CoinDesk</i>, updated Sep 22, 2018 at 11:47 UTC. URL: https://www.coindesk.com/6700-bitcoin-price-charts-bullish-reversal-as-altcoins-surge/
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Simon
Goldstein (2018) Infographic: How Much Does it Cost to Mine One Bitcoin in Your
Country? <i>Finance Magnates</i>, Tuesday, 06/03/2018 15:09 GMT. URL:
https://www.financemagnates.com/cryptocurrency/news/infographic-much-cost-mine-one-bitcoin-country/
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Government
Debt in the United States - Debt Clock. URL: https://www.usgovernmentdebt.us/
(accessed 23/09/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Andreas
Hadjipapas, Kerin Hope (2013) Anger as Cypriots wake up to savings grab, <i>Financial
Times</i>, MARCH 16, 2013. URL:
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Daniel
Mark Harrison (2017) Three Years Ago This Equation Predicted $2400 Bitcoin for
2017. In 2020, It Says Bitcoin Will be $30,000, <i>CoinSpeaker.com</i>,
THURSDAY, JUNE 1ST, 2017 2:36PM UTC. URL:
https://www.coinspeaker.com/2017/06/01/value-virtual-asset-bitcoin-will-30000-2020/#
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<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Christopher Hope (2009)
Gordon Brown's decision to sell half of the UK's gold reserves 'cost UK
£5billion', <i>The Telegraph</i>, 7:01PM GMT 07 Jan 2009. URL:
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<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">JMBullion.com, URL: https://www.jmbullion.com/charts/gold-price/
(accessed 23/09/2018).<o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: Times; font-size: 12.0pt;">Charles
Kadlec (2011) Nixon's Colossal Monetary Error: The Verdict 40 Years Later, <i>Forbes</i>,
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Sudhir
Khatwani (2018) Top 9 Bitcoin Price Predictions By Experts That Is Hard To
Believe, <i>Coin Sutra</i>, last updated 28/05/2018. URL:
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Tariq
Khokhar (2015) The future of the world’s population in 4 charts, <i>The World
Bank</i>, Wed 08/05/2015. URL:
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Tae
Kim (2018) Jamie Dimon says he regrets calling bitcoin a fraud and believes in
the technology behind it, <i>CNBC</i>, Published 7:42 AM ET Tue, 9 Jan 2018,
Updated 7:50 PM ET Tue, 9 Jan 2018. URL:
https://www.cnbc.com/2018/01/09/jamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html
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<div class="MsoNormal">
<br /></div>
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<span style="font-family: Times;">Francisco Memoria (2018)
BTCC CEO Bobby Lee Sees Bitcoin Surpass $60,000 by 2020, <i>CryptoGlobe</i>, 26
Aug 2018.
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<span style="font-family: Times; font-size: 12.0pt;">John
Patrick Mullin (2017) Bitcoin Criticized Again, This Time By Hedge Fund Titan, <i>Coin
Telegraph</i>, Sep 21, 2017. URL:
https://cointelegraph.com/news/bitcoin-criticized-again-this-time-by-hedge-fund-titan
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<br /></div>
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<span style="font-family: Times;">Satoshi Nakamoto (2008) <i>Bitcoin:
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<span style="font-family: Times; font-size: 12.0pt;">Satoshi
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<br /></div>
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<span style="font-family: Times; font-size: 12.0pt;">Satoshi
Nakamoto, July 20, 2010. Fred Marion (2014) Satoshi Nakamoto Quotes, <i>crypt.la</i>,
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<span style="font-family: Times; font-size: 12.0pt;">Satoshi
Nakamoto, August 27, 2010. Alec Liu (2016) What Satoshi Said: Understanding
Bitcoin Through the Lens of Its Enigmatic Creator, <i>Motherboard</i>, Jan 16,
2014, 1:30 pm. URL:
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<br /></div>
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<span style="font-family: Times;">Gary North (2012)
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<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Joseph Poon, Thaddeus Dryja
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<br /></div>
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<span style="font-family: Times; font-size: 12.0pt;">David
Ricardo (1821) <i>On the Principles of Political Economy and Taxation</i>
(London: John Murray, Albemarle-Street), Chapter I. On Value, p. 2. Available
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">David
Ricardo (author), J.R. MucCulloch (editor) (1846) <i>The Works of David
Ricardo, with a Notice of the Life and Writings of the Author</i> (London: John
Murray)<o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: Times;">Jeff John Roberts, Nicolas
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<br /></div>
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<span style="font-family: Times;">Robert H. Samet (2009) <i>Long-Range
Futures Research: An Application of Complexity Science</i> (North Charleston,
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<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Mythili Sampathkumar (2017)
Bitcoin should be 'outlawed', says Nobel prize-winning economist, <i>Independent</i>,
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<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">William
Suberg (2017) Max Keiser: Bitcoin Price Cycle Will Repeat to $100k and Beyond, <i>Coin
Telegraph</i>, June 02, 2017. URL:
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<span style="font-family: Times; font-size: 12.0pt;">Nick
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Nick
Szabo (2017) Money, blockchains, and social scalability, <i>Unenumerated</i>,
Thursday, February 09, 2017. URL:
https://unenumerated.blogspot.com/2017/02/money-blockchains-and-social-scalability.html
(accessed 23/09/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Nick
Szabo (2017) Twitter post. URL: https://twitter.com/NickSzabo4/status/943919997067264000?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E943919997067264000&ref_url=https%3A%2F%2Fbitcoinist.com%2Fcentralized-nick-szabo-bitcoin-cash%2F
(accessed 23/09/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Herwin
Thole (2017) Bitcoin will reach $150,000 in 2021, predicts a millionaire Dutch
crypto entrepreneur, <i>Business Insider</i>, Dec. 8, 2017, 10:51 AM. URL:
https://www.businessinsider.com/bitcoin-price-prediction-marc-van-der-chijs-2017-12
(accessed 23/09/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">TrustNodes
(2017) Wikileaks Has Received $26 Million Worth of Bitcoin Donations, <i>TrustNodes</i>,
November 1, 2017 7:06 pm. URL:
https://www.trustnodes.com/2017/11/01/wikileaks-received-26-million-worth-bitcoin-donations
(accessed 23/09/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Joon
Ian Wong (2018) Eight years ago today, someone bought two pizzas with bitcoins
now worth $82 million, <i>Quartz</i>, May 22, 2018. URL:
https://qz.com/1285209/bitcoin-pizza-day-2018-eight-years-ago-someone-bought-two-pizzas-with-bitcoins-now-worth-82-million/
(accessed 23/09/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Wilma
Woo (2018) SWISS CAFE DEBUTS ‘FIRST OF ITS KIND’ BITCOIN LIGHTNING NETWORK
ORDERS, <i>Bitcoinist</i>, Sep 18, 2018 16:00. URL:
https://bitcoinist.com/swiss-cafe-bitcoin-lightning-network/ (accessed
23/09/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<u><span style="font-family: Times;">Wikipedia articles<o:p></o:p></span></u></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Half sovereign (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Half_sovereign (accessed
23/09/2018 15:20 AST)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">History of Bitcoin (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/History_of_bitcoin (accessed
23/09/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Labor theory of value (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Labor_theory_of_value#Adam_Smith_and_David_Ricardo
(accessed 23/09/2018 14:00)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Metcalfe’s law (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/Metcalfe%27s_law (accessed
23/09/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Pareto principle (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Pareto_principle (accessed
23/09/2018 16:57 AST)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Sovereign (British coin) (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Sovereign_(British_coin) (accessed
23/09/2018 15:20 AST)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">United Kingdom national debt
(<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/United_Kingdom_national_debt (accessed
23/09/2018)<o:p></o:p></span></div>
<div style="mso-element: footnote-list;">
<!--[if !supportFootnotes]--><br clear="all" />
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<div id="ftn1" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin-top: 12.0pt;">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[1]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Satoshi Nakamoto (2008) <i>Bitcoin:
A Peer-to-Peer Electronic Cash System</i>, Bitcoin.org, October 31, 2008. URL:
https://bitcoin.org/bitcoin.pdf (accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn2" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref2" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[2]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Nakamoto (2008).<o:p></o:p></span></div>
</div>
<div id="ftn3" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref3" name="_ftn3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[3]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Satoshi Nakamoto, August 27,
2010. Alec Liu (2016) What Satoshi Said: Understanding Bitcoin Through the Lens
of Its Enigmatic Creator, <i>Motherboard</i>, Jan 16, 2014, 1:30 pm. URL:
https://motherboard.vice.com/en_us/article/vvbm43/quotes-from-satoshi-understanding-bitcoin-through-the-lens-of-its-enigmatic-creator
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn4" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref4" name="_ftn4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[4]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Satoshi Nakamoto, July 20,
2010. Fred Marion (2014) Satoshi Nakamoto Quotes, <i>crypt.la</i>, January 6,
2014. URL: http://crypt.la/2014/01/satoshi-nakamoto-quotes/ (accessed
23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn5" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref5" name="_ftn5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[5]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Nick Szabo (2008) Bit gold, <i>Unenumerated</i>,
Saturday, December 27, 2008. URL: https://unenumerated.blogspot.com/2005/12/bit-gold.html
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn6" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref6" name="_ftn6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[6]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: NJ Bridgewater (2017) What is
Bitcoin? <i>Crossing the Bridge</i>, 7 December 2017. URL:
https://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html (accessed
23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn7" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref7" name="_ftn7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[7]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Simon Goldstein (2018)
Infographic: How Much Does it Cost to Mine One Bitcoin in Your Country? <i>Finance
Magnates</i>, Tuesday, 06/03/2018 15:09 GMT. URL:
https://www.financemagnates.com/cryptocurrency/news/infographic-much-cost-mine-one-bitcoin-country/
(accessed 23/09/2018). <o:p></o:p></span></div>
</div>
<div id="ftn8" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref8" name="_ftn8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[8]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Goldstein (2018). <o:p></o:p></span></div>
</div>
<div id="ftn9" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref9" name="_ftn9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[9]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Omkar Godbole (2018) $6,700:
Bitcoin Price Charts Bullish Reversal as Altcoins Surge, <i>CoinDesk</i>,
updated Sep 22, 2018 at 11:47 UTC. URL:
https://www.coindesk.com/6700-bitcoin-price-charts-bullish-reversal-as-altcoins-surge/
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn10" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref10" name="_ftn10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[10]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: David Ricardo (1821) <i>On the
Principles of Political Economy and Taxation</i> (London: John Murray,
Albemarle-Street), Chapter I. On Value, p. 2. Available online at:
https://www.econlib.org/library/Ricardo/ricP.html?chapter_num=2#book-reader
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn11" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref11" name="_ftn11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[11]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: David Ricardo (author), J.R.
MucCulloch (editor) (1846) The Works of David Ricardo, with a Notice of the
Life and Writings of the Author (London: John Murray), p. 263.<o:p></o:p></span></div>
</div>
<div id="ftn12" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref12" name="_ftn12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[12]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Metcalfe’s law (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Metcalfe%27s_law (accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn13" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref13" name="_ftn13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[13]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Lorraine Boissoneault (2017)
There Never Was a Real Tulip Fever, <i>Smithsonian.com</i>, September 18, 2017.
URL: https://www.smithsonianmag.com/history/there-never-was-real-tulip-fever-180964915/
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn14" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref14" name="_ftn14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[14]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Kimberley Amadeo (2018) Gold,
"The Ultimate Bubble," Has Burst, <i>The Balance,</i> updated January
12, 2018. URL:
https://www.thebalance.com/gold-the-ultimate-bubble-has-burst-3970478 (accessed
23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn15" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref15" name="_ftn15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[15]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See:
https://www.jmbullion.com/charts/gold-price/ (accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn16" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref16" name="_ftn16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[16]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: John Patrick Mullin (2017) Bitcoin
Criticized Again, This Time By Hedge Fund Titan, <i>Coin Telegraph</i>, Sep 21,
2017. URL: https://cointelegraph.com/news/bitcoin-criticized-again-this-time-by-hedge-fund-titan
(accessed 24/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn17" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref17" name="_ftn17" style="mso-footnote-id: ftn17;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[17]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: The birth of the web. URL:
https://home.cern/topics/birth-web (accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn18" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref18" name="_ftn18" style="mso-footnote-id: ftn18;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[18]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See:
https://www.computerhope.com/jargon/e/ethernet.htm (accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn19" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref19" name="_ftn19" style="mso-footnote-id: ftn19;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[19]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Emerging Technology from the
arXiv (2018) How network theory predicts the value of Bitcoin, MIT <i>Technology
Review</i>, March 29, 2018. URL:
https://www.technologyreview.com/s/610614/how-network-theory-predicts-the-value-of-bitcoin/
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn20" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref20" name="_ftn20" style="mso-footnote-id: ftn20;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[20]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Emerging Technology from the
arXiv (2018).<o:p></o:p></span></div>
</div>
<div id="ftn21" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref21" name="_ftn21" style="mso-footnote-id: ftn21;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[21]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Labor theory of value (<i>Wikipedia</i>
article). URL:
https://en.wikipedia.org/wiki/Labor_theory_of_value#Adam_Smith_and_David_Ricardo
(accessed 23/09/2018 14:00).<o:p></o:p></span></div>
</div>
<div id="ftn22" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref22" name="_ftn22" style="mso-footnote-id: ftn22;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[22]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Half sovereign (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Half_sovereign (accessed
23/09/2018 15:20 AST).<o:p></o:p></span></div>
</div>
<div id="ftn23" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref23" name="_ftn23" style="mso-footnote-id: ftn23;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[23]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Sovereign (British coin) (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Sovereign_(British_coin) (accessed
23/09/2018 15:20 AST).<o:p></o:p></span></div>
</div>
<div id="ftn24" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref24" name="_ftn24" style="mso-footnote-id: ftn24;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[24]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Richard Dyson (2014) Cheapest
way to buy Royal Mint gold? Not from the Royal Mint, <i>Telegraph Finance</i>,
8:14AM BST 26 Sep 2014. URL:
https://www.telegraph.co.uk/finance/personalfinance/investing/gold/11114204/Cheapest-way-to-buy-Royal-Mint-gold-Not-from-the-Royal-Mint.html
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn25" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref25" name="_ftn25" style="mso-footnote-id: ftn25;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[25]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Nicholas Bridgewater (2018)
Bitcoin vs. Gold: A Comparison, <i>Digitex Futures Exchange blog</i>, Jun 4,
2018. URL:<span style="mso-spacerun: yes;">
</span>https://blog.digitexfutures.com/cryptocurrency/bitcoin-vs-gold-a-comparison/
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn26" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref26" name="_ftn26" style="mso-footnote-id: ftn26;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[26]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Eric Gill (2017) The
Divisibility of Bitcoin, <i>Medium</i>, May 8, 2017. URL:
https://medium.com/@EricGrill/the-divisibility-of-bitcoin-fc1bcb40dd52
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn27" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref27" name="_ftn27" style="mso-footnote-id: ftn27;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[27]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Gill (2017).<o:p></o:p></span></div>
</div>
<div id="ftn28" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref28" name="_ftn28" style="mso-footnote-id: ftn28;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[28]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Gill (2017).<o:p></o:p></span></div>
</div>
<div id="ftn29" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref29" name="_ftn29" style="mso-footnote-id: ftn29;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[29]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Sue Chang (2017) Here’s all the
money in the world, in one chart, <i>MarketWatch</i>, Published: Nov 28, 2017
5:17 p.m. ET. URL:
https://www.marketwatch.com/story/this-is-how-much-money-exists-in-the-entire-world-in-one-chart-2015-12-18
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn30" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref30" name="_ftn30" style="mso-footnote-id: ftn30;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[30]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Jennifer Calfas (2017) The
Richest People in the World, <i>Time.com</i>, Updated: March 6, 2018 2:56 PM ET
| Originally published: May 25, 2017. URL:
http://time.com/money/4746795/richest-people-in-the-world/ (accessed
23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn31" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref31" name="_ftn31" style="mso-footnote-id: ftn31;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[31]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Jeff John Roberts, Nicolas Rapp
(2017) Exclusive: Nearly 4 Million Bitcoins Lost Forever, New Study Says, <i>Fortune</i>,
November 25, 2017. URL: http://fortune.com/2017/11/25/lost-bitcoins/ (accessed
23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn32" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref32" name="_ftn32" style="mso-footnote-id: ftn32;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[32]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: See: Tariq Khokhar (2015) The
future of the world’s population in 4 charts, <i>The World Bank</i>, Wed
08/05/2015. URL: https://blogs.worldbank.org/opendata/future-world-s-population-4-charts
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn33" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref33" name="_ftn33" style="mso-footnote-id: ftn33;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[33]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: DoESA (2004) <i>World
Population to 2300</i>, Department of Economic and Social Affairs: Population
Division, United Nations (New York: United Nations). URL: http://www.un.org/esa/population/publications/longrange2/WorldPop2300final.pdf
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn34" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref34" name="_ftn34" style="mso-footnote-id: ftn34;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[34]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See:
https://www.cia.gov/library/publications/the-world-factbook/geos/xx.html
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn35" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref35" name="_ftn35" style="mso-footnote-id: ftn35;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[35]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Robert H. Samet (2009) <i>Long-Range
Futures Research: An Application of Complexity Science</i> (North Charleston,
South Carolina: BookSurge Publishing), p. 508. <o:p></o:p></span></div>
</div>
<div id="ftn36" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref36" name="_ftn36" style="mso-footnote-id: ftn36;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[36]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Pareto principle (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Pareto_principle (accessed
23/09/2018 16:57 AST).<o:p></o:p></span></div>
</div>
<div id="ftn37" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref37" name="_ftn37" style="mso-footnote-id: ftn37;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[37]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: NJ Bridgewater (2018) The
Origins of Wealth (Part 1 of 4), <i>Crossing the Bridge</i>, 5 July 2018. URL:
https://nicholasjames19.blogspot.com/2018/07/the-origins-of-wealth-part-1-of-4.html
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn38" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref38" name="_ftn38" style="mso-footnote-id: ftn38;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[38]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Satoshi Nakamoto, June 17,
2010. Fred Marion (2014) Satoshi Nakamoto Quotes, <i>crypt.la</i>, January 6,
2014. URL: http://crypt.la/2014/01/satoshi-nakamoto-quotes/ (accessed
23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn39" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref39" name="_ftn39" style="mso-footnote-id: ftn39;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[39]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Nick Szabo (2017) Twitter post.
URL:
https://twitter.com/NickSzabo4/status/943919997067264000?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E943919997067264000&ref_url=https%3A%2F%2Fbitcoinist.com%2Fcentralized-nick-szabo-bitcoin-cash%2F
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn40" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref40" name="_ftn40" style="mso-footnote-id: ftn40;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[40]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See:<span style="mso-spacerun: yes;">
</span>Nick Szabo (2017) Money, blockchains, and social scalability, <i>Unenumerated</i>,
Thursday, February 09, 2017. URL:
https://unenumerated.blogspot.com/2017/02/money-blockchains-and-social-scalability.html
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn41" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref41" name="_ftn41" style="mso-footnote-id: ftn41;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[41]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Szabo (2017).<o:p></o:p></span></div>
</div>
<div id="ftn42" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref42" name="_ftn42" style="mso-footnote-id: ftn42;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[42]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Andreas Hadjipapas, Kerin Hope
(2013) Anger as Cypriots wake up to savings grab, Financial Times, MARCH 16,
2013. URL: https://www.ft.com/content/af345602-8e47-11e2-9d6b-00144feabdc0
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn43" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref43" name="_ftn43" style="mso-footnote-id: ftn43;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[43]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: TrustNodes (2017) Wikileaks Has
Received $26 Million Worth of Bitcoin Donations, <i>TrustNodes</i>, November 1,
2017 7:06 pm. URL: https://www.trustnodes.com/2017/11/01/wikileaks-received-26-million-worth-bitcoin-donations
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn44" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref44" name="_ftn44" style="mso-footnote-id: ftn44;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[44]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Vitalik Buterin (2013) The
Pirate Bay Accepting Bitcoin Donations, Other Torrent Sites Follow, <i>Bitcoin
Magazine</i>, 04.23.13 7:18 PM. URL:
https://bitcoinmagazine.com/articles/the-pirate-bay-accepting-bitcoin-donations-1366759128/
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn45" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref45" name="_ftn45" style="mso-footnote-id: ftn45;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[45]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Government Debt in the United
States - Debt Clock. URL: https://www.usgovernmentdebt.us/ (accessed
23/09/2018). <b><o:p></o:p></b></span></div>
</div>
<div id="ftn46" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref46" name="_ftn46" style="mso-footnote-id: ftn46;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[46]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: United Kingdom national debt (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/United_Kingdom_national_debt
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn47" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref47" name="_ftn47" style="mso-footnote-id: ftn47;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[47]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Gary North (2012)
Hyperinflation Is Not Inevitable (Default Is), Mises Institute, 08/20/2012.
URL: https://mises.org/library/hyperinflation-not-inevitable-default (accessed
23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn48" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref48" name="_ftn48" style="mso-footnote-id: ftn48;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[48]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: North (2012).<o:p></o:p></span></div>
</div>
<div id="ftn49" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref49" name="_ftn49" style="mso-footnote-id: ftn49;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[49]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Saifedean Ammous (2017)
Economics of Bitcoin as a Settlement Network, <i>Satoshi Nakamoto Institute</i>.
First published on The Saif House, May 19, 2017. URL: https://nakamotoinstitute.org/mempool/economics-of-bitcoin-as-a-settlement-network/#selection-7.10-7.55
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn50" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref50" name="_ftn50" style="mso-footnote-id: ftn50;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[50]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Wilma Woo (2018) SWISS CAFE
DEBUTS ‘FIRST OF ITS KIND’ BITCOIN LIGHTNING NETWORK ORDERS, <i>Bitcoinist</i>,
Sep 18, 2018 16:00. URL: https://bitcoinist.com/swiss-cafe-bitcoin-lightning-network/
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn51" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref51" name="_ftn51" style="mso-footnote-id: ftn51;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[51]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Central bank (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Central_bank (accessed
23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn52" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref52" name="_ftn52" style="mso-footnote-id: ftn52;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[52]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Joseph Poon, Thaddeus Dryja
(2016) The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments,
DRAFT Version 0.5.9.2, January 14, 2016, <i>Lightning Network</i>. URL:
https://lightning.network/lightning-network-paper.pdf (accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn53" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref53" name="_ftn53" style="mso-footnote-id: ftn53;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[53]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Ammous (2017).<o:p></o:p></span></div>
</div>
<div id="ftn54" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref54" name="_ftn54" style="mso-footnote-id: ftn54;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[54]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> Ammous (2017).<o:p></o:p></span></div>
</div>
<div id="ftn55" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref55" name="_ftn55" style="mso-footnote-id: ftn55;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[55]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Joon Ian Wong (2018) Eight
years ago today, someone bought two pizzas with bitcoins now worth $82 million,
<i>Quartz</i>, May 22, 2018. URL:
https://qz.com/1285209/bitcoin-pizza-day-2018-eight-years-ago-someone-bought-two-pizzas-with-bitcoins-now-worth-82-million/
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn56" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref56" name="_ftn56" style="mso-footnote-id: ftn56;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[56]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: History of Bitcoin (<i>Wikipedia
</i>article). URL: https://en.wikipedia.org/wiki/History_of_bitcoin (accessed
23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn57" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref57" name="_ftn57" style="mso-footnote-id: ftn57;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[57]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: History of Bitcoin (<i>Wikipedia
</i>article).<o:p></o:p></span></div>
</div>
<div id="ftn58" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref58" name="_ftn58" style="mso-footnote-id: ftn58;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[58]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: NJ Bridgewater (2018) Bitcoin:
What is it? (video and transcript), <i>Crossing the Bridge,</i> Saturday, 10
March 2018. URL:
https://nicholasjames19.blogspot.com/2018/03/bitcoin-what-is-it-video-and-transcript.html
(accessed 23/09/2018). Video link: https://www.youtube.com/watch?v=EBCdt-UdkFA
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn59" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref59" name="_ftn59" style="mso-footnote-id: ftn59;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[59]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Daniel Mark Harrison (2017)
Three Years Ago This Equation Predicted $2400 Bitcoin for 2017. In 2020, It
Says Bitcoin Will be $30,000, <i>CoinSpeaker.com</i>, THURSDAY, JUNE 1ST, 2017
2:36PM UTC. URL:
https://www.coinspeaker.com/2017/06/01/value-virtual-asset-bitcoin-will-30000-2020/#
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn60" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref60" name="_ftn60" style="mso-footnote-id: ftn60;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[60]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Francisco Memoria (2018) BTCC
CEO Bobby Lee Sees Bitcoin Surpass $60,000 by 2020, <i>CryptoGlobe</i>, 26 Aug
2018.
https://www.cryptoglobe.com/latest/2018/08/btcc-ceo-bobby-lee-sees-bitcoin-surpass-60000-by-2020/
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn61" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref61" name="_ftn61" style="mso-footnote-id: ftn61;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[61]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Sudhir Khatwani (2018) Top 9
Bitcoin Price Predictions By Experts That Is Hard To Believe, <i>Coin Sutra</i>,
last updated 28/05/2018. URL: https://coinsutra.com/bitcoin-price-predictions/
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn62" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref62" name="_ftn62" style="mso-footnote-id: ftn62;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[62]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: William Suberg (2017) Max
Keiser: Bitcoin Price Cycle Will Repeat to $100k and Beyond, <i>Coin Telegraph</i>,
June 02, 2017. URL:
https://cointelegraph.com/news/max-keiser-bitcoin-price-cycle-will-repeat-to-100k-and-beyond
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn63" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref63" name="_ftn63" style="mso-footnote-id: ftn63;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[63]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Suberg (2017).<o:p></o:p></span></div>
</div>
<div id="ftn64" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref64" name="_ftn64" style="mso-footnote-id: ftn64;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[64]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Joshua Althauser (2017) Jihan
Wu of Bitmain Confident that Bitcoin Will be Valued $100,000 in 5 years, Coin
Telegraph, August 26, 2017. URL:
https://cointelegraph.com/news/jihan-wu-of-bitmain-confident-that-bitcoin-will-be-valued-100000-in-5-years
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn65" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref65" name="_ftn65" style="mso-footnote-id: ftn65;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[65]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Herwin Thole (2017) Bitcoin
will reach $150,000 in 2021, predicts a millionaire Dutch crypto entrepreneur, <i>Business
Insider</i>, Dec. 8, 2017, 10:51 AM. URL:
https://www.businessinsider.com/bitcoin-price-prediction-marc-van-der-chijs-2017-12
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn66" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref66" name="_ftn66" style="mso-footnote-id: ftn66;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[66]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Evelyn Cheng (2018) Tech
investor Tim Draper predicts bitcoin will reach $250,000 by 2022, CNBC,
Published 3:14 PM ET Fri, 13 April 2018<span style="mso-spacerun: yes;">
</span>Updated 7:19 PM ET Fri, 13 April 2018. URL: https://www.cnbc.com/2018/04/13/tech-investor-tim-draper-predicts-bitcoin-will-reach-250000-by-2022.html
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn67" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref67" name="_ftn67" style="mso-footnote-id: ftn67;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[67]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Omar Faridi (2018) John McAfee
Is Still Standing By His $1 Million Bitcoin Price Prediction, <i>CryptoGlobe</i>,
17 Aug 2018. URL:
https://www.cryptoglobe.com/latest/2018/08/john-mcafee-is-still-standing-by-his-1-million-bitcoin-price-by-2020-prediction/
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn68" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref68" name="_ftn68" style="mso-footnote-id: ftn68;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[68]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Mark DeCambre (2017) Bitcoin
needs to be worth $1,000,000 to be a legitimate currency, <i>MarketWatch</i>, Published:
Sept 19, 2017 1:32 p.m. ET. URL: https://www.marketwatch.com/story/bitcoin-needs-to-be-worth-1000000-to-be-a-legitimate-currency-2017-09-15
(accessed 24/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn69" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref69" name="_ftn69" style="mso-footnote-id: ftn69;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[69]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Mythili Sampathkumar (2017)
Bitcoin should be 'outlawed', says Nobel prize-winning economist, <i>Independent</i>,
Thursday 30 November 2017 03:22. URL:
https://www.independent.co.uk/news/business/bitcoin-latest-news-outlawed-nobel-prize-winner-joseph-stiglitz-comments-a8083416.html
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn70" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref70" name="_ftn70" style="mso-footnote-id: ftn70;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[70]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Sampathkumar (2017).<o:p></o:p></span></div>
</div>
<div id="ftn71" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref71" name="_ftn71" style="mso-footnote-id: ftn71;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[71]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Tae Kim (2018) Jamie Dimon says
he regrets calling bitcoin a fraud and believes in the technology behind it, <i>CNBC</i>,
Published 7:42 AM ET Tue, 9 Jan 2018, Updated 7:50 PM ET Tue, 9 Jan 2018. URL:
https://www.cnbc.com/2018/01/09/jamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn72" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref72" name="_ftn72" style="mso-footnote-id: ftn72;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[72]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Charles Kadlec (2011) Nixon's
Colossal Monetary Error: The Verdict 40 Years Later, <i>Forbes</i>, Aug. 15,
2011, 10:00am. URL: https://www.forbes.com/sites/charleskadlec/2011/08/15/nixons-colossal-monetary-error-the-verdict-40-years-later/#1060e99e69f7
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn73" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref73" name="_ftn73" style="mso-footnote-id: ftn73;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[73]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Christopher Hope (2009) Gordon
Brown's decision to sell half of the UK's gold reserves 'cost UK £5billion', <i>The
Telegraph</i>, 7:01PM GMT 07 Jan 2009. URL:
https://www.telegraph.co.uk/news/politics/labour/4162054/Gordon-Browns-decision-to-sell-half-of-the-UKs-gold-reserves-cost-UK-5billion.html
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn74" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref74" name="_ftn74" style="mso-footnote-id: ftn74;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[74]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Saifedean Ammous (2016) The
Bitcoin Halving and Monetary Competition, <i>The Saif House</i>, posted on July
9, 2016. URL:
https://thesaifhouse.wordpress.com/2016/07/09/the-bitcoin-halving-and-monetary-competition/
(accessed 23/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn75" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref75" name="_ftn75" style="mso-footnote-id: ftn75;" title=""><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 8.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[75]</span></span><!--[endif]--></span></span></span></a><span style="font-family: Times; font-size: 8.0pt;"> See: Ammous (2016).<o:p></o:p></span></div>
</div>
</div>
<!--EndFragment--><br />Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com0tag:blogger.com,1999:blog-3210933998341353221.post-55832300628727618752018-09-20T01:53:00.003-07:002018-09-20T01:53:46.531-07:0010 Reasons to Buy Digitex [DGTX] (transcript/video)<!--[if gte mso 9]><xml>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="header"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footer"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index heading"/>
<w:LsdException Locked="false" Priority="35" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of figures"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope return"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="line number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="page number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of authorities"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="macro"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="toa heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
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<div class="MsoNormal">
<span style="font-family: "times";">[<i>NOTE: This article
should not be construed as investment advice. For advice on investing,
purchasing/selling Bitcoin and other cryptocurrencies, and buying/selling
futures contracts, please contact a licensed financial advisor. The reader is
responsible for his own investments. Disclaimer: this article contains referral
links</i>].<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<iframe allowfullscreen="" class="YOUTUBE-iframe-video" data-thumbnail-src="https://i.ytimg.com/vi/0dGBx-ubS9k/0.jpg" frameborder="0" height="266" src="https://www.youtube.com/embed/0dGBx-ubS9k?feature=player_embedded" width="320"></iframe></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">Introduction<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times";">Hey everyone! NJ Bridgewater
here to let you know 10 reasons to buy Digitex [DGTX] and <span class="MsoHyperlink"><a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail">sign
up for their early access waiting list</a></span>. If you want to buy DGTX,
there are currently three exchanges which offer DGTX tokens, including <span class="MsoHyperlink"><a href="https://mercatox.com/?referrer=456333">Mercatox</a></span>.
I’ll provide <span class="MsoHyperlink"><a href="https://mercatox.com/?referrer=456333">a link to Mercatox</a></span> in
the description below. Now, I must preface this by saying that this is not
financial advice, but simply my own thoughts and opinions. I’m not an expert on
finance or investment. However, I have been interested in Digitex since its ICO
back in January, and I think that it has really great prospects and a good shot
of becoming a significant player in the Bitcoin and cryptocurrency futures
marketplace. Before we begin listing the top ten reasons to invest in Digitex,
let’s go back to basics: <span class="MsoHyperlink"><a href="https://nicholasjames19.blogspot.com/2018/09/digitex-commission-free-cryptocurrency.html">what
is Digitex?</a></span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[1]</span></span><!--[endif]--></span></span></a>
Digitex is the first commission-free cryptocurrency futures exchange, which
aims to offer futures contracts for Bitcoin, Litecoin and Ethereum, which are
three of the top cryptocurrencies at the moment. They are not currently
planning to offer Bitcoin Cash futures, but this is not surprising, given
Bitcoin Cash’s current decline and fragmentation. Litecoin and Ethereum have
both been around for a while, and Bitcoin is the uncontested king of the
cryptocurrency space. For more on Bitcoin, check out my video and article on <span class="MsoHyperlink"><a href="https://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html">‘What
is Bitcoin?’</a></span> I have written a longer and a shorter version of the
article. The <span class="MsoHyperlink"><a href="https://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html">long
version</a></span> can be found on my <i>Crossing the Bridge</i> blog,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn2" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[2]</span></span><!--[endif]--></span></span></a>
while <span class="MsoHyperlink"><a href="https://blog.digitexfutures.com/cryptocurrency/what-is-bitcoin/">the
shorter and more concise version</a></span> can be found on the <span class="MsoHyperlink"><i><a href="https://blog.digitexfutures.com/">Digitex
Futures Exchange<span style="font-style: normal;"> blog</span></a></i></span>.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn3" name="_ftnref3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[3]</span></span><!--[endif]--></span></span></a> <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">Futures Exchanges<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times";">I won’t go into detail here
about what a futures exchange is or what futures contracts are. For more
information on that, I’d recommend you check out my longer article entitled <span class="MsoHyperlink"><a href="https://nicholasjames19.blogspot.com/2018/09/digitex-commission-free-cryptocurrency.html">‘Digitex:
A commission-free cryptocurrency futures exchange (my review)’</a></span> on my
blog. There, I explain that futures contracts are a useful way of hedging
against potential losses or gains in an asset, as well as giving investors the
ability to speculate on the price of an asset. Thus, one can speculate that
Bitcoin will go up or down in value and bet accordingly. In this sense, it’s
similar to betting on a race. However, your bet can be informed by trading
chart analysis, news and other information. The leading player in the futures
exchange market is <span class="MsoHyperlink"><a href="https://www.bitmex.com/register/ELgrJy">BitMEX</a></span>, which you can
find a link for below. However, <span class="MsoHyperlink"><a href="https://www.bitmex.com/register/ELgrJy">BitMEX</a></span> charges fees
for every transaction, which is a significant disadvantage for the investor.
Digitex, in contrast, is a commission-free exchange. So, what are the top 10
reasons to buy or <span class="MsoHyperlink"><a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail">invest
in Digitex</a></span>? Here they are:<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">Ten Reasons to Buy
Digitex [DGTX]<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">1.<span style="mso-spacerun: yes;"> </span>It’s the first commission-free futures
exchange:<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times";">This cannot be emphasised
enough. One of the main problems with futures trading is that you have to not
only do well, overall, with your bets on the market, but you also have to
recoup the cost of commissions on the exchange you’re using. This is the
problem with <span class="MsoHyperlink"><a href="https://www.bitmex.com/register/ELgrJy">BitMEX</a></span>, which charges
a commission when you purchase a futures trading contract. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">2. It has its own native
token, DGTX:<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times";">This is incredibly important
because all the ticker prices are priced in Digitex. Instead of buying a
futures contract in dollars or euros, the value of the contract is priced in
DGTX. This means that everyone has to buy DGTX in order to use the exchange.
According to the law of supply and demand, this means that, the more people who
use the <span class="MsoHyperlink"><a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail">Digitex
Futures Exchange</a></span>, the higher the eventual value of each DGTX token.<o:p></o:p></span></div>
<div class="MsoNormal">
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://coinspectator-com.s3.eu-west-2.amazonaws.com/production/32506/212aed88fd1181f92354c11a756ede38.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="508" data-original-width="800" height="203" src="https://coinspectator-com.s3.eu-west-2.amazonaws.com/production/32506/212aed88fd1181f92354c11a756ede38.png" width="320" /></a></div>
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">3. DGTX holders have the
power to decide on the amount of new tokens<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times";">One of the biggest worries
when investing in cryptocurrency is the possibility that it might be inflated
over time. This is the case with XRP, the crypto-token used by Ripple. It’s
also the case with Ether (ETH)—and many other tokens. However, with <span class="MsoHyperlink"><a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail">DGTX</a></span>,
although there will be some inflation by 2021, this is entirely in the hands of
the token holders. They will able to vote on the exact amount to be created,
with 1 DGTX equalling one vote. In other words, if you buy and hold DGTX, you
will be able to vote on the issuance of new tokens. New tokens are essential, however,
as this is the way that the exchange raises money to keep on functioning. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">4. The supply of DGTX
tokens is small<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times";">While some popular tokens,
such as TRX and ADA, can now be numbered in the billions (or tens of billions),
not to mention XRP, which has a maximum supply of 99,991,852,985 XRP,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn4" name="_ftnref4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[4]</span></span><!--[endif]--></span></span></a>
Digitex sits comfortably at a current maximum supply of 1 billion DGTX, with a
circulating supply of only 700 million DGTX. That’s great, because it means
that the value of 1 DGTX can ultimately be much higher than the value of 1
token which has a supply of 10 billion or 100 billion. It doesn’t take a huge
marketcap for the price of DGTX to rise to a decent amount.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">5. The ‘DGTX-peg system’<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times";">This is particularly cool.
We’ve already mentioned the fact that all contracts are priced in DGTX.
Moreover, the DGTX peg-system allows the DGTX sale price to be locked in
without having to actually exchange possession of the DGTX tokens, which is
great for traders who want to lock-in the value of their tokens while doing a
futures trade during periods of market uncertainty.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn5" name="_ftnref5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[5]</span></span><!--[endif]--></span></span></a>
What investors like most is certainty, so this is a particularly good innovation.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">6. The ‘Digitex Market
Makers’<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times";">These are basically trading
robots which are programmed to break even while placing bids and offers,
increasing liquidity on the platform.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn6" name="_ftnref6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[6]</span></span><!--[endif]--></span></span></a>
This is made possible by the fact that the trading bots have a large amount of
DGTX at their disposal—some 200 million DGTX, which is 20% of the total number
of DGTX tokens.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn7" name="_ftnref7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[7]</span></span><!--[endif]--></span></span></a> According to the <span class="MsoHyperlink"><a href="https://www.digitexfutures.com/wp-content/uploads/2017/12/Digitex-Whitepaper-11.0.pdf">Digitex
whitepaper</a></span>, “Digitex market makers… help create liquid futures
markets that have tight bid and offer spreads, even in volatile market
conditions.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn8" name="_ftnref8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[8]</span></span><!--[endif]--></span></span></a> This ensure that “a large
number of DGTX tokens are actually being used actively for the purpose of
trading, with all the beneficial network effects that brings, rather than those
tokens sitting dormant in a speculator’s wallet”, helping “to create very
liquid futures markets from day one, which combined with zero transaction fees
will attract a large number of traders to the Digitex Futures Exchange.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn9" name="_ftnref9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[9]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0m0mWrCgN-pOEvS7I72M0c_AzT_9qPmFaJJLbiUuFf50ax93kAaRwhG53uTQA8KxhYEyiLvpcmdzbGjyg-ClIesZ_H3iNEPicqUJov6D7Oj25Zmka4tFNe3uODu1Lt6gZs0CNGNjmYwk/s1600/dgtx-trading-ladder.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="400" data-original-width="960" height="133" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0m0mWrCgN-pOEvS7I72M0c_AzT_9qPmFaJJLbiUuFf50ax93kAaRwhG53uTQA8KxhYEyiLvpcmdzbGjyg-ClIesZ_H3iNEPicqUJov6D7Oj25Zmka4tFNe3uODu1Lt6gZs0CNGNjmYwk/s320/dgtx-trading-ladder.png" width="320" /></a></div>
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<span style="font-family: "times";"><o:p><br /></o:p></span></div>
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<span style="font-family: "times";"><o:p><br /></o:p></span></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">7. One-click ladder
trading<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times";">Uniquely in the
crypto-space, the <span class="MsoHyperlink"><a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail">Digitex
Futures Exchange</a></span> utilizes a ‘one-click ladder trading interface.’<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn10" name="_ftnref10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[10]</span></span><!--[endif]--></span></span></a>
This is one of the main advantages of Digitex that Adam Todd, the founder,
frequently mentions in interviews. What’s the benefit of a trading ladder?
Multiple clicks can cost valuable time when it comes to futures trading, leading
to lost opportunities and missed trades.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn11" name="_ftnref11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[11]</span></span><!--[endif]--></span></span></a>
Having a trading ladder interface means that traders can instantaneously
purchase a contract and avoid missing a crucial trade. As far as I’m aware, no
other platform currently has this functionality.</span></div>
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<div class="MsoNormal">
<b><span style="font-family: "times";">8. DGTX is doing well in
a bear market<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times";">While everything else—or
practically everything else—perhaps with the exception of the meme-coin, DOGE,
is down, DGTX seems to be doing very well. As of the 13<sup>th</sup> of
September, the price of Digitex stands at $0.031348 USD.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn12" name="_ftnref12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[12]</span></span><!--[endif]--></span></span></a>
This is more than THREE times the ICO price, which was $0.01. In fact, even
more so, as ICO investors got an additional discount for purchasing on the first
(and only) day of the ICO. The original Digitex token sale raised $5.2 million
USD in only 17 minutes, by which time all the tokens had been sold.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn13" name="_ftnref13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[13]</span></span><!--[endif]--></span></span></a>
That’s an incredible result, and it’s even more incredible that the price has
trebled within a matter of 9 months. <o:p></o:p></span></div>
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<b><span style="font-family: "times";">9. There is growing
interest in DGTX<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times";">Digitex is not an obscure
project, nor has it ever been, but interest in the platform is growing at an
astonishing rate, with new blog reviews, video reviews and social media
comments growing day-by-day. This includes <span class="MsoHyperlink"><a href="https://nicholasjames19.blogspot.com/2018/09/digitex-commission-free-cryptocurrency.html">my
own blog review</a></span> which I published not long ago. The Digitex
marketing team are leaving nothing to chance and are doing an excellent job of
promoting the brand.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn14" name="_ftnref14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[14]</span></span><!--[endif]--></span></span></a>
This is enhanced by the <span class="MsoHyperlink"><a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail">Digitex
Early Access Waitlist</a></span>, which is part of the <span class="MsoHyperlink"><a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail">6,000,000
DGTX giveaway</a></span>.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn15" name="_ftnref15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[15]</span></span><!--[endif]--></span></span></a>
As interest builds in the platform, more and more people will continue to sign
up, leading—hopefully—to a successful launch of the platform. For more on the
giveaway, <span class="MsoHyperlink"><a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail">click
on the link</a></span> in the description below.<o:p></o:p></span></div>
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<b><span style="font-family: "times";">10. It will be
operational in Q4 2018<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times";">This isn’t a long-term bet.
The <span class="MsoHyperlink"><a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail">Digitex
Futures Exchange</a></span> will be launched in Q4 of 2018, which brings us to
December 2018 at the latest. As such, there is no reason to worry that the
exchange won’t be up and running. Those of us who have been interested in
Digitex from the start have had to wait since January of this year. At last, we
are within reach of the goal and the launch of the Digitex Futures Exchange is
just around the corner. In fact, what is even better is that they have set up
an <span class="MsoHyperlink"><a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail">Early
Access Waiting list</a></span>. There is a link to this in the description
below. Make sure to click on the link and sign up with your e-mail. Finally,
confirm your e-mail and you’re good to go. The top 5,000 people on the list
will get early access to the platform, plus 1,000 free DGTX to play around
with. Sounds good, right? You can help to get to the top of the list by
referring as many people as possible: friends, family and others, which will
not only spread the word about Digitex but also give you a shot at getting
1,000 free tokens. So, why not give it a chance? [<span class="MsoHyperlink"><a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail">CLICK
HERE</a></span> to sign up]<o:p></o:p></span></div>
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<div class="MsoNormal">
<span style="font-family: "times";">In the meantime, if you want
to buy DGTX, you can <span class="MsoHyperlink"><a href="https://mercatox.com/?referrer=456333">sign up to Mercatox</a></span> and
buy DGTX tokens there. <o:p></o:p></span></div>
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<span style="font-family: "times";">That’s all for today, guys!
Keep an open mind, stay safe, and keep on learning!<o:p></o:p></span></div>
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<div class="MsoNormal">
<span style="font-family: "times";">NJ Bridgewater<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">Sources<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">The BitFeed (2018) Digitex
Futures Review, <i>The BitFeed</i>, 21 June 2018. URL:
https://www.thebitfeed.com/digitex-futures-review/ (accessed 13/09/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Nicholas Bridgewater (2017)
What is Bitcoin? <i>Crossing the Bridge</i>, 7 December 2017. URL:
https://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html </span><span style="font-family: "times"; mso-bidi-font-family: Calibri;">(accessed 13/09/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times"; mso-bidi-font-family: Calibri;">Nicholas
Bridgewater (2018a) What is Bitcoin? <i>Digitex Futures Exchange Blog</i>, May
14, 2018. URL: <span class="MsoHyperlink"><span style="color: black; text-decoration: none;"><a href="https://blog.digitexfutures.com/cryptocurrency/what-is-bitcoin/"><span style="color: black; text-decoration: none;">https://blog.digitexfutures.com/cryptocurrency/what-is-bitcoin/</span></a></span></span>
(accessed 13/09/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Nicholas Bridgewater (2018b)
Digitex: A commission-free cryptocurrency futures exchange (my review), <i>Crossing
the Bridge</i>, 4 September 2018. URL:
https://nicholasjames19.blogspot.com/2018/09/digitex-commission-free-cryptocurrency.html
</span><span style="font-family: "times"; mso-bidi-font-family: Calibri;">(accessed
13/09/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">CoinMarketCap (2018a)
Digitex Futures (DGTX), <i>CoinMarketCap.com</i>. URL:
https://coinmarketcap.com/currencies/digitex-futures/ (accessed 13/09/2018
14:39 AST)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i><span style="font-family: "times";">CoinMarketCap</span></i><span style="font-family: "times";"> (2018b) XRP (XRP), <i>CoinMarketCap.com</i>. URL:
https://coinmarketcap.com/currencies/ripple/ (accessed 03/09/2018 10:47 AM AST)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Dave Reiter (2018a) Top Five
Reasons Why You Should Buy DGTX Tokens, <i>Digitex Futures Exchange blog</i>,
Sep 3, 2018. URL:
https://blog.digitexfutures.com/digitex-futures/top-five-reasons-why-you-should-buy-dgtx-tokens/
(accessed 13/09/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">Dave
Reiter (2018b) How Commission-Free Markets Increase Liquidity, <i>Digitex
Futures Exchange blog</i>, Sep 12, 2018. URL:
https://blog.digitexfutures.com/digitex-futures/how-commission-free-markets-increase-liquidity/
(accessed 13/09/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Adam Todd (2017a) <i>Digitex:
A commission-free, trustless future exchange for trading digital
currency prices</i> (white paper), December 5<sup>th</sup>, 2017. URL:
https://www.digitexfutures.com/wp-content/uploads/2017/12/Digitex-Whitepaper-11.0.pdf
(accessed 03/09/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Adam Todd (2018a) DGTX Token
Sale Raises $5.2 Million in 17 Minutes, <i>Digitex Futures Exchange Blog</i>,
January 17, 2018. URL:
https://digitexfutures.com/dgtx-ico-token-sale-sells-out-in-17-minutes/
(accessed 03/09/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Adam Todd (2018b) 5 Million
DGTX Airdrop to the First 5000 on Our Waitlist, <i>Digitex Futures Exchange
blog</i>, August 20, 2018. URL:
https://blog.digitexfutures.com/digitex-futures/5-million-token-airdrop-to-the-first-5000-on-our-waitlist/
(accessed 13/09/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">Links for More </span></b><b><span style="font-family: "times"; mso-bidi-font-family: Calibri;">Information<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i><span style="font-family: "times"; mso-bidi-font-family: Calibri;">The
1 Million DGTX Giveaway<o:p></o:p></span></i></div>
<div class="MsoNormal">
<span class="MsoHyperlink"><span style="background: white; color: #1155cc; font-family: "times";"><a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail" target="_blank"><span style="color: #1155cc;">https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail</span></a></span></span><span style="font-family: "times"; mso-bidi-font-family: Calibri;"><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i><span style="font-family: "times"; mso-bidi-font-family: Calibri;">BitMEX
sign-up link<o:p></o:p></span></i></div>
<div class="MsoNormal">
<span class="MsoHyperlink"><span style="font-family: "times"; mso-bidi-font-family: Calibri;"><a href="https://www.bitmex.com/register/ELgrJy">https://www.bitmex.com/register/ELgrJy</a></span></span><span style="font-family: "times";"><span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i><span style="font-family: "times";">Buy DGTX on Mercatox<o:p></o:p></span></i></div>
<div class="MsoNormal">
<span class="MsoHyperlink"><span style="font-family: "times";"><a href="https://mercatox.com/?referrer=456333">https://mercatox.com/?referrer=456333</a></span></span><span style="font-family: "times";"> <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i><span style="font-family: "times";">Buy Bitcoin on Coinbase<o:p></o:p></span></i></div>
<div class="MsoNormal">
<span class="MsoHyperlink"><span style="background: white; color: #1155cc; font-family: "times";"><a href="https://www.coinbase.com/join/58ebfdd6a42219609fdbf0ae" target="_blank"><span style="color: #1155cc;">https://www.coinbase.com/join/58ebfdd6a42219609fdbf0ae</span></a></span></span><span style="font-family: "times";"><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i><span style="font-family: "times";">Start trading
cryptocurrencies on Binance<o:p></o:p></span></i></div>
<div class="MsoNormal">
<u><span style="background: white; color: #1155cc; font-family: "times";"><a href="https://www.binance.com/?ref=17567139" target="_blank"><span style="color: #1155cc;">https://www.binance.com/?ref=17567139</span></a></span></u><span style="background: white; color: #222222; font-family: "times";"> </span><span style="font-family: "times";"><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times"; mso-bidi-font-family: Calibri;">Nicholas
Bridgewater (2018) What is Bitcoin? <i>Digitex Futures Exchange Blog</i>, May
14, 2018. URL: <span class="MsoHyperlink"><a href="https://blog.digitexfutures.com/cryptocurrency/what-is-bitcoin/">https://blog.digitexfutures.com/cryptocurrency/what-is-bitcoin/</a></span>
<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times"; mso-bidi-font-family: Calibri;">Nicholas
Bridgewater (2018) What is Ethereum? <i>Digitex Futures Exchange Blog</i>, May
14, 2018. URL: <span class="MsoHyperlink"><a href="https://blog.digitexfutures.com/cryptocurrency/what-is-ethereum/">https://blog.digitexfutures.com/cryptocurrency/what-is-ethereum/</a></span>
<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times"; mso-bidi-font-family: Calibri;">Nicholas
Bridgewater (2018) Where to Buy and Sell Bitcoin. <i>Digitex Futures Exchange
Blog</i>, May 14, 2018. URL: <span class="MsoHyperlink"><a href="https://blog.digitexfutures.com/cryptocurrency/where-to-buy-and-sell-bitcoin/">https://blog.digitexfutures.com/cryptocurrency/where-to-buy-and-sell-bitcoin/</a></span>
<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times"; mso-bidi-font-family: Calibri;">Nicholas
Bridgewater (2018) Where to Buy and Sell Ether. <i>Digitex Futures Exchange
Blog</i>, May 14, 2018. URL: <span class="MsoHyperlink"><a href="https://blog.digitexfutures.com/cryptocurrency/how-to-get-ether-and-where-to-buy-and-sell-it/">https://blog.digitexfutures.com/cryptocurrency/how-to-get-ether-and-where-to-buy-and-sell-it/</a></span>
<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div style="mso-element: footnote-list;">
<!--[if !supportFootnotes]--><br clear="all" />
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<br />
<div id="ftn1" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;">[1]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 9.0pt;"> See: Nicholas Bridgewater (2018b) Digitex:
A commission-free cryptocurrency futures exchange (my review), <i>Crossing the
Bridge</i>, 4 Septemebr 2018. URL:
https://nicholasjames19.blogspot.com/2018/09/digitex-commission-free-cryptocurrency.html
</span><span style="font-family: "times"; font-size: 9.0pt;">(accessed 13/09/2018).</span><span style="font-family: "times"; font-size: 9.0pt;"><o:p></o:p></span></div>
</div>
<div id="ftn2" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref2" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;">[2]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 9.0pt;"> See: Nicholas Bridgewater (2017)
What is Bitcoin? <i>Crossing the Bridge</i>, 7 December 2017. URL:
https://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html </span><span style="font-family: "times"; font-size: 9.0pt;">(accessed
13/09/2018).</span><span style="font-family: "times"; font-size: 9.0pt;"><o:p></o:p></span></div>
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref3" name="_ftn3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;">[3]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 9.0pt;"> See: </span><span style="font-family: "times"; font-size: 9.0pt;">Nicholas Bridgewater
(2018a) What is Bitcoin? <i>Digitex Futures Exchange Blog</i>, May 14, 2018.
URL: <span class="MsoHyperlink"><a href="https://blog.digitexfutures.com/cryptocurrency/what-is-bitcoin/">https://blog.digitexfutures.com/cryptocurrency/what-is-bitcoin/</a></span>
(accessed 13/09/2018).<o:p></o:p></span></div>
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<div id="ftn4" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref4" name="_ftn4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;">[4]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 9.0pt;"> See: XRP (XRP), <i>CoinMarketCap</i>,
2018. URL: https://coinmarketcap.com/currencies/ripple/ (accessed 03/09/2018
10:47 AM AST).<o:p></o:p></span></div>
</div>
<div id="ftn5" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref5" name="_ftn5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;">[5]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 9.0pt;"> See: The BitFeed (2018) Digitex
Futures Review, <i>The BitFeed</i>, 21 June 2018. URL:
https://www.thebitfeed.com/digitex-futures-review/ (accessed 03/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn6" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref6" name="_ftn6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;">[6]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 9.0pt;"> See: Todd (2018).<o:p></o:p></span></div>
</div>
<div id="ftn7" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref7" name="_ftn7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;">[7]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 9.0pt;"> See: Todd (2018).<o:p></o:p></span></div>
</div>
<div id="ftn8" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref8" name="_ftn8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;">[8]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 9.0pt;"> See: Adam Todd (2017a) <i>Digitex:
A commission-free, trustless future exchange for trading digital
currency prices</i> (white paper), December 5<sup>th</sup>, 2017. URL:
https://www.digitexfutures.com/wp-content/uploads/2017/12/Digitex-Whitepaper-11.0.pdf
(accessed 03/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn9" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref9" name="_ftn9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;">[9]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 9.0pt;"> See: Todd (2017a), p. 16. <o:p></o:p></span></div>
</div>
<div id="ftn10" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref10" name="_ftn10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;">[10]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 9.0pt;"> See: Dave Reiter (2018b) How
Commission-Free Markets Increase Liquidity, <i>Digitex Futures Exchange blog</i>,
Sep 12, 2018. URL: https://blog.digitexfutures.com/digitex-futures/how-commission-free-markets-increase-liquidity/
(accessed 13/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn11" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref11" name="_ftn11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;">[11]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 9.0pt;"> See: Reiter (2018b).<o:p></o:p></span></div>
</div>
<div id="ftn12" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref12" name="_ftn12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;">[12]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 9.0pt;"> See:
https://coinmarketcap.com/currencies/digitex-futures/ (accessed 13/09/2018
14:39 AST).<o:p></o:p></span></div>
</div>
<div id="ftn13" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref13" name="_ftn13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;">[13]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 9.0pt;"> See: Adam Todd (2018b) DGTX Token
Sale Raises $5.2 Million in 17 Minutes, <i>Digitex Futures Exchange Blog</i>,
January 17, 2018. URL:
https://digitexfutures.com/dgtx-ico-token-sale-sells-out-in-17-minutes/
(accessed 03/09/2018).<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
</div>
<div id="ftn14" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref14" name="_ftn14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;">[14]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 9.0pt;"> See: Dave Reiter (2018a) Top Five
Reasons Why You Should Buy DGTX Tokens, <i>Digitex Futures Exchange blog</i>,
Sep 3, 2018. URL:
https://blog.digitexfutures.com/digitex-futures/top-five-reasons-why-you-should-buy-dgtx-tokens/
(accessed 13/09/2018).<o:p></o:p></span></div>
</div>
<div id="ftn15" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref15" name="_ftn15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 9.0pt;">[15]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 9.0pt;"> See: Adam Todd (2018b) 5 Million
DGTX Airdrop to the First 5000 on Our Waitlist, <i>Digitex Futures Exchange
blog</i>, August 20, 2018. URL:
https://blog.digitexfutures.com/digitex-futures/5-million-token-airdrop-to-the-first-5000-on-our-waitlist/
(accessed 13/09/2018).<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 9.0pt;"><br /></span></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 9.0pt;">digitextwitter</span></div>
</div>
</div>
<!--EndFragment--><br />Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com0tag:blogger.com,1999:blog-3210933998341353221.post-12444520802465751012018-09-04T00:44:00.000-07:002018-09-04T00:44:07.775-07:00Digitex: A commission-free cryptocurrency futures exchange (my review)
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<span style="font-family: Times; font-size: 12pt;">NJ Bridgewater</span></div>
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<span style="font-family: Times;">[<i>NOTE: This article
should not be construed as investment advice. For advice on investing,
purchasing/selling Bitcoin and other cryptocurrencies, and buying/selling futures
contracts, please contact a licensed financial advisor. The reader is
responsible for his own investments. Disclaimer: this article contains referral
links</i>]. <o:p></o:p></span></div>
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<b><span style="font-family: Times;">What is Digitex?<o:p></o:p></span></b></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGmf_sallBG00aXldS5z0j3x8p0xnGxhRBE1cuZpqCi-iYakUvUdR0lnH-zUs0aIXfySvrXCWCHWzjGETEkGMxiYkhzoVdT2eObJ5KaRh5e84Q0XMC-1kIgpC3S6f7wzySf1wWl5jFPiY/s1600/whitepaper_DGTX-750x430.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="430" data-original-width="750" height="183" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGmf_sallBG00aXldS5z0j3x8p0xnGxhRBE1cuZpqCi-iYakUvUdR0lnH-zUs0aIXfySvrXCWCHWzjGETEkGMxiYkhzoVdT2eObJ5KaRh5e84Q0XMC-1kIgpC3S6f7wzySf1wWl5jFPiY/s320/whitepaper_DGTX-750x430.png" width="320" /></a></div>
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<span style="font-family: Times;">One of the most exciting
projects in the crypto-sphere at the moment is the Digitex Futures Exchange,
which is due to launch in Q4 of this year, by December 2018. What makes this
project so unique and so exciting? First of all, Digitex is the first
commission-free cryptocurrency future exchange, which will allow futures trading
on Bitcoin, Litecoin and Ethereum. Bitcoin futures trading is a huge deal, as
you have no doubt seen in the news. It is a multi-billion-dollar business. Secondly,
it will use its own native token, which means that trading and holding the
token itself could potentially be profitable, as the token’s value will
increase as more and more people use the exchange. Thirdly, it gives power to
the users because, whenever new tokens are issued, Digitex token-holders will
be able to vote on the amount of new tokens to be created, thus ensuring that
the rate of inflation is not too high and that the profitability of the token
continues to increase. Fourthly, the supply of tokens is quite limited when
compared with other popular currencies such as Cardano (ADA) and TRON (TRX),
both of which have a total number of tokens in the tens of billions—not to
mention Ripple (XRP), which has a maximum supply of 99,991,852,985 XRP.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[1]</span></span><!--[endif]--></span></span></a>
Digitex, in contrast, sits comfortably at a current maximum supply of 1 billion
DGTX, with a circulating supply of only 700 million DGTX.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn2" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[2]</span></span><!--[endif]--></span></span></a>
Finally, Digitex is not only the new kid on the block when it comes to futures
trading, but it is building an innovative platform utilizing a ‘DGTX-peg
system’, whereby the DGTX sale price can be locked in without having to actually
exchange possession of the DGTX tokens, which is great for traders who want to
lock-in the value of their tokens while doing a futures trade during periods of
market uncertainty.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn3" name="_ftnref3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[3]</span></span><!--[endif]--></span></span></a> If
you are interested in getting early access to the Digitex Futures Exchange
platform when it launches in Q4 (December 2018), <a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail">you
can sign up here (just click on ‘GET EARLY ACCESS’ and then input your e-mail
address and click SUBMIT)</a>.<o:p></o:p></span></div>
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<b><span style="font-family: Times;">Bitcoin Futures Trading </span></b></div>
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<span style="font-family: Times;"><o:p><br /></o:p></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuHAP7B-ZcymeCpSfmvKFW_cL2RYvmCai2Gi6g-kMPh-6fJCdpnpdksLgmnstFHNxhaYA-T7TcrE2N7q4dJh0BoUH6QVHj7yzQ0zmpKKvkGyq7Xx4JXdBlxdceekUXPhtYWMj5JBusZss/s1600/btc-dgtx.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuHAP7B-ZcymeCpSfmvKFW_cL2RYvmCai2Gi6g-kMPh-6fJCdpnpdksLgmnstFHNxhaYA-T7TcrE2N7q4dJh0BoUH6QVHj7yzQ0zmpKKvkGyq7Xx4JXdBlxdceekUXPhtYWMj5JBusZss/s320/btc-dgtx.jpg" width="320" /></a></div>
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<span style="font-family: Times;">Before we get into more
details, what is Bitcoin futures trading? First of all, what is futures
trading? According to Investopedia, a futures contract is an agreement between
a buyer and a seller to buy or sell an asset or commodity for a specified price
at a specified date.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn4" name="_ftnref4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[4]</span></span><!--[endif]--></span></span></a>
A futures contract is thus an agreement to buy and sell the asset/commodity/security.
In many cases, this does not mean that the actual commodity is exchanged. A
futures contract may represent 27 metric tons of corn, for example, but the
corn does not necessarily exchange hands. Originally, futures contracts were
used by farmers to hedge against changes in the price of their crops. Now, futures
contracts are often used by investors to speculate on the price of commodities
and profit by betting on whether its value will go up or down.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn5" name="_ftnref5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[5]</span></span><!--[endif]--></span></span></a>
In other words, it is a means for investors to bet on the price of Bitcoin or
other assets/commodities. In one sense, it is similar to gambling, as in when
one bets on whether a specified horse is going to win a race, for example. In
both futures contracts and gambling, the eventual outcome of the bet is
unknown. In this sense, a Bitcoin futures contract can be seen as pure
speculation, which is akin to gambling.<o:p></o:p></span></div>
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<span style="font-family: Times;">A futures contract can also
be used to hedge against potential losses or gains in the value of an asset in
order to reduce volatility associated with the price of the asset.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn6" name="_ftnref6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[6]</span></span><!--[endif]--></span></span></a>
In other words, one may be a Bitcoin holder/investor who wishes to hedge
against the volatility of the price of Bitcoin. The Bitcoin investor can reduce
the risk of their investment by taking an opposite position in the market to
what they are trying to hedge, with one effect cancelling out the other.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn7" name="_ftnref7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[7]</span></span><!--[endif]--></span></span></a>
The goal of hedgers is to reduce risk by protecting themselves against any
future drops in the price of the asset.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn8" name="_ftnref8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[8]</span></span><!--[endif]--></span></span></a>
Hedging also allows the Bitcoin trader who is averse to volatility to lock in
the price that he/she wishes to trade Bitcoin for. Speculators, in contrast,
are assuming the risk, often borrowing money in order to buy a contract in the
hope that the price of the asset will increase in the future. If the market
price drops, they will end up losing their original investment, and more.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn9" name="_ftnref9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[9]</span></span><!--[endif]--></span></span></a>
If one is selling at a certain price (i.e. the hedger), then one is guaranteed
to receive that price at the end of the contract. One may benefit or lose from
this transaction, based on whether the actual market price is higher or lower
than the price determined in the futures contract. Many people who invest in
Bitcoin are interested in reducing the volatility of transactions and want the
ability to sell at a determined price. There are also many people in the
crypto-sphere who are interested in pure speculation on price movements.
Bitcoin futures trading allows them to do just that.<o:p></o:p></span></div>
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<b><span style="font-family: Times;">CBOE/CME Futures Trading,
<a href="https://www.bitmex.com/register/ELgrJy">BitMEX</a> & Digitex
(DGTX)<o:p></o:p></span></b></div>
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<b><span style="font-family: Times;"><br /></span></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigTemMA8GC4QMSz6m1Dy93s2nDbm-33osuEag4WG_PIEToJWC2EJvYmk_3_oVM6hepRfDjq5ywhBJYP69PygRFyq7WSCT2bCw0ctT4cu3UAIlibtPt3AyBsyiD4Dk-rh2eVXpG7KgkhtA/s1600/bitmex.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="421" data-original-width="965" height="139" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigTemMA8GC4QMSz6m1Dy93s2nDbm-33osuEag4WG_PIEToJWC2EJvYmk_3_oVM6hepRfDjq5ywhBJYP69PygRFyq7WSCT2bCw0ctT4cu3UAIlibtPt3AyBsyiD4Dk-rh2eVXpG7KgkhtA/s320/bitmex.png" width="320" /></a></div>
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<span style="font-family: Times;">Bitcoin futures trading
became mainstream when the Chicago Board of Exchange (CBOE) became the first
major derivate exchange to launch Bitcoin futures late last year on 10<sup>th</sup>
December 2017.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn10" name="_ftnref10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[10]</span></span><!--[endif]--></span></span></a>
Such a mania was created by this news that trading had to be halted twice due
to CBOE speed breakers, which can pause or slow down trading if price movements
are excessive.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn11" name="_ftnref11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[11]</span></span><!--[endif]--></span></span></a>
This was followed by the launch of Bitcoin futures on the Chicago Mercantile
Exchange (CME), which is the world’s largest futures exchange, with about 1,049
contracts being made in January alone, representing some 5,245 BTC, whereas
CBOE’s contracts for the same time frame represented 3,860 BTC.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn12" name="_ftnref12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[12]</span></span><!--[endif]--></span></span></a>
As of July 2018, the world’s largest exchange-traded fund (ETF) provider,
BlackRock, has announced that they assessing their potential involvement in
Bitcoin investment, including whether they should invest in Bitcoin futures.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn13" name="_ftnref13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[13]</span></span><!--[endif]--></span></span></a>
Bitcoin futures trading is a growing phenomenon, with Bitcoin futures contracts
in Q2 of 2018 93% higher than the previous quarter, almost doubling the total
amount of contracts, according to CME Group. The increasing involvement of Wall
Street and other institutional investors in Bitcoin futures trading and Bitcoin
investment can only be a good thing in the long run, as it means more demand
for an extremely limited asset. But how can the ordinary investor get involved
in Bitcoin futures trading?<o:p></o:p></span></div>
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<span style="font-family: Times;">Various Bitcoin futures
exchanges already exist with easy access for individuals. Digitex Futures
Exchange is going to be launched in Q4 of 2018, and you can <a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail">sign
up for their waiting list for early access here</a>. As a zero-commission
exchange, Digitex will allow you to buy and sell futures contracts with ease
and with zero fees. It is currently (or will be soon) the only Bitcoin futures
exchange to offer such fluidity and low-cost access to the Bitcoin futures
market. “Simply put,” Adam Todd, the founder of Digitex, says, “it’s a
commission-free futures exchange” which “sustains itself indefinitely by using
its own native currency instead of charging transaction fees” by using “the
DGTX token.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn14" name="_ftnref14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[14]</span></span><!--[endif]--></span></span></a>
This is possible because a small number of new tokens will be created each year
to cover costs (from 2021), allowing a small inflation rate in the total number
of tokens while also ensuring that the exchange maintains zero transaction
fees. This benefits all users of the platform, as well as DGTX token holders,
who can be sure that there is only a small annual increase in the number of
tokens, while an increasing number of investors flock to the platform, driving
up demand for the native token. This makes Digitex stand out from its chief competitor
at the moment, BitMEX.<o:p></o:p></span></div>
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<span style="font-family: Times;"><a href="https://www.bitmex.com/register/ELgrJy">BitMEX</a> (Bitcoin Mercantile
Exchange) is a trading platform which offers investors access to global
financial markets using Bitcoin; in particular, it allows investors to make
several different types of contracts, including perpetual contracts, in which
one can hold a position for as long as one likes, futures contracts (which we
have discussed above), and two other unique contracts: a BitMEX UP Contract and
a BitMEX DOWN contract.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn15" name="_ftnref15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[15]</span></span><!--[endif]--></span></span></a>
A BitMEX UP (Upside Profit) Contract lets buyers participate in the potential
upside of the investment instrument, paying a premium on a trade date, which
entitles him/her to receive the difference between the settlement price and
strike price on the maturity date, if positive. If not positive, no payment
occurs. All payments being settled in Bitcoin. A BitMEX DOWN (Downside Profit)
Contract is similar, except that if the underlying asset (e.g. Bitcoin) falls
below the KO barrier price during the life of the contract, it expires,
settling early using the KO barrier price. Again, all transactions are settled
in Bitcoin, with the possible loss being limited to the initial investment. To <a href="https://www.bitmex.com/register/ELgrJy">sign up with BitMEX</a> for a 10%
fee discount for 6 months, <a href="https://www.bitmex.com/register/ELgrJy">use
the following referral link</a>. If you are interested in buying a futures
contract straightaway and cannot wait for the launch of the Digitex platform,
then this is one of the best options. <o:p></o:p></span></div>
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<b><span style="font-family: Times;">The DGTX token and how it
works<o:p></o:p></span></b></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIp4_aBhKPClbIhwZNht4AjtR-EsfPxYWjOaik90YZxv7Tjz6xv_6on-MN4jAOSd2ctZa-TuSkSb_FcQkaYKE-SPUTRSBzum0MyGZg0zMA7SuffhPLeouGcryjQENC5eGcl9LJWtz41Z8/s1600/dgtx-trading-ladder.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="400" data-original-width="960" height="133" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIp4_aBhKPClbIhwZNht4AjtR-EsfPxYWjOaik90YZxv7Tjz6xv_6on-MN4jAOSd2ctZa-TuSkSb_FcQkaYKE-SPUTRSBzum0MyGZg0zMA7SuffhPLeouGcryjQENC5eGcl9LJWtz41Z8/s320/dgtx-trading-ladder.png" width="320" /></a></div>
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<span style="font-family: Times;"><o:p><br /></o:p></span></div>
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<span style="font-family: Times;"><o:p><br /></o:p></span></div>
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<span style="font-family: Times;">What are some of the key
features of Digitex which make it unique, and how does the Digitex token work?
Many initial coin offerings (ICOs) provide coins that are of little real-world
utility, or which have no real use case. Even those which do have a use-case
are often of such fringe use that they have no long-term prospects. Do I really
need an ICO for Refrigerator Coin, for instance (this doesn’t exist, but it
could)? This is something I address in more detail in my article on <a href="https://blog.digitexfutures.com/cryptocurrency/5-questions-you-should-ask-yourself-before-investing-in-an-ico/">5
Questions You Should Ask Yourself Before Investing in an ICO</a>.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn16" name="_ftnref16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[16]</span></span><!--[endif]--></span></span></a>
So, what makes Digitex unique? The answer to that lies in the DGTX token
itself. DGTX is the native token of the Digitex Futures Exchange, which was
created by businessman and trader Adam Todd in 2017 as an ERC-223 token (i.e.
an Ethereum-based token). ERC-223 tokens are more modern Ethereum-based tokens
with additional features, such as not being able to be transferred to contracts
which won’t allow the token to be released, which helps to prevent human error.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn17" name="_ftnref17" style="mso-footnote-id: ftn17;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[17]</span></span><!--[endif]--></span></span></a>
According to Adam Todd (2018), the Digitex Futures Exchange is the first
exchange of its kind to develop and use its own token, which allows it to
eliminate all trading fees.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn18" name="_ftnref18" style="mso-footnote-id: ftn18;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[18]</span></span><!--[endif]--></span></span></a>
In order to use the futures trading platform, traders must have a balance of
DGTX tokens, as all ticker prices are denominated in DGTX.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn19" name="_ftnref19" style="mso-footnote-id: ftn19;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[19]</span></span><!--[endif]--></span></span></a>
In other words, if you want to use the Digitex Futures Exchange, you don’t have
to buy and transfer Bitcoin or USD. Rather, you have to purchase a number of
DGTX tokens equivalent to the value of the futures contract you wish to
purchase. The constant use of the DGTX token, according to the law of supply
and demand, should lead to an increase in its value, thus benefiting long-term
DGTX token-holders.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
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<span style="font-family: Times;">So, how does the platform
work and what other unique features are there? In addition to having its own
native token, the Digitex Futures Exchange maintains liquidity through what are
called ‘Digitex Market Makers’. These are basically trading robots which are
programmed to break even while placing bids and offers, increasing liquidity on
the platform.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn20" name="_ftnref20" style="mso-footnote-id: ftn20;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[20]</span></span><!--[endif]--></span></span></a>
This is made possible by the fact that the trading bots have a large amount of
DGTX at their disposal—some 200 million DGTX, which is 20% of the total number
of DGTX tokens.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn21" name="_ftnref21" style="mso-footnote-id: ftn21;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[21]</span></span><!--[endif]--></span></span></a> According
to the <a href="https://www.digitexfutures.com/wp-content/uploads/2017/12/Digitex-Whitepaper-11.0.pdf">Digitex
whitepaper</a>, “Digitex market makers… help create liquid futures markets that
have tight bid and offer spreads, even in volatile market conditions.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn22" name="_ftnref22" style="mso-footnote-id: ftn22;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[22]</span></span><!--[endif]--></span></span></a>
The whitepaper goes on to argue that “not being driven by profit, the market
makers do not exist to extract value from traders”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn23" name="_ftnref23" style="mso-footnote-id: ftn23;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[23]</span></span><!--[endif]--></span></span></a>
Rather, they ensure that “a large number of DGTX tokens are actually being used
actively for the purpose of trading, with all the beneficial network effects
that brings, rather than those tokens sitting dormant in a speculator’s wallet”,
helping “to create very liquid futures markets from day one, which combined
with zero transaction fees will attract a large number of traders to the
Digitex Futures Exchange.”<span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn24" style="mso-footnote-id: ftn24;" title="">[24]</a></span></span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn24" title=""><!--[endif]--></a></span></span>
<o:p></o:p></span></div>
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<span style="font-family: Times;"><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><br /></span></span></span></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifP58rfki4hJ3WEillat-6PpcVfcj0rK3zRjtkKQZPYGdVaux4YOY8M1v7EhAuz_ZiU8AJrDfR8xZKIKSYh8hXGQ1T8g3wjepIAwfijr187qh010VpxvglNYtxgx1IuQHEv0gUZdPCC68/s1600/adam-todd.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="800" data-original-width="1200" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifP58rfki4hJ3WEillat-6PpcVfcj0rK3zRjtkKQZPYGdVaux4YOY8M1v7EhAuz_ZiU8AJrDfR8xZKIKSYh8hXGQ1T8g3wjepIAwfijr187qh010VpxvglNYtxgx1IuQHEv0gUZdPCC68/s320/adam-todd.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Adam Todd, creator of Digitex</td></tr>
</tbody></table>
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<span style="font-family: Times;">Being a businessman and
trader himself, rather than a techie, Todd knows the importance of creating
value for the tokens and the need for the price of DGTX to increase for DGTX
token-holders. While providing the means to create a fee-free trading platform,
the DGTX token also exists to reward token-holders. Thus, the whitepaper states
that “large numbers of traders will create a surge in demand for DGTX tokens
and a price bump that will convince speculators to take an early profit by
selling their DGTX tokens to those traders, thus transferring more tokens from
dormancy in wallets to active use on the futures markets.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn25" name="_ftnref25" style="mso-footnote-id: ftn25;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[25]</span></span><!--[endif]--></span></span></a>
“In this way,” Todd argues, “the Digitex market makers are a catalyst to a
highly efficient trading environment where the majority of the ecosystem’s
protocol tokens are in active use.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn26" name="_ftnref26" style="mso-footnote-id: ftn26;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[26]</span></span><!--[endif]--></span></span></a>
Thus, the key principles behind the DGTX token and the Digitex market makers
are liquidity, profitability and increasing interest in the project. This is
important, as a futures exchange can only flourish if it continually attracts
new investors, new speculators and a loyal base of users. This is also the
reason why DGTX token-holders have an active role in deciding on the creation
of new tokens, which cannot take place before the start of 2021, when the first
new DGTX tokens will be minted to cover the ongoing costs of maintaining the
Digitex Futures Exchange.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn27" name="_ftnref27" style="mso-footnote-id: ftn27;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[27]</span></span><!--[endif]--></span></span></a>
Token-holders will be able to participate in the decision-making process by
voting on proposals for the creation of new tokens, determining the exact rate
of inflation. This will be done on the basis of 1 DGTX = 1 vote.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn28" name="_ftnref28" style="mso-footnote-id: ftn28;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[28]</span></span><!--[endif]--></span></span></a>
Thus Digitex is not only a platform created in the interests and profitability
of users, but it is also democratic in the way that it functions. This unique
aspect instantly distinguishes it from BitMEX and other rivals. <o:p></o:p></span></div>
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<b><span style="font-family: Times;"><a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail">The
5 Million DGTX Airdrop</a><o:p></o:p></span></b></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCr6Z83beXEneGShCXPHmRI5jIxYXr8x1SCZIf70nAscRKHDNYqD3W6UDgBphSXkBMfDQpUes1-It_AXPQjyoFoDXXyPhBGBrIe8wn6p3jqfeAD525zp6tp5FQpy5d7VlEponrgTMJ5YU/s1600/Digitex-Releasing-Exchange-to-the-Top-5000-on-Waitlist-with-5M-DGTX-Airdrop.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="675" data-original-width="856" height="252" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCr6Z83beXEneGShCXPHmRI5jIxYXr8x1SCZIf70nAscRKHDNYqD3W6UDgBphSXkBMfDQpUes1-It_AXPQjyoFoDXXyPhBGBrIe8wn6p3jqfeAD525zp6tp5FQpy5d7VlEponrgTMJ5YU/s320/Digitex-Releasing-Exchange-to-the-Top-5000-on-Waitlist-with-5M-DGTX-Airdrop.png" width="320" /></a></div>
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<span style="font-family: Times;">As we near Q4, excitement is
already building for the eventual launch of the Digitex futures trading
platform. Thousands of people are now signing up for the Digitex <a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail">Early
Access Waitlist</a>. For the last several months, Digitex has been focused on
developing their platform, putting everything into hiring programmers, setting
up their offices, and launching their new blog. However, Digitex is now in
full-gear marketing mode, offering an amazing new promotion which is guaranteed
to increase the number of people <a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail">signing
up for their waitlist</a>. As more hype is generated, the number of potential
Digitex investors increases, which will eventually drive up the value of the
DGTX token itself. The initial launch will be small, with a select group of
5,000 friendly testers who will be given free money to play with and will thus
be very active in the early usage of the platform.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn29" name="_ftnref29" style="mso-footnote-id: ftn29;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[29]</span></span><!--[endif]--></span></span></a>
These 5,000 initial testers will each be given 1,000 DGTX to play with. When
people join the waitlist, they will initially be at the back of the queue.
However, by referring friends, people can skip ahead of the crowd and move
ahead in the rankings, until they eventually reach the top 5,000, thus gaining
access to this initial 1,000 free DGTX.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn30" name="_ftnref30" style="mso-footnote-id: ftn30;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[30]</span></span><!--[endif]--></span></span></a>
And it gets even better: the top 10 referrers will actually receive a share of
1 million DGTX tokens, equally divided.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn31" name="_ftnref31" style="mso-footnote-id: ftn31;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[31]</span></span><!--[endif]--></span></span></a>
They will thus each receive 100,000 DGTX, as well as being among the first
5,000 testers of the platform.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn32" name="_ftnref32" style="mso-footnote-id: ftn32;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[32]</span></span><!--[endif]--></span></span></a>
While testers will not be able to withdraw their free 1,000 DGTX, they will be
able to withdraw any profits that they earn from the platform.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn33" name="_ftnref33" style="mso-footnote-id: ftn33;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[33]</span></span><!--[endif]--></span></span></a>
This is thus FREE money to play with. Who could pass up on such an opportunity?
For more, and to <a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail">sign
up, CLICK HERE</a>.<o:p></o:p></span></div>
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<b><span style="font-family: Times;">Conclusion<o:p></o:p></span></b></div>
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<span style="font-family: Times;">If you’re interested in
futures trading, particularly in trading the top three cryptocurrencies:
Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH), then you’ll definitely be
interested in the Digitex Futures Exchange. It is, by far, the most innovative,
democratic and exciting futures exchange, which will allow newbies and
experienced traders alike to take a dive into the world of cryptocurrency
investment, hedging and speculation. For too long, investment portfolios and
futures trading has been limited to the rich and elite, the bankers and
financiers. Now, with the advent of cryptocurrencies, it is possible for
ordinary people to get involved and try to make their own fortune in the
cryptocurrency space. This is made possible through a number of trading platforms,
including cryptocurrency exchanges and futures exchanges. Digitex Futures
Exchange and BitMEX are two of the most prominent examples of these platforms.
Each have their own merits and <a href="https://www.bitmex.com/register/ELgrJy">BitMEX</a>
is definitely the crowned king of Bitcoin futures trading at the moment.
Digitex Futures Exchange, however, offers a transaction-free trading platform
that which innovative, creative and has great potential. Moreover, the DGTX
token itself has great potential. The original Digitex token sale raised $5.2
million USD in only 17 minutes,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn34" name="_ftnref34" style="mso-footnote-id: ftn34;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[34]</span></span><!--[endif]--></span></span></a>
demonstrating the hype surrounding the platform. It was initially offered for
$0.01 USD per token, while the current price sits at $0.019918,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn35" name="_ftnref35" style="mso-footnote-id: ftn35;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[35]</span></span><!--[endif]--></span></span></a>
which is nearly twice the value. While I cannot offer financial advice, this is
a remarkable gain in less than eight months and before the platform has even
launched. If you want to get in on this platform, <a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail">you
can sign up here</a>. Remember to always do your own research and keep on
learning. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">NJ Bridgewater<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">Sources<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: white; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="color: black; font-family: Times; mso-bidi-font-family: Calibri;"><br /></span></div>
<div class="MsoNormal" style="background: white; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="color: black; font-family: Times; mso-bidi-font-family: Calibri;">Gaurav Agarwal (2018) Futures trading with Digitex, <i>Medium</i>,
March 8, 2018. URL:
https://medium.com/coinmonks/futures-trading-with-digitex-d8d521a21278
(accessed 03/09/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black; font-family: Times; mso-bidi-font-family: Calibri;">Nafis Alam (2017) How Bitcoin futures
trading could burst the cryptocurrency’s bubble, <i>The Conversation</i>,
December 14, 2017 3.14am AEDT. URL: http://theconversation.com/how-bitcoin-futures-trading-could-burst-the-cryptocurrencys-bubble-88971
(accessed 03/09/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black; font-family: Times; mso-bidi-font-family: Calibri;">The BitFeed (2018) Digitex Futures
Review, <i>The BitFeed</i>, 21 June 2018. URL:
https://www.thebitfeed.com/digitex-futures-review/ (accessed 03/09/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black; font-family: Times; mso-bidi-font-family: Calibri;">BitMEX (2018) FAQ: What is
BitMEX, <i>BitMEX.com</i>. URL:
https://www.bitmex.com/app/faq#What-is-BitMEX (accessed 03/09/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black; font-family: Times; mso-bidi-font-family: Calibri;">Nicholas Bridgewater (2018) 5
Questions You Should Ask Yourself Before Investing in an ICO, <i>Digitex
Futures Exchange Blog</i>, May 30, 2018. URL:
https://blog.digitexfutures.com/cryptocurrency/5-questions-you-should-ask-yourself-before-investing-in-an-ico/
(accessed 03/09/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black; font-family: Times; mso-bidi-font-family: Calibri;">Evelyn Cheng (2017) Bitcoin debuts on
the world's largest futures exchange, and prices fall slightly, <i>CNBC</i>,
Published 5:06 PM ET Sun, 17 Dec 2017; Updated 5:44 PM ET Mon, 18 Dec 2017.
URL:
https://www.cnbc.com/2017/12/17/worlds-largest-futures-exchange-set-to-launch-bitcoin-futures-sunday-night.html
(accessed 03/09/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black; font-family: Times;">Digitex Futures (DGTX), <i>CoinMarketCap</i>, 2018. URL:
https://coinmarketcap.com/currencies/digitex-futures/ (accessed 03/09/2018
10:48 AM AST)<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black; font-family: Times;">Brian Perry (2017) Beginner's Guide To Trading Futures, <i>Investopedia</i>,
Updated December 12, 2017 — 12:53 PM EST. URL:
https://www.investopedia.com/university/beginners-guide-to-trading-futures/
(accessed 03/09/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black; font-family: Times;">Nicola Sargeant (2018) What is the difference between hedging and
speculation? <i>Investopedia</i>, Updated June 12, 2018 — 2:57 PM EDT.
URL: https://www.investopedia.com/ask/answers/difference-between-hedging-and-speculation/
(accessed 03/09/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black; font-family: Times; mso-bidi-font-family: Calibri;">William Suberg (2018) BlackRock Eyes
Bitcoin Futures, Market Reacts to Increased Institutional Interest, <i>Coin
Telegraph</i>, JUL 16, 2018. URL:
https://cointelegraph.com/news/fn-blackrock-eyes-bitcoin-futures-market-reacts-to-increased-institutional-interest
(accessed 03/09/2018)</span><span style="color: black; font-family: Times;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black; font-family: Times; mso-bidi-font-family: Calibri;">Adam Todd (2017) <i>Digitex:
A commission-free, trustless future exchange for trading digital
currency prices</i> (white paper), December 5<sup>th</sup>, 2017. URL:
https://www.digitexfutures.com/wp-content/uploads/2017/12/Digitex-Whitepaper-11.0.pdf
(accessed 03/09/2018)</span><span style="color: black; font-family: Times;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black; font-family: Times; mso-bidi-font-family: Calibri;">Adam Todd (2018) Why Trade Bitcoin
Futures Instead of Bitcoin? <i>Digitex Futures Exchange Blog</i>, Jul 30,
2018. URL: https://blog.digitexfutures.com/trading/why-trade-bitcoin-futures-instead-of-bitcoin/
(accessed 03/09/2018)</span><span style="color: black; font-family: Times;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black; font-family: Times; mso-bidi-font-family: Calibri;"><br /></span></div>
<div class="MsoNormal" style="background: white; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="color: black; font-family: Times; mso-bidi-font-family: Calibri;">Adam Todd (2018b) DGTX Token Sale Raises $5.2 Million in 17
Minutes, <i>Digitex Futures Exchange Blog</i>, January 17, 2018. URL:
https://digitexfutures.com/dgtx-ico-token-sale-sells-out-in-17-minutes/
(accessed 03/09/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="color: black; font-family: Times; mso-bidi-font-family: Calibri;"><br /></span></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black; font-family: Times; mso-bidi-font-family: Calibri;">Adam Todd (2018c) 5 Million DGTX
Airdrop to the First 5000 on Our Waitlist, <i>Digitex Futures Exchange
Blog</i>, August 20, 2018. URL:
https://blog.digitexfutures.com/digitex-futures/5-million-token-airdrop-to-the-first-5000-on-our-waitlist/
(accessed 03/09/2018). <o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black; font-family: Times; mso-bidi-font-family: Calibri;">XRP (XRP), <i>CoinMarketCap</i>,
2018. URL: https://coinmarketcap.com/currencies/ripple/ (accessed 03/09/2018
10:47 AM AST)</span><span style="color: black; font-family: Times;"><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">Links for More </span></b><b><span style="font-family: Times; mso-bidi-font-family: Calibri;">Information<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i><span style="font-family: Times; mso-bidi-font-family: Calibri;">The
1 Million DGTX Giveaway<o:p></o:p></span></i></div>
<div class="MsoNormal">
<span style="font-family: Times; mso-bidi-font-family: Calibri;"><a href="https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail" target="_blank"><span style="background: white; color: #1155cc;">https://digitexfutures.com/get-early-access/?kid=QNBX7&utm_campaign=1%20Million%20DGTX%20Giveaway&utm_medium=email&utm_source=BenchmarkEmail</span></a><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i><span style="font-family: Times; mso-bidi-font-family: Calibri;">BitMEX
sign-up link<o:p></o:p></span></i></div>
<div class="MsoNormal">
<span style="font-family: Times; mso-bidi-font-family: Calibri;"><a href="https://www.bitmex.com/register/ELgrJy">https://www.bitmex.com/register/ELgrJy</a></span><span style="font-family: Times;"><span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i><span style="font-family: Times;">Buy Bitcoin on Coinbase<o:p></o:p></span></i></div>
<div class="MsoNormal">
<span style="font-family: Times;"><a href="https://www.coinbase.com/join/58ebfdd6a42219609fdbf0ae" target="_blank"><span style="background: white; color: #1155cc; mso-bidi-font-family: Arial;">https://www.coinbase.com/join/58ebfdd6a42219609fdbf0ae</span></a><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i><span style="font-family: Times;">Start trading
cryptocurrencies on Binance<o:p></o:p></span></i></div>
<div class="MsoNormal">
<span style="font-family: Times;"><a href="https://www.binance.com/?ref=17567139" target="_blank"><span style="background: white; color: #1155cc; mso-bidi-font-family: Arial;">https://www.binance.com/?ref=17567139</span></a></span><span style="background: white; color: #222222; font-family: Times; mso-bidi-font-family: Arial;"> </span><span style="font-family: Times;"><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times; mso-bidi-font-family: Calibri;">Nicholas
Bridgewater (2018) What is Bitcoin? <i>Digitex Futures Exchange Blog</i>, May
14, 2018. URL: <a href="https://blog.digitexfutures.com/cryptocurrency/what-is-bitcoin/">https://blog.digitexfutures.com/cryptocurrency/what-is-bitcoin/</a>
<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times; mso-bidi-font-family: Calibri;">Nicholas
Bridgewater (2018) What is Ethereum? <i>Digitex Futures Exchange Blog</i>, May
14, 2018. URL: <a href="https://blog.digitexfutures.com/cryptocurrency/what-is-ethereum/">https://blog.digitexfutures.com/cryptocurrency/what-is-ethereum/</a>
<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times; mso-bidi-font-family: Calibri;">Nicholas
Bridgewater (2018) Where to Buy and Sell Bitcoin. <i>Digitex Futures Exchange
Blog</i>, May 14, 2018. URL: <a href="https://blog.digitexfutures.com/cryptocurrency/where-to-buy-and-sell-bitcoin/">https://blog.digitexfutures.com/cryptocurrency/where-to-buy-and-sell-bitcoin/</a>
<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times; mso-bidi-font-family: Calibri;">Nicholas
Bridgewater (2018) Where to Buy and Sell Ether. <i>Digitex Futures Exchange
Blog</i>, May 14, 2018. URL: <a href="https://blog.digitexfutures.com/cryptocurrency/how-to-get-ether-and-where-to-buy-and-sell-it/">https://blog.digitexfutures.com/cryptocurrency/how-to-get-ether-and-where-to-buy-and-sell-it/</a>
<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div style="mso-element: footnote-list;">
<!--[if !supportFootnotes]--><br clear="all" />
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<div id="ftn1" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[1]</span></span><!--[endif]--></span></span></a> See: XRP (XRP), <i>CoinMarketCap</i>,
2018. URL: https://coinmarketcap.com/currencies/ripple/ (accessed 03/09/2018
10:47 AM AST).<o:p></o:p></div>
</div>
<div id="ftn2" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref2" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[2]</span></span><!--[endif]--></span></span></a> See: Digitex Futures
(DGTX), <i>CoinMarketCap</i>, 2018. URL: https://coinmarketcap.com/currencies/digitex-futures/
(accessed 03/09/2018 10:48 AM AST).<o:p></o:p></div>
</div>
<div id="ftn3" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref3" name="_ftn3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[3]</span></span><!--[endif]--></span></span></a> See: The BitFeed (2018)
Digitex Futures Review, <i>The BitFeed</i>, 21 June 2018. URL: https://www.thebitfeed.com/digitex-futures-review/
(accessed 03/09/2018).<o:p></o:p></div>
</div>
<div id="ftn4" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref4" name="_ftn4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[4]</span></span><!--[endif]--></span></span></a> See: Brian Perry (2017) Beginner's
Guide To Trading Futures, <i>Investopedia</i>, Updated December 12, 2017 —
12:53 PM EST. URL: https://www.investopedia.com/university/beginners-guide-to-trading-futures/
(accessed 03/09/2018).<b><o:p></o:p></b></div>
</div>
<div id="ftn5" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref5" name="_ftn5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[5]</span></span><!--[endif]--></span></span></a> See: Perry (2017).<o:p></o:p></div>
</div>
<div id="ftn6" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref6" name="_ftn6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[6]</span></span><!--[endif]--></span></span></a> See: Nicola Sargeant
(2018) What is the difference between hedging and speculation? <i>Investopedia</i>,
Updated June 12, 2018 — 2:57 PM EDT. URL: https://www.investopedia.com/ask/answers/difference-between-hedging-and-speculation/
(accessed 03/09/2018).<o:p></o:p></div>
</div>
<div id="ftn7" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref7" name="_ftn7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[7]</span></span><!--[endif]--></span></span></a> See: Sargeant (2018).<o:p></o:p></div>
</div>
<div id="ftn8" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref8" name="_ftn8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[8]</span></span><!--[endif]--></span></span></a> See: Nafis Alam (2017) How
Bitcoin futures trading could burst the cryptocurrency’s bubble, <i>The
Conversation</i>, December 14, 2017 3.14am AEDT. URL: http://theconversation.com/how-bitcoin-futures-trading-could-burst-the-cryptocurrencys-bubble-88971
(accessed 03/09/2018).<o:p></o:p></div>
</div>
<div id="ftn9" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref9" name="_ftn9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[9]</span></span><!--[endif]--></span></span></a> See: Alam (2017).<o:p></o:p></div>
</div>
<div id="ftn10" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref10" name="_ftn10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[10]</span></span><!--[endif]--></span></span></a> See: Alam (2017).<o:p></o:p></div>
</div>
<div id="ftn11" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref11" name="_ftn11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[11]</span></span><!--[endif]--></span></span></a> See: Alam (2017).<o:p></o:p></div>
</div>
<div id="ftn12" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref12" name="_ftn12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[12]</span></span><!--[endif]--></span></span></a> See: Evelyn Cheng (2017) Bitcoin
debuts on the world's largest futures exchange, and prices fall slightly, <i>CNBC</i>,
Published 5:06 PM ET Sun, 17 Dec 2017; Updated 5:44 PM ET Mon, 18 Dec 2017.
URL: https://www.cnbc.com/2017/12/17/worlds-largest-futures-exchange-set-to-launch-bitcoin-futures-sunday-night.html
(accessed 03/09/2018).<o:p></o:p></div>
</div>
<div id="ftn13" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref13" name="_ftn13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[13]</span></span><!--[endif]--></span></span></a> See: William Suberg
(2018) BlackRock Eyes Bitcoin Futures, Market Reacts to Increased Institutional
Interest, <i>Coin Telegraph</i>, JUL 16, 2018. URL: https://cointelegraph.com/news/fn-blackrock-eyes-bitcoin-futures-market-reacts-to-increased-institutional-interest
(accessed 03/09/2018).<o:p></o:p></div>
</div>
<div id="ftn14" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref14" name="_ftn14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[14]</span></span><!--[endif]--></span></span></a> See: Gaurav Agarwal
(2018) Futures trading with Digitex, <i>Medium</i>, March 8, 2018. URL: https://medium.com/coinmonks/futures-trading-with-digitex-d8d521a21278
(accessed 03/09/2018).<o:p></o:p></div>
</div>
<div id="ftn15" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref15" name="_ftn15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[15]</span></span><!--[endif]--></span></span></a> BitMEX (2018) FAQ: What
is BitMEX, <i>BitMEX.com</i>. URL: https://www.bitmex.com/app/faq#What-is-BitMEX
(accessed 03/09/2018).<o:p></o:p></div>
</div>
<div id="ftn16" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref16" name="_ftn16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[16]</span></span><!--[endif]--></span></span></a> See: Nicholas Bridgewater
(2018) 5 Questions You Should Ask Yourself Before Investing in an ICO, <i>Digitex
Futures Exchange Blog</i>, May 30, 2018. URL: https://blog.digitexfutures.com/cryptocurrency/5-questions-you-should-ask-yourself-before-investing-in-an-ico/
(accessed 03/09/2018).<o:p></o:p></div>
</div>
<div id="ftn17" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref17" name="_ftn17" style="mso-footnote-id: ftn17;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[17]</span></span><!--[endif]--></span></span></a> See: The BitFeed (2018).<o:p></o:p></div>
</div>
<div id="ftn18" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref18" name="_ftn18" style="mso-footnote-id: ftn18;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[18]</span></span><!--[endif]--></span></span></a> See: Adam Todd (2018) Why
Trade Bitcoin Futures Instead of Bitcoin? <i>Digitex Futures Exchange Blog</i>,
Jul 30, 2018. URL: https://blog.digitexfutures.com/trading/why-trade-bitcoin-futures-instead-of-bitcoin/
(accessed 03/09/2018).<o:p></o:p></div>
</div>
<div id="ftn19" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref19" name="_ftn19" style="mso-footnote-id: ftn19;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[19]</span></span><!--[endif]--></span></span></a> See: Todd (2018).<o:p></o:p></div>
</div>
<div id="ftn20" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref20" name="_ftn20" style="mso-footnote-id: ftn20;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[20]</span></span><!--[endif]--></span></span></a> See: Todd (2018).<o:p></o:p></div>
</div>
<div id="ftn21" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref21" name="_ftn21" style="mso-footnote-id: ftn21;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[21]</span></span><!--[endif]--></span></span></a> See: Todd (2018).<o:p></o:p></div>
</div>
<div id="ftn22" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref22" name="_ftn22" style="mso-footnote-id: ftn22;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[22]</span></span><!--[endif]--></span></span></a> See: Adam Todd (2017) <i>Digitex:
A commission-free, trustless future exchange for trading digital
currency prices</i> (white paper), December 5<sup>th</sup>, 2017. URL: https://www.digitexfutures.com/wp-content/uploads/2017/12/Digitex-Whitepaper-11.0.pdf
(accessed 03/09/2018).<o:p></o:p></div>
</div>
<div id="ftn23" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref23" name="_ftn23" style="mso-footnote-id: ftn23;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[23]</span></span><!--[endif]--></span></span></a> See: Todd (2017), p. 16. <o:p></o:p></div>
</div>
<div id="ftn24" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref24" name="_ftn24" style="mso-footnote-id: ftn24;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[24]</span></span><!--[endif]--></span></span></a> See: Todd (2017), p. 16. <o:p></o:p></div>
</div>
<div id="ftn25" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref25" name="_ftn25" style="mso-footnote-id: ftn25;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[25]</span></span><!--[endif]--></span></span></a> See: Todd (2017), p. 16.<o:p></o:p></div>
</div>
<div id="ftn26" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref26" name="_ftn26" style="mso-footnote-id: ftn26;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[26]</span></span><!--[endif]--></span></span></a> See: Todd (2017), p. 16.<o:p></o:p></div>
</div>
<div id="ftn27" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref27" name="_ftn27" style="mso-footnote-id: ftn27;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[27]</span></span><!--[endif]--></span></span></a> See: Todd (2017), p. 4.<o:p></o:p></div>
</div>
<div id="ftn28" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref28" name="_ftn28" style="mso-footnote-id: ftn28;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[28]</span></span><!--[endif]--></span></span></a> See: Todd (2017), p. 4. <o:p></o:p></div>
</div>
<div id="ftn29" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref29" name="_ftn29" style="mso-footnote-id: ftn29;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[29]</span></span><!--[endif]--></span></span></a> See: Adam Todd (2018c) 5
Million DGTX Airdrop to the First 5000 on Our Waitlist, <i>Digitex Futures
Exchange Blog</i>, August 20, 2018. URL: https://blog.digitexfutures.com/digitex-futures/5-million-token-airdrop-to-the-first-5000-on-our-waitlist/
(accessed 03/09/2018). <o:p></o:p></div>
</div>
<div id="ftn30" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref30" name="_ftn30" style="mso-footnote-id: ftn30;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[30]</span></span><!--[endif]--></span></span></a> See: Todd (2018c).<o:p></o:p></div>
</div>
<div id="ftn31" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref31" name="_ftn31" style="mso-footnote-id: ftn31;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[31]</span></span><!--[endif]--></span></span></a> See: Todd (2018c).<o:p></o:p></div>
</div>
<div id="ftn32" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref32" name="_ftn32" style="mso-footnote-id: ftn32;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[32]</span></span><!--[endif]--></span></span></a> See: Todd (2018c).<o:p></o:p></div>
</div>
<div id="ftn33" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref33" name="_ftn33" style="mso-footnote-id: ftn33;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[33]</span></span><!--[endif]--></span></span></a> See: Todd (2018c).<o:p></o:p></div>
</div>
<div id="ftn34" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref34" name="_ftn34" style="mso-footnote-id: ftn34;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[34]</span></span><!--[endif]--></span></span></a> See: Adam Todd (2018b) DGTX
Token Sale Raises $5.2 Million in 17 Minutes, <i>Digitex Futures Exchange Blog</i>,
January 17, 2018. URL: https://digitexfutures.com/dgtx-ico-token-sale-sells-out-in-17-minutes/
(accessed 03/09/2018).<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
</div>
<div id="ftn35" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref35" name="_ftn35" style="mso-footnote-id: ftn35;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[35]</span></span><!--[endif]--></span></span></a> See: CoinMarketCap (2018)
Digitex Futures (DGTX), <i>CoinMarketCap</i>. URL: https://coinmarketcap.com/currencies/digitex-futures/
(accessed 03/09/2018 19:18 AST).<o:p></o:p></div>
</div>
</div>
<!--EndFragment--><br />Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com0tag:blogger.com,1999:blog-3210933998341353221.post-63958243982080003582018-08-02T09:24:00.001-07:002018-08-02T10:04:06.093-07:00A Response to Jordan Peterson’s Comments on IslamNJ Bridgewater<br />
2 August 2018<br />
<br />
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<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/8/87/Jordan_Peterson_by_Gage_Skidmore_(cropped).jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="800" data-original-width="630" height="320" src="https://upload.wikimedia.org/wikipedia/commons/8/87/Jordan_Peterson_by_Gage_Skidmore_(cropped).jpg" width="251" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Dr. Jordan Peterson, clinical psychologist<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn1" name="_ftnref1" style="font-family: "Times New Roman", serif; font-size: 16px;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[1]</span></span></span></a></td></tr>
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<span style="font-size: 12pt;">This article is written in response to some comments which Dr.
Jordan Peterson made which are recorded in several videos on YouTube, including
</span><span class="MsoHyperlink" style="font-size: 12pt;"><a href="https://www.youtube.com/watch?v=5yjdl3a-eRw">this
one</a></span><span style="font-size: 12pt;">. The purpose of this response is not to criticise Jordan
Peterson, who is an eminent scholar of our times, but to posit arguments which
clarify or answer some of the objections which he has expressed. This is done
in the spirit of constructive dialogue rather than as an attack. Just as in my
articles responding to </span><span class="MsoHyperlink" style="font-size: 12pt;"><a href="https://nicholasjames19.blogspot.com/2017/02/a-response-to-ricky-gervais-and-his.html">comments
by Ricky Gervais</a></span><span style="font-size: 12pt;"> and </span><span class="MsoHyperlink" style="font-size: 12pt;"><a href="https://nicholasjames19.blogspot.com/2015/10/a-response-to-stephen-frys-condemnation.html">Stephen
Fry</a></span><span style="font-size: 12pt;">—two notable atheists—both of whom argued against the existence
of God,</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn2" name="_ftnref2" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[2]</span></span></span></a><span style="font-size: 12pt;">
and in </span><span class="MsoHyperlink" style="font-size: 12pt;"><a href="https://nicholasjames19.blogspot.com/2015/09/5-reasons-quran-and-us-constitution-can.html">my
response to Stephen Crowder’s arguments</a></span><span style="font-size: 12pt;"> against the compatibility of
the Qur’ān and the United States Constitution, my intention is not to attack
any individuals, nor even to denigrate their ideas. Rather, my intention is to
clarify and to inform, as there is much misinformation and many misinterpretations,
as well as many fallacious arguments, in relation to both of these topics. In
the case of Islam, my central aim here is to defend the Qur’ān, the Prophet
Muhammad and the Faith He established from inaccurate or anachronistic
arguments, while acknowledging valid criticisms of various schools, sects and
interpretations of this belief-system, which vary or diverge from the original
intent of the Qur’ān. As an admirer of Jordan Peterson, who produces </span><span class="MsoHyperlink" style="font-size: 12pt;"><a href="https://www.youtube.com/channel/UCL_f53ZEJxp8TtlOkHwMV9Q">much excellent
content on YouTube</a></span><span style="font-size: 12pt;">, I do hope that he expands his understanding of
this topic even more and develops a more holistic understanding of the legacy
of the Qur’ān, Islam and the Prophet, and comes to view them in a more positive
light.</span></div>
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<o:p></o:p></div>
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<b>1. Separation of Church and State<o:p></o:p></b></div>
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In a video on YouTube, Jordan Peterson makes the following
statement: <b>“There’s a couple of things that I can’t wrap my head around
easily in relation to Islam, and so one is what I see as the failure to separate
church and state, and that’s a problem. Now, it may not be a problem as such,
but’s it’s certainly a problem in relationship to the relation between Islam
and the West, because we separate church from state. Now, there’s
fundamentalists in the United States—Christian fundamentalists who think that
that separation is a mistake, so it’s not only an idea that’s rooted in Islam
that they should be united, but it’s definitely a problem with regards to our
coexistence because that’s a fundamentally different presumption.”<o:p></o:p></b></div>
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<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/7/79/Bill_of_Rights_Pg1of1_AC.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="800" data-original-width="752" height="320" src="https://upload.wikimedia.org/wikipedia/commons/7/79/Bill_of_Rights_Pg1of1_AC.jpg" width="300" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">The U.S. Bill of Rights</i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn3" name="_ftnref3" style="font-family: "Times New Roman", serif; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[3]</span></span></span></a></td></tr>
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<o:p></o:p></div>
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There is some merit to this argument, as modern, Western
democracies tend to separate church and state. This is true in terms of the
United States, where the <span class="MsoHyperlink"><a href="https://www.archives.gov/founding-docs/bill-of-rights-transcript">First
Amendment to the Constitution</a></span> states that “Congress shall make no
law respecting an establishment of religion, or prohibiting the free exercise
thereof; or abridging the freedom of speech, or of the press”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn4" name="_ftnref4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[4]</span></span><!--[endif]--></span></span></a>
This is perfectly in accord with the classical liberal principle of personal
freedom. Everyone should be free to choose the religion that he wants. Laws,
therefore, cannot be made to establish any particular church as a state-backed
religious system. What the amendment does not do, however, is limit the
influence or effect of religion on society. Contrary to popular belief, the
amendment does not state that religion cannot be taught in schools, or that it
cannot influence public policy, nor does it prevent anyone from praying in
public spaces or government institutions. It merely states that the Federal
Government cannot make any law establishing a state church. This is in contrast
to the United Kingdom, where an established church exists, i.e. the Church of
England, called the Episcopalian Church in the United States. The Queen is the
Head of the Church of England, and this has been the case since Henry VIII
broke with the Roman Catholic Church in 1534, after the English Parliament
passed the Act of Supremacy, declaring Henry “Supreme Head on earth of the
Church of England”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn5" name="_ftnref5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[5]</span></span><!--[endif]--></span></span></a><o:p></o:p></div>
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Now, the question arises, is separation of church necessary,
and is it an essential feature of the West? In the case of the United States,
no church or sect may be declared the official or state religion. This is a
matter of principle, but it does not affect the influence of religion on the
public space, government institutions or schools. Attempts to remove prayer or
the Bible from schools is a relatively modern phenomenon, based on a popular
misunderstanding of the First Amendment. In the case of Great Britain, there is
both an established church and religion is actively taught in schools through
Religious Studies classes. Neither of these two examples is incompatible with
Western values or liberal democracy. The question, then, is: to what extent is
the Islamic notion that church and state should not be separated incompatible with
modern, Western democracies. In relation to that question, a few points must be
considered. The separation of church and state in the West relates to a legal
separation and not a cultural separation. Western culture is highly influenced
by Judaeo-Christian values, which are the basis of modern human rights and the
very philosophy of classical liberalism itself, and religion has been
influential in the formation of English common law and the legal systems which
have existed throughout the ages. Separation of church and state, then, is a
separation of government institutions, i.e. Parliament or Congress, from
religious authority and a strictly-religious code of laws. This differs from
many contemporary interpretations of Islam, which hold that the state should be
organised along religious lines, and that a Shariah law code should be
enforced, as interpreted by the <i>‘ulamā’ </i>(religious clerics) of one
school of jurisprudence or another. <o:p></o:p></div>
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Here, an important distinction and clarification should be
made. This is a distinction that is not often made by modern-day critics of
Islam and that is: the distinction between the various schools and sects of
Islam which now predominate and the original teachings of the Qur’ān and
practice of the Prophet Muhammad. In addition, when references to the Qur’ān or
life of the Prophet are made, these are taken out of their historical context
and are treated anachronistically or judged based on 21<sup>st</sup>-century
values. As to the first point: we must recognise that Islam, like every other
religion, has gone through centuries of interpretation, development and
theological reinterpretation. A huge contrast exists between the Islam of the
Golden Age of Islam, during the Abbasid Caliphate, and the Islam of the Ottoman
Empire, the modern Islamic State of Iran or the Taliban in Afghanistan. All of
these represent vastly different interpretations of Islam based on various
human understandings, interpretations and prejudices. Under the Abbasid
Caliphate (750 – 1258 CE), which was a time of great scientific development and
innovation, as well as freedom and tolerance, the official school of Islam,
backed by the Abbasid Caliphs, was Mu‘tazilah, which was a rationalist school
of thought based in Basra and Baghdad, flourishing between the 8<sup>th</sup>
and 10<sup>th</sup> centuries CE.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn6" name="_ftnref6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[6]</span></span><!--[endif]--></span></span></a>
The Mu‘tazilite school emphasised the importance of reason and critical
thinking over ritualism, and argued that the Qur’ān was not uncreated, since
God must have logically preceded His own speech. This is in contrast with most
modern-day schools of Islam. <o:p></o:p></div>
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If we are to argue that the Islamic notion of church and
state is fundamentally incompatible with Western values and Western
democracies, then we have to examine whether this is the case with the Abbasid
Caliphate, the original Islamic State established by the Prophet, and other
iterations of the same state-system, and not just look to modern-day
interpretations of Islam. That is where I differ with Jordan Peterson, because
he is referring to Islam—a very broad term—and not to particular schools of
thought within Islam, or specifically to the modern-day Muslim community. Many
schools of thought within Islam are particularly problematic and incompatible
with Western values, and it is these schools of thought, and these sects, that
we should criticize and argue against. If one argues against Islam itself,
however, then the danger is that adherents of Islam become alienated and feel
under attack. This prevents any possibility of open and constructive dialogue,
and it also discourages the development of a renaissance within Islam, or a resurgence
in the tolerant and enlightened schools of Islam which predominated during the
Golden Age of Islam (8<sup>th</sup> – 14<sup>th</sup> centuries CE).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn7" name="_ftnref7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[7]</span></span><!--[endif]--></span></span></a>
Furthermore, and perhaps most importantly, we risk denying our history in the
West, because the only reason that the West as we know it exists today is because of
the Islamic Golden Age and the influence of Islamic interpretations of
philosophy, science and culture on Western Europe, leading to the emergence
of the Renaissance (14<sup>th</sup> – 17<sup>th</sup> centuries CE) and the Age
of Enlightenment (18<sup>th</sup> century). This is attested by Briffault
(1919), who writes:<o:p></o:p></div>
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<div class="MsoNormal" style="margin-left: 36.0pt;">
“It is highly probable that but
for the Arabs modern European civilization would never have arisen at all; it
is absolutely certain that but for them, it would not have assumed the
character which has enabled it to transcend all previous phases of evolution.
For although there is not a single aspect of European growth in which the
decisive influence of Islamic culture is not traceable, nowhere is it so clear
and momentous as in the genesis of that power which constitutes the paramount
distinctive force of the modern world and the supreme source of its
victory—natural science and the scientific spirit… What we call science arose
in Europe as a result of a new spirit of inquiry, of new methods of
investigation, of the method of experiment, observation, measurement, of the
development of mathematics in a form unknown to the Greeks. That spirit and
those methods were introduced into the European world by the Arabs.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn8" name="_ftnref8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[8]</span></span><!--[endif]--></span></span></a><o:p></o:p></div>
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One could argue that it was the doctrine of the Mu‘tazilites
which actually influenced the rationalism and scientific inquiry of the
Renaissance thinkers, leading to the Protestant Reformation, the rise of classical liberalism, the principles of the separation of church and state,
etc. All of these could be seen as being inspired by the very philosophy which
predominated, from the 8<sup>th</sup> to 10<sup>th</sup> centuries, under the
Abbasid Caliphate—an Islamic state. Europe prior to the Renaissance was steeped
in religious orthodoxy, canon law and the dominance of the Papacy. It was only
when reason and rational inquiry began to take hold of Europe, that the ideas
of liberalism and natural rights could take hold. Indeed, the idea of natural
rights can be traced to Qur’ānic teachings. Fundamental to the Qur’ān is the
notion that life is bestowed by God, as He says: <b>“How is it that ye believe
not in God? Since ye were dead, and He gave you life; He will hereafter cause
you to die, and will again restore you to life; then shall ye return unto Him.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn9" name="_ftnref9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[9]</span></span><!--[endif]--></span></span></a><b>
</b>Since God created man, and only God can take it away, everyone has a
divinely-bestowed right to life. Likewise, as John Locke argues: “Adam was
created a perfect man, his body and mind in full possession of their strength
and reason, and so was capable, from the first instant of his being to provide
for his own support and preservation, and govern his actions according to the
dictates of the law of reason which God had implanted in him.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn10" name="_ftnref10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[10]</span></span><!--[endif]--></span></span></a>
In other words, since Adam was endowed with the power of reason, he has the
right to govern his own actions according to the law of reason. <o:p></o:p></div>
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<span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><br /></span></span></span></div>
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<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/2/22/John_the_Grammarian_as_ambassador_before_Theophilos_and_Mamun.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="468" data-original-width="800" height="187" src="https://upload.wikimedia.org/wikipedia/commons/2/22/John_the_Grammarian_as_ambassador_before_Theophilos_and_Mamun.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">Byzantine embassy to the Abbasid Caliph Ma’mūn</i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn11" style="font-family: "Times New Roman", serif; font-size: 12pt;" title="">[11]</a></td></tr>
</tbody></table>
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<o:p></o:p></div>
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<br />
<span style="font-size: 12pt;">This quotation from John Locke echoes the Qur’ān (2:30 -
31): </span><b style="font-size: 12pt;">“When thy Lord said to the angels, ‘Verily, I am about to place one in
my stead on earth,’ they said, ‘Wilt thou place there one who will do ill
therein and shed blood, when we celebrate thy praise and extol thy holiness?’
God said, ‘Verily, I know what ye know not.’ And he taught Adam the names of all
things, and then set them before the angels, and said, ‘Tell me the names of
these, if ye are endued with wisdom.’”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn12" name="_ftnref12" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[12]</span></span></span></a><span style="font-size: 12pt;">
This is interesting for several reasons. First of all, God states that Adam is
His viceregent on earth. In other words, since human beings are created by God
in His image, they are given power and authority over the physical world, much
as a caretaker in a property or a gardener in a garden. Secondly, the angels
argue that man will do wrong on earth and shed blood, but God responds by saying:
</span><b style="font-size: 12pt;">“I know what ye know not”</b><span style="font-size: 12pt;">. In other words, God has a higher wisdom in
creating man, since He has given man free will to determine his own actions. This
is because man is </span><b style="font-size: 12pt;">“endued with wisdom”</b><span style="font-size: 12pt;">, which is in accord with Locke’s
statement that Adam’s “body and mind” was “in full possession of their strength
and reason”. Likewise, according to the Qur’ān, God taught Adam </span><b style="font-size: 12pt;">“the names
of all things”</b><span style="font-size: 12pt;">. In other words, man potentially knows all things, but this
can only be unleashed by actively searching and investigating the world. This
explains the obsession of Muslim scholars during the Golden Age of Islam, who
were keen to uncover the mysteries of all things. Perhaps they would have
continued their glorious civilisation if the Caliphate, and Baghdad—its
capital</span>—<span style="font-size: 12pt;">had not been wiped out by the Mongolian conquest of Baghdad in 1268 CE,
during which the city was razed to the ground and tens of thousands of people
were slaughtered. This ended the Abbasid Caliphate and an efflorescence of
arts, culture, science and civilisation that has yet to be fully paralleled.</span></div>
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<o:p></o:p></div>
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<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/0/07/Baghdad_150_to_300_AH.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="640" data-original-width="800" height="256" src="https://upload.wikimedia.org/wikipedia/commons/0/07/Baghdad_150_to_300_AH.png" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">Baghdad during the Abbasid Caliphate</i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn13" name="_ftnref13" style="font-family: "Times New Roman", serif; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[13]</span></span></span></a></td></tr>
</tbody></table>
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<o:p></o:p></div>
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<br />
<span style="font-size: 12pt;">Now, the Abbasid Caliphate did not distinguish between the
religious and political aspects of society, as the Caliph was, at the same,
time, the Head of Church and State, much as Henry VIII (1491 – 1547) was during
the Tudor period. His daughter, Mary, swung the other way, making England
subject to the Roman Pontiff, while Elizabeth I settled the question of
authority in 1558 with the Elizabethan Settlement, which established a middle
path between Protestantism and Roman Catholicism known as the </span><i style="font-size: 12pt;">via media</i><span style="font-size: 12pt;">.</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn14" name="_ftnref14" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[14]</span></span></span></a><span style="font-size: 12pt;">
Medieval canon law was maintained and there was an established church, i.e. the
Church of England. None of this differs significantly from the Islamic position
that religious authority and temporal authority should, ultimately, go
hand-in-hand. Now, the West has advanced considerably, since the Renaissance
and Enlightenment, towards a more secular system of governance and less direct
influence of religion on the state. The Abbasid Caliphate ended in the 13</span><sup>th</sup><span style="font-size: 12pt;">
century, so we cannot be certain what direction it would have taken as time
went on. What we do know, however, is the state of religion and authority
within that caliphate and can use this to understand something about the nature
of religion within Islamic society and governance. What must be understood,
however, is that the Islamic conception of the state includes both the
religious community of Muslims and the structures of governance and laws. In
other words, the Islamic community, or </span><i style="font-size: 12pt;">ummah</i><span style="font-size: 12pt;">, is both a community and a
state, and should be governed according to a system of laws which are
established by that community. These are based on the laws of the Qur’ān and
the Hadiths, i.e. traditions, of the Prophet Muhammad. In addition, in cases
where no law exists, reason is used to determine coherent solutions to problems
that are in accord with the spirit of the Qur’ān and Hadiths. This is called </span><i style="font-size: 12pt;">ijtihād</i><span style="font-size: 12pt;">
(independent reasoning to find solutions to a legal problem), which is quite
similar to the premise of English common law. English common law is, itself,
based on a combination of tradition, common values and reason.</span></div>
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<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
Jordan Peterson is right when he says that secularism and
the argument for a religious state are fundamentally incompatible and could
lead to problems with regards to coexistence. This must be understood, however,
in light of the dichotomy between the individual and the society. An individual
is subject to laws and governance so long as he or she is a citizen of a given
state and/or resides within that state. In other words, a citizen of the United
States is subject to the laws of the United States, especially while living in
that country. He is also subject to the legal system and English common law,
which is the basic system in most, if not all, anglophone countries. The
individual of English extraction cannot move to France and then impose his own
legal system on the French. That would be tantamount to an attempt to subvert
the state. Islam has a word for this. In the Qur’ān (7:56), God commands
believers: <b>“And commit not disorders on the earth after it hath been well
ordered.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn15" name="_ftnref15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[15]</span></span><!--[endif]--></span></span></a> In
other words, subverting or trying to overthrow the state is completely
forbidden. This naturally implies that trying to impose Islamic law on British
society, for example, is completely forbidden in the Qur’ān. The words here are
<i>lā tafsidū</i>, which means “do not commit <i>fasād</i>”. <i>Fasād</i> has a
variety of meanings, including rottenness, corruption, depravity, and
disturbance of the public peace.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn16" name="_ftnref16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[16]</span></span><!--[endif]--></span></span></a>
In fact, the punishment for terrorism in the Qur’ān is execution, banishment or
the removal of one’s hands. Severe indeed, but also a serious deterrent to
those who wish to put innocent lives in danger or subvert the state.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn17" name="_ftnref17" style="mso-footnote-id: ftn17;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[17]</span></span><!--[endif]--></span></span></a>
Far from being encouraged, terrorism and anti-state activities are strongly
condemned in the Qur’ān. <o:p></o:p></div>
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<br /></div>
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So, where does the compatibility problem come from?
Actually, the reason that so many individuals <i>do</i> want to impose Islamic
law on Western societies is because of a virulent, 18<sup>th</sup> century
ideology that emerged in the region of Najd in Arabia, called Wahhabism or Salafism.
This was, itself, a derivation of the earlier ideas of Ibn Taymiyyah (1263 –
1328 CE), who was a medieval Sunni Muslim theologian and reformer. Ibn
Taymiyyah was an incredibly controversial cleric, being imprisoned several
times for breaching the scholarly consensus on Islamic teachings. Like Martin
Luther, he had strong views on the concept of intercession, believing that only
God could intercede on behalf of human beings, e.g. in matters of sin,
miracles, etc. He was also a strict literalist, refusing more rational and
contextual interpretations of Qur’ānic verses and, instead, taking them
literally. His beliefs were particularly threatening to the state, however,
because he argued that the original Rightly-Guided Caliphs ruled correctly but
that subsequent Caliphs had fallen short of true Islamic practice and
governance.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn18" name="_ftnref18" style="mso-footnote-id: ftn18;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[18]</span></span><!--[endif]--></span></span></a> In
other words, the Caliphs of his time had fallen off the true path and were
leading incorrectly. This, in other words, was a direct challenge to the
authority of the state. It was only in the 18<sup>th</sup> century, under
Muhammad ibn ‘Abdu’l-Wahhāb (1703 – 1792 CE), however, that these ideas took
the form of a concrete movement, which held that the whole Muslim world was in
error, and that a true Islamic state should be established by fighting against
other Muslims who had apostatised. Ibn ‘Abdu’l-Wahhāb’s view of the world was
black-and-white, consisting of believer and infidel, truth and apostasy, etc.
He was a strict literalist who sought to impose a literal interpretation of the
Qur’ān on society, which he regarded as being true Islam and a restoration of
the Righty-Guided rule of the first Caliphs (prior to the Umayyad and Abbasid
dynasties).<span style="mso-spacerun: yes;"> </span>And it is this ideology, <i>not</i>
Islam or the Qur’ān itself, which is so uncompromising, and which is
incompatible with Western values. That is not to argue that the Islamic legal
system is suitable for this day and age. That’s another topic entirely, but
merely to assert that Islam, in its essence, is compatible with Western
civilisation.<o:p></o:p></div>
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<br /></div>
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<b>2. Warlord vs. Legislator and Leader<o:p></o:p></b></div>
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<br /></div>
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Peterson goes on to say: <b>“Problem number two, for me, and
again, this may be a consequence of my ignorance, which I am trying to
rectify—Muhammad was a warlord, and I don’t know what to do about that fact.
Like, one thing you can say about Christ, hypothetically, let’s say—I’m not
talking about a historical reality necessarily, although I’m not denying it
either—is that, of all the things he was, warlord was definitely not one of
them, and I don’t know what to do about that, and so, I don’t know how to
reconcile that…”</b><o:p></o:p></div>
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<br /></div>
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This is a common misconception, which results from an anachronistic
reading of history, not taking into account the historical circumstances in
which the Prophet Muhammad lived. I have already addressed this issue in my
response to Stephen Crowder’s blog post on 5 reasons why the Qur’an can Never
‘Coexist’ with the Constitution, which I titled <span class="MsoHyperlink"><a href="https://nicholasjames19.blogspot.com/2015/09/5-reasons-quran-and-us-constitution-can.html">5
Reasons the Qur’ān and US Constitution Can Coexist</a></span>. Let us go back to
basics. Here, Peterson is comparing the lives of two great religious
leaders—the Prophet Muhammad and Jesus Christ. What do we know about these two
great Figures? The story of Jesus Christ is contained in the four canonical
Gospels, which basically tell the same story with greater or lesser detail and
different emphases. Peterson is right in stating that Jesus was far from a
warlord. Rather, in His short, three-year ministry, Jesus wandered between
Galilee and Judea, teaching, instructing, healing and performing miracles. A
number of followers grouped around Him, including the Twelve Apostles, who
appeared to be His permanent disciples, while there likely was a larger group
of followers who did not accompany Him in all of His travels and trials. The
core Message of Jesus Christ is contained within the Sermon on the Mount
(Matthew 5 – 7). This doctrine contains the same basic spiritual teachings
which could be called the core of Judaism—updated and given a deeper and more
refined spiritual nature. Whereas Judaism had focused on the <i>lex talionis</i>,
for example, i.e. eye for an eye, Jesus introduced the concept of turning the
other cheek (Matthew 5:38 – 40). <o:p></o:p></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://upload.wikimedia.org/wikipedia/commons/8/81/Synaxis_of_the_Twelve_Apostles_by_Constantinople_master_(early_14th_c.%2C_Pushkin_museum).jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="800" data-original-width="689" height="320" src="https://upload.wikimedia.org/wikipedia/commons/8/81/Synaxis_of_the_Twelve_Apostles_by_Constantinople_master_(early_14th_c.%2C_Pushkin_museum).jpg" width="275" /></a><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn19" style="font-family: "Times New Roman", serif; font-size: 12pt;" title="">[19]</a></div>
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<o:p></o:p></div>
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<br /></div>
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The main emphasis of Jesus Christ’s Message was love, and He
taught His core followers to understand spiritual truths, metaphors and
parables which contained the key elements of the Gospel. This includes the
spiritual nature of human beings, the ability of each person to mirror the love
of God in his heart, and the importance of establishing the Kingdom of God on
earth. Christ’s identification with the Messiah was seen as a threat to the
Romans, who regarded Him as being an upstart and a rebel; hence why He was
mocked as the “King of the Jews” and was interrogated on that point by Pontius
Pilate. The Jewish leadership, the Sanhedrin, which condemned Him to death, was
insistent on this point, with the chief priests reportedly saying: <b>“Write
not, The King of the Jews; but that he said, I am King of the Jews.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn20" name="_ftnref20" style="mso-footnote-id: ftn20;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[20]</span></span><!--[endif]--></span></span></a><b>
</b>Jesus Christ was then crucified—a common Roman punishment—and His body
buried within a tomb. After three days, some of His disciples said that the
tomb was empty, and the rest is history. His message and story were passed down
as a series of sayings, which were later weaved into a narrative. This
narrative—the Four Gospels—may be largely regarded as metaphorical or symbolic,
with a basic narrative that is historically accurate. Most of the stories,
however, are probably metaphorical. That is, in sum, a brief analysis of some
of the main features in Jesus Christ’s life. He never married, as far as we are
aware, His followers were mostly poor and illiterate, while His opponents were
priests, leaders, and the Roman establishment. They never established a state
or community which needed to be defended, and Jesus told Peter to put away his
sword, saying: <b>“Put up again thy sword into his place: for all they that
take the sword shall perish with the sword.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn21" name="_ftnref21" style="mso-footnote-id: ftn21;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[21]</span></span><!--[endif]--></span></span></a><b>
<o:p></o:p></b></div>
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<br /></div>
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Let us consider, then, the life of the Prophet Muhammad.
What was His life and Message? Like Jesus, the Prophet Muhammad was a
descendant of Abraham, being descended from the Kedarites who branched from the
progeny of Ishmael. Muhammad, like Jesus, did not know His father. He was born
an orphan and sent away to be suckled by a Bedouin woman of the Banū Sa‘d
called Halimah. She took Him reluctantly, as He was fatherless, and a
fatherless child was not likely to bring a great reward for her services. After
five years of desert life, Muhammad returned to the town of His birth, Mecca.
Here, Muhammad was under the care of His paternal uncle, Abū-Tālib, who was the
father of ‘Alī, His cousin and eventual son-in-law. Now, both Abū-Tālib and
Muhammad belonged to the Hāshim branch of the Quraysh Tribe. The Quraysh were
the dominant tribe of Mecca, and controlled access to its holy-of-holies, the
Kaaba. According to legend, the Kaaba was originally constructed by the Prophet
Abraham, with some writers alleging that the foundations were laid on the site
of an even earlier temple, built by Adam. Now, the Hāshimites were not the
dominant clan of Mecca. This position was taken up by the Umayyads, eventually
led by Abū-Sufyān. Muhammad grew up and took up the profession of His father,
which was trade. He became a humble merchant and travelled the various trade
routes in and out of Mecca. During the time, He became widely renowned for His
honesty, truthfulness and trustworthiness. Everyone could rely on Muhammad, and
they knew that He never told a lie. He conducted His business in an impeccable
manner, and never defrauded or cheated anyone. We can only imagine how
exceptional this must have been in that time and place. <o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
So great was His reputation for good character and good conduct,
that He attracted the attention of moderately-wealthy widow by the name of
Khadijah, who was then 40 years’ old. Muhammad Himself was only 25 and had not
yet taken a wife. Khadijah chose Him for a husband, and the two lived in
harmony and marital bliss, having several children together. Khadijah had
married twice before and had children from all of her marriages. Muhammad and
Khadijah had six children together, including Qāsim, who died before His second
birthday, as well as four daughters and a son called ‘Abdu’llāh (who also died
in childhood). So far, none of this is particularly remarkable, other than His
exceptional good character and virtuous qualities. In addition, Muhammad was
known for His religious devotion and piety, but not in the traditional sense.
He did not worship the various idols and statues which were the central focus of
the Pagan Arabian religion; nor did He belong to Christianity or Judaism, which
were also widely practised by a number of Arabian tribes. His wife, Khadijah,
however, had a Christian cousin, called Waraqah bin Nawfal, who was actually a
Nestorian Christian priest. So, Muhammad was familiar with Christianity and was
friendly to Christians, but He was not an adherent of the Faith. Rather, He was
known as a Hanīf, which means someone who follows the primitive monotheism of
Abraham. Since it was believed that the Kaaba was built by Abraham, and that
the Quraysh (and other descendants of ‘Adnān—a common Arab ancestor) were
descendants of Abraham, and were Ishmaelites, it was not surprising that the
pious young Man would turn to a pure monotheistic and individual Faith based on
the idea of following the path of Abraham. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/2/2b/Cave_Hira.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="800" data-original-width="697" height="320" src="https://upload.wikimedia.org/wikipedia/commons/2/2b/Cave_Hira.jpg" width="278" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">The Cave of Hira, where Muhammad received His Revelation</i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn22" name="_ftnref22" style="font-family: "Times New Roman", serif; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[22]</span></span></span></a></td></tr>
</tbody></table>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
<br />
<span style="font-size: 12pt;">Like Siddhartha Buddha, and Moses before them, and even
Zoroaster and others, Muhammad devoted Himself to one singular aim—to find the
Truth—to find out the meaning of existence and connect with the Divine Being
which brought all things from nothingness into reality. He used to repair to a
cave on </span><i style="font-size: 12pt;">Jabal an-Nūr</i><span style="font-size: 12pt;"> (the ‘Mount of Light’), where He would sometimes
spend days meditating and supplicating God, communing with His own spirit and
turning to that Divine Light which illumines all the horizons of the world.
Just as Jesus Christ spent forty days being tempted on a high mountain,
Muhammad fasted, prayed and turned His soul to God. It was only when He was forty
years old that God gave Him a clear and resounding answer to His prayer. It was
then that He received a Message, a Divine Revelation which shook every fabric
of His being. The following is from a short sketch of the Prophet’s life which
I wrote back in 2004: “One night towards the end of Ramadan, at the age of
forty, an Angel came to Him. He was in the form of a man. The Angel said unto
Him:</span></div>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>“‘Recite!’ </b>and He said: <b>‘I am not a reciter.’</b>
As He Himself describes it: <b>‘the Angel took me and whelmed me in his embrace
until he had reached the limit of mine endurance. Then he released Me and said:
‘Recite!’, and again I said ‘I am not a reciter.’ Then a third time He whelmed
me as before, then released me and said: ‘Recite in the name of Thy Lord who
created! He createth man from a clot of blood. Recite; and Thy Lord is the Most
Bountiful, He who hath taught by the pen, taught man what he knew not.’ </b>He
recited these words and the Angel left Him. He said: <b>‘It was as though the
words were written on My heart.’</b> He fled from the cave, but when He was
half-way down the mountain He heard a voice. It said: <b>‘O Muhammad, Thou art
the Messenger of God, and I am Gabriel.”</b> Looking into the heavens, He saw
the same Angel, no longer in the form of a man and filling the whole horizon.
The Angel repeated: <b>‘O Muhammad, Thou art the Messenger of God, and I am
Gabriel.’</b> Whichever way He turned, there was the Angel. Eventually, the
Angel turned and left. Muhammad left and returned to His wife.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn23" name="_ftnref23" style="mso-footnote-id: ftn23;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[23]</span></span><!--[endif]--></span></span></a><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
What was the result of all of this? Muhammad first disclosed
His Message to His closest kin, including His wife, Khadījah, and His cousin
‘Alī, who would later go on to become one of the four Rightly-Guided Caliphs
after the Prophet’s death. ‘Alī is also regarded as the first of the Twelve
Imāms in Shī‘ah Islam. Word of the new Revelation spread, but it was taken up <i>not
</i>by the rich and influential, but by the poor, slaves, and other people of
lower social status, rather like the first followers of Jesus Christ. These
were the meek, the poor, the lowly members of society who were left out by the
ruling elite, which did not care for their interests. Moreover, Arabia was a
brutal place. Families would murder their infant daughters rather than raise a
girl, burying them alive in the sands. Men could take as many wives as they
wanted. Women were treated terribly, and often inherited by their sons.
Stepmothers could become inherited wives. Murder and warfare were rife. If a
warrior conquered his enemy, he would take the women as slaves and kill his
foes in vengeance. Blood feuds lasted generations, sparked by the smallest
insult. Wine and drunkenness were rife. The Arabs were a proud people, renowned
for their hospitality, but also for their cruelty and vindictiveness. Power and
honour mattered—poverty and humility were shameful. Moreover, there was no
afterlife.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn24" name="_ftnref24" style="mso-footnote-id: ftn24;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[24]</span></span><!--[endif]--></span></span></a> The
gods, in the form of statues, wood or clay, could be worshipped for material
gain, but life was governed by Destiny, not by God. Though they believed in God
as a Creator, they did not have any conception of a divine standard of Justice.
After death, one simply ceased to exist, so there were no consequences for cruelty
or injustice in this life. Edward Gibbon writes: “According to the remark of
Pliny, the Arabian tribes are equally addicted to theft and merchandise; the
caravans that traverse the desert are ransomed or pillaged; and their
neighbors, since the remote times of Job and Sesostris, have been the victims
of their rapacious spirit.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn25" name="_ftnref25" style="mso-footnote-id: ftn25;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[25]</span></span><!--[endif]--></span></span></a>
With regards to the state of women, Zwemer writes: “As to the position of women
in this ‘Time of Ignorance,’<span style="mso-spacerun: yes;"> </span>the cruel
custom of female infanticide prevailed in many parts of heathen Arabia. This
was probably due, in the first instance, to poverty or famine, and afterward
became a social custom to limit population. Professor Wilken suggests as a
further reason that wars had tended to an excess of females over males.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn26" name="_ftnref26" style="mso-footnote-id: ftn26;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[26]</span></span><!--[endif]--></span></span></a> This
was the brutal, polytheistic, hedonistic and materialistic world in which
Muhammad lived, and it was in this climate of oppression, that these first
spiritual souls were enlightened by a new Revelation from God. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As I wrote in my response to Stephen Crowder: “His early
revelations focused on the oneness of God, the need to abstain from
idol-worship, caring for the poor and needy, performing prayer, the oneness of
the Prophets and anticipation of the Resurrection, Last Day and Divine
Judgement… The Qur’ān proclaimed that the Torah, Psalms and Gospels were all
divine revelations and recounted stories from the lives of the Prophets (e.g.
Qur’ān 4:163, 5:44, 7:157, 5:110, 17:157, 21:105, 12, 19). Adam, Noah, Abraham,
Moses and Jesus were all declared Prophets who brought divine messages to
mankind and the early Muslims were required to recognise each of these Prophets
and their scriptures as true. The early Muslims, like early Christians,
consisted mostly of the poor and abject denizens of Mecca: the dispossessed,
slaves, women, and other members of Muhammad’s clan. For a period of over ten
years, they were persecuted, beaten and pressured to recant their belief ‘there
is only one God’ and ‘Muhammad is His Messenger’ (<b>lā ’ilāh-a ’illa llāh,
muHammad-a r-rasūl-u llāh</b>). Some were killed for their belief. Others lost
everything they owned. Muhammad Himself was offered kingship of Mecca and
political sovereignty if He would simply recant His belief in the oneness of
God and would, instead, accept the worship of multiple deities and idols.
Muhammad refused, proving that He had no interest in political power—His own wish
was to serve God and His fellow man.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
“Finally, the rulers of Mecca plotted to murder Muhammad
while He slept. The clan leaders of Medina [then called Yathrib], a city not
far distant full of date plantations, hearing of Muhammad’s reputation as a peacemaker
and trustworthy individual, invited Him to come to their city and arbitrate
their disputes. Medina was a city of multiple tribes and religions undergoing a
period of conflict which only an impartial arbitrator could solve. Leaving the
city secretly, Muhammad evaded the assassination plot and reached Medina
together with one companion. Within a matter of a few years, Islam dominated
the city, the first mosque was built, and the first Islamic state was born. This
is the period when the much-discussed Shariah (<i>sharī ‘ah</i>) originated.
The Shariah is simply the codified system of laws established through the
Qur’ān and the sayings of the Prophet Muhammad. The basis of the first Islamic
state was religious toleration. Muhammad created a political covenant, in which
Jews and Christians were given full religious freedom. Muslims were tasked with
defending the city militarily and, in lieu of this, the other inhabitants of
the city paid the <i>jizyah</i>—a tax to support the new state, much like
modern taxes. Muslims also paid their own religious tithe—<i>zakát</i>—which
was used to support the poor, orphans and the war-wounded, as well as other
charitable causes. The early Muslim state was one in which the weak and poor of
society were cared for and protected by the strong, where religions lived in
peace and mutual toleration, and justice was the highest standard. Women were
given property rights and allowed to inherit. Prior to Islam, they were often
regarded as little more than chattel to be inherited or possessed. Freeing slaves
was proclaimed to be an honourable thing, and the evils of slavery were
moderated. Polygamy, which formerly had been unrestrained, was limited to four
wives. However, this was allowed only if each wife could be treated
equally—which is impossible for ordinary human beings. Hence many commentators
argue that monogamy is, in reality, ordained. In contrast, Judaism and
Christianity both allow unlimited polygamy. The reason most Christian
denominations today are monogamous is due to the influence of Roman law.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
“<span style="background: white; color: #333333;">Far from a
warmonger, Muhammad engaged only in defensive warfare. Wars of aggression were
not permitted, as evidenced in the following verse (2:190): <b>“And fight them
on until there is no more Tumult or oppression, and there prevail justice and
faith in God. But if they cease, Let there be no hostility except to those who
practise oppression”</b>; Qur’ān 4:90:<b>“Therefore if they withdraw from you
but fight you not, and (instead) send you (guarantees of) peace, then God hath
opened no way for you (to war against them)”</b>; Qur’ān 60:8 – 9: <b>“God
forbids you not, with regard to those who fight you not for (your) Faith nor
drive you out of your homes, from dealing kindly and justly with them: for God
loveth those who are just”</b>. In other words, the Muslims should continue to
fight the pagan Meccans as long as they continued to try to annihilate them
but, when they ceased aggression, peace should be established. The pagans of
Mecca were determined to exterminate Islam and root this newly-founded threat
to their regime. This was despite the fact that the Muslims had left Mecca in
peace and did not want to force their religion on anyone. In fact, the Qur’ān
forbids conversion by force (Qur’ān 2:256): <b>“Let there be no compulsion
in religion: Truth stands out clear from Error: whoever rejects evil and
believes in God hath grasped the most trustworthy hand-hold, that never breaks.
And God heareth and knoweth all things”</b>.</span>”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn27" name="_ftnref27" style="mso-footnote-id: ftn27;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[27]</span></span><!--[endif]--></span></span></a><o:p></o:p></div>
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<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/0/01/%D8%A7%D9%84%D9%85%D8%AF%D9%8A%D9%86%D8%A9_%D8%A7%D9%84%D9%85%D9%86%D9%88%D8%B1%D8%A9.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="545" data-original-width="800" height="218" src="https://upload.wikimedia.org/wikipedia/commons/0/01/%D8%A7%D9%84%D9%85%D8%AF%D9%8A%D9%86%D8%A9_%D8%A7%D9%84%D9%85%D9%86%D9%88%D8%B1%D8%A9.PNG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">The city of Medina</i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn28" name="_ftnref28" style="font-family: "Times New Roman", serif; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[28]</span></span></span></a></td></tr>
</tbody></table>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
<br />
<span style="font-size: 12pt;">Now, let me ask you this: does this sound like Muhammad was
a warlord? The argument can be made that He was, but only in the same sense that George
Washington was the Warlord of the Revolutionary Forces in colonial America, or
Winston Churchill was the Warlord of the Mighty British Isles. But that would
be to take the word ‘warlord’ and extend it to mean the Head of State or
General of an independent and sovereign community. The Islamic State was just
that—it was a state based in the city of Yathrib (later called Medina), which
expanded and grew as new adherents entered Islam. It was also a multi-cultural
and religiously-tolerant state, allowing Jews and Christians to worship freely.
Was it tolerant of Paganism? No, but neither was the Prophet Elijah when He
rounded up the Baalist prophets and slew them on Mount Carmel, as the Bible
states: </span><b style="font-size: 12pt;">“Take the prophets of Baal; let not one of them escape. And they
took them: and Elijah brought them down to the brook Kishon, and slew them
there.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn29" name="_ftnref29" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><b><span style="font-size: 12pt;">[29]</span></b></span></span></a></b><span style="font-size: 12pt;">
Just as the Baalists represented a distinct threat to the monotheistic society
of ancient Israel, the Pagans of Mecca, who were determined to wipe out Islam
and all of the men, women and children who followed Muhammad, were a threat to
the community. Unlike the Old Testament Prophets, however, the Prophet Muhammad
did not advocate wholesale slaughter. Rather, when He entered Mecca, He granted
forgiveness and tolerance to all of its inhabitants, so long as they forsook
Paganism and recognized one God. The infidels, the polytheists, are strongly
condemned in the Qur’ān, but Jews, Christians, and even Zoroastrians and
Sabians, are granted full tolerance and respect. As the Head of State of a new
society, Muhammad was entrusted with the safety of all of its inhabitants, and
it is only in that regard that He engaged in warfare. Jesus Christ, on the
other hand, was not a temporal leader. Hence, He was never in a position to
engage in defensive warfare. And every Christian country throughout the ages
has agreed that an army and warfare are needed to defend the society from
external, and even internal, threats. I would go deeper into this, and compare
the lives of Muhammad, Moses and Abraham, but I think all of the above is
sufficient, and I rest my argument on this point for now.</span></div>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>3. Byzantine Christianity and Buddhists in Afghanistan <o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Peterson goes on to argue: <b>“The expansion that he
initiated was unbelievably successful. I mean, within 600 years, it was the
biggest empire the world had ever seen, and it demolished Byzantine Christianity,
which is something that Western people don’t even know. You now, I’ve read
thinkers who’ve said that the West was so traumatized—culturally, let’s say—by
the demolition of Byzantine Christianity that we can’t even study it now. And
so, I don’t know if that’s true, but I don’t know if it’s not true either. The
Buddhists were wiped out of Afghanistan…”<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
This question is interesting, as it relates to the expansion
of the Islamic caliphate and the eventual conversion of much of the Byzantine
Empire and Afghanistan. Now for a bit of background: Prior to Islam, a number
of religions were practised in Afghanistan, including Zoroastrianism, Paganism,
Hinduism and Buddhism. As part of the Persian Empire, Zoroastrianism was the
state religion and was practised by the Persian royal court. Persia, at the
time, was ruled by the Sassanian dynasty, which was one of the two principal
superpowers of the day—the other being the Byzantine Empire. The state religion
of the Byzantine Empire was Orthodox Christianity. These two empires, East and
West, fought it out over centuries, including via Arab proxy states such as
Ghassanids and Lakhmids. These two client states themselves practised two
different forms of Christianity, while the Byzantines and Persians represented
Orthodox Christianity and Zoroastrianism respectively, each vying for
dominance. The Persians, in fact, though once renowned for their tolerance
under the Achaemenids, actively persecuted Christian communities. In fact,
according to the <i>Syriac Acts of the Persian Martyrs</i>, the Sassanian king
Shapur II began persecuting Christians shortly after Constantine’s death in 337
CE.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn30" name="_ftnref30" style="mso-footnote-id: ftn30;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[30]</span></span><!--[endif]--></span></span></a>
It seems, perhaps, that not much has changed in the Middle East today, where
religious persecution, and persecution of ethnic and religious minorities, is
all too common. The Byzantines themselves were not paragons of tolerance,
however, with anti-paganism laws being enacted by the Byzantine emperors
Arcadius, Honorius, Theodosius II, Marcian and Leo I the Thracian respectively.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn31" name="_ftnref31" style="mso-footnote-id: ftn31;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[31]</span></span><!--[endif]--></span></span></a>
This intolerance was extended, furthermore, to minority Christian
denominations, regarded as heretics. Michael I, for example, executed ‘not a
few’ Paulicians and Athinganoi—both regarded as heretical, and this religious
persecution was justified based on verses from the New Testament.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn32" name="_ftnref32" style="mso-footnote-id: ftn32;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[32]</span></span><!--[endif]--></span></span></a><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><br /></span></span></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/7/77/Byzantine_and_Sassanid_Empires_in_600_CE.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="394" data-original-width="800" height="157" src="https://upload.wikimedia.org/wikipedia/commons/7/77/Byzantine_and_Sassanid_Empires_in_600_CE.png" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">The Byzantine Empire (c. 600 CE)</i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn33" style="font-family: "Times New Roman", serif; font-size: 12pt;" title="">[33]</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
<br />
<span style="font-size: 12pt;">The above is not said in the spirit of disparaging either
the Byzantines or the Persians, but merely to give some background to their
eventual absorption (or much of them) within the Islamic caliphate. Both Persia
and the Byzantine Empire were, by the 6</span><sup>th</sup><span style="font-size: 12pt;"> century, in a state of
decline. While Justinian (527 – 565) had managed to reconquer Africa, and even
Italy,</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn34" name="_ftnref34" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[34]</span></span></span></a><span style="font-size: 12pt;">
it was not long before the Empire began to face serious external difficulties. On
the accession of the Sassanid ruler, Chosroes I Nushirvan (531 – 579), Syria
suffered from incursions and Lazistan was taken by the Persians, opening a road
to the Black Sea; Lazistan was only recaptured in 549 and peace was concluded
in 562.</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn35" name="_ftnref35" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[35]</span></span></span></a><span style="font-size: 12pt;"> Justinian’s
successes were soon reversed, and the empire was forced to assume its role as
the last remnant of the Roman Empire, excluded from the west by barbarians and
chaos and hedged in by Persians and Arabs in the east. Recognising this new
status quo, the emperor Heraclius (c. 575 – 641), who reigned from 610 to 641,
introduced Greek as the Eastern Roman Empire’s official language (replacing Latin).</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn36" name="_ftnref36" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[36]</span></span></span></a><span style="font-size: 12pt;">
Gibbon describes the Byzantines’ malaise as follows:</span></div>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: 36.0pt;">
“From the time of Heraclius, the
Byzantine theatre is contracted and darkened: the line of empire, which had
been defined by the laws of Justinian and the arms of Belisarius, recedes on
all sides from our view; the Roman name, the proper subject of our inquiries,
is reduced to a narrow corner of Europe, to the lonely suburbs of
Constantinople; and the fate of the Greek empire has been compared to that of
the Rhine, which loses itself in the sands, before its waters can mingle with
the ocean. The scale of dominion is diminished to our view by the distance of
time and place; nor is the loss of external splendor compensated by the nobler
gifts of virtue and genius.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn37" name="_ftnref37" style="mso-footnote-id: ftn37;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[37]</span></span><!--[endif]--></span></span></a><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
All of this leads us to the conclusion that the Byzantine
Empire was in decline, and its eventual disappearance was all but inevitable. So,
how did these two empires—the Persian and the Byzantine—come to be conquered
almost entirely by the Islamic caliphate? Was it a war of violence and
extermination, of religious genocide and intolerance, or did the peoples of
these lands willing take up Islam? The first clue to this is the verse we
discussed earlier, i.e. Qur’ān 2:256: <b>“Let there be no compulsion in
religion: Truth stands out clear from Error: whoever rejects evil and believes
in God hath grasped the most trustworthy hand-hold, that never breaks. And God
heareth and knoweth all things.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn38" name="_ftnref38" style="mso-footnote-id: ftn38;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[38]</span></span><!--[endif]--></span></span></a><b>
</b>If this principle had not been followed over thousands of years, none of
the existing minority religious communities in the Middle East would have
survived. Rather, it is because of this spirit of tolerance that each community
was allowed to exist and given full tolerance. If that is the case, and people
were not forced to adopt Islam at the point of a blade, then why did both empires
becomes overwhelmingly Muslim? This is an important question that requires some
consideration and relates both to socio-political, economic and other factors.
The eminent scholar and historian, Ira M. Lapidus, writes that the “earlier
generation of Western scholars believed that conversions to Islam were made at
the point of the sword and that conquered peoples were given the choice of
conversion or death. It is now apparent,”—he continues—“that conversion by
force, although not unknown in Muslim countries, was, in fact, rare.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn39" name="_ftnref39" style="mso-footnote-id: ftn39;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[39]</span></span><!--[endif]--></span></span></a> <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
This may appear mind-blowing to some, especially considering
the recent behaviour of the so-called Islamic State (ISIS or ISIL) in Syria and
Iraq, but that terrorist group <i>by no means</i> represents the historical reality of
the original Islamic caliphate under the <i>Rāshidūn</i>, or ‘Rightly-Guided’
caliphs (i.e. the first Four Caliphs). Lapidus goes on to stress the historical
circumstances which led people to convert to Islam, and it was these factors,
and not forced conversion, which led to largely Islamic populations. If that is
the case, and the fall of the Byzantine Empire was a gradual process of
conversion and, eventually, conquest, then who are we to say that this was not
a natural step in the evolution of societies and cultures? Is it unfortunate
that we have lost much information about Byzantine belief and practice? Of
course, if that is the case. But that does not mean that history can stay
static, or that social and religious changes will not happen. They do, and
conversion to Islam was one of them. The same was the case with Persia, now
Iran, where large Zoroastrian communities eventually dwindled down to small
numbers. Zoroastrianism, no longer backed by the state and official status,
shrank to a handful of believers. The same could be seen in England where, upon
the accession of Elizabeth I, the number of Roman Catholics magically dwindled
to a few ardent believers, while the vast majority accepted her religious
reforms. This is just history, and peoples are as fickle with their religion as
they are with their allegiance to kings. The ardent supporter of Charles I one
day could be a Roundhead the next. This is the nature of man. And religion
fills both spiritual and social needs. There are, sometimes, advantages to
following the majority religion of a country. Nevertheless, to say that Islam
wiped out Byzantine Christianity or Buddhism, is like saying that the
Reformation wiped out Catholicism. It didn’t. Society changed. People’s
allegiances moved. And a new religion took hold. That’s just history—and that’s
evolution.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>4. Extremism and extremist propaganda is a problem<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Peterson goes on to say: <b>“So what I’m hoping is that
there is a bridge. There better be a bridge. And that’s why I want to have
these discussions, because I’d like to understand if there’s a bridge… I would
like to know if what I think is wrong, because, if it’s wrong, it’s important
that I know it’s wrong… And there’s other things too, like I’m not happy with…
the Wahhabis. I don’t think they’re our allies.”</b><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Here Jordan Peterson touches on a sensitive topic, but one
which is especially relevant. He is right to raise this issue, and he is right
to point it out as problematic. Extremism is problematic, and the number of
extremists among certain branches of Islam is especially problematic. It is not
Islamophobic or intolerant to say this. It’s just a fact. I have actually
addressed this issue earlier on, where I referenced Ibn Taymiyyah and Ibn ‘Abd
al-Wahhāb, both of whom contributed to the development of a militant,
literalist school of Islam which holds that a strict interpretation of
religious law must be imposed on every society, through force if necessary.
Strictly speaking, the peaceful belief in ‘Abd al-Wahhāb’s principles is called
Salafism by adherents, though these often insist they are just following Islam as originally practiced by the ‘pious predecessors’ (<i>Salaf as-sāliH</i>).
This would only be the case, however, if the original Muslims followed Ibn
Taymiyyah’s strict literalism, which they did not. Ibn ‘Abd al-Wahhāb would
only be correct if the original Muslims believed in fighting and conquering
fellow Muslims, which they did not. His self-proclaimed <i>jihād</i> against
everyone who did not adhere to his interpretations of Islam was contrary to the
practice of the early Muslim community, which relied on authority, at the
outset, from the Prophet himself, and, after He passed away, from the Caliph.
Since Ibn ‘Abd al-Wahhāb was neither a prophet nor a caliph, he had no
authority to initiate a <i>jihād</i> or ‘holy war’. The Caliph at the time was
actually the Ottoman Sultan, and this was universally accepted by the Sunni
Muslim community. Subverting his authority or failing to follow his command was
actually a form of impiety. Sultan Abdülhamid I ruled from 1775 – 1789, and he
was followed by Selim III, who reigned from 1789 to 1807. It was only these
individuals who had the authority to launch holy wars under a strict
interpretation of Sunni Islam. Under Shī‘ism, only the living Imām could launch
a holy war, and he went into permanent mystical hiding in the Major Occultation
(941 CE), meaning that no holy war can be called until his eventual return in
glory, much like the eventual return of Jesus Christ. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><br /></span></span></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/f/f6/Flickr_-_%E2%80%A6trialsanderrors_-_Minaret_of_the_Bride%2C_Damascus%2C_Holy_Land%2C_ca._1895.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="588" data-original-width="800" height="235" src="https://upload.wikimedia.org/wikipedia/commons/f/f6/Flickr_-_%E2%80%A6trialsanderrors_-_Minaret_of_the_Bride%2C_Damascus%2C_Holy_Land%2C_ca._1895.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">Umayyad mosque, where Ibn Taymiyyah taught</i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn40" style="font-family: "Times New Roman", serif; font-size: 12pt;" title="">[40]</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<o:p></o:p></div>
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<span style="font-size: 12pt;"><br /></span></div>
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<span style="font-size: 12pt;">Islamism, which is a modern form of
identity politics, is based on the idea of implementing Sharia law in society,
pan-Islamic political unity, and the removal of Western economic, political and
cultural influences (including Western military) from the Middle East and other
Muslim countries.</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn41" name="_ftnref41" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[41]</span></span></span></a><span style="font-size: 12pt;">
The term Islamism has largely replaced the former term, Islamic fundamentalism,
in academic circles and came into contemporary usage in the 1970s and early
1980s.</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn42" name="_ftnref42" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[42]</span></span></span></a><span style="font-size: 12pt;">
Most of the groups which support Islamism have relatively modern origins, so it
cannot be claimed that Islamism is an old or traditional idea. Rather, with its
emphasis on angst towards the West, it can be seen as primarily a reactionary
movement. With the dominance of Western liberal values in the world,
marginalized and unsuccessful countries, which had sprung up as the result of
failed empires, including the Ottoman Empire, sowed resentment and anger among
many individuals who felt that their fundamental beliefs had been challenged by
a new cultural hegemony.</span></div>
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The West was successful, rich and powerful, while modern Middle
Eastern countries were largely unsuccessful and influenced by the prestige of Western
culture and political power. As a result, Islamism emerged as a way of ‘reclaiming’
power and cultural dominance. Like all types of identity politics, including radical
feminism and communism, the goal of Islamism is to achieve power and control.
And, as in radical feminism and communism, this is to be achieved at the
expense of everyone else. Radical feminists want to redress a perceived power
imbalance by gaining greater power and more rights than men, while communists
want to destroy the bourgeoisie and capitalists, giving power to the
no-longer-existing class of subservient manufacturing labourers. Islamism,
likewise, seeks to redress the failed economies, chaos and discontent of the
Middle East by achieving dominance over the West and destroying all the
perceived enemies of their version of Islam (including other Muslims who think
differently). This is the dangerous ideology that people should be aware of—not
Islam itself. Islam and Islamism are two completely different things, just as
women’s rights campaigners of the 19<sup>th</sup> century and modern, radical
feminists are completely different things. The one hardly resembles the other. And
all of these ideologies are based on a false premise. In feminism, it is the
non-existent idea of the ‘patriarchy’.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn43" name="_ftnref43" style="mso-footnote-id: ftn43;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[43]</span></span><!--[endif]--></span></span></a>
In Marxism, it is the notion of ‘true communism’, which never exists and cannot
exist. [For more on Marxism, see my article on <span class="MsoHyperlink"><a href="https://nicholasjames19.blogspot.com/2018/07/the-origins-of-wealth-part-1-of-4.html">‘The
Origins of Wealth’</a></span>]. In Nazism, it is the Jewish conspiracy, and such a conspiracy clearly doesn’t exist. In Islamism, it is the
notion of the Great Satan—the evil West—which is responsible for everything,
aided by Britain and Israel. None of this is true, of course, and it is all a
completely fantasy, but each type of identity politics relies on a false
narrative—and they are all aimed at the goal of seizing power.<o:p></o:p></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgg0wDUssF37-tASd-lfnu1j-8DtLIYzKU9FPHkuKPsjazU_tcFSutD3RRluRpTi8wHGye7A5H3tbQ_tSdAHOf9sUnd9GuAM0RCN3womfPlQI8AfaUpY_uWZKoXcasU0T5lW2evLWVzUQ4/s1600/Map_of_Arabia_1922.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1485" data-original-width="1600" height="297" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgg0wDUssF37-tASd-lfnu1j-8DtLIYzKU9FPHkuKPsjazU_tcFSutD3RRluRpTi8wHGye7A5H3tbQ_tSdAHOf9sUnd9GuAM0RCN3womfPlQI8AfaUpY_uWZKoXcasU0T5lW2evLWVzUQ4/s320/Map_of_Arabia_1922.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">Arabia (1922)</i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn44" name="_ftnref44" style="font-family: "Times New Roman", serif; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[44]</span></span></span></a></td></tr>
</tbody></table>
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<span style="font-size: 12pt;">Jordan Peterson is well within his rights to be worried
about Islamism, especially its most virulent forms, e.g. Qutbism, ISIS/ISIL,
Al-Qaeda, the Taliban, etc., but no one should confuse this for Islam. To
compare these groups of terrorists and miscreants with the Abbasid Caliphate,
under which science and civilisation prospered, is like comparing a rotten
apple from some random tree with the fruit of life plucked from the Tree of the
Knowledge of Good and Evil. The two cannot be compared. Islam is, at its core,
fundamentally spiritual. While Islam does not accept the dichotomy between the individual
and the community—the two must be harmonious for life to fulfil its purpose—Jesus
Christ’s message was primarily aimed at the spiritual development of the individual
and Christian community. The teachings of forgiveness and turning the other
cheek are great when practised from one person to another. They do not work
when applied to laws and jurisprudence. Muhammad’s own practice was to forgive
and be tolerant, while His state practice was to defend the community with an
army and punish criminals with various degrees of punishment, including
execution where necessary. State responsibility and individual responsibility
differ. So, let us abandon all confusion. Let us recognise the similarities
between Islam and Christianity and the core message which they both share,
while condemning and refuting the various terrorist and extremist groups that
abound, including all the various forms of Islamism and Islamic extremism.
By extension, we should counter the propaganda and propagation of all varieties
of radical Islam which are now, to a greater or lesser degree, pervading
Western countries.</span></div>
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<b>5. Parallels between Taoism, Buddhism, Hinduism and Islam<o:p></o:p></b></div>
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Peterson concludes by saying: <b>“I’ve also seen parallels
between the ideas that I’m presenting here and other religious traditions:
Taoism, Buddhism, Hinduism. It’s harder for me to bridge the gap with Islam and
I’m not sure why that is. I think it has something to do with the things I just
laid out. Now, what I don’t know about Islam would fill very many volumes…”</b><o:p></o:p></div>
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This is a topic that I know something about, as I have written two books already which seek to harmonise and compare
the spiritual teachings of all the above-mentioned faiths (i.e. <span class="MsoHyperlink"><a href="https://www.amazon.com/Mindfulness-Achieve-Happiness-Knowledge-Inner-ebook/dp/B06WWQ3P4M/">Mindfulness:
Five Ways to Achieve Real Happiness, True Knowledge and Inner Peace</a></span>,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn45" name="_ftnref45" style="mso-footnote-id: ftn45;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[45]</span></span><!--[endif]--></span></span></a>
and <a href="https://www.amazon.com/Meditation-Five-Ways-Master-Spirit-ebook/dp/B07FTPJNN8/" target="_blank">Meditation: Five Ways to Master your Mind, Body and Spirit</a>). So, let us begin by
examining some of the key themes of these four religions, e.g. the transience
of this passing life. Buddhism, especially, is focused on the concept of
impermanence. Suffering, say the Buddhists, is the result of
attachment—attachment to material senses, to the world, to our lives, and even
to our very selves. It is only by casting off this material attachment that we
can attain a true state of permanent bliss, known as Nirvana. Nirvana is often
translated as enlightenment and can be said to be akin to the concept of
finding the mystic Beloved so often expressed in Sufi Islamic poetry &
mystical writings. Gautama Buddha said: <b>“'All created things are grief and
pain,' he who knows and sees this becomes passive in pain; this is the way that
leads to purity. 'All forms are unreal,' he who knows and sees this becomes passive
in pain; this is the way that leads to purity.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn46" name="_ftnref46" style="mso-footnote-id: ftn46;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[46]</span></span><!--[endif]--></span></span></a>
Likewise, in the Qur’ān (57:20), God says: <b>“Know ye that this world's life
is only a sport, and pastime, and show, and a cause of vainglory among you! And
the multiplying of riches and children is like the plants which spring up after
rain - Their growth rejoiceth the husband-man; then they wither away, and thou
seest them all yellow; then they become stubble. And in the next life is a
severe chastisement, Or else pardon from God and His satisfaction: and this
world's life is but a cheating fruition.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn47" name="_ftnref47" style="mso-footnote-id: ftn47;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[47]</span></span><!--[endif]--></span></span></a>
In other words, we should not be attached to the material world, as attachment
leads to suffering. This is a core teaching of both Buddhism and Islām. <o:p></o:p></div>
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The other core teaching of Buddhism is virtue. Buddhism
teaches that one should not follow extremes, but should follow a Middle Path or
Middle Way, and that is the way of virtue. Only by developing virtue can one
attain to true enlightenment. As Buddha say: <b>“He who lives without looking
for pleasures, his senses well controlled, moderate in his food, faithful and
strong, him Mâra will certainly not overthrow, any more than the wind throws
down a rocky mountain… But he who has cleansed himself from sin, is well
grounded in all virtues, and regards also temperance and truth, he is indeed
worthy of the yellow dress…<span style="mso-spacerun: yes;"> </span>The virtuous
man delights in this world, and he delights in the next; he delights in both.
He delights and rejoices, when he sees the purity of his own work. The
evil-doer suffers in this world, and he suffers in the next; he suffers in
both. He suffers when he thinks of the evil he has done; he suffers more when
going on the evil path.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn48" name="_ftnref48" style="mso-footnote-id: ftn48;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[48]</span></span><!--[endif]--></span></span></a>
The Qur’ān (97:7 – 8; 4:124 – 125; 2:62), likewise, say: <b>“Verily, those who
believe and act aright, they are the best of creatures; their reward with their
Lord is gardens of Eden, beneath which rivers flow, to dwell therein for aye;
God shall be well pleased with them, and they with Him! that is for him who
fears his Lord!”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn49" name="_ftnref49" style="mso-footnote-id: ftn49;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[49]</span></span><!--[endif]--></span></span></a> <b>“But
he who doeth good works,- be it male or female,- and believes, they shall enter
into Paradise, and they shall not be wronged a jot. Who has a better religion
than he who resigns his face to God, and does good, and follows the faith of
Abraham, as a 'Hanif?- for God took Abraham as a friend;”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn50" name="_ftnref50" style="mso-footnote-id: ftn50;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[50]</span></span><!--[endif]--></span></span></a> <b>“Verily,
they who believe (Muslims), and they who follow the Jewish religion, and the
Christians, and the Sabeites - whoever of these believeth in God and the last
day, and doeth that which is right, shall have their reward with their Lord:
fear shall not come upon them, neither shall they be grieved.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn51" name="_ftnref51" style="mso-footnote-id: ftn51;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[51]</span></span><!--[endif]--></span></span></a><b><o:p></o:p></b></div>
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As for the Middle Path, Buddha says<b>: “From these two
extremes, O monks, the Perfect One stands aloof. He has discovered the middle
path, the path that opens the eyes and opens the mind, the path that leads to
rest, to knowledge, to nirvana. This sacred path, O monks, has eight branches:
right faith, right resolve, right speech, right action, right living, right
effort, right thought, right meditation. This, O monks, is the middle path, the
path that I, the Perfect One, discovered, the path that leads to rest, to
knowledge, to Nirvana.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn52" name="_ftnref52" style="mso-footnote-id: ftn52;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[52]</span></span><!--[endif]--></span></span></a>
The Qur’ān says (6:153; 28:77; 2:143; 3:159): <b>“And (He commandeth you,
saying): This is My straight path, so follow it. Follow not other ways, lest ye
be parted from His way. This hath He ordained for you, that ye may ward off
(evil);”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn53" name="_ftnref53" style="mso-footnote-id: ftn53;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[53]</span></span><!--[endif]--></span></span></a> <b>“But
seek, by means of what God hath given thee, to attain the future Mansion; and
neglect not thy part in this world, but be bounteous to others as God hath been
bounteous to thee, and seek not to commit excesses on the earth; for God loveth
not those who commit excesses;”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn54" name="_ftnref54" style="mso-footnote-id: ftn54;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[54]</span></span><!--[endif]--></span></span></a> <b>“Thus
have we made you a middle nation, to be witnesses against men, and that the
Apostle may be a witness against you;”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn55" name="_ftnref55" style="mso-footnote-id: ftn55;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[55]</span></span><!--[endif]--></span></span></a> <b>“And
as to the mercy granted unto the disobedient from God, thou O Mohammed hast
been mild towards them; but if thou hadst been severe, and hard-hearted, they
had surely separated themselves from about thee. Therefore forgive them, and
ask pardon for them: And consult them in the affair of war; and after thou hast
deliberated, trust in God; for God loveth those who trust in Him.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn56" name="_ftnref56" style="mso-footnote-id: ftn56;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[56]</span></span><!--[endif]--></span></span></a><o:p></o:p></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZ8TfslGHaVg2k4iKGS6N2BOm-g5-uNwZ2AHMOVR51AhIJ-P03-GYaI9-QH9wrGiw5eQbWUb-RWanB93QztgUKb0om0Kni49ZvCCkr3oybOiDZzGOrjeKjFjZ2BQr8yWgJIPpYYB7mBv8/s1600/1463px-Dharmachakra%252C_withprint_%2528en%2529.svg.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="968" data-original-width="1463" height="211" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZ8TfslGHaVg2k4iKGS6N2BOm-g5-uNwZ2AHMOVR51AhIJ-P03-GYaI9-QH9wrGiw5eQbWUb-RWanB93QztgUKb0om0Kni49ZvCCkr3oybOiDZzGOrjeKjFjZ2BQr8yWgJIPpYYB7mBv8/s320/1463px-Dharmachakra%252C_withprint_%2528en%2529.svg.png" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">Dharmachakra, representing the Buddhist Eightfold Path</i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn57" name="_ftnref57" style="font-family: "Times New Roman", serif; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[57]</span></span></span></a></td></tr>
</tbody></table>
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<br />
<span style="font-size: 12pt;">What is this Straight Path and Middle Way referred to in
the Qur’ān and the Buddhist Scriptures—and what is its ultimate Source? A
comparison with Taoism might shed some light on this. The concept of the ‘Way’
or ‘Tao’ is central to Taosim. It is an eternal principle, without beginning or
end, which pervades and sustains all things. Laozi writes: </span><b style="font-size: 12pt;">“The grandest
forms of active force from Tao come, their only source. Who can of Tao the
nature tell? Our sight it flies, our touch as well. Eluding sight, eluding
touch, the forms of things all in it crouch; eluding touch, eluding sight, there
are their semblances, all right. Profound it is, dark and obscure; things'
essences all there endure. Those essences the truth enfold; of what, when seen,
shall then be told.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn58" name="_ftnref58" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[58]</span></span></span></a><span style="font-size: 12pt;">
In the Qur’ān, God says (57:3; 41:53; 6:103; 42:11): </span><b style="font-size: 12pt;">“He is the First, and
the Last; the Manifest, and the Hidden: And He knoweth all things;”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn59" name="_ftnref59" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[59]</span></span></span></a><span style="font-size: 12pt;"> </span><b style="font-size: 12pt;">“We
shall show them Our portents on the horizons and within themselves until it
will be manifest unto them that it is the Truth. Doth not thy Lord suffice,
since He is Witness over all things?”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn60" name="_ftnref60" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[60]</span></span></span></a><span style="font-size: 12pt;"> </span><b style="font-size: 12pt;">“Vision
comprehendeth Him not, but He comprehendeth (all) vision. He is the Subtile,
the Aware;”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn61" name="_ftnref61" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[61]</span></span></span></a><span style="font-size: 12pt;"> </span><b style="font-size: 12pt;">“Naught
is as His likeness; and He is the Hearer, the Seer.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn62" name="_ftnref62" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[62]</span></span></span></a><b style="font-size: 12pt;">
</b><span style="font-size: 12pt;">All of these verses surround a common theme, which is the eternal immanence
and transcendence of the Divine Being, which encompasses and pervades all
things and exists beyond human description. God, says the Qur’ān, </span><b style="font-size: 12pt;">“has
encompassed all things with His knowledge.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn63" name="_ftnref63" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[63]</span></span></span></a><b style="font-size: 12pt;">
</b><span style="font-size: 12pt;">Likewise, Laozi writes: </span><b style="font-size: 12pt;">“There was something undefined and complete,
coming into existence before Heaven and Earth. How still it was and formless,
standing alone, and undergoing no change, reaching everywhere and in no danger
(of being exhausted)!”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn64" name="_ftnref64" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[64]</span></span></span></a><b style="font-size: 12pt;">
</b><span style="font-size: 12pt;">This is the Divine Principle which embraces all things, and cannot be
described, except with metaphors and allusions. And the Straight Path—or the
Middle Way—is the moderate path to attaining the presence of the Divine Being.</span></div>
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The Qur’ān is, in its essence, a book of parables and
metaphors. It contains numerous Biblical stories, but these are not given in
the way of a narrative. Rather, the stories are woven into arguments which
express spiritual themes. The main aim, therefore, of the Qur’ān, is to give a
spiritual Message and bring people to a state of enlightenment, i.e.
Nirvana—also described as heaven, paradise or the Garden of Eden. It also
contains many arguments for the existence of God, some of which I have examined
<span class="MsoHyperlink"><a href="https://nicholasjames19.blogspot.com/2015/11/the-qurans-arguments-for-belief-in-god.html">in
a previous post</a></span>.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn65" name="_ftnref65" style="mso-footnote-id: ftn65;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[65]</span></span><!--[endif]--></span></span></a><b>
</b><span style="mso-spacerun: yes;"> </span>Often, examples are used from nature
to express spiritual principles. He says (glorified be He): <b>“Verily, in the
creation of the heavens and the earth, and the alternation of night and day,
and in the ship that runneth in the sea with that which profits man, and in
what water God sends down from heaven and quickens therewith the earth after
its death, and spreads abroad therein all kinds of cattle, and in the shifting
of the winds, and in the clouds that are pressed into service betwixt heaven
and earth, are signs to people who can understand.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn66" name="_ftnref66" style="mso-footnote-id: ftn66;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[66]</span></span><!--[endif]--></span></span></a>
Each of these are examples which allow the seeker of truth to look for the
divine attributes expressed in every aspect of nature. Rain brings life to
mankind, just as God brings life to the human soul. All things move and function according to the law of nature, and nature is an expression of Divine creation. Although God exists beyond creation and is thus transcendent, He is also imminent and close, and surrounds and encompasses all things. This is manifest in every plant, fruit, grain of sand and within the human heart itself—all things are mirrors of the Divine radiance and splendour. As God says in the Qur’ān (41:54): <b>“Are they not in a doubt as to the meeting of their Lord at the resurrection? Doth not He encompass all things?”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn67" name="_ftnref67" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[67]</span></span></span></a> If God encompasses all things, then it must be possible for one to ‘meet’ God within his innermost being. He says: <b>“And those who believe, and whose hearts rest securely in the meditation of God; shall not men’s hearts rest securely in the meditation of God?”</b><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;"><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn68" name="_ftnref68" title="">[68]</a></span></span></span></div>
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Those who turn the mirror of their hearts towards God, have
their eyes and ears opened to spiritual truth. Those who turn away from God,
and deny the Inner Light within them, are given spiritual blindness and
deafness. As the Qur’ān (7:101) says: <b>“And verily the Messeng</b><b style="font-size: 12pt;">ers came to
them with clear Signs. But they would not believe what they had rejected
before. Thus does God seal up the hearts of the disbelievers.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn69" name="_ftnref69" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[69]</span></span></span></a><b style="font-size: 12pt;">
</b><span style="font-size: 12pt;">This is similar to Jesus Christ’s statements: </span><b style="font-size: 12pt;">“Having eyes, see ye not?
and having ears, hear ye not? and do ye not remember?”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn70" name="_ftnref70" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[70]</span></span></span></a><span style="font-size: 12pt;">
Speaking to His followers, Christ said: </span><b style="font-size: 12pt;">“But blessed are your eyes, for they
see: and your ears, for they hear.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn71" name="_ftnref71" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[71]</span></span></span></a><span style="font-size: 12pt;">
What does this mean? It means, essentially, that those who turn to the
Messenger of God, whether it be Moses, Zoroaster, Buddha, Christ or Muhammad—or
others, are turning their hearts to God, and, thereby, they receive spiritual
rebirth and enlightenment. This enlightenment allows them to see the Truth,
even though they be surrounded by darkness and nescience. With regards to this
spiritual rebirth, Christ says: </span><b style="font-size: 12pt;">“Verily, verily, I say unto thee, Except a
man be born again, he cannot see the kingdom of God.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn72" name="_ftnref72" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[72]</span></span></span></a><span style="font-size: 12pt;">
Nicodemus then enquired what Christ meant by this. He replied: </span><b style="font-size: 12pt;">“Verily,
verily, I say unto thee, Except a man be born of water and of the Spirit, he
cannot enter into the kingdom of God. That which is born of the flesh is flesh;
and that which is born of the Spirit is spirit. Marvel not that I said unto
thee, Ye must be born again. The wind bloweth where it listeth, and thou
hearest the sound thereof, but canst not tell whence it cometh, and whither it
goeth: so is every one that is born of the Spirit.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn73" name="_ftnref73" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[73]</span></span></span></a><span style="font-size: 12pt;">
In other words, by being born again, Christ does not mean physical rebirth, but
spiritual rebirth. This is made clear by verse 8, where He says: </span><b style="font-size: 12pt;">“so is
every one that is born of the Spirit”</b><span style="font-size: 12pt;">. He also says elsewhere: </span><b style="font-size: 12pt;">“It is
the spirit that quickeneth; the flesh profiteth nothing: the words that I speak
unto you, they are spirit, and they are life.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn74" name="_ftnref74" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[74]</span></span></span></a></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgp_IpxbN7xc2SHTwGU3deb4RP3wlCjp6q_pZEVme9luQiPlHQDnMowYYzMxCySo4MQKfgLVS3QSa90pDuSUIlPuGoTeavbdaeMXBvORp-CxhS_0oK0G8VykJQOxm3HSJr96stuY1Z9vf0/s1600/Light_Verse_Quran.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1207" data-original-width="1600" height="241" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgp_IpxbN7xc2SHTwGU3deb4RP3wlCjp6q_pZEVme9luQiPlHQDnMowYYzMxCySo4MQKfgLVS3QSa90pDuSUIlPuGoTeavbdaeMXBvORp-CxhS_0oK0G8VykJQOxm3HSJr96stuY1Z9vf0/s320/Light_Verse_Quran.png" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;">The Light Verse (Qur’ān 24:35)</i><b style="font-family: "Times New Roman", serif; font-size: 12pt;"><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn75" name="_ftnref75" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><b><span style="font-size: 12pt;">[75]</span></b></span></span></a></b></td></tr>
</tbody></table>
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<span style="font-size: 12pt;">How can the Spirit give us life and spiritual rebirth? The
answer lies in this: by meditation and by turning one’s heart to God, which is
the Source of all being. In Buddhism, this takes the form of emptying oneself
of all attachments and all thoughts of this world, while turning one’s
attention to loving-kindness (in ‘loving-kindness meditation’) or mindfulness
(in ‘mindfulness meditation’). Buddhists also focus on the Buddha as a source
of illumination, as the Buddha is called the Tathāgata. The phrase </span><i style="font-size: 12pt;">Tathāgata</i><span style="font-size: 12pt;">
means ‘One who has thus come’ or He who ‘knows and sees reality as-it-is’.</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn76" name="_ftnref76" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[76]</span></span></span></a><span style="font-size: 12pt;">
In other words, the Tathāgata is equivalent to the Biblical Prophets or the
Messengers of God in the Qur’ān. Buddha says, in the Dhammapada: </span><b style="font-size: 12pt;">“A supernatural
person (a Buddha) is not easily found, he is not born everywhere. Wherever such
a sage is born, that race prospers.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn77" name="_ftnref77" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[77]</span></span></span></a><span style="font-size: 12pt;">
In other words, a Buddha or Messenger of God is not a common individual, but,
rather, someone who appears once in every age, or millennium, or after many
centuries. Since the Messenger of God is the Representative of the Divine, He
is the source of Truth and Knowledge, and by turning our hearts towards that
Messenger, we can approach God. As Christ says, in the Gospels: </span><b style="font-size: 12pt;">“At that day
ye shall know that I am in my Father, and ye in me, and I in you.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn78" name="_ftnref78" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[78]</span></span></span></a><b style="font-size: 12pt;">
</b><span style="font-size: 12pt;">This is a profound statement, because it means that we can know and
approach God by looking at the mirror of our own hearts. In that mirror, we can
find the Inner Light which gives spiritual wisdom, rebirth and resurrection.
This Inner Light is God. As the Qur’ān (24:35) says, in the famous ‘Light
Verse’:</span></div>
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<o:p></o:p></div>
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<b>“God is the LIGHT of the
Heavens and of the Earth. His Light is like a niche in which is a lamp - the
lamp encased in glass – the glass, as it were, a glistening star. From a
blessed tree is it lighted, the olive neither of the East nor of the West,
whose oil would well nigh shine out, even though fire touched it not! It is
light upon light. God guideth whom He will to His light, and God setteth forth
parables to men, for God knoweth all things.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn79" name="_ftnref79" style="mso-footnote-id: ftn79;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[79]</span></span><!--[endif]--></span></span></a><o:p></o:p></div>
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In other words, God is the Light which sustains and
illuminates all creation, and that Light is encapsulated within a glass—and
that glass is a glistening star, i.e. the Messenger of God, through which the
Light illuminates all created things. The tree referred to here, the Tree which
is neither of the East nor the West, is the <i>Sadratu’l-Muntahā</i>, i.e. the
Tree beyond which there is no passing. This refers to the Messenger of God,
because He is a being so close to God that, beyond His station, there is no
access for human beings. Beyond the Messenger of God, we can find the Primal
Word of God, the Logos, itself, which illuminates and shines through the
Messenger, Tathāgata or Buddha. This Light, which is shed throughout all
creation, has a focal point, or locus, within the Messenger of God, who shines
Himself like a ‘glistening star’. This light then manifests itself within the
human heart, which is the innermost essence of man. By prayer, fasting, meditation,
etc. we can illumine the lamp of our hearts with this eternal Light. As God
says, in the Qur’ān (13:28): <b>“And those who believe, and whose hearts rest
securely in the meditation of God; shall not men’s hearts rest securely in the
meditation of God?”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn80" name="_ftnref80" style="mso-footnote-id: ftn80;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[80]</span></span><!--[endif]--></span></span></a>
Likewise, He says: <b>“Do they not therefore journey through the land? And have
they not hearts to understand with, or ears to hear with? Surely as to these
things their eyes are not blind, but the hearts are blind which are in their
breasts;”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn81" name="_ftnref81" style="mso-footnote-id: ftn81;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[81]</span></span><!--[endif]--></span></span></a><b> “And
they who have no knowledge say, ‘Unless God speak to us, or thou shew us a sign
. . . !’ So, with like words, said those who were before them: their hearts are
alike: Clear signs have we already shewn for those who have firm faith.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn82" name="_ftnref82" style="mso-footnote-id: ftn82;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[82]</span></b></span><!--[endif]--></span></span></a></b><o:p></o:p></div>
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Can the Qur’ān safely be compared with Taoism, Buddhism and
Hinduism, therefore? Most certainly. As the above verses have shown, the Qur’ān
is a collection of metaphors and parables, joined together with examples from
nature, history and the Bible, as well as legends and stories, which are all
intertwined to present a consistent spiritual message—one that is compatible
with, and in concordance with, with all the earlier religions of God. The
contradictions which exist between the Bible and Qur’ān, for example, relate to
historical details or interpretations of doctrines, but there are no
contradictions between the essential Message of both books. Likewise, the
Qur’ān, being essentially spiritual in nature, is in full accord with the
philosophy and spiritual teachings of Buddhism and Hinduism, as well as the
teachings of the Taoism. I have elaborated more on this theme in my two books,
already mentioned above: <span class="MsoHyperlink"><a href="https://www.amazon.com/Mindfulness-Achieve-Happiness-Knowledge-Inner-ebook/dp/B06WWQ3P4M/">Mindfulness:
Five Ways to Achieve Real Happiness, True Knowledge and Inner Peace</a></span>,
and <a href="https://www.amazon.com/Meditation-Five-Ways-Master-Spirit-ebook/dp/B07FTPJNN8/" target="_blank">Meditation: Five Ways to Master your Mind, Body and Spirit</a>. I recommend
that you read these books for further clarification. I hope that this has
satisfactorily answered the questions and doubts raised by Dr. Jordan Peterson,
and I wish him all the best in his continued search for truth and justice, as
well as in his activism for free speech and academic freedom. I will finish
with this quotation from <a href="https://www.amazon.com/Meditation-Five-Ways-Master-Spirit-ebook/dp/B07FTPJNN8/" target="_blank">my book on <i>Meditation</i></a>:<o:p></o:p></div>
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“Human beings are in need of
patterns—of methods of behaviour—and what greater pattern is there to follow
than the example of perfect human beings who lived their entire lives along a
perfect path, free from faults or errors, being the perfection of every virtue
and good quality. As God, the All-Glorious, says of Muhammad (peace be upon
him) in the Qur’ān (53:1 – 4): <b>“By the star when it falls, your comrade </b>[Muhammad]<b>
errs not, nor is he deluded!<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn83" name="_ftnref83" style="mso-footnote-id: ftn83;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[83]</span></b></span><!--[endif]--></span></span></a></b>
<b>Neither doth he speak of his own will.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn84" name="_ftnref84" style="mso-footnote-id: ftn84;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[84]</span></b></span><!--[endif]--></span></span></a></b>
<b>It is but an inspiration inspired!”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn85" name="_ftnref85" style="mso-footnote-id: ftn85;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[85]</span></b></span><!--[endif]--></span></span></a> </b>Also,
God says, speaking to Muhammad: <b>“And thou threwest not when thou didst
throw, but it was God Who threw.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn86" name="_ftnref86" style="mso-footnote-id: ftn86;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[86]</span></b></span><!--[endif]--></span></span></a> </b>Likewise,
Jesus Christ (peace be upon him) said<b>: “I am in my Father, and you are in
me, and I am in you</b>”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn87" name="_ftnref87" style="mso-footnote-id: ftn87;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[87]</span></span><!--[endif]--></span></span></a>
meaning that the Father (God) can be seen within him, just as we can also
reflect the Light of God. And he also said: <b>“I am the way, the truth, and
the life: no man cometh unto the Father, but by me.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn88" name="_ftnref88" style="mso-footnote-id: ftn88;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[88]</span></b></span><!--[endif]--></span></span></a></b>
In other words, the only way to reach God, the Heavenly Father, is through the
Great Teacher, the Perfect Mirror of God, whether he be called Moses, or Jesus,
or Muhammad, or Krishna, or Buddha, or Zoroaster, or many other names (may
their blessings descend upon us). The important thing is that we recognize the
Light in all of these Lamps and recognize every such Lamp, whenever and
wherever he may appear, either in the past or the future.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn89" name="_ftnref89" style="mso-footnote-id: ftn89;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[89]</span></span><!--[endif]--></span></span></a><o:p></o:p></div>
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If you found this article informative, see some of my
related articles below:<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
<span class="MsoHyperlink"><a href="https://nicholasjames19.blogspot.com/2015/11/the-qurans-arguments-for-belief-in-god.html">The
Qur’ān’s Arguments for Belief in God (18 November 2015)</a></span><o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
<span class="MsoHyperlink"><a href="https://nicholasjames19.blogspot.com/2015/09/5-reasons-quran-and-us-constitution-can.html">5
Reasons the Qur’ān and US Constitution Can Coexist (22 September 2015)</a></span>
<o:p></o:p></div>
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[a response to Stephen Crowder]<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
<span class="MsoHyperlink"><a href="https://nicholasjames19.blogspot.com/2015/12/is-allah-arabic-word-for-god.html">Is
Allah the Arabic Word for God? (20 December 2015)</a></span><o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
<span class="MsoHyperlink"><a href="https://nicholasjames19.blogspot.com/2015/10/a-response-to-stephen-frys-condemnation.html">A
response to Stephen Fry’s condemnation of God (3 October 2015)</a></span><o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
<span class="MsoHyperlink"><a href="https://nicholasjames19.blogspot.com/2017/02/a-response-to-ricky-gervais-and-his.html">A
response to Ricky Gervais and his arguments about God and religion (3 February
2017)</a></span><o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
<span class="MsoHyperlink"><a href="https://nicholasjames19.blogspot.com/2016/01/you-are-most-likely-descendant-of.html">You
are (most likely) a descendant of the Prophet Muhammad (4 January 2015)</a></span><o:p></o:p></div>
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<div class="MsoNormal">
<span class="MsoHyperlink"><a href="https://nicholasjames19.blogspot.com/2018/04/queen-elizabeth-iis-descent-from-prophet.html">Queen
Elizabeth II’s Descent from the Prophet (7 April 2018)</a></span><o:p></o:p></div>
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<span class="MsoHyperlink"><a href="https://nicholasjames19.blogspot.com/2016/12/ten-events-that-shaped-religious-history.html">Ten
events that shaped religious history (19 December 2016)</a></span><o:p></o:p></div>
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NJ Bridgewater<o:p></o:p></div>
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<b>Sources:<o:p></o:p></b></div>
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<br /></div>
<div class="MsoNormal">
<b><u><span style="font-family: "times";">Books<o:p></o:p></span></u></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Authorised Version of the
Bible (King James Bible / KJV) (1611) <i>The Holy Bible, Conteyning the Old
Testament, and the New: Newly Translated out of the Originall tongue Newly
Translated out of the Originall tongues: & with the former Translations
diligently compared and reuised</i> (London: Robert Barker). Available online
at: http://biblehub.com/kjv/ ; https://www.biblegateway.com/keyword/ ;
https://quod.lib.umich.edu/k/kjv/simple.html ;
https://archive.org/details/1611TheAuthorizedKingJamesBible ;
http://www.sacred-texts.com/bib/kjv/index.htm ;
https://www.gutenberg.org/ebooks/10 (accessed 18/07/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">Paul
C. Blum (author), Andre Ferdinand Herold (translator) (1927) <i>The Life of
Buddha: According to the Legends of Ancient India</i> (New York: A. & C.
Boni) <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">Gerhard
Bowering (editor) (2013) <i>The Princeton Encyclopedia of Islamic Political
Thought</i> (Princeton, N.J.: Princeton University Press)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">NJ Bridgewater (2017) <i>Mindfulness:
Five Ways to Achieve Real Happiness, True Knowledge and Inner Peace (Five Ways
to Be, Book 1)</i> (Abergavenny, UK: Jaha Publishing). Paperback. Published:
February 23, 2017. URL: <span class="MsoHyperlink"><span style="color: black; text-decoration: none;"><a href="https://www.amazon.com/Mindfulness-Achieve-Happiness-Knowledge-Inner/dp/099573691X/"><span style="color: black; text-decoration: none;">https://www.amazon.com/Mindfulness-Achieve-Happiness-Knowledge-Inner/dp/099573691X/</span></a></span></span><span style="color: black; mso-themecolor: text1;"><span style="mso-spacerun: yes;">
</span>(</span>accessed 07/07/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">NJ Bridgewater (2018) <i>Meditation:
Five Ways to Master your Mind, Body and Spirit</i> (Abergavenny, UK: Jaha
Publishing)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">Robert
Briffault (1919) <i style="mso-bidi-font-style: normal;">The making of humanity</i>
(London: G. Allen & Unwin)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">John Davenport (1869) <i style="mso-bidi-font-style: normal;">An Apology for Mohammed and the Koran</i>
(London: J. Davy and Sons)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Edward Gibbon (1781) <i style="mso-bidi-font-style: normal;">The Decline and Fall of the Roman Empire,
Vol. IV 5</i> (London: W. Strahan and T. Cadell). Available online at:
http://www.sacred-texts.com/cla/gibbon/04/index.htm (accessed 17/07/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">Edward
Gibbon (1782) <i style="mso-bidi-font-style: normal;">History of the Decline and
Fall of the Roman Empire, Vol. 5</i> (London: W. Strahan and T. Cadell).
Available online at: http://www.gutenberg.org/files/735/735-h/735-h.htm
(accessed 16/07/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Walter Emil Kaegi (2003) <i style="mso-bidi-font-style: normal;">Heraclius, Emperor of Byzantium</i>
(Cambridge: Cambridge University Press)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Ira M. Lapidus (2014) <i>A
History of Islamic Societies</i> (Cambridge: Cambridge University Press)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">Lao-tzu
(author), J. Legge (translator) (1891) <i>Tao Te Ching (Sacred Books of the
East, Vol 39)</i> (Oxford: The Clarendon Press). URL:
http://www.sacred-texts.com/tao/taote.htm (accessed 17/07/2018). URL:
https://archive.org/details/in.ernet.dli.2015.45262 (accessed 17/07/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">John
Locke (1690) <i>Two Treatises of Government</i> (London: Printed for Awnsham
Churchill). URL:
https://faculty.history.wisc.edu/sommerville/367/locke%20decindep.htm (accessed
18/07/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">F.
Max Müller (1881) <i>The Dhammapada, Translated from the Pâli</i>, Sacred Books
of the East, Vol. 10: The Dhammapada and Sutta Nipata (Oxford: The Clarendon
Press), Chapter XX, v. 278 – 279. Available online at:
http://www.sacred-texts.com/bud/sbe10/index.htm (accessed 17/07/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Edward Henry Palmer (1880) <i>The
Qur’ân, Parts I & II</i> (Oxford: The Clarendon Press). Available online
at: http://www.sacred-texts.com/isl/sbe06/sbe0600.htm ;
http://www.sacred-texts.com/isl/sbe09/index.htm ; https://en.wikisource.org/wiki/The_Qur%27an_(Palmer)
(accessed 18/07/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">Mohammed
Marmaduke Pickthall (translator) (1938) <i>The Meaning of the Glorious Quran</i>
(Hyderabad-Deccan: Government Central Press). Available online at:
http://www.sacred-texts.com/isl/pick/ (accessed 17/06/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">John Medows Rodwell (1876) <i>El-Kor'ân,
or The Koran, translated from the Arabic</i> (London: B. Quaritch). Available
online at: https://archive.org/details/elkornorkorant00rodwuoft ;
http://www.sacred-texts.com/isl/qr/index.htm (accessed 18/07/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">George Sale (1764) <i>The
Koran: Commonly called the Alcoran of Mohammed: Translated into English
immediately from the original Arabic, with explanatory notes taken from the
most approved commentators, to which is prefixed a preliminary discourse</i>
(London: Printed for L. Hawkes, W. Clarke, and R. Collins). Available online
at: https://archive.org/details/in.ernet.dli.2015.218049 ;
http://oll.libertyfund.org/people/4376 ;
http://www.theislamicperspective.ca/wp-content/uploads/2017/05/George-Sale-Quran-1734.pdf
; https://www.gutenberg.org/ebooks/7440 (accessed 18/07/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">S.M.
Zwemer (1900) <i style="mso-bidi-font-style: normal;">Arabia: The Cradle of
Islam: Studies in the Geography, People and Politics of the Peninsula with an
account of Islam and Mission-work</i> (Edinburgh, London: Oliphant Anderson and
Ferrier)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><u><span style="font-family: "times";">Articles<o:p></o:p></span></u></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">Paul
J. Alexander (1977) Religious Persecution and Resistance in the Byzantine
Empire of the Eighth and Ninth Centuries: Methods and Justifications, <i>Speculum</i>,
Vol. 52, No. 2 (Apr., 1977), pp. 238-264. URL: <span class="MsoHyperlink"><span style="color: black; text-decoration: none;"><a href="https://www.jstor.org/stable/2850512"><span style="color: black; text-decoration: none;">https://www.jstor.org/stable/2850512</span></a></span></span><span style="color: black; mso-themecolor: text1;"><span style="mso-spacerun: yes;">
</span>(accessed </span>16/07/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">NJ
Bridgewater (2004) <i>Founders of the Divine Religions: Muhammad</i>. URL:
http://klausjames.tripod.com/bahai3muhammad.html (accessed 16/07/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">NJ
Bridgewater (2015) 5 Reasons the Qur’ān and US Constitution Can Coexist, <i>Crossing
the Bridge (blog)</i>, 22 September 2015. URL:
https://nicholasjames19.blogspot.com/2015/09/5-reasons-quran-and-us-constitution-can.html
(accessed 16/07/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">NJ
Bridgewater (2015) A response to Stephen Fry’s condemnation of God, <i>Crossing
the Bridge (blog)</i>, 3 October 2015. URL:
https://nicholasjames19.blogspot.com/2017/02/a-response-to-ricky-gervais-and-his.html
(accessed 18/07/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">NJ
Bridgewater (2015) The Qur’ān’s Arguments for Belief in God, <i>Crossing the
Bridge (blog)</i>, 18 November 2015. URL:
https://nicholasjames19.blogspot.com/2015/11/the-qurans-arguments-for-belief-in-god.html
(accessed 18/07/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">NJ Bridgewater (2017) A
response to Ricky Gervais and his arguments about God and religion, <i>Crossing
the Bridge (blog)</i>, 3 February 2017. URL:
https://nicholasjames19.blogspot.com/2017/02/a-response-to-ricky-gervais-and-his.html
(accessed 18/07/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">NJ
Bridgewater (2018) The Origins of Wealth (Part 1 of 4), <i>Crossing the Bridge
(blog)</i>, 5 July 2018.<span style="mso-spacerun: yes;"> </span>URL:
https://nicholasjames19.blogspot.com/2018/07/the-origins-of-wealth-part-1-of-4.html
(accessed 17/07/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">Ernst
Wilhelm Ferinand Gerland (1913) <i>Catholic Encyclopedia, Vol. 3</i>: Byzantine
Empire. Available online at:
http://en.wikisource.org/wiki/Catholic_Encyclopedia_(1913)/Byzantine_Empire
(accessed 16/07/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">Kyle
Richard Smith (2011) The Persian Persecution: Martyrdom, Politics, and
Religious Identity in Late Ancient Syriac Christianity, <i>Dissertation, Duke
University</i>. URL: https://dukespace.lib.duke.edu/dspace/handle/10161/3844
(accessed 16/07/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoNormal">
<b><u><span style="font-family: "times";">Wikipedia articles<o:p></o:p></span></u></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">Anti-paganism
policies of the early Byzantine Empire (<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/Anti-paganism_policies_of_the_early_Byzantine_Empire
(accessed 16/07/2018 18:12 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">Church
of England (Wikipedia article). URL:
https://en.wikipedia.org/wiki/Church_of_England (accessed 16/07/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">English
Reformation (<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/English_Reformation (accessed 16/07/2018 07:20)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">Fasad
(Wikepedia article). URL: https://en.wikipedia.org/wiki/Fasad (accessed
16/07/2018 10:59 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">First
Amendment to the United States Constitution (<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/First_Amendment_to_the_United_States_Constitution
(accessed 16/07/2018 07:18)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 12.0pt;">Islamic
Golden Age (<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/Islamic_Golden_Age (accessed 16/07/2018 08:43
AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Islamism (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Islamism (accessed 16/07/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Mu‘tazila (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Mu%CA%BFtazila (accessed
16/07/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Tathāgata (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Tath%C4%81gata (accessed 17/07/2018 10:44
AST)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
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<!--StartFragment-->
<!--EndFragment--><div style="mso-element: footnote-list;">
<!--[if !supportFootnotes]--><br clear="all" />
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<br />
<div id="ftn1" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[1]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: Jordan Peterson
speaking at an event in Dallas, Texas, uploaded by Gage Skidmore, 15 June 2018
(CC-BY SA3.0). URL:
https://upload.wikimedia.org/wikipedia/commons/8/87/Jordan_Peterson_by_Gage_Skidmore_%28cropped%29.jpg
(accessed 17/07/2018). For more information on the license, see:
https://creativecommons.org/licenses/by-sa/3.0/ (accessed 17/07/2018 11:27
AST).<o:p></o:p></span></div>
</div>
<div id="ftn2" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref2" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[2]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> NJ Bridgewater (2017) A response to
Ricky Gervais and his arguments about God and religion, <i>Crossing the Bridge
(blog)</i>, 3 February 2017. URL: https://nicholasjames19.blogspot.com/2017/02/a-response-to-ricky-gervais-and-his.html
(accessed 18/07/2018); NJ Bridgewater (2015) A response to Stephen Fry’s
condemnation of God, <i>Crossing the Bridge (blog)</i>, 3 October 2015. URL: https://nicholasjames19.blogspot.com/2017/02/a-response-to-ricky-gervais-and-his.html
(accessed 18/07/2018).<o:p></o:p></span></div>
</div>
<div id="ftn3" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref3" name="_ftn3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[3]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: The Bill of Rights,
twelve articles of amendment to the to the United States Constitution proposed
in 1789 (public domain). URL: https://upload.wikimedia.org/wikipedia/commons/7/79/Bill_of_Rights_Pg1of1_AC.jpg
(accessed 17/07/2018).<o:p></o:p></span></div>
</div>
<div id="ftn4" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref4" name="_ftn4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[4]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: First Amendment to the United
States Constitution (<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/First_Amendment_to_the_United_States_Constitution
(accessed 16/07/2018 07:18).<o:p></o:p></span></div>
</div>
<div id="ftn5" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref5" name="_ftn5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[5]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: English Reformation (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/English_Reformation (accessed
16/07/2018 07:20).<o:p></o:p></span></div>
</div>
<div id="ftn6" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref6" name="_ftn6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[6]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Mu‘tazila (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Mu%CA%BFtazila (accessed 16/07/2018).<o:p></o:p></span></div>
</div>
<div id="ftn7" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref7" name="_ftn7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[7]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Islamic Golden Age (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Islamic_Golden_Age (accessed
16/07/2018 08:43 AST).<o:p></o:p></span></div>
</div>
<div id="ftn8" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref8" name="_ftn8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[8]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Robert Briffault (1919) <i style="mso-bidi-font-style: normal;">The making of humanity</i> (London: G. Allen
& Unwin), pp. 190 – 192.<o:p></o:p></span></div>
</div>
<div id="ftn9" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref9" name="_ftn9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[9]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 2:28 (George Sale
translation).<o:p></o:p></span></div>
</div>
<div id="ftn10" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref10" name="_ftn10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[10]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: John Locke, <i>Second Treatise
of Government</i>, Book II, Chapter VI, Sect. 56. <o:p></o:p></span></div>
</div>
<div id="ftn11" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref11" name="_ftn11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[11]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: The Byzantine embassy
of John the Grammarian in 829 to Ma'mun (depicted left) from Theophilos
(depicted right) (public domain). URL:
https://upload.wikimedia.org/wikipedia/commons/2/22/John_the_Grammarian_as_ambassador_before_Theophilos_and_Mamun.jpg
(accessed 17/07/2018).<o:p></o:p></span></div>
</div>
<div id="ftn12" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref12" name="_ftn12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[12]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 2:30 – 31 (Rodwell
translation).<o:p></o:p></span></div>
</div>
<div id="ftn13" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref13" name="_ftn13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[13]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: The city of Baghdad
between 767 and 912 AD. The round plan reflects pre-Islamic Persian urban
design (public domain). URL:
https://upload.wikimedia.org/wikipedia/commons/0/07/Baghdad_150_to_300_AH.png
(accessed 17/07/2018 11:32 AST).<o:p></o:p></span></div>
</div>
<div id="ftn14" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref14" name="_ftn14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[14]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Church of England (Wikipedia
article). URL: https://en.wikipedia.org/wiki/Church_of_England (accessed
16/07/2018). <o:p></o:p></span></div>
</div>
<div id="ftn15" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref15" name="_ftn15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[15]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 7:56 (Rodwell translation).<o:p></o:p></span></div>
</div>
<div id="ftn16" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref16" name="_ftn16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[16]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Fasad (Wikepedia article). URL:
https://en.wikipedia.org/wiki/Fasad (accessed 16/07/2018 10:59 AST).<o:p></o:p></span></div>
</div>
<div id="ftn17" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref17" name="_ftn17" style="mso-footnote-id: ftn17;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[17]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 5:33 (Rodwell translation). <o:p></o:p></span></div>
</div>
<div id="ftn18" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref18" name="_ftn18" style="mso-footnote-id: ftn18;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[18]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Gerhard Bowering (editor)
(2013) <i>The Princeton Encyclopedia of Islamic Political Thought</i>
(Princeton, N.J.: Princeton University Press), p. 53. <o:p></o:p></span></div>
</div>
<div id="ftn19" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref19" name="_ftn19" style="mso-footnote-id: ftn19;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[19]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: The Synaxis of the
Twelve Apostles. Russian, 14th century, Moscow Museum. (public domain). URL:
https://upload.wikimedia.org/wikipedia/commons/8/81/Synaxis_of_the_Twelve_Apostles_by_Constantinople_master_%28early_14th_c.%2C_Pushkin_museum%29.jpg
(accessed 17/07/2018 11:35 AST).<o:p></o:p></span></div>
</div>
<div id="ftn20" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref20" name="_ftn20" style="mso-footnote-id: ftn20;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[20]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> John 19:21 (KJV).<o:p></o:p></span></div>
</div>
<div id="ftn21" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref21" name="_ftn21" style="mso-footnote-id: ftn21;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[21]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Matthew 26:52 (KJV).<o:p></o:p></span></div>
</div>
<div id="ftn22" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref22" name="_ftn22" style="mso-footnote-id: ftn22;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[22]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: The entrance to the
Cave of Hira in the mountain (public domain). URL:
https://upload.wikimedia.org/wikipedia/commons/2/2b/Cave_Hira.jpg (accessed
17/07/2018 11:37 AST).<o:p></o:p></span></div>
</div>
<div id="ftn23" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref23" name="_ftn23" style="mso-footnote-id: ftn23;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[23]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> NJ Bridgewater (2004) Founders of
the Divine Religions: Muhammad. URL: http://klausjames.tripod.com/bahai3muhammad.html
(accessed 16/07/2018).<o:p></o:p></span></div>
</div>
<div id="ftn24" style="mso-element: footnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref24" name="_ftn24" style="mso-footnote-id: ftn24;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[24]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: John Davenport (1869) <i style="mso-bidi-font-style: normal;">An Apology for Mohammed and the Koran</i>
(London: J. Davy and Sons), pp. 2 – 4.<o:p></o:p></span></div>
</div>
<div id="ftn25" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref25" name="_ftn25" style="mso-footnote-id: ftn25;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[25]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Edward Gibbon (1782) <i style="mso-bidi-font-style: normal;">History of the Decline and Fall of the Roman
Empire, Vol. 5</i> (London: W. Strahan and T. Cadell). Available online at:
http://www.gutenberg.org/files/735/735-h/735-h.htm (accessed 16/07/2018).<o:p></o:p></span></div>
</div>
<div id="ftn26" style="mso-element: footnote;">
<div class="MsoEndnoteText" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref26" name="_ftn26" style="mso-footnote-id: ftn26;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[26]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: S.M. Zwemer (1900) <i style="mso-bidi-font-style: normal;">Arabia: The Cradle of Islam: Studies in the
Geography, People and Politics of the Peninsula with an account of Islam and
Mission-work</i> (Edinburgh, London: Oliphant Anderson and Ferrier), pp. 160 –
161.<o:p></o:p></span></div>
</div>
<div id="ftn27" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref27" name="_ftn27" style="mso-footnote-id: ftn27;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[27]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> NJ Bridgewater (2015) 5 Reasons the
Qur’ān and US Constitution Can Coexist, <i>Crossing the Bridge (blog)</i>, 22
September 2015. URL: https://nicholasjames19.blogspot.com/2015/09/5-reasons-quran-and-us-constitution-can.html
(accessed 16/07/2018).<o:p></o:p></span></div>
</div>
<div id="ftn28" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref28" name="_ftn28" style="mso-footnote-id: ftn28;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[28]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: Historic Medina. URL:
https://upload.wikimedia.org/wikipedia/commons/0/01/%D8%A7%D9%84%D9%85%D8%AF%D9%8A%D9%86%D8%A9_%D8%A7%D9%84%D9%85%D9%86%D9%88%D8%B1%D8%A9.PNG
(accessed 17/07/2018 11:39 AST).<o:p></o:p></span></div>
</div>
<div id="ftn29" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref29" name="_ftn29" style="mso-footnote-id: ftn29;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[29]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> 1 Kings 18:40 (KJV).<o:p></o:p></span></div>
</div>
<div id="ftn30" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref30" name="_ftn30" style="mso-footnote-id: ftn30;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[30]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Kyle Richard Smith (2011) The
Persian Persecution: Martyrdom, Politics, and Religious Identity in Late
Ancient Syriac Christianity. URL: https://dukespace.lib.duke.edu/dspace/handle/10161/3844
(accessed 16/07/2018).<o:p></o:p></span></div>
</div>
<div id="ftn31" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref31" name="_ftn31" style="mso-footnote-id: ftn31;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[31]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Anti-paganism policies of the
early Byzantine Empire (<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/Anti-paganism_policies_of_the_early_Byzantine_Empire
(accessed 16/07/2018 18:12 AST).<o:p></o:p></span></div>
</div>
<div id="ftn32" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref32" name="_ftn32" style="mso-footnote-id: ftn32;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[32]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Acts 5, Rom. 1.32. See: Paul J.
Alexander (1977) Religious Persecution and Resistance in the Byzantine Empire
of the Eighth and Ninth Centuries: Methods and Justifications, <i>Speculum</i>,
Vol. 52, No. 2 (Apr., 1977), pp. 238-264. URL: <span class="MsoHyperlink"><a href="https://www.jstor.org/stable/2850512">https://www.jstor.org/stable/2850512</a></span><span style="mso-spacerun: yes;"> </span>(accessed 16/07/2018).<o:p></o:p></span></div>
</div>
<div id="ftn33" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref33" name="_ftn33" style="mso-footnote-id: ftn33;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[33]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: The Byzantine Empire
in 600 AD during the reign of Emperor Maurice, created by Getoryk (own work),
21 June 2011 (CC-BY SA 3.0). URL:
https://upload.wikimedia.org/wikipedia/commons/7/77/Byzantine_and_Sassanid_Empires_in_600_CE.png
(accessed 17/07/2018 11:42 AST). For more information on the license, see:
https://creativecommons.org/licenses/by-sa/3.0/ (accessed 17/07/2018).<o:p></o:p></span></div>
</div>
<div id="ftn34" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref34" name="_ftn34" style="mso-footnote-id: ftn34;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[34]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Ernst Wilhelm Ferinand Gerland
(1913) Catholic Encyclopedia, Vol. 3: Byzantine Empire. Available online at:
http://en.wikisource.org/wiki/Catholic_Encyclopedia_(1913)/Byzantine_Empire
(accessed 16/07/2018).<o:p></o:p></span></div>
</div>
<div id="ftn35" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref35" name="_ftn35" style="mso-footnote-id: ftn35;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[35]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Gerland (1913).<o:p></o:p></span></div>
</div>
<div id="ftn36" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref36" name="_ftn36" style="mso-footnote-id: ftn36;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[36]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Walter Emil Kaegi (2003) <i style="mso-bidi-font-style: normal;">Heraclius, Emperor of Byzantium</i>
(Cambridge: Cambridge University Press), p. 194.<o:p></o:p></span></div>
</div>
<div id="ftn37" style="mso-element: footnote;">
<div class="MsoEndnoteText" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref37" name="_ftn37" style="mso-footnote-id: ftn37;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[37]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Edward Gibbon (1781) <i style="mso-bidi-font-style: normal;">The Decline and Fall of the Roman Empire,
Vol. IV,</i> Ch. XLVIII.<o:p></o:p></span></div>
</div>
<div id="ftn38" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref38" name="_ftn38" style="mso-footnote-id: ftn38;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[38]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 2:256 (Rodwell translation).<o:p></o:p></span></div>
</div>
<div id="ftn39" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref39" name="_ftn39" style="mso-footnote-id: ftn39;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[39]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Ira M. Lapidus (2014) <i>A History
of Islamic Societies</i> (Cambridge: Cambridge University Press), p. 271. <o:p></o:p></span></div>
</div>
<div id="ftn40" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref40" name="_ftn40" style="mso-footnote-id: ftn40;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[40]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: Umayyad Mosque, a
place where Ibn Taimiyya used to give lessons (public domain). URL:
https://upload.wikimedia.org/wikipedia/commons/f/f6/Flickr_-_%E2%80%A6trialsanderrors_-_Minaret_of_the_Bride%2C_Damascus%2C_Holy_Land%2C_ca._1895.jpg
(accessed 17/07/2018 11:49 AST).<o:p></o:p></span></div>
</div>
<div id="ftn41" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref41" name="_ftn41" style="mso-footnote-id: ftn41;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[41]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Islamism (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Islamism (accessed 16/07/2018).<o:p></o:p></span></div>
</div>
<div id="ftn42" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref42" name="_ftn42" style="mso-footnote-id: ftn42;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[42]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Islamism (<i>Wikipedia</i>
article).<o:p></o:p></span></div>
</div>
<div id="ftn43" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref43" name="_ftn43" style="mso-footnote-id: ftn43;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[43]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: NJ Bridgewater (2018) The
Origins of Wealth (Part 1 of 4), <i>Crossing the Bridge (blog)</i>, 5 July
2018.<span style="mso-spacerun: yes;"> </span>URL:
https://nicholasjames19.blogspot.com/2018/07/the-origins-of-wealth-part-1-of-4.html
(accessed 17/07/2018).<o:p></o:p></span></div>
</div>
<div id="ftn44" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref44" name="_ftn44" style="mso-footnote-id: ftn44;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[44]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: Map of Arabia showing
“El Katif” (public domain). URL:
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgg0wDUssF37-tASd-lfnu1j-8DtLIYzKU9FPHkuKPsjazU_tcFSutD3RRluRpTi8wHGye7A5H3tbQ_tSdAHOf9sUnd9GuAM0RCN3womfPlQI8AfaUpY_uWZKoXcasU0T5lW2evLWVzUQ4/s1600/Map_of_Arabia_1922.jpg
; See: Mohammad Fuad Aljishi (2013) Arabian Anthroplogy (blog), Friday,
November 29, 2013. URL: https://arabian-anthropology.blogspot.com/ (accessed
17/07/2018).<o:p></o:p></span></div>
</div>
<div id="ftn45" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref45" name="_ftn45" style="mso-footnote-id: ftn45;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[45]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: NJ Bridgewater (2017) <i>Mindfulness:
Five Ways to Achieve Real Happiness, True Knowledge and Inner Peace</i> (Five
Ways to Be, Book 1) (Abergavenny, UK: Jaha Publishing), p. 214. Paperback.
Published: February 23, 2017. URL: https://www.amazon.com/Mindfulness-Achieve-Happiness-Knowledge-Inner/dp/099573691X/<span style="mso-spacerun: yes;"> </span>(accessed 07/07/2018)<o:p></o:p></span></div>
</div>
<div id="ftn46" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref46" name="_ftn46" style="mso-footnote-id: ftn46;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[46]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: F. Max Müller (1881) <i>The
Dhammapada, Translated from the Pâli</i>, Sacred Books of the East, Vol. 10:
The Dhammapada and Sutta Nipata (Oxford: The Clarendon Press), Chapter XX, v.
278 – 279. Available online at: http://www.sacred-texts.com/bud/sbe10/index.htm
(accessed 17/07/2018).<o:p></o:p></span></div>
</div>
<div id="ftn47" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref47" name="_ftn47" style="mso-footnote-id: ftn47;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[47]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 57:20 (Rodwell translation).<o:p></o:p></span></div>
</div>
<div id="ftn48" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref48" name="_ftn48" style="mso-footnote-id: ftn48;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[48]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Buddha, <i>Dhammapada</i>, v. 8, 10,
16 – 17.<o:p></o:p></span></div>
</div>
<div id="ftn49" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref49" name="_ftn49" style="mso-footnote-id: ftn49;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[49]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 97:7 – 8 (Palmer
translation).<o:p></o:p></span></div>
</div>
<div id="ftn50" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref50" name="_ftn50" style="mso-footnote-id: ftn50;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[50]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 4:124 – 125 (Palmer
translation).<o:p></o:p></span></div>
</div>
<div id="ftn51" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref51" name="_ftn51" style="mso-footnote-id: ftn51;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[51]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 2:62 (Rodwell translation).<o:p></o:p></span></div>
</div>
<div id="ftn52" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref52" name="_ftn52" style="mso-footnote-id: ftn52;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[52]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Paul C. Blum (author), Andre
Ferdinand Herold (translator) (1927) <i>The Life of Buddha: According to the
Legends of Ancient India</i> (New York: A. & C. Boni), 4., pp. 119 – 120. <o:p></o:p></span></div>
</div>
<div id="ftn53" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref53" name="_ftn53" style="mso-footnote-id: ftn53;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[53]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 6:153 (Pickthall
translation). Mohammed Marmaduke Pickthall (translator) (1938) <i>The Meaning
of the Glorious Quran</i> (Hyderabad-Deccan: Government Central Press).
Available online at: http://www.sacred-texts.com/isl/pick/ (accessed
17/06/2018).<o:p></o:p></span></div>
</div>
<div id="ftn54" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref54" name="_ftn54" style="mso-footnote-id: ftn54;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[54]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 28:77 (Rodwell translation).<o:p></o:p></span></div>
</div>
<div id="ftn55" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref55" name="_ftn55" style="mso-footnote-id: ftn55;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[55]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 2:143 (Rodwell translation).<o:p></o:p></span></div>
</div>
<div id="ftn56" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref56" name="_ftn56" style="mso-footnote-id: ftn56;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[56]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 3:159 (George Sale
translation).<o:p></o:p></span></div>
</div>
<div id="ftn57" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref57" name="_ftn57" style="mso-footnote-id: ftn57;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[57]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: Dharmachakra, the
Buddhist eight-fold path illustrated in a wheel, by Krisse (own work), 15
November 2012 (CC-BY SA 3.0). URL: https://upload.wikimedia.org/wikipedia/commons/5/5e/Dharmachakra%2C_withprint_%28en%29.svg
(accessed 17/07/2018 11:49 AST). For more information on the license, see:
https://creativecommons.org/licenses/by-sa/3.0/ (accessed 17/07/2018).<o:p></o:p></span></div>
</div>
<div id="ftn58" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref58" name="_ftn58" style="mso-footnote-id: ftn58;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[58]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Lao-tzu (author), J. Legge
(translator) (1891) <i>Tao Te Ching (Sacred Books of the East, Vol 39)</i>
(Oxford: The Clarendon Press), 21. URL:
http://www.sacred-texts.com/tao/taote.htm (accessed 17/07/2018). URL:
https://archive.org/details/in.ernet.dli.2015.45262 (accessed 17/07/2018).<o:p></o:p></span></div>
</div>
<div id="ftn59" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref59" name="_ftn59" style="mso-footnote-id: ftn59;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[59]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 57:3 (Sale translation).<o:p></o:p></span></div>
</div>
<div id="ftn60" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref60" name="_ftn60" style="mso-footnote-id: ftn60;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[60]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 41:53 (Pickthall
translation).<o:p></o:p></span></div>
</div>
<div id="ftn61" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref61" name="_ftn61" style="mso-footnote-id: ftn61;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[61]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 6:103 (Pickthall
translation).<o:p></o:p></span></div>
</div>
<div id="ftn62" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref62" name="_ftn62" style="mso-footnote-id: ftn62;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[62]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 42:11 (Pickthall
translation).<o:p></o:p></span></div>
</div>
<div id="ftn63" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref63" name="_ftn63" style="mso-footnote-id: ftn63;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[63]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 65:12 (Palmer translation).<o:p></o:p></span></div>
</div>
<div id="ftn64" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref64" name="_ftn64" style="mso-footnote-id: ftn64;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[64]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Tao Te Ching, v. 25.<o:p></o:p></span></div>
</div>
<div id="ftn65" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref65" name="_ftn65" style="mso-footnote-id: ftn65;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[65]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: NJ Bridgewater (2015) The
Qur’ān’s Arguments for Belief in God, <i>Crossing the Bridge (blog)</i>, 18
November 2015. URL: https://nicholasjames19.blogspot.com/2015/11/the-qurans-arguments-for-belief-in-god.html
(accessed 18/07/2018).<o:p></o:p></span></div>
</div>
<div id="ftn66" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref66" name="_ftn66" style="mso-footnote-id: ftn66;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[66]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 2:164 (Palmer translation).<o:p></o:p></span></div>
</div>
<div id="ftn67" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref67" name="_ftn67" style="mso-footnote-id: ftn67;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[67]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 41:54 (Sale translation).<o:p></o:p></span></div>
</div>
<div id="ftn68" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref68" name="_ftn68" style="mso-footnote-id: ftn68;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[68]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 13:28 (Sale translation).<o:p></o:p></span></div>
</div>
<div id="ftn69" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref69" name="_ftn69" style="mso-footnote-id: ftn69;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[69]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 7:101 (Sale translation).<o:p></o:p></span></div>
</div>
<div id="ftn70" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref70" name="_ftn70" style="mso-footnote-id: ftn70;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[70]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Mark 8:18 (King James Version).<o:p></o:p></span></div>
</div>
<div id="ftn71" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref71" name="_ftn71" style="mso-footnote-id: ftn71;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[71]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Matthew 13:16 (KJV).<o:p></o:p></span></div>
</div>
<div id="ftn72" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref72" name="_ftn72" style="mso-footnote-id: ftn72;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[72]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> John 3:3 (KJV).<o:p></o:p></span></div>
</div>
<div id="ftn73" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref73" name="_ftn73" style="mso-footnote-id: ftn73;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[73]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> John 3:5 – 8 (KJV).<o:p></o:p></span></div>
</div>
<div id="ftn74" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref74" name="_ftn74" style="mso-footnote-id: ftn74;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[74]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> John 6:63 (KJV).<o:p></o:p></span></div>
</div>
<div id="ftn75" style="mso-element: footnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref75" name="_ftn75" style="mso-footnote-id: ftn75;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[75]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Image source: The Light Verse
(Qur’ān 24:35), from Illuminated copy of the Qur</span><span style="font-size: 8.0pt;">ʾ</span><span style="font-family: "times"; font-size: 8.0pt;">ān. The text is
followed by a prayer to be recited on concluding a reading of the Qur</span><span style="font-size: 8.0pt;">ʾ</span><span style="font-family: "times"; font-size: 8.0pt;">ān
(fol. 322a, beginning wanting), and by a short treatise on how to use the Qur</span><span style="font-size: 8.0pt;">ʾ</span><span style="font-family: "times"; font-size: 8.0pt;">ān
for divination, in Persian (fol. 322b-324a), Iran, c. 15<sup>th</sup> – 16<sup>th</sup>
centuries CE, Princeton University Digital Library (public domain). URL:
http://pudl.princeton.edu/viewer.php?obj=2r36tx59x#page/369/mode/2up (accessed
17/07/2018).<i><o:p></o:p></i></span></div>
</div>
<div id="ftn76" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref76" name="_ftn76" style="mso-footnote-id: ftn76;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[76]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> See: Tathāgata (<i>Wikipedia </i>article).
URL: https://en.wikipedia.org/wiki/Tath%C4%81gata (accessed 17/07/2018 10:44
AST).<o:p></o:p></span></div>
</div>
<div id="ftn77" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref77" name="_ftn77" style="mso-footnote-id: ftn77;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[77]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Buddha, <i>Dhammapada</i>, Chapter
XIV., v. 193.<o:p></o:p></span></div>
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<div id="ftn78" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref78" name="_ftn78" style="mso-footnote-id: ftn78;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[78]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> John 14:20 (KJV).<o:p></o:p></span></div>
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<div id="ftn79" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref79" name="_ftn79" style="mso-footnote-id: ftn79;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[79]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 24:35 (KJV).<o:p></o:p></span></div>
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<div id="ftn80" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref80" name="_ftn80" style="mso-footnote-id: ftn80;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[80]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 13:28 (Sale translation).<o:p></o:p></span></div>
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<div id="ftn81" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref81" name="_ftn81" style="mso-footnote-id: ftn81;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[81]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 22:46 (Sale translation).<o:p></o:p></span></div>
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<div id="ftn82" style="mso-element: footnote;">
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref82" name="_ftn82" style="mso-footnote-id: ftn82;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[82]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 2:118 (Rodwell translation).<o:p></o:p></span></div>
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<div id="ftn83" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref83" name="_ftn83" style="mso-footnote-id: ftn83;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[83]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 53:1 – 2 (Palmer
translation).<o:p></o:p></span></div>
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<div id="ftn84" style="mso-element: footnote;">
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref84" name="_ftn84" style="mso-footnote-id: ftn84;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[84]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 53:3 (Sale translation).<o:p></o:p></span></div>
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<div id="ftn85" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref85" name="_ftn85" style="mso-footnote-id: ftn85;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[85]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 53:4 (Palmer translation).<o:p></o:p></span></div>
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<div id="ftn86" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref86" name="_ftn86" style="mso-footnote-id: ftn86;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[86]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> Qur’ān 8:17 (Sale translation).<o:p></o:p></span></div>
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<div id="ftn87" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref87" name="_ftn87" style="mso-footnote-id: ftn87;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[87]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> John 14:20 (King James Bible).<o:p></o:p></span></div>
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<div id="ftn88" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref88" name="_ftn88" style="mso-footnote-id: ftn88;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[88]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> John 14:6 (King James Bible).<o:p></o:p></span></div>
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<div id="ftn89" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref89" name="_ftn89" style="mso-footnote-id: ftn89;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 8.0pt;">[89]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "times"; font-size: 8.0pt;"> NJ Bridgewater (2018) <i>Meditation:
Five Ways to Master your Mind, Body and Spirit</i> (Abergavenny, UK: Jaha
Publishing).<o:p></o:p></span></div>
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Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 6"/>
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NJ Bridgewater<br />
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26 July 2018</div>
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<a href="https://www.amazon.com/Meditation-Five-Ways-Master-Spirit-ebook/dp/B07FTPJNN8/" target="_blank"><img border="0" data-original-height="1600" data-original-width="1067" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgD9uNXcCUgAP01NwnFZL90iLWL3Ut5yfZdBv_hqo0accdqYNPKLiTtWAJylQ8QGruVRHERnmZQMC4IfOsE3DDSylgBoNgYr16LhOIKiMKNE0eKH0r8FWf61ScN_c_SwhFhVR28sz1BuMA/s320/meditation+%25281%2529.jpg" width="213" /></a></div>
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What is meditation? How can we meditate? What are some of
the best methods of meditation? And what is its origin, history and purpose?
All of these questions—and more—are answered in this latest volume of the <i>Five
Ways to Be</i> series. I have studied these questions in <span style="font-size: small;">great depth and the result is my latest book: </span><span style="font-size: small;"><i><a href="https://www.amazon.com/dp/0995736928/" target="_blank">Meditation: Five Ways to Master your Mind, Body and Spirit</a></i>, which is now available <a href="https://www.amazon.com/Meditation-Five-Ways-Master-Spirit-ebook/dp/B07FTPJNN8/" target="_blank">in Kindle format</a> and in paperback. For USA-based reader, click here for the Kindle version and <a href="https://www.amazon.com/dp/0995736928/" target="_blank">here for the paperback</a> (UK readers c<a href="https://www.amazon.co.uk/Meditation-Five-Ways-Master-Spirit-ebook/dp/B07FTPJNN8/" target="_blank">lick here for the Kindle version</a> and <a href="https://www.amazon.co.uk/dp/0995736928/" target="_blank">here for the paperback</a>). </span><span style="font-size: small;">For those who want to know more about the <a href="https://fivewaystobe.wordpress.com/2017/02/08/how-can-we-achieve-true-happiness-and-inner-peace/" target="_blank">'Five Ways to Be'</a>, I would suggest that you also check out my previous book: </span><i style="font-size: 12pt;"><a href="https://www.amazon.com/Mindfulness-Achieve-Happiness-Knowledge-Inner-ebook/dp/B06WWQ3P4M/ref=asap_bc?ie=UTF8" target="_blank">Mindfulness: Five Ways to Achieve Real Happiness, True Knowledge and Inner Peace</a>.</i></div>
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Meditation is, at its core, about finding one’s self and
achieving a sense of true inner peace and balance. We live in a world of chaos
and confusion, materialism and noise. Meditation is about cutting out that
noise, eliminating distractions, looking within oneself, and discovering the
power and potential that lies within. The fundamental premise of the <a href="https://fivewaystobe.wordpress.com/2017/02/08/how-can-we-achieve-true-happiness-and-inner-peace/" target="_blank">Five Ways to Be</a> is the innate nobility of human beings and the need to unleash that inner
strength through cultivation of spiritual practices and discipline. <o:p></o:p></div>
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In the first book in the <i><a href="https://fivewaystobe.wordpress.com/2017/02/08/how-can-we-achieve-true-happiness-and-inner-peace/" target="_blank">Five Ways to Be</a></i> series, I described five steps to achieving inner balance and peace,
including detachment and virtue, radiant acquiescence, magnanimity,
contemplation and enkindlement. I also described a practical method of
achieving each one of these states. The method for achieving a state of
contemplation is meditation. While some methods of meditation were described in
the first book, the topic was only covered in a cursory manner. In this second
volume of the series, meditation is described in much greater detail, including
five main methods of meditation, along with five additional methods which are
described in Chapter VIII. <o:p></o:p></div>
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The main meditation methods described in the book include
mindfulness meditation, loving-kindness meditation, mantra meditation,
meditation on the Divine Word, and meditation on the Divine Being. Additional
meditation methods include Vipassanā (Insight) meditation, Zazen, Qigong
meditation and Kundalini (Shakti) meditation. In addition, the book describes
the history and origins of meditation, ten of the main benefits of meditation,
five steps for further improvement, and a large collection of quotations on
meditation for further inspiration. <o:p></o:p></div>
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What’s more, I go into the background and
origins of meditation, which he traces back to the Indus Valley Civilization,
which flourished from 3300 – 1300 BCE in South Asia. I also trace its
development within the Hindu scriptures, such as the Upanishads, and its
connections with yoga and the development of Buddhism. Furthermore, I examine meditation within the context of Ancient Greece, the philosophy of Pythagoras
of Samos (c. 570 – 495 BCE), as well as in Judaism, Christianity and Islam.
Sufi meditation methods are also explored, including the practices of <i>dhikr </i>(recitation),
<i>fikr </i>(thought), <i>muraqabah</i> (meditation), and <i>muhāsabah</i>
(self-examination), along with the concept of <i>fanā’</i>, which means annihilation
of the lower self. These are all discussed and compared to other meditation
traditions. <o:p></o:p></div>
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If you are interested in meditation and want to explore its
depths, this book can help you to achieve your goal. As in <a href="https://www.amazon.com/Mindfulness-Achieve-Happiness-Knowledge-Inner-ebook/dp/B06WWQ3P4M/ref=asap_bc?ie=UTF8" target="_blank">my first book on mindfulness</a>, I weaves together a number of divergent
traditions, scriptures, practices and methods into one consistent narrative of
spiritual development and enlightenment. I finds common themes, teachings and
practices across a number of ancient belief-systems, tracing their historical
development and current practice. In short, if you want to learn how to
meditate and understand the theory and practice behind meditation, then you
need to add this book to your collection. <a href="https://www.amazon.com/dp/0995736928/" target="_blank">Meditation: Five Ways to Master yourMind, Body and Spirit</a> is a guidebook and worthy companion on the path to inner
peace, balance and tranquillity.</div>
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<b>LINKS FOR MORE INFORMATION:</b></div>
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NJ Bridgewater (2017) <a href="https://www.amazon.com/Mindfulness-Achieve-Happiness-Knowledge-Inner/dp/099573691X/" target="_blank">Mindfulness: Five Ways to Achieve Real Happiness, True Knowledge and Inner Peace</a> (Five Ways to Be, Book 1) (Abergavenny, UK: Jaha Publishing), 280 pages, published: February 23, 2017. Paperback. URL: https://www.amazon.com/Mindfulness-Achieve-Happiness-Knowledge-Inner/dp/099573691X/ ; Kindle version: https://www.amazon.com/Mindfulness-Achieve-Happiness-Knowledge-Inner-ebook/dp/B06WWQ3P4M/ref=asap_bc?ie=UTF8 (accessed 26/07/2018)</div>
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NJ Bridgewater (2018) <a href="https://www.amazon.com/dp/0995736928/" target="_blank">Meditation: Five Ways to Master your Mind, Body and Spirit </a>(Five Ways to Be, Book 2) (Abergavenny, UK: Jaha Publishing), 458 pages, published: July 20, 2018. Paperback. URL: https://www.amazon.com/dp/0995736928/ ; Kindle version: https://www.amazon.com/Meditation-Five-Ways-Master-Spirit-ebook/dp/B07FTPJNN8/ (accessed 26/07/2018)</div>
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NJ Bridgewater (2017) <a href="https://fivewaystobe.wordpress.com/2017/02/08/how-can-we-achieve-true-happiness-and-inner-peace/" target="_blank">How can we achieve true happiness and inner peace? (article) </a><i>Equanimity Blog</i>, 8 February 2017. URL: https://fivewaystobe.wordpress.com/2017/02/08/how-can-we-achieve-true-happiness-and-inner-peace/ (accessed 26/07/2018)</div>
<!--EndFragment--><br />Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com0tag:blogger.com,1999:blog-3210933998341353221.post-66733722007026723022018-07-06T02:22:00.000-07:002018-07-06T02:22:57.168-07:00The Origins of Wealth (Part 4 of 4)
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<span style="font-family: Times;">NJ Bridgewater<o:p></o:p></span></div>
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<b><span style="font-family: Times;">The Decline and Fall of
Civilizations<o:p></o:p></span></b></div>
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<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/c/c7/GordianusIIsest.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="299" data-original-width="299" height="320" src="https://upload.wikimedia.org/wikipedia/commons/c/c7/GordianusIIsest.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: 16px; font-style: italic; text-align: start;">Gordian II, one of the Roman emperors during the ‘Crisis of the Third Century’</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn1" name="_ftnref1" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[1]</span></span></span></a></td></tr>
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<span style="font-family: Times;"><o:p><br /></o:p></span></div>
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<span style="font-family: Times;">In the Crisis of the Third
Century, also known as the Military Anarchy or the Imperial Crisis (235 – 284
AD), the Roman Empire nearly collapsed under a number of factors, including
political instability and civil war, invasion from foreign peoples, plague and
economic depression. One of the most significant of these factors was the
undermining of capitalism and free enterprise. Trade networks were disrupted as
Rome lost its military ascendancy over external enemies. As Thomas Sowell
writes, it was “only after the Roman Empire began to lose its own internal
cohesion, patriotism and fighting spirit” that it finally began “to succumb to
its external enemies and finally collapse.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn2" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[2]</span></span><!--[endif]--></span></span></a>
National security, of course, is one of the essential purposes of government,
as government’s role is to secure the borders of a nation against invasion, as
well as to secure the property and other rights of individuals within the
nation. This goes back to the words of John Locke which we have quoted above.
He writes that political power, as wielded by governments, is exercised “for
the regulating and preserving of property, and of employing the force of the
community, in the execution of such laws, and in the defence of the
commonwealth from foreign injury; and all this only for the public good.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn3" name="_ftnref3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[3]</span></span><!--[endif]--></span></span></a>
In other words, preservation of the rights of each individual, both from
internal and external threats, is the true goal and purpose of government.
Rome’s greatest mistake, however, was in debasing its own currency.
Historically speaking, debasement of currency is when governments reduce the
inherent value of coins by reducing the content of precious metals within them.
Nowadays, debasement can also take place through artificial inflation of the
currency, i.e. by printing or creating more money. As most currencies in the
world are now fiat currencies, i.e. created by decree and not linked to gold or
other real-world assets, governments are capable of printing or creating as
much money as they want. I explain this in greater detail in my article on
Bitcoin, entitled <a href="https://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html">“What
is Bitcoin?”</a>, which gives an introduction to the history of currency,
money, the question of intrinsic value, and the nature and purpose of Bitcoin.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn4" name="_ftnref4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[4]</span></span><!--[endif]--></span></span></a>
A shorter, summarized article on this topic <a href="https://blog.digitexfutures.com/cryptocurrency/what-is-bitcoin/">can also
be found on the <i>Digitex Futures Exchange</i> blog</a>,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn5" name="_ftnref5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[5]</span></span><!--[endif]--></span></span></a>
and I have published <a href="https://www.youtube.com/watch?v=EBCdt-UdkFA">a
video introduction to Bitcoin on YouTube</a>. You can find<a href="https://nicholasjames19.blogspot.com/2018/03/bitcoin-what-is-it-video-and-transcript.html">
the transcript on my <i>Crossing the Bridge</i> blo</a><a href="https://nicholasjames19.blogspot.com/2018/03/bitcoin-what-is-it-video-and-transcript.html">g</a>.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn6" name="_ftnref6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[6]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/4/44/Thomas_Sowell_cropped.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="800" data-original-width="657" height="320" src="https://upload.wikimedia.org/wikipedia/commons/4/44/Thomas_Sowell_cropped.jpg" width="262" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: Calibri, sans-serif; font-size: 16px; text-align: start;"><span style="font-family: Times;">Thomas Sowell, economist</span></i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn7" name="_ftnref7" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[7]</span></span></span></a></td></tr>
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<span style="font-family: Times; font-size: 12pt;"><br /></span></div>
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<span style="font-family: Times; font-size: 12pt;">In addition to external
factors, such as foreign incursions, there were a number of economic factors
which led to the Roman Empire’s decline, including, as Thomas Sowell notes,
“the growth of a large parasitic class” which served as “an underclass
supported by government handouts”, along with “a large and growing
bureaucracy”, and such large and suffocating bureaucracies also led to the
decline of the Byzantine, Spanish, and Ottoman Empires.</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn8" name="_ftnref8" style="font-family: Times; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[8]</span></span></span></a><span style="font-family: Times; font-size: 12pt;">
In several of his works, Thomas Sowell also points to other factors which led
to Rome’s decline and eventual fall. One of these, he notes, is high taxation.
As tax rates increase, Sowell argues, various economic activities are
abandoned. Thus, in ancient Rome, many people abandoned agriculture and moved
to the cities, forming a greater and greater part of the underclass he referred
to earlier.</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn9" name="_ftnref9" style="font-family: Times; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[9]</span></span></span></a><span style="font-family: Times; font-size: 12pt;"> In
order to provide for this growing class, dependent on the free bread and
circuses of Rome, the government resorted to the age-old vice of debasing the
currency. “Inflation is not only a hidden tax,” Sowell argues. “It is also a
broad-based tax” as it, in effect, “transfers some of the wealth of everyone
who has money… from the richest to the poorest” in society.</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn10" name="_ftnref10" style="font-family: Times; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[10]</span></span></span></a><span style="font-family: Times; font-size: 12pt;">
This so-called ‘hidden taxation’ is the government’s way of extracting wealth
from the entire population, rather than raising actual taxes to unsustainable
or extortionate levels. As I explained in my article, </span><a href="https://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html" style="font-family: Times; font-size: 12pt;">“What
is Bitcoin”</a><span style="font-family: Times; font-size: 12pt;">: “The value of your U.S. dollars today is less than the value
of the same denomination 10 years, or 100 years ago. If you put $100 in the
bank today, it will be worth less in 1 year’s time. The value of your money
will practically evaporate into thin air. Why is that? Because the more
currency is pumped out by the system, the</span><i style="font-family: Times; font-size: 12pt;"> less </i><span style="font-family: Times; font-size: 12pt;">value it has. It
becomes less scarce, and </span><i style="font-family: Times; font-size: 12pt;">scarcity</i><span style="font-family: Times; font-size: 12pt;"> is essential to our notion
of value.”</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn11" name="_ftnref11" style="font-family: Times; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[11]</span></span></span></a><span style="font-family: Times; font-size: 12pt;">
While “gold and silver”, according to the economist David Ricardo, “like other
commodities, have an intrinsic value,”</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn12" name="_ftnref12" style="font-family: Times; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[12]</span></span></span></a><span style="font-family: Times; font-size: 12pt;">
U.S. dollars and other fiat currencies have no intrinsic value. Inflation,
political chaos, and other external and internal factors brought down the Roman
Empire, demonstrating the fragility of institutions and the effects of economic
ignorance and manipulation. The same dangers confront our modern world today.</span></div>
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<b><span style="font-family: Times;">Wealth in the Modern Era<o:p></o:p></span></b></div>
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<span style="font-family: Times;">We have looked so far at a
vast span of history, from the earliest origins of humanity, through to the
first cities and civilizations, the earliest empires, the fall of Rome,
feudalism, the British Empire and modern capitalism, while we have examined the
follies of communism and some of the building blocks of both civilization and
capitalism, both of which are essential to building long-lasting wealth and
prosperity. We have also looked briefly at the historical benefits provided by
empires, most notably the British Empire, and the dangers of inflation and
debasing the national currency. What can we say of wealth, therefore, in the modern
era? Wealth is, and has always been, a measure of power and opportunity. Wealth
enables the individual to be secure in his person, family and estate by
providing him with the means to support himself. Wealth consists of assets, and
these include key physical, mental and social assets, including money, real
estate, family, health, happiness, mental tranquillity and security. These are
both tangible and intangible assets, all of which form a holistic conception of
wealth and prosperity. To be truly wealthy is to have all of these elements in
abundance, leading to prosperity and material, social and emotional balance. We
are immeasurably fortunate to be born in the era in which we now live. We no
longer have to struggle to survive on the savannah of Africa as
hunter-gatherers. We no longer have to toil day-in and day-out in the fields of
Mesopotamia, growing cereals and pulses. We no longer have to work and toil all
day, six days a week, in the coal mines of Europe or in the factories of
industrial North America. Life has changed, conditions have improved, and the
economic well-being and wealth of humanity has increased <i>en masse</i>. <o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: Times;"><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><br /></span></span></span></span></div>
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<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/1/11/Nairobi_cityscape.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="474" data-original-width="640" height="237" src="https://upload.wikimedia.org/wikipedia/commons/1/11/Nairobi_cityscape.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: Calibri, sans-serif; font-size: 16px; text-align: start;"><span style="font-family: Times;">Nairobi, Kenya</span></i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn13" style="font-size: 12pt;" title="">[13]</a></td></tr>
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<br /><span style="font-family: Times; font-size: 12pt;">Though there are still large
parts of the world which suffer from poverty, extreme poverty as a whole has
decreased, living standards have improved, life expectancies have increased,
many diseases have been eliminated, and technology is daily improving, leading
to longer lifespans, better standards of living and more opportunities. In
addition, the rule of law and capitalism are spreading and taking root in more
and more places worldwide, leading to greater economic freedom for the
individual and families. This is not to say we are not facing grave,
existential dangers and potential crises. We may, indeed, be on the brink of
some kind of massive economic crisis due to growing inflation, government debt
and moral uncertainty worldwide, but things are, on the whole, improving. What
this means for you, as an individual, is that the opportunities to increase
your wealth, both in terms of health, monetary assets, and other aspects, is
greater now than ever before. Every individual, especially one born in a free,
Western society, now has the opportunity to improve his or her condition and
take the reins of prosperity into his or her own hands. If not you, then who?
And if not now, then when? Wealth is not something that will fall from heaven
and land upon you. Wealth is something which grows through diligence, which
increases through effort, and which spreads through conscious effort, good
attitudes, focus and determination. The purpose of this article/chapter/post
has been to give the reader a wider perspective, to refute certain illusions
and misconceptions, and to allow him or her to understand what wealth truly is,
how it emerged historically, and what is needed to create, preserve and grow
wealth worldwide and on an individual basis. Wealth does not come from
government intervention, though governments can create the right conditions for
it to grow, but it comes from free commerce and enterprise, which depend on
individual will and drive. This is the time to act.</span></div>
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<div class="MsoNormal">
<b><span style="font-family: Times;">How to Get and Grow
Wealth<o:p></o:p></span></b></div>
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<br /></div>
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<span style="font-family: Times;">In order for a plant to
grow, it has to have the right conditions which, in general, include fertile
soil, fresh air and abundant light from the sun. The sun, indeed, is the source
of all light and life on Earth, with the exception of tubeworms near
hydrothermal vents at the bottom of the deepest oceans. The sun is the source
of heat and light, which is used by plants to make glucose through the process
of photosynthesis. Light energy is absorbed using chlorophyll, and this is used
to react chlorophyll with water to create glucose, i.e. sugar. The fertile soil
provides minerals, and the fresh air provides carbon dioxide, while oxygen is
released as a by-product of the whole process—oxygen which we breathe and use
to sustain our own bodies.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn14" name="_ftnref14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[14]</span></span><!--[endif]--></span></span></a>
In like manner, if we want to grow wealth, the right ingredients and the right
conditions must be in place. As we have examined at length, a capitalist system
provides the best environment for wealth to take root and grow. This is because
wealth is not something static or unmoving. It is not merely transferred from
one generation to the next through an unchanging elite, nor is it simply
bestowed upon any particular privileged group, race or class. While wealth does
often pass down particular families, social classes are by no means static, and
levels of wealth increase and decrease, ebb and flow, as much between
individuals as within the life of one individual. Indeed, wealth and social
standing change within the lifetime of one individual. As Thomas Sowell
explains in <i>Basic Economics</i>, the young, in their twenties for example,
do not belong to the same socio-economic bracket as the same people in their
thirties, forties or fifties. This social mobility is a characteristic of
Western liberal societies with robust capitalist systems. Wealth, therefore, in
modern, capitalist societies, is largely a product of attitude, skill,
knowledge, effort and focus. This belies and contradicts the entire argument of
Marxism and the common attitudes to wealth among social activists in the West. <o:p></o:p></span></div>
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<span style="font-family: Times;">Far be it from anyone to
attack any particular social class or group, therefore, as these social classes
and groups are organic and ebb and flow with the passage of time. Few are born
with a silver spoon in their mouths. It is up to each one of us to improve our
social condition, educate ourselves, and create a livelihood which can provide
for our needs and wants. Healthy attitudes towards wealth and money are
necessary in order to grow wealth organically and holistically. Too many are
there who see wealth or money as inherently evil, and who thus shy away from it
as if from the plague. Many also, are there, who engage in a discourse of envy
or resentment, in which a nameless class of wealthy individuals are excoriated
while one’s own economic and financial lot is bemoaned. Such negative attitudes
are the breeding ground for much ideological confusion and bitterness. Many a
Marxist or communist was born in the seeds of envy and despair, and many more
are born in the self-hating fog of middle class self-righteousness. Money, say
some, is the root of all evil, misquoting the Apostle Paul, who said that <b>“the
love of money is the root of all evil.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn15" name="_ftnref15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[15]</span></span><!--[endif]--></span></span></a>
This amounts to envy, the basis of socialism, wherein and whereby one robs
Peter to pay Paul, as the saying goes. Money, in this sense, is no different
from any other material asset. One can be attached to anything that is
material, or even emotional, and it is attachment to material things which
leads to sorrow and despair. Attachment to one’s own wealth, in which money
becomes a goal and end in and of itself, leads to profound unhappiness. It is a
kind of addiction. The avaricious are all-too-often mean and miserly, leading
lives of quiet dissatisfaction until they are left with nothing worthwhile to
speak for their names. In contrast, real wealth is holistic, and includes a
balance of elements, including both physical assets, good health, family and
emotional and spiritual well-being. As Plato says in <i>Laws</i>:<o:p></o:p></span></div>
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<blockquote class="tr_bq">
<b><span style="font-family: Times;">“There are human and
there are divine goods, and the human hang upon the divine… Of the lesser goods
the first is health, the second beauty, the third strength, including swiftness
in running and bodily agility generally, and the fourth is wealth, not the
blind god (Pluto), but one who is keen of sight, if only he has wisdom for his
companion. For wisdom is chief and leader of the divine class of goods, and
next follows temperance; and from the union of these two with courage springs
justice, and fourth in the scale of virtue is courage.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn16" name="_ftnref16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><b style="mso-bidi-font-weight: normal;"><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[16]</span></b></span><!--[endif]--></span></span></a></span></b></blockquote>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Let us cast off, therefore,
these illusions about money and wealth. Neither money nor wealth are evil in
and of themselves. Money is merely a quantum or quota of wealth, which in
itself is a measure of potential power or energy. It is opportunity bottled-up
and sealed within an unobservable container, represented in the form of
physical or electronic assets. Money is neither physical nor is it merely
theoretical. It exists within a form, but only so long as we believe it to be
formed. It is, in short, as I explained in my article, <a href="https://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html">“What
is Bitcoin?”</a>, a <i>meme</i>. It is an idea, which we believe holds value,
and which is recognized to hold value. Its value is inherent or intrinsic to
the extent that it is limited and valuable in itself, as in the case of gold,
silver, and Bitcoin, which are all intrinsically-valuable assets. Wealth
consists of both our physical possessions and our titles to land, properties
and estates, as well our physical body, our emotions, our relationships and our
spirituality. All of these constitute wealth, and the question arises: how can
we increase and grow our wealth? How can we achieve prosperity? How can we get
rich? How can we get more wealth and more money? These questions I hope to
address in greater detail later on. For now, let us speak generally. The origins
of wealth, which have investigated in this article, lie in the backdrop of
culture and society, and those who live within a capitalist society, where the
rule of law exists, and private property is respected, have every opportunity
to acquire greater wealth. This can be achieved through good attitudes,
creativity, a solid vision for the future, a goal-oriented mindset, focus,
determination, and effort. Change begins within oneself, and it is only by
changing yourself that you can achieve wealth. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">Conclusion<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Mankind, for countless
hundreds of thousands of years, has lived a basic life of subsistence, a harsh
life on the plains, and in the forest, and mountains of the world, hunting wild
game and gathering fruit, nuts and wild cereals. Nevertheless, our Stone Age
ancestors, some 60 – 70,000 years ago, began developing collectibles, which
were not only beautiful and served as ornamentation, but also represented
concrete value. They could be exchanged for goods and services, which greatly
facilitated more complex relationships and the beginning of trade.
Collectibles, such as beads, served as the first proto-money, allowing small
bands and clans to trade with one another at gatherings and aggregations.
Religion, no doubt, played a role in these earliest human societies, with
religious festivals probably serving a key role in the development of early
societies. Indeed, as the last Ice Age drew to an end, around 11,700 years ago,
a new era of mankind dawned—the Agricultural Revolution. Our earliest
settlements, such as Göbekli Tepe, dating to 9500 BC, were based around
religious temples, indicating one of the key motivations for collective human
settlements. This was at a time when men were taking their first steps in
developing agriculture, which blossomed around and throughout the Fertile
Crescent—an area spanning from Egypt in the West, to Canaan and Anatolia on the
Mediterranean, and Mesopotamia in the East. Gradually, as more and more cereals
and pulses were cultivated, and as beasts of burden and farm animals were tamed
and domesticated, human settlements grew in abundance along the fertile lands
of the Two Rivers—the Tigris and Euphrates. The earliest cities were built
along these two rivers, centred around temples and governed by priest-kings.
This earliest civilization developed organized religion, writing, mathematics,
record-keeping, administration, and commerce, and wrote the first law codes and
ancient literature. These were the building-blocks of civilization and the
beginning of social mobility and wealth accumulation. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">As society became more
stratified, new opportunities for trade and business emerged. People could
specialize in a plethora of professions. They could become tradesmen,
craftsmen, farmers, labourers, scribes, priests and so much more. While
hierarchies naturally developed, and elites ruled at the top of society, with
slaves at the bottom, this new type of society set the mould and opened the way
for future social progression and evolution. The elements of civilization and
the conditions of capitalism were created, which allow for a greater standard
of living and more opportunities for development and social well-being. The
rule of law is the basis of a civilized society and is an essential component
of capitalism, along with property rights and a free market. The rule of law is
dependent on justice, on the recognition of individual rights, and the rights
and responsibilities we have to our families and the community. Property rights
are the basis of human rights, as they allow us the freedom to enjoy the fruits
of our own labour, and to preserve these against the violence or aggression of
others. A state, also, has the responsibility to secure its borders and protect
its citizenry from foreign incursions or aggression. These are all essential
elements of the rule of law and are necessary conditions for wealth to grow and
prosperity to predominate. While feudalism and communism are both detrimental
to individual rights and the general welfare of mankind, modern societies,
which contain the above elements, and which foster the right conditions for
capitalism to flourish, inevitably experience higher standards of living and a
reduction in extreme poverty. Globally, extreme poverty has been reduced due to
the expansion of free market capitalism, and better systems and infrastructure,
which allow the market to function more freely and with greater ease.
Technology and education are key factors in improving social conditions, as are
the spread of culture and knowledge, both of which allow for societies to
develop more rapidly. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">In the end, however, each
individual must take it upon himself to improve his own lot. We are all given
an opportunity—to better ourselves, to remain stagnant, or to retrogress.
Nothing in the world is static. Social classes are mobile. The working man one
day is middle class the next. In modern, free countries, there is nothing to
stop any individual from bettering his own condition, from learning, from
educating himself, and from progressing—financially or otherwise. We must free
ourselves from the ideologies that promote envy, chaos or contention, and which
seek to undermine the fundamental structures of society, such as the rule of
law and the family, or the values, morals and social mores which bind society
together. We must not look upon any group, race, gender or class as essentially
disadvantaged or privileged, but, rather, must recognise that we are all
equally privileged and disadvantaged in one way or another. Only by developing
a positive attitude to ourselves, by imbuing ourselves with a sense of purpose
and determination, by shedding negative attitudes towards money and wealth, can
we hope to make progress and improve our condition holistically and
comprehensively. Real wealth is not just the accumulation of money, important
as that is; rather, it consists in both tangible and intangible assets, in the
values that we hold and in the meaningful purpose that we set for ourselves. If
our attitudes are holistic, our progress will be holistic. And if we shed
negativity and attitudes which impede progress, we <i>can</i> make progress
within our own lives and achieve success for ourselves and our families.<span style="mso-spacerun: yes;"> </span>And that is what humanity’s story is all
about—we move one step ahead, each day, we build knowledge and understanding,
we grow, and we learn, and we walk together along the path to wealth and
prosperity. <br style="mso-special-character: line-break;" />
<!--[if !supportLineBreakNewLine]--><br style="mso-special-character: line-break;" />
<!--[endif]--><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Times;">NJ Bridgewater<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Times;"><br /></span></div>
<div class="MsoNormal">
<b><span style="font-family: Times;">Sources:<o:p></o:p></span></b></div>
<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><u><span style="font-family: Times;">Books<o:p></o:p></span></u></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Joseph L. Bast, Herbert J.
Walberg (2013) <i>Education and Capitalism: How Overcoming Our Fear of Markets
and Economics Can Improve</i> (Stanford, Calif.: Hoover Institution Press)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
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<span style="font-family: Times;">NJ Bridgewater (2017b) <i>Gold:
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<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Jared Diamond (1999, 1997) <i>Guns,
Germs and Steel: The Fates of Human Societies</i> (New York: W.W. Norton &
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<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Paul
Einzig (2014) <i>Primitive Money: in its Ethnological, Historical and Economic
Aspects</i> (Amsterdam: Pergamon)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Friedrich
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<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Peter
Frankopan (2016) <i>The Silk Roads: A New History of the World</i> (New York,
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">James
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<span style="font-family: Times; font-size: 12.0pt;">Yuval
Noah Harari (2014) <i>Sapiens: A Brief History of Humankind</i> (New York:
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Thomas
Hobbes (1651) <i>The Leviathan, or, The Matter, Forme and Power of a
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<span style="font-family: Times;">King James Bible [<i>The
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<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">John
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<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Marc
Van De Mieroop (1999) <i>The Ancient Mesopotamian City </i>(Oxford: Oxford
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Plato
(author), Benjamin Jowett (translator) <i>The Dialogues of Plato, translated
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<span style="font-family: Times; font-size: 12.0pt;">Ziauddin
Sardar (2014) <i>Mecca: The Sacred City</i> (London: Bloomsbury Publishing)<o:p></o:p></span></div>
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<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Jordan
B. Peterson (2018) <i>12 Rules for Life: An Antidote to Chaos</i> (London,
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<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">David
Ricardo (author), J.R. MucCulloch (editor) (1846) <i>The Works of David
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<span style="font-family: Times; font-size: 12.0pt;">J M
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<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Thomas
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Thomas
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<br /></div>
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<span style="font-family: Times; font-size: 12.0pt;">Thomas
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<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Thomas
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<span style="font-family: Times; font-size: 12.0pt;">Thomas
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<span style="font-family: Times; font-size: 12.0pt;">Robert
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<span style="font-family: Times; font-size: 12.0pt;">Ryan
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<span style="font-family: Times;">Evan Hadingham (2015) Where
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<span style="font-family: Times;">Brooks Hays (2016) Headdress
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<br /></div>
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<span style="font-family: Times; font-size: 12.0pt;">Thomas
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Michael
Tindera (2016) Women Hold Nearly One Third Of Global Private Wealth, <i>Forbes</i>,
Jun 16, 2016 @ 08:00 AM. URL:
https://www.forbes.com/sites/michelatindera/2016/06/16/women-hold-nearly-one-third-of-global-private-wealth/#4664a2ea4d56<span style="mso-spacerun: yes;"> </span>(accessed 02/07/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Marian L. Tupy (2017) 100
Years of Communism: Death and Deprivation, <i>Cato Institute</i>, October 28,
2017. URL:
https://www.cato.org/publications/commentary/100-years-communism-death-deprivation
(accessed 02/07/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Ian
Vásquez (2001) Ending Mass Poverty, <i>Cato Institute</i>. It originally
appeared in <i>Economic Perspectives</i>, September 4, 2001 URL:
https://www.cato.org/publications/commentary/ending-mass-poverty (accessed
02/07/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">Aaron Walker (2018) Kenyan
cave sheds new light on dawn of modern man,<i> Australian National University</i>,
10 May 2018. URL:
http://www.anu.edu.au/news/all-news/kenyan-cave-sheds-new-light-on-dawn-of-modern-man
(accessed 02/07/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Robert
S. Walker, Kim R. Hill, Mark V. Flinn, Ryan M. Ellsworth (2011) Evolutionary History
of Hunter-Gatherer Marriage Practices, <i>PLoS One</i>, 2011; 6(4): e19066.
Published online 2011 Apr 27. URL:
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3083418/ (accessed 01/07/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Peter
Webb (2013) The Hajj before Muhammad: Journeys to Mecca in Muslim Narratives of
Pre-Islamic History. In Venetia Porter, Liana Saif (editors) (2013) <i>The
Hajj: Collected Essays</i> (London: The British Museum), p. 9. Available online
at: https://www.britishmuseum.org/PDF/The_Hajj_collected_essays_BM.pdf
(accessed 05/07/2018)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Times;">James Wood, Alex Guth
(2005-2018) East Africa's Great Rift Valley: A Complex Rift System, <i>Geology.com</i>.
URL: https://geology.com/articles/east-africa-rift.shtml (accessed 02/07/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<b><u><span style="font-family: Times; font-size: 12.0pt;">Wikipedia
Articles<o:p></o:p></span></u></b></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Code
of Ur-Nammu (<i>Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/Code_of_Ur-Nammu
(accessed 03/07/2018 12:37 PM AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Croesus
(<i>Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/Croesus
(accessed 15/10/2017 1:42 PM AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Feudalism
in England (<i>Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/Feudalism_in_England
(accessed 02/07/2018 16:23AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Guinea
(coin) (<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/Guinea_(coin) (accessed 05/07/2018 16:10 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Lydia
(<i>Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/Lydia (accessed
03/07/2018 13:01 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Nick
Szabo (<i>Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/Nick_Szabo
(accessed 02/07/2018 09:26 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Pareto
principle (<i>Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/Pareto_principle
(accessed 05/07/2018 16:18 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Polis
(<i>Wikipedia </i>article). URL: https://en.wikipedia.org/wiki/Polis (accessed
03/07/2018 11:56 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Serfdom
in Russia (<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/Serfdom_in_Russia (accessed 02/07/2018 16:19 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Slavery
(<i>Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/Slavery
(accessed 03/07/2018 12:46 PM AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Smart
contract (<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/Smart_contract (accessed 02/07/2018 09:26 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: Times; font-size: 12.0pt;">Tenures
Abolition Act 1660 (<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/Tenures_Abolition_Act_1660 (accessed 02/07/2018
16:23 AST)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoNormal">
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<span style="font-family: Times; font-size: 12.0pt;">Ziggurat
(<i>Wikipedia </i>article). URL: https://en.wikipedia.org/wiki/Ziggurat
(accessed 03/07/2018 12:11 AST)<o:p></o:p></span></div>
<br />
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<div id="ftn1" style="mso-element: footnote;">
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[1]</span></span><!--[endif]--></span></span></a> Image
source: Classical Numismatic Group, Inc. (CC BY-SA 3.0). URL: https://en.wikipedia.org/wiki/Crisis_of_the_Third_Century#/media/File:GordianusIIsest.jpg
(accessed 04/07/2018). For more information on the license, see: http://creativecommons.org/licenses/by-sa/3.0/
(accessed 04/07/2018).<o:p></o:p></div>
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref2" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[2]</span></span><!--[endif]--></span></span></a> See:
Thomas Sowell (2006) Where is the West? <i>Townhall.com</i>, Nov 09, 2006 12:00
AM. URL: https://townhall.com/columnists/thomassowell/2006/11/09/where-is-the-west-n760096
(accessed 03/07/2018).<o:p></o:p></div>
</div>
<div id="ftn3" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref3" name="_ftn3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[3]</span></span><!--[endif]--></span></span></a> See:
John Locke, <i>Two Treatises of Government, Book II</i>, Chap I. Section 3.
URL: http://www.johnlocke.net/two-treatises-of-government-book-i/ (accessed
03/07/2018).<o:p></o:p></div>
</div>
<div id="ftn4" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref4" name="_ftn4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[4]</span></span><!--[endif]--></span></span></a> See: NJ
Bridgewater (2017c) What is Bitcoin? <i>Crossing the Bridge (blog)</i>, 7
December 2017. URL: https://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html
(accessed 03/07/2018).<o:p></o:p></div>
</div>
<div id="ftn5" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref5" name="_ftn5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[5]</span></span><!--[endif]--></span></span></a> See:
Nicholas Bridgewater (2018) What is Bitcoin? <i>Digitex Futures Exchange Blog</i>,
May 14, 2018. URL: https://blog.digitexfutures.com/cryptocurrency/what-is-bitcoin/
(accessed 03/07/2018).<o:p></o:p></div>
</div>
<div id="ftn6" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref6" name="_ftn6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[6]</span></span><!--[endif]--></span></span></a> See: NJ
Bridgewater (2017d) Bitcoin: What is it? (video and transcript) <i>Crossing the
Bridge (blog)</i>, 10 March 2018. URL: https://nicholasjames19.blogspot.com/2018/03/bitcoin-what-is-it-video-and-transcript.html
(accessed 03/07/2018).<o:p></o:p></div>
</div>
<div id="ftn7" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref7" name="_ftn7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[7]</span></span><!--[endif]--></span></span></a> Image
source: Thomas Sowell, 1 January 1964 (public domain). URL: https://en.wikipedia.org/wiki/Thomas_Sowell#/media/File:Thomas_Sowell_cropped.jpg
(accessed 04/07/2018). <o:p></o:p></div>
</div>
<div id="ftn8" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref8" name="_ftn8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[8]</span></span><!--[endif]--></span></span></a> See:
Thomas Sowell (2010) <i>The Thomas Sowell Reader</i> (New York, NY: Basic
Books), p. 210. <o:p></o:p></div>
</div>
<div id="ftn9" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref9" name="_ftn9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[9]</span></span><!--[endif]--></span></span></a> See:
Thomas Sowell (2014) <i>Basic Economics</i>. <o:p></o:p></div>
</div>
<div id="ftn10" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref10" name="_ftn10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[10]</span></span><!--[endif]--></span></span></a> See:
Sowell (2014).<o:p></o:p></div>
</div>
<div id="ftn11" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref11" name="_ftn11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[11]</span></span><!--[endif]--></span></span></a> See: NJ
Bridgewater (2017c) What is Bitcoin?<o:p></o:p></div>
</div>
<div id="ftn12" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref12" name="_ftn12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[12]</span></span><!--[endif]--></span></span></a> See: David
Ricardo (author), J.R. MucCulloch (editor) (1846) <i>The Works of David
Ricardo, with a Notice of the Life and Writings of the Author</i> (London: John
Murray), p. 263.<o:p></o:p></div>
</div>
<div id="ftn13" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref13" name="_ftn13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[13]</span></span><!--[endif]--></span></span></a> Image
source: Cityscape, Nairobi, Kenya, by Sam Stearman, 2004, and uploaded 29 July
2005. GFDL permission obtained by Quadell (CC BY-SA 3.0). URL: https://upload.wikimedia.org/wikipedia/commons/1/11/Nairobi_cityscape.jpg
(accessed 04/07/2018). For more information on the license, see: http://creativecommons.org/licenses/by-sa/3.0/
(accessed 04/07/2018).<o:p></o:p></div>
</div>
<div id="ftn14" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref14" name="_ftn14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[14]</span></span><!--[endif]--></span></span></a> See:
BBC (2014) Plants, GCSE Bitesize, <i>BBC.co.uk</i>. URL: http://www.bbc.co.uk/schools/gcsebitesize/science/add_aqa_pre_2011/plants/plants1.shtml
(accessed 03/07/2018).<o:p></o:p></div>
</div>
<div id="ftn15" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref15" name="_ftn15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[15]</span></span><!--[endif]--></span></span></a>
See:<span style="mso-spacerun: yes;"> </span>1 Timothy 6:10 (King James
Version).<o:p></o:p></div>
</div>
<div id="ftn16" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref16" name="_ftn16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[16]</span></span><!--[endif]--></span></span></a> Plato
(author), Jowett (translator) <i>Laws</i>, Book I. <o:p></o:p></div>
</div>
</div>
<!--EndFragment--><br />Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com0tag:blogger.com,1999:blog-3210933998341353221.post-72245661183957953032018-07-06T02:03:00.000-07:002018-07-06T02:23:23.276-07:00The Origins of Wealth (Part 3 of 4)<!--[if gte mso 9]><xml>
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<b><span style="font-family: "times";">Mesopotamia – The
Birthplace of Civilization<o:p></o:p></span></b></div>
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<span style="font-family: "times";">Mesopotamia is widely
regarded as the birthplace of civilization. As Marc Van De Mieroop remarks in <i>The
Ancient Mesopotamian City</i>, it took a long time before the first ‘cities’,
as we now understand the term, emerged, with the first settlements in southern
Mesopotamia emerging around 5500 BC and the first cities appearing around 3500
BC as the culmination of a long process of development.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[1]</span></span><!--[endif]--></span></span></a>
The earliest cities, according to Mieroop, contained ceremonial centres, or
temples. He disputes the conclusion that religion was central to the formation
of cities, which was argued by Paul Wheatley.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn2" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[2]</span></span><!--[endif]--></span></span></a>
Rather, he argues, these temples provided a managerial role in the local economy,
with religion providing the authority to extract agricultural resources from
the surrounding countryside.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn3" name="_ftnref3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[3]</span></span><!--[endif]--></span></span></a>
He also discusses the possibility that long-distance trade led to the emergence
of cities, as proposed by Jane Jacobs (1969).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn4" name="_ftnref4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[4]</span></span><!--[endif]--></span></span></a>
Mieroop’s own conclusion is that agriculture led to social stratification, with
social classes replacing kin groups, and with upper classes taking hold of the
social hierarchy and administration, leading to the creation of the priesthood
which dominated the cities.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn5" name="_ftnref5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[5]</span></span><!--[endif]--></span></span></a>
The priesthood was buttressed and supported by the development of writing and
bookkeeping, which allowed the temples to serve as centres for economic
redistribution.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn6" name="_ftnref6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[6]</span></span><!--[endif]--></span></span></a>
Gods and religious cults, in Mieroop’s view, merely serve as the justification
and backdrop for this largely economic structure.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn7" name="_ftnref7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[7]</span></span><!--[endif]--></span></span></a>
This view is flawed, however, by discounting the real nature of religion and
its unifying role in the formation and maintenance of society and social bonds.
He fails to consider that religion, economics and culture are intimately bound
together and cannot be separated. Rather than being a separate aspect of life,
religion is, in essence, the glue that holds all aspects of society together,
and the core of its values and norms. The cities of Mesopotamia emerged for
economic and social reasons, but with religion, which was at the heart of
hunter-gatherer life, as a central factor. Just as ancient hunter-gatherer
bands gathered together to trade and, mostly likely, engage in spiritual and
religious practices, the development of an organized priesthood and temples
gave the impetus for the development of the core of the first cities, around
which large collections of neighbourhoods and other institutions emerged.<o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/8/8e/Ur_excavations_(1900)_(14767240352).jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="400" data-original-width="800" height="200" src="https://upload.wikimedia.org/wikipedia/commons/8/8e/Ur_excavations_(1900)_(14767240352).jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: "times";">Ancient Sumerians going to war</span></i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn8" name="_ftnref8" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[8]</span></span></span></a></td></tr>
</tbody></table>
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<span style="font-family: "times"; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times"; font-size: 12pt;">These ancient Sumerian
cities are the models for and antecedents of the modern cities we live and work
in today (or don’t, if we live in the countryside). The word civilization
ultimately derives from the Latin word </span><i style="font-family: Times; font-size: 12pt;">civitas</i><span style="font-family: "times"; font-size: 12pt;">, which means ‘city’. The
term, with the meaning of ‘the state of being civilized and free from the
condition of barbarity’, was first recorded in 1772.</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn9" name="_ftnref9" style="font-family: Times; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[9]</span></span></span></a><span style="font-family: "times"; font-size: 12pt;">
The equivalent term to </span><i style="font-family: Times; font-size: 12pt;">civitas</i><span style="font-family: "times"; font-size: 12pt;"> in Ancient Greek was </span><i style="font-family: Times; font-size: 12pt;">polis</i><span style="font-family: "times"; font-size: 12pt;"> (pl. </span><i style="font-family: Times; font-size: 12pt;">poleis</i><span style="font-family: "times"; font-size: 12pt;">),
which can also mean the body of citizens. For the Greeks, a city was not merely
a collection of buildings, which they called </span><i style="font-family: Times; font-size: 12pt;">asty</i><span style="font-family: "times"; font-size: 12pt;">. Rather, a </span><i style="font-family: Times; font-size: 12pt;">polis</i><span style="font-family: "times"; font-size: 12pt;">
included a number of characteristics, including self-governance and autonomy
(characteristic of city-states), an agora (the central social hub and financial
marketplaces), an acropolis (a citadel housing a temple), coinage, and other
elements.</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn10" name="_ftnref10" style="font-family: Times; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[10]</span></span></span></a><span style="font-family: "times"; font-size: 12pt;">
The Sumerian city was ruled by a priest-king or governor called an </span><i style="font-family: Times; font-size: 12pt;">Ensi</i><span style="font-family: "times"; font-size: 12pt;">,
which was largely synonymous with the term </span><i style="font-family: Times; font-size: 12pt;">lugal </i><span style="font-family: "times"; font-size: 12pt;">‘king’ during the Early
Dynastic Period (c. 2800 – 2350 BCE). As with the Greek city, a temple or
sacred area was at the heart of the city. Sumerians built great ziggurats in
the form of terraced compounds of successively receding levels.</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn11" name="_ftnref11" style="font-family: Times; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[11]</span></span></span></a></div>
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<span style="font-family: "times";">While the concept of sacred
kingship might contrast sharply with the later Greek concept of democracy, more
ancient Hellenic peoples, such as the Mycenaeans, conformed to the Sumerian
model of sacred kingship, as did the Egyptians, who also began to build cities
and temples in the ancient Fertile Crescent. This is evidenced by the elaborate
burial chambers used in Mycenaean cities and in Ancient Egypt, as well as the luxurious
items buried with kings and nobles. The Death Mask of Agamemnon (c. 1550 – 1500
BC) is a prominent example, as are the pyramids of the Egyptian Pharaohs (c. 2589
– 2504 BC) and their burial chambers in the Valley of the Kings. Several main
elements of the ancient or original pattern of cities may thus be surmised: an
organized religion and temple structure, public spaces, kingship or
priest-kings who represent the deity, rule of law, trade and barter, a unified
culture, writing and scribes, agriculture and social stratification. Writing,
indeed, was characteristic of all the great Old World civilizations, including
the Chinese (who used the so-called ‘Oracle Bones’), the Egyptians, who used
hieroglyphs, and the Myceneans, who used a syllabic script called Linear B. The
Sumerians, who invented cuneiform, set the pattern for the scribal system,
which greatly facilitated record-keeping, administration and trade. Writing
also allowed for the formalization of contracts, title deeds and property
rights. It could also be used to record rituals, myths, legends and sacred
texts, as well as codes of law. The rule of law, which is essential for
wealth-building and capital accumulation, indeed, was integral to civilization.<o:p></o:p></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/7/71/Ur_Nammu_code_Istanbul.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="800" data-original-width="401" height="320" src="https://upload.wikimedia.org/wikipedia/commons/7/71/Ur_Nammu_code_Istanbul.jpg" width="160" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: "times";">The Code of Ur-Nammu</span></i><span class="MsoFootnoteReference" style="font-size: 12pt;"><span class="MsoFootnoteReference"><span style="font-size: 12pt;"><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn12" name="_ftnref12" style="font-size: 12pt;" title="">[12]</a></span></span></span></td></tr>
</tbody></table>
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<span style="font-family: "times";"><br />The earliest recorded code
of law, which survives to this day, was the Code of Ur-Nammu, which dates back
to circa 2100 – 2050 BC. Initially discovered and translated in 1952, the text
records the laws of King Ur-Nammu of Ur, who reigned circa 2112 – 2095 BC.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn13" name="_ftnref13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[13]</span></span><!--[endif]--></span></span></a>
While earlier law codes existed, e.g. the Code of Urukagina, Ur-Nammu’s code is
the earliest of which the text has survived, preceding the much-more-famous
Code of Hammurabi (c. 1754 BC) by three centuries.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn14" name="_ftnref14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[14]</span></span><!--[endif]--></span></span></a>
Interesting features of the code include the if-then structure, fines of
monetary compensation for bodily damage rather than the <i>lex talionis</i>
(‘eye for an eye’), and the death penalty for murder, robbery, adultery and
rape. All of these elements would sit comfortably within a modern code of law.
The social structure revealed by the text, however, is somewhat different from
today, with the<i> lugal </i>‘king’ at the head of society, followed by the<i>
lu</i> ‘freeman’ and the <i>arad / geme</i> (male/female slave).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn15" name="_ftnref15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[15]</span></span><!--[endif]--></span></span></a>
Slavery was a common ancient institution, which seems to have its origins in
the roots of civilization and may be a result of early social stratification
and warfare. There are several forms of slavery, including chattel slavery (in
which people are treated as possessions), bonded slavery (where people serve as
slaves until a debt is paid off) and forced labour (often resulting from
imprisonment). Slavery is rare among hunter-gatherers because it depends on the
existence of economic surpluses, which resulted from the Agricultural
Revolution.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn16" name="_ftnref16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[16]</span></span><!--[endif]--></span></span></a><span style="mso-spacerun: yes;"> </span>While the origins of slavery are unknown,
chattel slavery may have originated as a result of military defeat, with
captured peoples of different tribes or cities being turned into slaves, and
bonded slavery probably emerged with early trade and commerce, where debts or
other liabilities could lead to bondage in payment for money/services owed. In
any case, slavery was a universal institution, practiced by all cultures and
civilizations, and people of all races and backgrounds have been subjected to
its vicissitudes at one time or another. We can only be grateful for the fact
that the British Empire, which had done so much to spread the rule of law,
trade, technology and the fruits of civilization worldwide, abolished the slave
trade across its vast empire with the <i>Slave Trade Act 1807</i>, as well as
the <i>Slavery Abolition Act 1833</i>, which did so much to remove this baneful
(and baleful) institution from mankind. While slavery has continued, in one
form or another, to this day, it was the British Empire which made the slave
trade and slavery illegal, and which removed it as an institution within almost
all nations. This is due, in no small part, to English and British values. As
John Locke wrote, as far back as the 17<sup>th</sup> century:<o:p></o:p></span></div>
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<blockquote class="tr_bq">
<b><span style="font-family: "times";">“Slavery is so vile and
miserable an estate of man, and so directly opposite to the generous temper and
courage of our nation; that it is hardly to be conceived, that an <i>Englishman</i>,
much less a gentleman, should plead for it.”</span></b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn17" name="_ftnref17" style="mso-footnote-id: ftn17;" title=""><span class="MsoFootnoteReference"><span style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[17]</span></span><!--[endif]--></span></span></span></a></blockquote>
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<b><span style="font-family: "times";">Coinage and Kings<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">One of the greatest
innovations by early cities and states was the creation of coinage and money as
we recognize it today. The earliest coins can be traced to King Alyattes of
Lydia (c. 600 BC). Lydia, located in Anatolia (modern-day Turkey), was an
ancient kingdom which existed from 1200 BC to 546 BC, covering, at its greatest
extent, the whole of western Anatolia.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn18" name="_ftnref18" style="mso-footnote-id: ftn18;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[18]</span></span><!--[endif]--></span></span></a>
According to Paul Einzig, it was Herodotus who identified Lydia as the origin
of coinage. This was preceded, however, by a number of other methods of
maintaining and exchanging value, including the creation of rudimentary ingots
or dumps of precious metal, which were used in Knossos on Crete during the
second millennium BC.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn19" name="_ftnref19" style="mso-footnote-id: ftn19;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[19]</span></span><!--[endif]--></span></span></a>
I have addressed the topic of the origin of coinage several times before,
including in <i><a href="https://gumroad.com/l/eYACw" target="_blank">Gold: 10 Ways to Make Money Using Gold</a></i>, which is available
<a href="https://gumroad.com/l/eYACw" target="_blank">in PDF format</a>. In this work, I noted that gold coinage was often associated
with King Croesus of Lydia, (595 – c. 546 BCE), who reigned for 14 years.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn20" name="_ftnref20" style="mso-footnote-id: ftn20;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[20]</span></span><!--[endif]--></span></span></a>
Renowned for his great wealth and splendour, the phrase ‘rich as Croesus’ or
‘richer than Croesus’ later arose, indicating that someone is incredibly wealthy.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn21" name="_ftnref21" style="mso-footnote-id: ftn21;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[21]</span></span><!--[endif]--></span></span></a>
In this short book, I also noted the possibility that Pheidon II (d. aft. 650
BC), King of Argos, was the first to coin silver money—Lydia’s coinage was made
from electrum (an alloy of gold and silver)—while China began to mint Ying yuan
gold coins around the 5<sup>th</sup> or 6<sup>th</sup> centuries BC.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn22" name="_ftnref22" style="mso-footnote-id: ftn22;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[22]</span></span><!--[endif]--></span></span></a>
Both gold and silver continued to be used for coinage for centuries. These two
metals had a number of advantages, and I go into the advantages of gold in more
detail in <i><a href="https://gumroad.com/l/eYACw" target="_blank">Gold: 10 Ways to Make Money Using Gold</a></i>. In the same work, I
also mention several later developments, including the Florentine florin, which
was a standard gold coin used across Europe during the Middle Ages, the English
‘crown of the double rose’ (valued at 5 shillings), and the 22-karat ‘crown
gold’ which was continually produced until 1662 AD. These were replaced by the
guinea, worth approximately one quarter ounce of gold (about £246 in modern
currency).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn23" name="_ftnref23" style="mso-footnote-id: ftn23;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[23]</span></span><!--[endif]--></span></span></a>
The name ‘guinea’ comes from the Guinea region of West Africa, where much of
the gold for the coins originated.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn24" name="_ftnref24" style="mso-footnote-id: ftn24;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[24]</span></span><!--[endif]--></span></span></a>
<o:p></o:p></span></div>
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<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/5/5c/Kroisos_BMC_31.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="194" data-original-width="500" height="124" src="https://upload.wikimedia.org/wikipedia/commons/5/5c/Kroisos_BMC_31.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: "times";">Electrum coins from Lydia (6<sup>th</sup> century BC)</span></i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn25" name="_ftnref25" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[25]</span></span></span></a></td></tr>
</tbody></table>
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<span style="font-family: "times"; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times"; font-size: 12pt;">The creation of money, as we
know it, was a significant step—both in the development of civilization, and in
the growth of wealth worldwide. Despite arguments to the contrary, the
development of civilization brought greater wealth and prosperity to mankind as
a whole. While greater equality and equity existed during the time of
hunter-gathering, in the Palaeolithic and Neolithic eras, equality is not
always the ideal. We can make everyone on Earth equal by reducing them to utter
poverty and destitution. That is, after all, the effect of communism which,
whenever and wherever it is put into practice, tends to make the majority of
the population equally poor, while a small, party elite reigns supreme.
Capitalism, wherever practised, leads to the opposite result. While there are
still a minority of rich people who hold most of the power and are extremely
wealthy, the vast majority of people also have a higher standard of living and
more opportunities to better their condition and grow wealthy themselves. This
uneven distribution of wealth under capitalism, we may note is due to the Pareto
principle, in which 80% of the land/wealth tends to be controlled by 20% of the
people,</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn26" name="_ftnref26" style="font-family: Times; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[26]</span></span></span></a><span style="font-family: "times"; font-size: 12pt;">
seems to be a result of human nature itself, rather than any deliberate
manipulation or exploitation. People are, ultimately, naturally different, and
differences in individual abilities, skills and choices result in different
outcomes. “The laws of the distribution of wealth,” the economist Vilfredo
Pareto (1848 – 1923) writes, “evidently depend on the nature of man and on the
economic organization of society.”</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn27" name="_ftnref27" style="font-family: Times; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[27]</span></span></span></a><span style="font-family: "times"; font-size: 12pt;">
Nor should we imagine the various income brackets as being static and
immovable. As Thomas Sowell explains, “studies that follow actual
flesh-and-blood individiuals over time” find that “most working Americans who
were initially in the bottom 20 percent of income-earners, rise out of that
bottom 20 percent” and “more of them end up in the top 20 percent than remain
in the bottom 20 percent.”</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn28" name="_ftnref28" style="font-family: Times; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[28]</span></span></span></a></div>
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<div class="MsoNormal">
<span style="font-family: "times";">The development of ancient cities
meant that greater numbers of people could congregate in one area, which became
a hub for trade, artistry, and craftsmanship, as well as the exchange of ideas,
culture, technology and information. As cities became linked by the first early
empires and kingdoms, trade networks could be expanded, allowing for even
greater opportunities for free movement, trade and the exchange of wealth and
knowledge. While ancient peoples often did suffer from poverty and deprivation,
and farmers were often subject to the rigours of environmental disasters (e.g.
floods, droughts, etc.) and war, the opportunities for trade and development
were great. And the greater the empire, the greater the opportunities. When the
Romans invaded Great Britain, starting in 43 BC, and eventually incorporated it
into their burgeoning empire, the British Isles were opened to a new vista of
culture, technology, trade and civilization. Many benefits followed, including
the development of new towns, the construction or roads and other
infrastructure, the introduction of the more efficient Roman plough, imported
pottery and metalwork, new building methods, window panes, latrines, real
architecture, sculpture and representational art, as well as Roman capital,
which helped to develop the British economy.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn29" name="_ftnref29" style="mso-footnote-id: ftn29;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[29]</span></span><!--[endif]--></span></span></a>
During the <i>Pax Romana</i>, the great golden age of Roman civilization,
Britain enjoyed the benefits of peace and prosperity and, furthermore, the
Romans built a major port on the Thames, which came to be known as <i>Londinium
</i>(i.e. London).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn30" name="_ftnref30" style="mso-footnote-id: ftn30;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[30]</span></span><!--[endif]--></span></span></a>
A similar unifying and economically-beneficial effect occurred with the spread
of the expansion of British trade, culture and the rule of law during the 18<sup>th</sup>
and 19<sup>th</sup> centuries. Indeed, as Niall Ferguson argues, the “combination
of free trade, mass migration, and unprecedented overseas investment propelled
large parts of the British Empire to the forefront of world economic
development”, while also building infrastructure, the rule of law and numerous
economic investments and improvements in places as far flung as East Africa and
India.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn31" name="_ftnref31" style="mso-footnote-id: ftn31;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[31]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/3/32/Arthur_Mees_Flags_of_A_Free_Empire_1910_Cornell_CUL_PJM_1167_01.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="631" data-original-width="800" height="315" src="https://upload.wikimedia.org/wikipedia/commons/3/32/Arthur_Mees_Flags_of_A_Free_Empire_1910_Cornell_CUL_PJM_1167_01.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: "times";">The British Empire (1910)</span></i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn32" name="_ftnref32" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[32]</span></span></span></a></td></tr>
</tbody></table>
<div class="MsoNormal">
<br />
<span style="font-family: "times"; font-size: 12pt;">Colonization (and
colonialism) have brought tremendous benefits to mankind. As Greeks and
Phoenicians settled new cities across the Mediterranean, for example, and
colonised remote islands, vast maritime trade networks were formed, allowing
for the trading of goods, resources and knowledge across a vast area. The
Persian Empire opened up even greater vistas for trade and commerce, as did the
later Macedonian, Roman and Byzantine Empires, as well as the Islamic
Caliphates (e.g. the Umayyad and Abbasid Caliphates) and the Mongolian Empire.
Vast areas of the world were joined and fused together into one great free
trade zone where people could move unencumbered across vast swathes of the
world. As Peter Frankopan writes in </span><i style="font-family: Times; font-size: 12pt;">The Silk Roads: A New History of the
World</i><span style="font-family: "times"; font-size: 12pt;">, the Persian Empire developed “a road network that linked the coast
of Asia Minor with Babylon, Susa and Persepolis”, which “enabled a distance of
more than 1,600 miles to be covered in the course of a week”, resulting in the
creation of “a land of plenty that connected the Mediterranean with the heart
of Asia.”</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn33" name="_ftnref33" style="font-family: Times; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[33]</span></span></span></a><span style="font-family: "times"; font-size: 12pt;">
The Persian Empire was, furthermore, “a beacon of stability and fairness”
characterized by tolerance of minorities and justice.</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn34" name="_ftnref34" style="font-family: Times; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[34]</span></span></span></a><span style="font-family: "times"; font-size: 12pt;">
Imperialism, when viewed through the purely ideological and Marxian scope of
power dynamics, may seem negative and injurious, as it involves one group,
family, individual, tribe or nation taking over and controlling other tribes,
nations, etc. Seen purely through this skewed and ideological lens of power and
subjugation, ruler and ruled—it seems to be negative. The reality, however, is
far from the case. Empires allow for the spread of the rule of law, culture,
technology, knowledge, commerce and industry on a vast scale. The larger the
empire—the larger the civilization—the more benefits it bestows on its
inhabitants. This is dependent on a number of factors, of course, including the
building blocks of civilization and capitalism which we have already mentioned.
When these are ignored or fall to ruin, the empire and its civilization
likewise fall to ruin. This is the example of history.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";"><a href="https://nicholasjames19.blogspot.com/2018/07/the-origins-of-wealth-part-4-of-4.html" target="_blank">(Continued in Part 4...)</a><o:p></o:p></span></div>
<div style="mso-element: footnote-list;">
<!--[if !supportFootnotes]--><br clear="all" />
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<br />
<div id="ftn1" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[1]</span></span><!--[endif]--></span></span></a> <span style="font-family: "times";">Marc Van De Mieroop (1999) <i>The Ancient
Mesopotamian City </i>(Oxford: Oxford University Press), p. 23. </span><o:p></o:p></div>
</div>
<div id="ftn2" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref2" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[2]</span></span><!--[endif]--></span></span></a> See:
Mieroop (1999), p. 24. <o:p></o:p></div>
</div>
<div id="ftn3" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref3" name="_ftn3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[3]</span></span><!--[endif]--></span></span></a> See:
Mieroop (1999), p. 24. <o:p></o:p></div>
</div>
<div id="ftn4" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref4" name="_ftn4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[4]</span></span><!--[endif]--></span></span></a> See:
Mieroop (1999), p. 25. <o:p></o:p></div>
</div>
<div id="ftn5" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref5" name="_ftn5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[5]</span></span><!--[endif]--></span></span></a> See:
Mieroop (1999), p. 27. <o:p></o:p></div>
</div>
<div id="ftn6" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref6" name="_ftn6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[6]</span></span><!--[endif]--></span></span></a> See:
Mieroop (1999), p. 27. <o:p></o:p></div>
</div>
<div id="ftn7" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref7" name="_ftn7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[7]</span></span><!--[endif]--></span></span></a> See:
Mieroop (1999), p. 27. <o:p></o:p></div>
</div>
<div id="ftn8" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref8" name="_ftn8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[8]</span></span><!--[endif]--></span></span></a> Image
source: Ur excavations, 1900 (public domain). URL: https://upload.wikimedia.org/wikipedia/commons/8/8e/Ur_excavations_%281900%29_%2814767240352%29.jpg
(accessed 04/07/2018).<o:p></o:p></div>
</div>
<div id="ftn9" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref9" name="_ftn9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[9]</span></span><!--[endif]--></span></span></a> See:
Douglas Harper (2001-2018) civilization (n.), Online Etymological Dictionary.
URL: https://www.etymonline.com/word/civilization (accessed 03/07/2018).<o:p></o:p></div>
</div>
<div id="ftn10" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref10" name="_ftn10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[10]</span></span><!--[endif]--></span></span></a> See:
Polis (<i>Wikipedia </i>article). URL: https://en.wikipedia.org/wiki/Polis
(accessed 03/07/2018 11:56 AST).<o:p></o:p></div>
</div>
<div id="ftn11" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref11" name="_ftn11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[11]</span></span><!--[endif]--></span></span></a> See:
ziggurat (<i>Wikipedia </i>article). URL: https://en.wikipedia.org/wiki/Ziggurat
(accessed 03/07/2018 12:11 AST).<o:p></o:p></div>
</div>
<div id="ftn12" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref12" name="_ftn12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[12]</span></span><!--[endif]--></span></span></a> Image
source: Ur-Nammu Code, Istanbul, uploaded 1 August 2014 by oncenawhile (Creative
Commons CC0 1.0 Universal Public Domain Dedication). URL: https://upload.wikimedia.org/wikipedia/commons/7/71/Ur_Nammu_code_Istanbul.jpg
(accessed 04/07/2018). For more information on the license, see: https://creativecommons.org/publicdomain/zero/1.0/deed.en
(accessed 04/07/2018).<o:p></o:p></div>
</div>
<div id="ftn13" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref13" name="_ftn13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[13]</span></span><!--[endif]--></span></span></a> See:
Code of Ur-Nammu (<i>Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/Code_of_Ur-Nammu
(accessed 03/07/2018 12:37 PM AST),<o:p></o:p></div>
</div>
<div id="ftn14" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref14" name="_ftn14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[14]</span></span><!--[endif]--></span></span></a> See: Code
of Ur-Nammu (<i>Wikipedia</i> article).<o:p></o:p></div>
</div>
<div id="ftn15" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref15" name="_ftn15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[15]</span></span><!--[endif]--></span></span></a> See:
Code of Ur-Nammu (<i>Wikipedia</i> article).<o:p></o:p></div>
</div>
<div id="ftn16" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref16" name="_ftn16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[16]</span></span><!--[endif]--></span></span></a> See:
Slavery (<i>Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/Slavery
(accessed 03/07/2018 12:46 PM AST).<o:p></o:p></div>
</div>
<div id="ftn17" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref17" name="_ftn17" style="mso-footnote-id: ftn17;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[17]</span></span><!--[endif]--></span></span></a> See:
John Locke, <i>Two Treatises of Government, Book I</i>, Chap I. §. 1. URL: http://www.johnlocke.net/two-treatises-of-government-book-i/
(accessed 03/07/2018).<o:p></o:p></div>
</div>
<div id="ftn18" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref18" name="_ftn18" style="mso-footnote-id: ftn18;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[18]</span></span><!--[endif]--></span></span></a> See:
Lydia (<i>Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/Lydia
(accessed 03/07/2018 13:01 AST).<o:p></o:p></div>
</div>
<div id="ftn19" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref19" name="_ftn19" style="mso-footnote-id: ftn19;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[19]</span></span><!--[endif]--></span></span></a> See:
Paul Einzig (2014) <i>Primitive Money: in its Ethnological, Historical and
Economic Aspects</i> (Amsterdam: Pergamon), p. 217.<o:p></o:p></div>
</div>
<div id="ftn20" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref20" name="_ftn20" style="mso-footnote-id: ftn20;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[20]</span></span><!--[endif]--></span></span></a> NJ
Bridgewater (2017b) <i>Gold: 10 Ways to Make Money Using Gold</i> (Published
online: Jaha Publishing), p. 15. Available for purchase at: https://gumroad.com/l/eYACw
(accessed 03/07/2018).<o:p></o:p></div>
</div>
<div id="ftn21" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref21" name="_ftn21" style="mso-footnote-id: ftn21;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[21]</span></span><!--[endif]--></span></span></a> <span style="font-family: "georgia" , serif; font-size: 8.0pt;">Croesus (<i>Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Croesus (accessed 15/10/2017 1:42
PM AST).</span><o:p></o:p></div>
</div>
<div id="ftn22" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref22" name="_ftn22" style="mso-footnote-id: ftn22;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[22]</span></span><!--[endif]--></span></span></a> See:
Bridgewater (2017b).<o:p></o:p></div>
</div>
<div id="ftn23" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref23" name="_ftn23" style="mso-footnote-id: ftn23;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[23]</span></span><!--[endif]--></span></span></a> See:
Bridgewater (2017b).<o:p></o:p></div>
</div>
<div id="ftn24" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref24" name="_ftn24" style="mso-footnote-id: ftn24;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[24]</span></span><!--[endif]--></span></span></a> See:
Guinea (coin) (<i>Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/Guinea_(coin)
(accessed 05/07/2018 16:10 AST).<o:p></o:p></div>
</div>
<div id="ftn25" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref25" name="_ftn25" style="mso-footnote-id: ftn25;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[25]</span></span><!--[endif]--></span></span></a> Image
source: Kings of Lydia. Time of Kroisos. Circa 561-546 BC. From the Ronald
Cohen Collection. Ex Tkalec (18 February 2002), lot 81. (GNU Free Documentation
License, Version 1.2). URL: https://upload.wikimedia.org/wikipedia/commons/5/5c/Kroisos_BMC_31.jpg
(accessed 04/07/2018). For more information on the license, see: https://en.wikipedia.org/wiki/GNU_Free_Documentation_License
(accessed 04/07/2018).<o:p></o:p></div>
</div>
<div id="ftn26" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref26" name="_ftn26" style="mso-footnote-id: ftn26;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[26]</span></span><!--[endif]--></span></span></a> See:
Pareto principle (<i>Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/Pareto_principle
(accessed 05/07/2018 16:18 AST).<o:p></o:p></div>
</div>
<div id="ftn27" style="mso-element: footnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref27" name="_ftn27" style="mso-footnote-id: ftn27;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[27]</span></span><!--[endif]--></span></span></a> See:
Vilfredo Pareto (1897) The New Theories of Economics, <i>Journal of Political
Economy</i>, Vol. 5, No. 4 (Sep., 1897), pp. 485-502. URL: <span style="background: white; color: #333333; font-family: "arial" , sans-serif; font-size: 10.5pt;">https://www.jstor.org/stable/1821012 </span>(accessed
04/07/2018).<o:p></o:p></div>
<div class="MsoFootnoteText">
<br /></div>
</div>
<div id="ftn28" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref28" name="_ftn28" style="mso-footnote-id: ftn28;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[28]</span></span><!--[endif]--></span></span></a> See:
Thomas Sowell (2013) Economic Mobility, <i>Townhall.com</i>, Mar 06, 2013 12:01
AM. URL: https://townhall.com/columnists/thomassowell/2013/03/06/economic-mobility-n1525556
(accessed 05/07/2018).<o:p></o:p></div>
</div>
<div id="ftn29" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref29" name="_ftn29" style="mso-footnote-id: ftn29;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[29]</span></span><!--[endif]--></span></span></a> See:
Thomas Sowell (2008) <i>Conquests and Cultures: An International History</i>
(New York, NY: Basic Books), p. 25. <o:p></o:p></div>
</div>
<div id="ftn30" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref30" name="_ftn30" style="mso-footnote-id: ftn30;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[30]</span></span><!--[endif]--></span></span></a> See:
Sowell (2008), p. 25. <o:p></o:p></div>
</div>
<div id="ftn31" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref31" name="_ftn31" style="mso-footnote-id: ftn31;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[31]</span></span><!--[endif]--></span></span></a> See:
Niall Ferguson (2003) British Imperialism Revisited: The Costs and Benefits of
“Anglobalization”, <i>Historically Speaking: The Bulletin of the Historical
Society</i>, April 2003, Volume IV, Number 4. URL: https://www.bu.edu/historic/hs/april03.html
(accessed 05/07/2018).<o:p></o:p></div>
</div>
<div id="ftn32" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref32" name="_ftn32" style="mso-footnote-id: ftn32;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[32]</span></span><!--[endif]--></span></span></a> Image
source: An elaborate map of the British Empire in 1910, marked in the
traditional colour for imperial British dominions on maps, by Arthur Mee, <i>The
Childrens' Encyclopaedia. Vol. 2</i>. (public domain). URL: https://upload.wikimedia.org/wikipedia/commons/3/32/Arthur_Mees_Flags_of_A_Free_Empire_1910_Cornell_CUL_PJM_1167_01.jpg
(accessed 05/07/2018).<o:p></o:p></div>
</div>
<div id="ftn33" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref33" name="_ftn33" style="mso-footnote-id: ftn33;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[33]</span></span><!--[endif]--></span></span></a> See:
Peter Frankopan (2016) <i><span style="font-family: "times";">The Silk Roads: A New
History of the World</span></i><span style="font-family: "times";"> (New York, NY:
Vintage Books), p. 4. </span><o:p></o:p></div>
</div>
<div id="ftn34" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref34" name="_ftn34" style="mso-footnote-id: ftn34;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[34]</span></span><!--[endif]--></span></span></a> See:
Frankopan (2016), p. 4. <o:p></o:p></div>
</div>
</div>
<!--EndFragment--><br />Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com0tag:blogger.com,1999:blog-3210933998341353221.post-79940274339400801102018-07-06T01:20:00.000-07:002018-07-06T02:03:52.036-07:00The Origins of Wealth (Part 2 of 4)<!--[if gte mso 9]><xml>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
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<b><span style="font-family: "times"; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: major-bidi;">The Elements of Capitalism<o:p></o:p></span></b></div>
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<span style="font-family: "times";">Capitalism is, basically
speaking, economic freedom. Within a capitalist economy, according to Bast and
Walberg (2013), “there is no conscious authority in charge of operating or
managing the economy”, with authority, instead, being “diffused throughout the
system.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[1]</span></span><!--[endif]--></span></span></a>
In other words, the economy is not managed by a central authority, as in socialism,
nor are the means of production controlled by the government. It is characterised,
they argue, by three institutions: private property, the free market, and the
rule of law, all of which are essential for capitalism to function.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn2" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[2]</span></span><!--[endif]--></span></span></a>
This conception relates closely to the ideas of John Locke (1632 – 1704), the
famous English philosopher and physician known as the “Father of Liberalism”,
who argued that man (i.e. the individual, regardless of gender) is born “with a
title to perfect freedom” and that each individual has a natural right and
power “not only to preserve his property, that is, his life, liberty and
estate, against the injuries and attempts of other men”, but also the power to
endow government with the right to punish breaches of these natural rights.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn3" name="_ftnref3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[3]</span></span><!--[endif]--></span></span></a>
In other words, Locke argues that individuals have a natural right to property,
as well as a natural right to preserve that property and punish those who abuse
his natural rights. However, this power to judge and punish breaches of his
rights he has resigned “into the hands of the community”, which preserves these
rights for the populace, i.e. its members.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn4" name="_ftnref4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[4]</span></span><!--[endif]--></span></span></a>
It should be noted, here, of course, that by Liberalism is meant classical
Liberalism, i.e. the idea of individual freedom and liberty, contrasting with
the ideas of the modern Left, which now inclines more towards socialism, collectivism
and Cultural Marxism (i.e. the modern movement to undermine capitalism, Western
culture and the family structure based on Marxian ideas and concepts). <o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/f/fa/Locke-John-LOC.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="800" data-original-width="614" height="320" src="https://upload.wikimedia.org/wikipedia/commons/f/fa/Locke-John-LOC.jpg" width="245" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: "times";">John Locke, Father of Liberalism </span></i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn5" name="_ftnref5" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[5]</span></span></span></a><span style="font-size: 12pt;"> </span></td></tr>
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<i><span style="font-family: "times";"><span style="mso-tab-count: 2;"><br /> </span></span></i></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/d/d8/Thomas_Hobbes_(portrait).jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="800" data-original-width="759" height="320" src="https://upload.wikimedia.org/wikipedia/commons/d/d8/Thomas_Hobbes_(portrait).jpg" width="303" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: "times";">Thomas Hobbes, Author of The Leviathan</span></i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn6" name="_ftnref6" style="font-family: "Times New Roman", serif; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[6]</span></span></span></a></td></tr>
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<span style="font-family: "times";"><br />The rule of law may be
defined to include the rules, “whereby every man may know, what Goods he may
enjoy and what Actions he may doe, without being molested by any of his fellow
Subjects”, referring to a code or system of law instituted by a sovereign
power, which Thomas Hobbes (1588 – 1679), author of <i>The Leviathan</i>, also
calls “propriety”, and the system in place which maintains these rules and
adjudicates on any disputes.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn7" name="_ftnref7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[7]</span></span><!--[endif]--></span></span></a>
Hobbes calls this latter authority “the Right of Judicature”, which belongs to
the sovereign power of state, and which includes the right “of hearing and
deciding all Controversies, which may arise concerning Law, either Civill, or
naturall, or concerning Fact.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn8" name="_ftnref8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[8]</span></span><!--[endif]--></span></span></a>
The rule of law thus implies not only the existence of a code or system of laws
(e.g. English common law and legislation), but also the sovereign power which
makes these laws, and a judiciary which decides upon all matters legal and
civil. A good description of the basis of the rule of law has been given by
Plato in his aptly-named dialogue, <i>Laws</i>, wherein he states that the “the
legislator has to be careful how the citizens make their money and in what way
they spend it, and to have an eye to their mutual contracts and dissolutions of
contracts, whether voluntary or involuntary: he should see how they order all
this, and consider where justice as well as injustice is found or is wanting in
their several dealings with one another; and honour those who obey the law, and
impose fixed penalties on those who disobey…”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn9" name="_ftnref9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[9]</span></span><!--[endif]--></span></span></a>
He also comments on those who administer the law justly, saying that “the
lawgiver reviewing his work, will appoint guardians to preside over these
things,—some who walk by intelligence, others by true opinion only, and then
mind will bind together all his ordinances and show them to be in harmony with
temperance and justice, and not with wealth or ambition.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn10" name="_ftnref10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[10]</span></span><!--[endif]--></span></span></a>
This is the basis of good governance and a basic condition of capitalism and
free societies. Furthermore, the rule of law cannot exist without justice,
which, Plato says, is “a thing more precious than many pieces of gold” and “the
excellence of the soul by which happiness is attained.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn11" name="_ftnref11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[11]</span></span><!--[endif]--></span></span></a>
The Qur’ān, the great centre-piece and inspirer of the Islamic Golden Age,
likewise exhorts its adherents: <b>“O ye who believe! stand fast to justice”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn12" name="_ftnref12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[12]</span></span><!--[endif]--></span></span></a>
and <b>“give back your trusts to their owners, and when ye judge between men…
judge with fairness.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn13" name="_ftnref13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[13]</span></span><!--[endif]--></span></span></a><span style="mso-spacerun: yes;"> </span>It is only by establishing the rule of law
and just institutions that lasting wealth and prosperity can be established.<o:p></o:p></span></div>
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<span style="font-family: "times";">The earliest human
communities, being based on the hunter-gatherer model already referred to,
contained all of the elements of capitalism referred to above. The individual
members of the community each had private property, in the form of various
collectibles and tools, while they also shared goods and services with their
next of kin. They also engaged in free market trading with other bands and
clans, usually once a year during an aggregation of clans or festival. They
also had norms and rules which allowed them to function, punish wrongdoing and
ensure the rights of each individual within the community. These are the basic
elements of capitalism, and they were present in the earliest human communities
in East Africa, long before mankind made the bold move to expand and seek out
new shores and climes in distant lands. This system contrasts quite strongly
with feudalism—a much later system in which feudal lords owned all the land and
serfs worked as virtual slaves for the landowners. The feudal system was the
basis of the European economy during the Middle Ages and Renaissance, and
continued in Russia until relatively recent times, when serfdom was abolished
by Tsar Alexander II in 1861.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn14" name="_ftnref14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[14]</span></span><!--[endif]--></span></span></a>
Serfdom in England only came to an end with the <i>Tenures Abolition Act 1660</i>,
during the lifetime of John Locke, passed by the Convention Parliament shortly
after the restoration of King Charles II to the throne.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn15" name="_ftnref15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[15]</span></span><!--[endif]--></span></span></a>
Feudalism was already on the decline though, having flourished from circa 700
AD until the first quarter of the 14th century.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn16" name="_ftnref16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[16]</span></span><!--[endif]--></span></span></a>
<o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/c/cd/Cleric-Knight-Workman.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="672" data-original-width="656" height="320" src="https://upload.wikimedia.org/wikipedia/commons/c/cd/Cleric-Knight-Workman.jpg" width="312" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: "times";">A cleric, a knight and a peasant under feudalism</span></i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn17" name="_ftnref17" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[17]</span></span></span></a></td></tr>
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<span style="font-family: "times";">Capitalism also contrasts
strongly with communism and socialism, as practised by North Korea and
Venezuela, where the human cost of economic ruination, privation and
authoritarian control is still keenly and bitterly felt. Thankfully, however,
from the 17<sup>th</sup> century onwards, modern capitalism has spread widely,
along with the principles of private property, the free market and free trade,
along with the rule of law. This incredible expansion is largely due to the
growth and spread of the British Empire, as well as its former colonies, e.g.
the United States of America, accompanied by a huge boom in technology,
innovation and industry which have encompassed the world since the 19<sup>th</sup>
century. The British Empire also helped to initiate and spread the benefits of
the Industrial Revolution. In 1820, 75% of mankind lived on less than a dollar
a day—today, only about 20% live under that amount, which is the effect of mass
economic growth, free market capitalism and the spread of new sciences and
technology.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn18" name="_ftnref18" style="mso-footnote-id: ftn18;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[18]</span></span><!--[endif]--></span></span></a> As
the Cato Institute notes in its <i>2017 Economic Freedom of the World Annual
Report</i>, worldwide income inequality and the poverty rate both declined
during the last two decades of the 20<sup>th</sup> century, and this has
accelerated since 2000, leading to even greater economic prosperity for people
around the world.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn19" name="_ftnref19" style="mso-footnote-id: ftn19;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[19]</span></span><!--[endif]--></span></span></a>
This is driven, they argue, primarily by gains in sound money and trade
liberalization. By sound money, they mean money with “relatively stable
purchasing power across time”, i.e. money which doesn’t erode in value through
runaway inflation, and trade liberalization means reducing the barriers to
trade internationally.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn20" name="_ftnref20" style="mso-footnote-id: ftn20;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[20]</span></span><!--[endif]--></span></span></a>
In both cases, basic conditions for a thriving capitalist economy are created,
leading to greater economic growth and reducing economic disparities and
extreme poverty in its wake. Furthermore, according to the World Bank, the
world’s extreme poverty rate had been halved from 1990 to 2010.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn21" name="_ftnref21" style="mso-footnote-id: ftn21;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[21]</span></span><!--[endif]--></span></span></a>
The situation is still not great, with 1.29 billion living below the extreme
poverty rate of $1.25 per day, but the situation is improving, and this is due,
in large part, to the three elements of capitalism already mentioned: private
property rights, a free market and the rule of law. Where these elements are
missing, extreme poverty predominates, and, where they are found, extreme poverty
decreases, and economic growth prevails. Relative poverty will always exist, as
complete equality is impossible, but extreme poverty does not have to, and it
is on its way out. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times";">Ancient Cities,
Agriculture and Wealth<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">We have mentioned both the
ancient epochs of mankind’s pre-history and modern capitalism, but what about
what happened in between? We know that there are still hunter-gatherer groups
such as the San people, i.e. the various Khoesān-speaking groups who were indigenous
to Southern Africa, including South Africa and Botswana, and there are also
urban, First World societies which feel the full benefits of the free market
economy, and there is everything in between, including communist states with
self-inflicted economic ruin and poverty. But it was not always so, and
mankind’s long rise from the level of primitive subsistence has spanned a
relatively short span in the total length of human existence, as well as in the
much longer, and, indeed, immense existence of the Earth which is our home. As
Israeli writer Yuval Noah Harari writes in his book, <i>Sapiens: A Brief
History of Humankind</i>, humans—under which umbrella he includes Homo erectus,
Homo ergaster and the Neanderthals—lived and subsisted by gathering plants and
hunting wild animals for millions of years.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn22" name="_ftnref22" style="mso-footnote-id: ftn22;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[22]</span></span><!--[endif]--></span></span></a>
This changed, he notes, about 10,000 years ago, when Homo sapiens, i.e. modern
man, did something extraordinary—they began devoting all their time and effort
to cultivating certain plants and domesticating various species of animals,
providing greater nutrition and a higher standard of living than they ever
could have previously contemplated or imagined.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn23" name="_ftnref23" style="mso-footnote-id: ftn23;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[23]</span></span><!--[endif]--></span></span></a>
In the Old World, at least, agriculture began circa 9,500 – 8,500 BC in a
region spanning south-eastern Turkey, western Persia and the Levant, with wheat
and goats being domesticated about 9,000 BC, peas and lentil around 8,000 BC,
olive trees around 5,000 BC, horses around 4,000 BC and grapevines around 3,500
BC.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn24" name="_ftnref24" style="mso-footnote-id: ftn24;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[24]</span></span><!--[endif]--></span></span></a>
All of these developments were extraordinary in their impact, allowing mankind
to spur ahead in development and begin to create the building blocks of
civilization, including the accumulation of both knowledge and capital. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Harari makes the playful
suggestion that plant species domesticated Homo sapiens, rather than vice
versa, since the life of a hunter-gatherer was more stimulating, they had
greater knowledge of the animals they hunted and plants they gathered, and life
became more—not less—difficult for the average man.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn25" name="_ftnref25" style="mso-footnote-id: ftn25;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[25]</span></span><!--[endif]--></span></span></a>
There is some truth to this statement. Some kinds of knowledge were lost,
humans are naturally explorers and need stimulation, which farming the same
field day in and day out does not necessarily provide, and pampered elites did
eventually emerge. This narrative ignores, however, the constant fight for
survival and struggle of the hunter-gatherer lifestyle, the precariousness of
life on the savannah and open plain, and the many and numerous benefits that
civilization has offered to mankind, including a much higher standard of living,
more abundant wealth and knowledge, and freedom from the constant necessity to
forage and search for food afforded by differentiating labour. Nevertheless, he
does acknowledge the long-term benefits of the Agricultural Revolution,
including better protection against wild animals, rain and cold, as well as
more food per unit of territory, allowing the species to expand and multiply at
a much faster rate.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn26" name="_ftnref26" style="mso-footnote-id: ftn26;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[26]</span></span><!--[endif]--></span></span></a>
While Harari downplays these benefits, and feels that the hunter-gatherer
lifestyle was preferable, I think most people at the time were glad that they
were able to have more children, put a roof over their heads, feed them more
reliably, and not have to wander miles upon miles hunting for wild animals,
woolly mammoths and other dangerous creatures, while constantly at fear of
being ripped to shreds by a lion, bear, wolf or other vicious predator. I think
Harari’s arguments, while romantic to modern readers, might fall on deaf ears
if presented to our ancient forebears. <o:p></o:p></span></div>
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<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/e/e9/The_dawn_of_civilization-_Egypt_and_Chaldaea_(1897)_(14577028168).jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="478" data-original-width="800" height="191" src="https://upload.wikimedia.org/wikipedia/commons/e/e9/The_dawn_of_civilization-_Egypt_and_Chaldaea_(1897)_(14577028168).jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: "times";">Ancient Egyptian Farmers</span></i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn27" name="_ftnref27" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[27]</span></span></span></a></td></tr>
</tbody></table>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">Agriculture led to the next
inevitable step in the rise of mankind: the development of villages. By about
8,500 BC, the Middle East was dotted with numerous permanent villages, such as
Jericho, with permanent settlers who cultivated plants and tended domesticated
animals.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn28" name="_ftnref28" style="mso-footnote-id: ftn28;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[28]</span></span><!--[endif]--></span></span></a>
The Middle East, and wider Fertile Crescent, were uniquely suited for the
development of agriculture and permanent settlements, as noted by Jared Diamond
in <i>Guns, Germs and Steel: The Fates of Human Societies</i>. This is due,
partly, he argues, to the Mediterranean climate, which is characterized by
mild, wet winters and long, dry summers, allowing for cereals and pulses to
develop.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn29" name="_ftnref29" style="mso-footnote-id: ftn29;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[29]</span></span><!--[endif]--></span></span></a>
The abundant flora of the Fertile Crescent also allows for annual harvests of
nearly a ton of seeds per hectare, resulting in some 50 kilocalories of food
energy from wild cereals for each kilocalorie of work, and seeds could be
stored for use later on in the year.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn30" name="_ftnref30" style="mso-footnote-id: ftn30;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[30]</span></span><!--[endif]--></span></span></a>
This allowed for some hunter-gatherers to settle down before they even
cultivated plants.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn31" name="_ftnref31" style="mso-footnote-id: ftn31;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[31]</span></span><!--[endif]--></span></span></a>
When agriculture did develop, eight founder crops were domesticated, i.e. emmer
wheat, einkorn wheat, barley, lentils, peas, chickpeas, bitter vetch and flax.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn32" name="_ftnref32" style="mso-footnote-id: ftn32;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[32]</span></span><!--[endif]--></span></span></a>
They were also able to utilize four domestic animals as food, along with the
three cereals (emmer wheat, einkorn wheat, and barley) and four pulses (lentil,
peas, chickpeas, and bitter vetch) already mentioned.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn33" name="_ftnref33" style="mso-footnote-id: ftn33;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[33]</span></span><!--[endif]--></span></span></a>
By 6,000 BC, there were already societies in the Fertile Crescent which were
almost completely dependent on crops and domestic animals. In other words, they
were not that different from most people today, and they ate essentially the
same basic foods that we eat.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn34" name="_ftnref34" style="mso-footnote-id: ftn34;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[34]</span></span><!--[endif]--></span></span></a>
One can consider that when dipping into one’s chickpea-based hummus with a loaf
of barley bread and some lentil soup. With the development of agriculture and
permanent settlement, and a growing human population, villages, in turn, grew
and became larger. As houses became permanent, and more and more people swelled
the paths and spaces between each house, greater social organization became
necessary. This was provided largely by what has come to be known as
‘religion’. The topic of religion, faith, Dharma or Dhamma, I have discussed in
greater detail in my previous book, <i><a href="https://www.amazon.com/Mindfulness-Achieve-Happiness-Knowledge-Inner-ebook/dp/B06WWQ3P4M/">Mindfulness:
Five Ways to Achieve Real Happiness, True Knowledge and Inner Peace</a></i>,
which outlines Five ‘Ways to Be’, in order to achieve a life of balance and
equanimity, peace and fulfilment.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn35" name="_ftnref35" style="mso-footnote-id: ftn35;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[35]</span></span><!--[endif]--></span></span></a>
I have also addressed this topic in the second book of the series, <i>Meditation:
Five Ways to Master your Mind, Body and Spirit</i>, which will be published soon.
For the purposes of this essay, however, let us consider the topic of religion
in a historical sense. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/d/d5/G%C3%B6bekli_Tepe%2C_Urfa.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="531" data-original-width="800" height="212" src="https://upload.wikimedia.org/wikipedia/commons/d/d5/G%C3%B6bekli_Tepe%2C_Urfa.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: "times";">Göbekli Tepe, Anatolia</span></i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn36" name="_ftnref36" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[36]</span></span></span></a></td></tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";">We know from archaeologists
that the earliest large human settlement found to date, Göbekli Tepe, located
in Anatolia, which dates to 9500 BC, at a time when the inhabitants would have
been hunter-gatherers, did not serve any practical or utilitarian purpose.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn37" name="_ftnref37" style="mso-footnote-id: ftn37;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[37]</span></span><!--[endif]--></span></span></a>
We can speculate, therefore, that the structure was primarily cultural and
religious in focus.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn38" name="_ftnref38" style="mso-footnote-id: ftn38;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[38]</span></span><!--[endif]--></span></span></a>
Perhaps built at the command some ancient Prophet, Priest or Seer, Göbekli Tepe
could have served as a meeting-place for thousands of foragers and hunters to
meet together, cooperate and, perhaps, worship or engage in spiritual
practices. Religion and spirituality, then, go to the heart to human history,
and are integral to the development of civilization. As Harari points out, the
location of Göbekli Tepe is also significant and telling, as einkorn wheat is
believed to have originated in the Karaçadag hills, which are a mere thirty
kilometres from the ancient temple-settlement.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn39" name="_ftnref39" style="mso-footnote-id: ftn39;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[39]</span></span><!--[endif]--></span></span></a>
Is this a mere coincidence, or do the ancient origins of organized religion,
agriculture and human settlement go hand in hand? This question can be
discussed in the context of the origins of the first cities in Mesopotamia,
which centred around temples, and which were organized and managed by
priest-kings.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times";"><a href="https://nicholasjames19.blogspot.com/2018/07/the-origins-of-wealth-part-3-of-4.html" target="_blank">(Continued in Part 3...)</a><o:p></o:p></span></div>
<div style="mso-element: footnote-list;">
<!--[if !supportFootnotes]--><br clear="all" />
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<br />
<div id="ftn1" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[1]</span></span><!--[endif]--></span></span></a> See:
Joseph L. Bast, Herbert J. Walberg (2013) <i>Education and Capitalism: How Overcoming
Our Fear of Markets and Economics Can Improve</i> (Stanford, Calif.: Hoover
Institution Press), p. 85.<o:p></o:p></div>
</div>
<div id="ftn2" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref2" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[2]</span></span><!--[endif]--></span></span></a> See:
Bast & Walberg (2013), pp. 85 – 86. <o:p></o:p></div>
</div>
<div id="ftn3" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref3" name="_ftn3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[3]</span></span><!--[endif]--></span></span></a> See:
John Locke (1690) <i>Two Treatises of Government</i> (London: Printed for
Awnsham Churchill), The Second Treatise of Civil Government, Chapter II. URL: https://faculty.history.wisc.edu/sommerville/367/locke%20decindep.htm
(accessed 02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn4" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref4" name="_ftn4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[4]</span></span><!--[endif]--></span></span></a> See:
Locke (1690).<o:p></o:p></div>
</div>
<div id="ftn5" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref5" name="_ftn5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[5]</span></span><!--[endif]--></span></span></a> Image
source: Thomas Hobbes, by John Michael Wright (1617 – 1694) – National Portrait
Gallery: NPG 225 (public domain), uploaded 3 August 2013. URL: https://upload.wikimedia.org/wikipedia/commons/d/d8/Thomas_Hobbes_%28portrait%29.jpg
(accessed 04/07/2018).<o:p></o:p></div>
</div>
<div id="ftn6" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref6" name="_ftn6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[6]</span></span><!--[endif]--></span></span></a> Image
source: John Locke portrait from the Library of Congress (public domain),
uploaded 3 August 2013. URL: https://upload.wikimedia.org/wikipedia/commons/f/fa/Locke-John-LOC.jpg
(accessed 02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn7" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref7" name="_ftn7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[7]</span></span><!--[endif]--></span></span></a> Thomas
Hobbes (1651) <i>The Leviathan, or, The Matter, Forme and Power of a
Common-Wealth Ecclesiastical and Civill</i> (London: Printed for Andrew
Crooke), Part II, Chapter XVIII, 7. URL: https://www.gutenberg.org/ebooks/3207
(accessed 04/07/2018).<o:p></o:p></div>
</div>
<div id="ftn8" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref8" name="_ftn8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[8]</span></span><!--[endif]--></span></span></a> Hobbes
(1651), Part II, Chapter XVIII, 8. <o:p></o:p></div>
</div>
<div id="ftn9" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref9" name="_ftn9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[9]</span></span><!--[endif]--></span></span></a> See:
Plato (author), Benjamin Jowett (translator) <i>The Dialogues of Plato,
translated into English </i>(Oxford: Oxford University Press), Laws, Book I.
URL: https://www.gutenberg.org/files/1750/1750-h/1750-h.htm (accessed
04/07/2018).<o:p></o:p></div>
</div>
<div id="ftn10" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref10" name="_ftn10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[10]</span></span><!--[endif]--></span></span></a> See:
Plato (author), Jowett (translator), Laws, Book I.<o:p></o:p></div>
</div>
<div id="ftn11" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref11" name="_ftn11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[11]</span></span><!--[endif]--></span></span></a> See:
Plato (author), Benjamin Jowett (translator) <i>The Dialogues of Plato,
translated into English </i>(Oxford: Oxford University Press), The Republic,
Book I. URL: http://oll.libertyfund.org/titles/plato-dialogues-vol-3-republic-timaeus-critias
(accessed 04/07/2018).<o:p></o:p></div>
</div>
<div id="ftn12" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref12" name="_ftn12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[12]</span></span><!--[endif]--></span></span></a> See: J
M Rodwell (1861) <i>The Koran</i> (London: Williams and Norgate), 4:135. <o:p></o:p></div>
</div>
<div id="ftn13" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref13" name="_ftn13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[13]</span></span><!--[endif]--></span></span></a> Qur’ān
4:58 (Rodwell translation).<o:p></o:p></div>
</div>
<div id="ftn14" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref14" name="_ftn14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[14]</span></span><!--[endif]--></span></span></a> See:
Serfdom in Russia (<i>Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/Serfdom_in_Russia
(accessed 02/07/2018 16:19 AST). <o:p></o:p></div>
</div>
<div id="ftn15" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref15" name="_ftn15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[15]</span></span><!--[endif]--></span></span></a> See:
Tenures Abolition Act 1660 (<i>Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/Tenures_Abolition_Act_1660
(accessed 02/07/2018 16:23 AST).<o:p></o:p></div>
</div>
<div id="ftn16" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref16" name="_ftn16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[16]</span></span><!--[endif]--></span></span></a> See:
Feudalism in England (<i>Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/Feudalism_in_England
(accessed 02/07/2018 16:23AST).<o:p></o:p></div>
</div>
<div id="ftn17" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref17" name="_ftn17" style="mso-footnote-id: ftn17;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[17]</span></span><!--[endif]--></span></span></a> Image
source: An inhabited initial from a 13th-century French text representing the
tripartite social order of the Middle Ages: the <i>ōrātōrēs</i> (those who pray
– clerics), <i>bellātōrēs</i> (those who fight – knights, that is, the
nobility), and <i>labōrātōrēs</i> (those who work – peasants and members of the
lower middle class). Author unknown (public domain), uploaded 5 September 2012.
URL: https://commons.wikimedia.org/wiki/Category:Feudalism#/media/File:Cleric-Knight-Workman.jpg
<span style="mso-spacerun: yes;"> </span>(accessed 02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn18" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref18" name="_ftn18" style="mso-footnote-id: ftn18;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[18]</span></span><!--[endif]--></span></span></a> See:
Ian Vásquez (2001) Ending Mass Poverty, <i>Cato Institute</i>. It originally
appeared in <i>Economic Perspectives</i>, September 4, 2001 URL: https://www.cato.org/publications/commentary/ending-mass-poverty
(accessed 02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn19" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref19" name="_ftn19" style="mso-footnote-id: ftn19;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[19]</span></span><!--[endif]--></span></span></a> See:
James Gwartney, Robert Lawson, Joshua Hall (2017) <i>Economic Freedom of the
World: 2017 Annual Report</i> (Cato Institute, Fraser Institute in Canada,
etc.), p. 19. Available online at: https://www.cato.org/economic-freedom-world
(accessed 02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn20" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref20" name="_ftn20" style="mso-footnote-id: ftn20;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[20]</span></span><!--[endif]--></span></span></a> See:
Gwartney et al (2017), p. 5. <o:p></o:p></div>
</div>
<div id="ftn21" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref21" name="_ftn21" style="mso-footnote-id: ftn21;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[21]</span></span><!--[endif]--></span></span></a> See:
Sudeep Reddy (2012) World’s Extreme Poverty Cut in Half Since 1990, <i>The Wall
Street Journal</i>, Feb 29, 2012 11:13 am ET. URL: https://blogs.wsj.com/economics/2012/02/29/worlds-extreme-poverty-cut-in-half-since-1990/
(accessed 02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn22" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref22" name="_ftn22" style="mso-footnote-id: ftn22;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[22]</span></span><!--[endif]--></span></span></a> See:
Yuval Noah Harari (2014) <i><span style="font-family: "times";">Sapiens: A Brief
History of Humankind</span></i> (New York: Harper Perennial), p. 70. <o:p></o:p></div>
</div>
<div id="ftn23" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref23" name="_ftn23" style="mso-footnote-id: ftn23;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[23]</span></span><!--[endif]--></span></span></a> See:
Harari (2014).<o:p></o:p></div>
</div>
<div id="ftn24" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref24" name="_ftn24" style="mso-footnote-id: ftn24;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[24]</span></span><!--[endif]--></span></span></a> See:
Harari (2014).<o:p></o:p></div>
</div>
<div id="ftn25" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref25" name="_ftn25" style="mso-footnote-id: ftn25;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[25]</span></span><!--[endif]--></span></span></a> See:
Harari (2014).<o:p></o:p></div>
</div>
<div id="ftn26" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref26" name="_ftn26" style="mso-footnote-id: ftn26;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[26]</span></span><!--[endif]--></span></span></a> See:
Harari (2014).<o:p></o:p></div>
</div>
<div id="ftn27" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref27" name="_ftn27" style="mso-footnote-id: ftn27;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[27]</span></span><!--[endif]--></span></span></a> Image
source: The dawn of civilization: Egypt and Chaldea, G. Maspero (1897) (public
domain). URL: https://upload.wikimedia.org/wikipedia/commons/e/e9/The_dawn_of_civilization-_Egypt_and_Chaldaea_%281897%29_%2814577028168%29.jpg
(accessed 04/09/2018).<o:p></o:p></div>
</div>
<div id="ftn28" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref28" name="_ftn28" style="mso-footnote-id: ftn28;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[28]</span></span><!--[endif]--></span></span></a> See:
Harari (2014).<o:p></o:p></div>
</div>
<div id="ftn29" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref29" name="_ftn29" style="mso-footnote-id: ftn29;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[29]</span></span><!--[endif]--></span></span></a> See:
Jared Diamond (1999, 1997) <i>Guns, Germs and Steel: The Fates of Human
Societies</i> (New York: W.W. Norton & Co.), p. 135. <o:p></o:p></div>
</div>
<div id="ftn30" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref30" name="_ftn30" style="mso-footnote-id: ftn30;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[30]</span></span><!--[endif]--></span></span></a> See:
Diamond (1997), p. 136. <o:p></o:p></div>
</div>
<div id="ftn31" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref31" name="_ftn31" style="mso-footnote-id: ftn31;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[31]</span></span><!--[endif]--></span></span></a> See:
Diamond (1997), p. 136. <o:p></o:p></div>
</div>
<div id="ftn32" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref32" name="_ftn32" style="mso-footnote-id: ftn32;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[32]</span></span><!--[endif]--></span></span></a> See:
Diamond (1997), p. 141.<o:p></o:p></div>
</div>
<div id="ftn33" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref33" name="_ftn33" style="mso-footnote-id: ftn33;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[33]</span></span><!--[endif]--></span></span></a> See:
Diamond (1997), p. 142.<o:p></o:p></div>
</div>
<div id="ftn34" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref34" name="_ftn34" style="mso-footnote-id: ftn34;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[34]</span></span><!--[endif]--></span></span></a> See:
Diamond (1997), p. 142. <o:p></o:p></div>
</div>
<div id="ftn35" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref35" name="_ftn35" style="mso-footnote-id: ftn35;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[35]</span></span><!--[endif]--></span></span></a> See: NJ
Bridgewater (2017) <i>Mindfulness: Five Ways to Achieve Real Happiness, True
Knowledge and Inner Peace (Five Ways to Be, Volume 1)</i> (Abergavenny, UK:
Jaha Publishing). <o:p></o:p></div>
</div>
<div id="ftn36" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref36" name="_ftn36" style="mso-footnote-id: ftn36;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[36]</span></span><!--[endif]--></span></span></a> Image
source: Göbekli Tepe, Şanlıurfa, uploaded by Teomancimit, 6 September 2011(CC
BY-SA 3.0). URL: https://upload.wikimedia.org/wikipedia/commons/d/d5/G%C3%B6bekli_Tepe%2C_Urfa.jpg
(accessed 04/07/2018). For more information on the license, see: https://creativecommons.org/licenses/by-sa/3.0/
(accessed 04/07/2018).<o:p></o:p></div>
</div>
<div id="ftn37" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref37" name="_ftn37" style="mso-footnote-id: ftn37;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[37]</span></span><!--[endif]--></span></span></a> See:
Harari (2014).<o:p></o:p></div>
</div>
<div id="ftn38" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref38" name="_ftn38" style="mso-footnote-id: ftn38;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[38]</span></span><!--[endif]--></span></span></a> See:
Harari (2014).<o:p></o:p></div>
</div>
<div id="ftn39" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref39" name="_ftn39" style="mso-footnote-id: ftn39;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[39]</span></span><!--[endif]--></span></span></a> See:
Harari (2014).<o:p></o:p></div>
</div>
</div>
<!--EndFragment--><br />Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com0tag:blogger.com,1999:blog-3210933998341353221.post-44272771948777119602018-07-05T13:19:00.000-07:002018-07-06T01:21:26.525-07:00The Origins of Wealth (Part 1 of 4)<div class="MsoNormal">
<span style="font-family: "times";">NJ Bridgewater<o:p></o:p></span></div>
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<w:LsdException Locked="false" Priority="9" SemiHidden="true"
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<w:LsdException Locked="false" Priority="9" SemiHidden="true"
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<w:LsdException Locked="false" Priority="9" SemiHidden="true"
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<w:LsdException Locked="false" Priority="9" SemiHidden="true"
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<w:LsdException Locked="false" Priority="9" SemiHidden="true"
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<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 7"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
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<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 9"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 2"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 3"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 6"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="35" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="1" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
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<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
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<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
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<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
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<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
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<w:LsdException Locked="false" Priority="30" QFormat="true"
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
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<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
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<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
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<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
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<w:LsdException Locked="false" Priority="21" QFormat="true"
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<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
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<b><span style="font-family: "times";"><br /></span></b></div>
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<b><span style="font-family: "times";">Human Origins and
Anthropology<o:p></o:p></span></b></div>
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<span style="font-family: "times";">What are the origins of
wealth, and where does it come from? This is a question upon which volumes
could be written, and thinkers and scholars have tried to answer for centuries.
It is only with archaeological, anthropological and historical research that we
are finally finding answers to that very question. The origins of wealth are
intimately linked to the origins of money and trade, which can both be traced
back to the earliest origins of humanity. This has been demonstrated by the
famous Cypherphunk, computer scientist, legal scholar and cryptographer, Nick
Szabo, who developed an early form of cryptocurrency called Bitgold and is a
leading proponent of <a href="https://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html" target="_blank">Bitcoin</a>.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[1]</span></span><!--[endif]--></span></span></a>
He is also responsible for developing the concept of ‘smart contracts’, which
form the basis of <a href="https://nicholasjames19.blogspot.com/2018/04/what-is-ethereum.html" target="_blank">Ethereum</a>, NEO and other prominent cryptocurrencies.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn2" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[2]</span></span><!--[endif]--></span></span></a>
In an article published in 2002, entitled <a href="https://nakamotoinstitute.org/shelling-out/" target="_blank">“Shelling Out: The Origins of Money”</a>,
Szabo explains that the earliest form of money consisted of collectibles such
as beads, shells etc.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn3" name="_ftnref3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[3]</span></span><!--[endif]--></span></span></a>
In the late 1990s, archaeologist Stanley Ambrose discovered a cache of beads
made from a variety of shells and shell fragments, with these being dated to at
least 40,000 years ago, while other collections of strung beads have been found
in Blombos Cave in South Africa, dating to 75,000 BP (Before Present).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn4" name="_ftnref4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[4]</span></span><!--[endif]--></span></span></a>
<o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/c/cf/Great_Rift_Valley_(7513006770).jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="600" data-original-width="800" height="240" src="https://upload.wikimedia.org/wikipedia/commons/c/cf/Great_Rift_Valley_(7513006770).jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: "times";">The Great Rift Valley, Kenya</span></i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn5" style="font-size: 16px; text-align: start;" title="">[5]</a></td></tr>
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<span style="font-family: "times";">Modern man is believed to
have originated in Africa, with many of the earliest remains being found in the
Great Rift Valley, as well as in the Cradle of Humankind. The former, also
known as the East African Rift System (EARS), stretches north to south through
East Africa, wending its way through Ethiopia, Kenya, Uganda and Tanzania.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn6" name="_ftnref6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[6]</span></span><!--[endif]--></span></span></a>
This marks the boundary between the Nubian Plate, which makes up most of
Africa, and the smaller Somalian Plate, which are moving away from each other,
as well as from the Arabian plate further north, with the three plates meeting
in the Afar region of Ethiopia.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn7" name="_ftnref7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[7]</span></span><!--[endif]--></span></span></a>
The Cradle of Humankind refers to a stretch of 180 square miles of open
grasslands and sundry trees located an hour northwest of Johannesburg in South
Africa.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn8" name="_ftnref8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[8]</span></span><!--[endif]--></span></span></a>
It is still uncertain as to which part of Africa humanity originated from, with
97% of the continent yet to be investigated by fossil hunters, and an abundance
of fossil evidence and new discoveries emerging in both South and East Africa.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn9" name="_ftnref9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[9]</span></span><!--[endif]--></span></span></a>
What is known is that anatomically-modern human beings left Africa between
60,000 and 200,000 years ago, and that mitochondrial Eve and y-chromosomal Adam
emerged in Africa. According to one study by geneticist Carlos Bustamente,
Y-chromosomal Adam, the single male ancestor of all mankind, may have lived
between between 125,000 and 156,000 years ago, while mitochondrial Eve, the
ancestor of all direct female lines, lived between 99,000 and 148,000 years
ago.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn10" name="_ftnref10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[10]</span></span><!--[endif]--></span></span></a>
Another study, by Michael Hammer, places y-chromosomal Adam further back, at
between 237,000 and 581,000 years ago.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn11" name="_ftnref11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[11]</span></span><!--[endif]--></span></span></a>
If true, this means that human beings have a truly ancient origin and deep
roots within the African continent—the birthplace and homeland of all mankind. <o:p></o:p></span></div>
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<b><span style="font-family: "times";">Stone Age Money and Trade<o:p></o:p></span></b></div>
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<span style="font-family: "times";">It is no surprise, then,
that a recent discovery in a cave in Kenya has revealed yet more evidence of
mankind’s ancient use of collectibles. Archaeologists have discovered a
treasure trove of more than 30,000 items, including 48,000-year-old crayons and
shell beads. Researchers, led by archaeologist Dr. Ceri Shipton, have found an
unbroken record of human habitation in the cave dating back some 78,000 years,
right up until about 500 years ago.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn12" name="_ftnref12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[12]</span></span><!--[endif]--></span></span></a>
The cave, called <i>Panga ya Saidi</i>, is located on the Kenyan south coast,
just north of Mombasa, and includes such assorted items as decorated bones,
beads made from shells or ostrich eggs, stone tools and arrow-heads made of
bone.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn13" name="_ftnref13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[13]</span></span><!--[endif]--></span></span></a>
The treasures of Panga ya Saidi include the earliest bead discovered in Kenya,
which dates between 67,000 and 63,000 years ago.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn14" name="_ftnref14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[14]</span></span><!--[endif]--></span></span></a>
Around 33,000 years ago, beads made from shells some 9 miles away became
popular, and, around 25,000 years ago, beads made of ostrich shells
predominated.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn15" name="_ftnref15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[15]</span></span><!--[endif]--></span></span></a><span style="mso-spacerun: yes;"> </span>This was followed by seashells, some 10,000
years ago, which became the standard material of choice.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn16" name="_ftnref16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[16]</span></span><!--[endif]--></span></span></a>
What does all of this have to do with wealth? Nick Szabo argues that collecting
and making necklaces was costly, so it must have had a significant selection
benefit.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn17" name="_ftnref17" style="mso-footnote-id: ftn17;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[17]</span></span><!--[endif]--></span></span></a>
The time and effort taken to make necklaces when human beings lived on the
brink of starvation is truly remarkable, and it reflects an important social
advantage. <o:p></o:p></span></div>
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<tr><td style="text-align: center;"><img border="0" data-original-height="800" data-original-width="546" height="320" src="https://upload.wikimedia.org/wikipedia/commons/a/a2/String_of_cowrie_shell_beads_on_fiber_MET_32-1-211.jpg" style="margin-left: auto; margin-right: auto;" width="218" /></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: "times";">Egyptian Shell beads (2030 – 1640 BC)</span></i><a href="https://upload.wikimedia.org/wikipedia/commons/a/a2/String_of_cowrie_shell_beads_on_fiber_MET_32-1-211.jpg" imageanchor="1" style="clear: left; font-size: medium; margin-bottom: 1em; margin-right: 1em;"><span style="font-size: 12pt;"></span></a><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn18" name="_ftnref18" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[18]</span></span></span></a> </td></tr>
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<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/d/d8/Kikuyu_woman_traditional_dress.jpg" imageanchor="1" style="font-size: 12pt; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="800" data-original-width="600" height="320" src="https://upload.wikimedia.org/wikipedia/commons/d/d8/Kikuyu_woman_traditional_dress.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: "times";"> Kikuyu woman wearing traditional beads</span></i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn19" name="_ftnref19" style="font-size: 12pt;" title="">[19]</a></td></tr>
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<br />
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<span style="clear: left; float: left; font-size: 12pt; margin-bottom: 1em; margin-right: 1em; text-align: left;">Money, in essence, is a
means of exchange. When someone does something for us, we often feel the need
to reciprocate, trading favours for favours. Within a complex social system, it
is impossible to keep track of all of these favours. Ancient man used a variety
of stone tools and other implements. How can one possibly keep track of all the
favours owed to people who manufactured or traded these tools? Also, there may
be other intangible favours which are exchanged, marriages enacted between
different clans, the trading of furs and meat, and many other items which
require some kind of reciprocal arrangement. A means of exchange, therefore, is
necessary, and collectibles, such as beads and necklaces, served as the
earliest form of money. In such ancient, Palaeolithic societies, people did not
live in a state of shared ownership or primitive communism, as Karl Marx (1818
– 1883) argued. Rather, the earliest human beings were also the earliest
capitalists, with capitalism being the natural and most ancient state of
affairs. Barter was one method of transacting wealth, through the exchange of
one type of good directly for another. This, however, has limitations, since
some goods are perishable and most goods are not fungible, i.e. can be divided
and exchanged for an equal amount of the same item. Gold can be divided into
coins of greater or lesser weight, whereas a stone tool cannot. Beads can be
exchanged in greater or lesser amounts and are thus fungible. Since they take
time to carve and string together, they also hold intrinsic value (according to
the intrinsic theory of value, as supported by the economist David Ricardo).
Beads and shells are thus the earliest form of money.</span></div>
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<b><span style="font-family: "times";">Capitalism in
Hunter-Gatherer Societies<o:p></o:p></span></b></div>
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<span style="font-family: "times";">Marxism is a defunct
ideology—a shell of an idea—which has long since been disproven, and which has
always produced disastrous results when put into action. Not even counting the
countless millions or billions who have died as a direct result of Marxism and
communism, it cannot even be used on the smallest scale without abject failure
and embarrassment. In fact, some 80 – 94 million people are estimated to have
died as a direct result of communist genocides, extrajudicial executions,
deportations and artificial famines.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn20" name="_ftnref20" style="mso-footnote-id: ftn20;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[20]</span></span><!--[endif]--></span></span></a>
This does not, of course, count the untold millions who have suffered from the
indirect effects of communism. I would, in fact, not mention Marxism at all,
nor is it worthy of any study or consideration, except for the fact that a
large number of people are still swayed by its deleterious doctrines and
deceptive assumptions. It is, in short, one of the most ruinous ideas to have ever
been conceived by man. It includes a number of fallacious assumptions, such as
Engels’ notion that primitive man lived in a state of communism, that early man
shared women and had no fixed marriages, and that commerce and capitalism are
more modern developments.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn21" name="_ftnref21" style="mso-footnote-id: ftn21;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[21]</span></span><!--[endif]--></span></span></a>
On the contrary, as Szabo demonstrates, collectibles served as the first form
of money (or proto-money), which had concrete values that were far from
arbitrary.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn22" name="_ftnref22" style="mso-footnote-id: ftn22;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[22]</span></span><!--[endif]--></span></span></a> Commerce,
likewise, was incredibly ancient. Szabo argues that since individuals, clans
and tribes vary in their preference, their ability to satisfy these preferences
and their beliefs about the relative value of various objects or products of
importance to them vary and, therefore, “there are always gains to made from
trade”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn23" name="_ftnref23" style="mso-footnote-id: ftn23;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[23]</span></span><!--[endif]--></span></span></a>
In other words, there was always an advantage to be made from trading goods and
services, and transaction costs were low enough to make trading worthwhile.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn24" name="_ftnref24" style="mso-footnote-id: ftn24;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[24]</span></span><!--[endif]--></span></span></a>
For a further dressing-down (as well as explication) of Marxism and its
notorious founder, Karl Marx, one need look no further than <i>Marxism:
Philosophy and Economics</i> by Thomas Sowell.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn25" name="_ftnref25" style="mso-footnote-id: ftn25;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[25]</span></span><!--[endif]--></span></span></a>
However, for a better understanding of economics and capitalism, one should
read Sowell’s <i>Basic Economics: A Common Sense Guide to the Economy</i>,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn26" name="_ftnref26" style="mso-footnote-id: ftn26;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[26]</span></span><!--[endif]--></span></span></a><span style="mso-spacerun: yes;"> </span>as well as his <i>Applied Economics: Thinking
Beyond Stage One</i>.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn27" name="_ftnref27" style="mso-footnote-id: ftn27;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[27]</span></span><!--[endif]--></span></span></a><span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/a/a6/Masai_dance.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="535" data-original-width="800" height="213" src="https://upload.wikimedia.org/wikipedia/commons/a/a6/Masai_dance.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: "times";">Maasai people celebrating a wedding in Kenya</span></i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn28" name="_ftnref28" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[28]</span></span></span></a></td></tr>
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<span style="font-family: "times"; font-size: 12pt;">Far from being communists,
ancient hunter-gatherers were capitalists, and the relative wealth and power of
individuals and clans would vary, rather than being uniform. Moreover,
hunter-gather groups which have survived today, such as the !Kung, spend much
of the year in small, dispersed bands, but, once a year, they aggregate with
other bands to allow for trade, the formation of alliances and partnerships,
and the transaction of marriages.</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn29" name="_ftnref29" style="font-family: Times; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[29]</span></span></span></a><span style="font-family: "times"; font-size: 12pt;">
Marriage, therefore, and the family structure, is truly ancient. Related to
this is the exchange of wealth in the form of a dowry or bride price, and the
inheritance of goods from one generation to the next, all of which bely the
fanciful notions of Marx and his collaborator, Engels. Walker et al (2011), for
example, argue that the exchange of mates among kin groups and accompanying
networks or economic exchange, including bride service (as practiced by the
!Kung) and bride price, “arguably create the foundation of human social
organization”.</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn30" name="_ftnref30" style="font-family: Times; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[30]</span></span></span></a><span style="font-family: "times"; font-size: 12pt;">
They also found that the practice of bride price or bride service was present
in 80% of a comparative sample of 190 hunter-gatherer groups, with only 20% of
men practising polygyny.</span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn31" name="_ftnref31" style="font-family: Times; font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[31]</span></span></span></a><span style="font-family: "times"; font-size: 12pt;">
This suggests that, in hunter-gatherer societies, marriage is intimately linked
with trade and the exchange of wealth, and that monogamy is the norm. Such
gatherings for trade, marriage and the formulation of contracts and agreements,
were intimately linked with mankind’s oldest form of social adhesion and
organization, i.e. religion.</span></div>
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<span style="font-family: "times";">Ancient shamanic headdresses
from the Mesolithic (i.e. the ‘Middle Stone Age’) indicate that ritualism and
spirituality were present in early hunter-gatherer societies, with research
demonstrating that a significant amount of time and effort went into creating
the ritual headdresses.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn32" name="_ftnref32" style="mso-footnote-id: ftn32;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[32]</span></span><!--[endif]--></span></span></a>
Pilgrimage or visits to sacred sites have also been found among Australian
aborigines and Native Americans,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn33" name="_ftnref33" style="mso-footnote-id: ftn33;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[33]</span></span><!--[endif]--></span></span></a>
indicating, perhaps, that the practice has ancient origins. While the religious
practices of ancient hunter-gatherers are, ultimately, unknown, religion may
have played a role in the transition from nomadic to semi-nomadic and,
eventually, settled lifestyles, with Göbekli Tepe, which we will refer to later
on, as a prime example of this transition, at the very beginning of what would
become the Agricultural Revolution. The ancient role of Mecca (Makkah) as a
ritual centre, and the centrality of the Kaaba, is another example of the
importance of shared beliefs and religious rites in organizing and uniting
diverse tribes and clans of nomadic and semi-nomadic people. The Kaaba’s role
as a sacred gathering-place and shrine is said to date back to the second
millennium BC.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn34" name="_ftnref34" style="mso-footnote-id: ftn34;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[34]</span></span><!--[endif]--></span></span></a> According
to Ibn Habib (d. 859/60), in pre-Islamic times, the Kaaba was referred to as <i>bayt
Allāh</i> (the ‘House of God’) or <i>bayt al-‘Arab</i> (the ‘House of Arabs’),
while Ibn Hisham (d. 833 AD) refers to the foundations of the Kaaba as the <i>asās
Ibrahīm</i> (the ‘foundations of Abraham’),<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn35" name="_ftnref35" style="mso-footnote-id: ftn35;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[35]</span></span><!--[endif]--></span></span></a>
indicating that the original structure was built by the Prophet Abraham (who
may have lived c. 2100 – 1800 BC).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn36" name="_ftnref36" style="mso-footnote-id: ftn36;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[36]</span></span><!--[endif]--></span></span></a>
Such shrine-cities serve as gathering-places for annual festivals, where trade
and commerce can take place, war and conflict is forbidden, and knowledge and
technology can be shared. It is no surprise, then, that the first cities were
also based around ritual centres and temples. <o:p></o:p></span></div>
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<b><span style="font-family: "times";">Women and Wealth in
Ancient Societies<o:p></o:p></span></b></div>
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<span style="font-family: "times"; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: major-bidi;">The distribution of wealth among the sexes is
also widely misunderstood, with women wielding far greater economic power than
is commonly believed. Friedrich Engels (1820 - 1895), Marx’s collaborator and
patron (and, ironically, himself a businessman), believed that mankind was
originally matriarchal, with women leading society. This is largely due to his
irrational obsession with power dynamics and his narrow belief in the
controller-controlled stratification of society and human relations. The
Marxian worldview is bipolar and dichotomous, black-and-white and simplistic.
Engels believed that this primitive matriarchy was then replaced by another
fanciful notion, i.e. that of the patriarchy. The ‘patriarchy’ is the bugaboo
or bogeyman of our era, a made-up notion of an all-encompassing conspiracy of
the male to subjugate and control the female. This widely-debunked conspiracy
theory is a product of Engels’ limited, 19<sup>th</sup>-century imagination. He
famously stated that man’s “unlimited rule was emphasized and endowed with
continuity by the downfall of the matriarchy, the introduction of patriarchy,
and the gradual transition from the pairing family to the monogamic family.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn37" name="_ftnref37" style="mso-footnote-id: ftn37;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[37]</span></span><!--[endif]--></span></span></a>
This notion is overthrown, first and foremost, by how commonplace monogamy is
among hunter-gatherer tribes, and the likely antiquity of both monogamy and the
bride price or bride service. Modern hunter-gatherers operate, furthermore, on
an egalitarian basis, with an equal control over decisions as to where groups
live and who they associate with.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn38" name="_ftnref38" style="mso-footnote-id: ftn38;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[38]</span></span><!--[endif]--></span></span></a>
This suggests that equality, rather than matriarchy, is the most ancient order
within families and communities. Moreover, women have, historically, been in
control of a large portion of the wealth of mankind. <o:p></o:p></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/6/6d/Ur_excavations_(1900)_(14580924750).jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="800" data-original-width="706" height="320" src="https://upload.wikimedia.org/wikipedia/commons/6/6d/Ur_excavations_(1900)_(14580924750).jpg" width="282" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i style="font-family: "Times New Roman", serif; font-size: 16px; text-align: start;"><span style="font-family: "times";">The gold headdress of Queen Puabi (c. 2600 BC)</span></i><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn39" name="_ftnref39" style="font-size: 12pt;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[39]</span></span></span></a></td></tr>
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<span style="font-family: "times"; font-size: 12pt;"><br /> </span></div>
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<span style="font-family: "times"; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: major-bidi;">Women’s control over wealth can be indicated
not only from ancient Stone Age jewellery, which served as both a form of
proto-money and adornment, and, likely, was used for marriage transactions, but
also from the earliest civilizations, including ancient Mesopotamia. The
average well-to-do woman, for example, in ancient Mesopotamia wore gold and
silver rings on their arms and feet, having a standard weight of 5 shekels (55
grams), which was identical to standard fractions of the bride price,
indicating that the wealth transacted in the bride price was not only worn, but
also controlled, by women.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn40" name="_ftnref40" style="mso-footnote-id: ftn40;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[40]</span></span><!--[endif]--></span></span></a>
This indicates that women were not merely being bought and sold but, rather,
were in control of a large share of the wealth of mankind. This was as true
then as it is now, with women in the U.S. controlling 51% of private wealth
(i.e. $14 trillion USD)—estimated to be as much as $22 trillion by 2020.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn41" name="_ftnref41" style="mso-footnote-id: ftn41;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[41]</span></span><!--[endif]--></span></span></a>
In fact, women are expected to control as much as two-thirds of private wealth
in three years’ time,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn42" name="_ftnref42" style="mso-footnote-id: ftn42;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[42]</span></span><!--[endif]--></span></span></a>
and they already control about 30% of private wealth worldwide.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn43" name="_ftnref43" style="mso-footnote-id: ftn43;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[43]</span></span><!--[endif]--></span></span></a>
This distribution of wealth undermines Engels’ arguments regarding ‘the
patriarchy’. Patriarchy suggests, furthermore, control and antagonism between
the sexes, a notion that has become central to the erroneous arguments of modern
feminism. The reality is that, for most of history, life has been brutally hard
for the vast majority of mankind, and men and women, husbands and wives, have
cooperated together, and supported one another, in order to get by. Antagonism
and control, therefore, as part of some kind of organized patriarchal
conspiracy, has never been the case. And, as life has become easier and better
for the vast majority of mankind over the last century or so, equality between
the sexes is being realized in both civil society and the wider economy. Women,
in general, have always had significant access to wealth and that is likely to
remain the case, despite ideologically-motivated Marxist and feminist arguments
to the contrary. As Jordan Peterson writes in his epic book, <i>12 Rules for
Life</i>, the “so-called oppression of the patriarchy was instead an imperfect
collective attempt by men and women over millennia, to free each other from
privation and drudgery.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn44" name="_ftnref44" style="mso-footnote-id: ftn44;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times"; font-size: 12.0pt;">[44]</span></span><!--[endif]--></span></span></a> Nor
should we ignore the incredible burden men have borne throughout the ages, both
in protecting and providing for families, and in their service in the military,
as well as in the toils and rigours of factory-work and mining during the
Industrial Revolution.<o:p></o:p></span></div>
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Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 2"/>
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<!--StartFragment-->
<!--EndFragment--><div class="MsoNormal">
<span style="font-family: "times";"><a href="https://nicholasjames19.blogspot.com/2018/07/the-origins-of-wealth-part-2-of-4.html" target="_blank">(Continued in Part 2…)</a><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div style="mso-element: footnote-list;">
<!--[if !supportFootnotes]--><br clear="all" />
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<br />
<div id="ftn1" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[1]</span></span><!--[endif]--></span></span></a> See:
Nick Szabo (<i>Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/Nick_Szabo
(accessed 02/07/2018 09:26 AST).<o:p></o:p></div>
</div>
<div id="ftn2" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref2" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[2]</span></span><!--[endif]--></span></span></a> See:
Smart contract (<i>Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/Smart_contract
(accessed 02/07/2018 09:26 AST).<o:p></o:p></div>
</div>
<div id="ftn3" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref3" name="_ftn3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[3]</span></span><!--[endif]--></span></span></a> See:
Nick Szabo (2002) Shelling Out: The Origins of Money, <i>Satoshi Nakamoto
Institute</i>. URL: https://nakamotoinstitute.org/shelling-out/ (accessed
02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn4" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref4" name="_ftn4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[4]</span></span><!--[endif]--></span></span></a> See:
Szabo (2002).<o:p></o:p></div>
</div>
<div id="ftn5" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref5" name="_ftn5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[5]</span></span><!--[endif]--></span></span></a> Image
source: Another view of the Great Rift Valley in Kenya, uploaded 1 November
2010 by Shankar.s (Dubai, United Arab Emirates) (Creative Commons Attribution
2.0 Generic license). URL: https://upload.wikimedia.org/wikipedia/commons/c/cf/Great_Rift_Valley_%287513006770%29.jpg
(accessed 02/07/2018). For more information on the license, see: https://creativecommons.org/licenses/by/2.0/deed.en
(accessed 02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn6" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref6" name="_ftn6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[6]</span></span><!--[endif]--></span></span></a> See:
James Wood, Alex Guth (2005-2018) East Africa's Great Rift Valley: A Complex
Rift System, <i>Geology.com</i>. URL: https://geology.com/articles/east-africa-rift.shtml
(accessed 02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn7" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref7" name="_ftn7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[7]</span></span><!--[endif]--></span></span></a> See:
Wood & Guth (2005-2018).<o:p></o:p></div>
</div>
<div id="ftn8" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref8" name="_ftn8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[8]</span></span><!--[endif]--></span></span></a> See:
Evan Hadingham (2015) Where Is the Birthplace of Humankind? South Africa and
East Africa Both Lay Claims, <i>National Geographic</i>, September 11, 2015.
URL: https://news.nationalgeographic.com/2015/09/150911-hominin-hominid-berger-homo-naledi-fossils-ancestor-rising-star-human-origins/
(accessed 02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn9" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref9" name="_ftn9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[9]</span></span><!--[endif]--></span></span></a> See:
Hadingham (2015).<o:p></o:p></div>
</div>
<div id="ftn10" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref10" name="_ftn10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[10]</span></span><!--[endif]--></span></span></a> See:
Tia Ghose (2013) Genetic ‘Adam’ and ‘Eve’ Uncovered, <i>LiveScience</i>, August
1, 2013 02:00pm ET. URL: https://www.livescience.com/38613-genetic-adam-and-eve-uncovered.html
(accessed 02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn11" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref11" name="_ftn11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[11]</span></span><!--[endif]--></span></span></a> See:
Ghose (2013).<o:p></o:p></div>
</div>
<div id="ftn12" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref12" name="_ftn12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[12]</span></span><!--[endif]--></span></span></a> See:
Aaron Walker (2018) Kenyan cave sheds new light on dawn of modern man,<i>
Australian National University</i>, 10 May 2018. URL: http://www.anu.edu.au/news/all-news/kenyan-cave-sheds-new-light-on-dawn-of-modern-man
(accessed 02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn13" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref13" name="_ftn13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[13]</span></span><!--[endif]--></span></span></a> See:
Walker (2018).<o:p></o:p></div>
</div>
<div id="ftn14" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref14" name="_ftn14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[14]</span></span><!--[endif]--></span></span></a> See:
Jason Daley (2018) People Lived in This Cave for 78,000 Years, <i>Smithsonian.com</i>,
May 11, 2018. URL: https://www.smithsonianmag.com/smart-news/people-lived-cave-78000-years-180969051/
(accessed 02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn15" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref15" name="_ftn15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[15]</span></span><!--[endif]--></span></span></a> See:
Daley (2018).<o:p></o:p></div>
</div>
<div id="ftn16" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref16" name="_ftn16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[16]</span></span><!--[endif]--></span></span></a> See:
Daley (2018).<o:p></o:p></div>
</div>
<div id="ftn17" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref17" name="_ftn17" style="mso-footnote-id: ftn17;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[17]</span></span><!--[endif]--></span></span></a> See:
Szabo (2002).<o:p></o:p></div>
</div>
<div id="ftn18" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref18" name="_ftn18" style="mso-footnote-id: ftn18;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[18]</span></span><!--[endif]--></span></span></a> Image
source: String of cowrie shell beads on fiber, from Egypt, Memphite Reigion,
Lisht South, MMA excavations, Rogers Fund, 1932. Creative Commons Zero (CCO)
designation. URL: https://upload.wikimedia.org/wikipedia/commons/a/a2/String_of_cowrie_shell_beads_on_fiber_MET_32-1-211.jpg
(accessed 02/07/2018). See the following link for more information on the Open
Access policy for this photograph: https://metmuseum.org/about-the-met/policies-and-documents/image-resources
(accessed 02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn19" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref19" name="_ftn19" style="mso-footnote-id: ftn19;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[19]</span></span><!--[endif]--></span></span></a> Image
source: Kikuyu woman with face painted white and red, wearing several necklaces
with shell beads, uploaded by Angela Sevin, 5 August 2008 06:27(Attribution CC
BY 2.0). URL: https://upload.wikimedia.org/wikipedia/commons/d/d8/Kikuyu_woman_traditional_dress.jpg
(accessed 02/07/2018). For more information on the license, see: https://creativecommons.org/licenses/by/2.0
(accessed 02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn20" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref20" name="_ftn20" style="mso-footnote-id: ftn20;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[20]</span></span><!--[endif]--></span></span></a><span class="MsoFootnoteReference"> </span>See: Marian L. Tupy (2017) 100 Years of
Communism: Death and Deprivation, <i>Cato Institute</i>, October 28, 2017. URL:
https://www.cato.org/publications/commentary/100-years-communism-death-deprivation
(accessed 02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn21" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref21" name="_ftn21" style="mso-footnote-id: ftn21;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[21]</span></span><!--[endif]--></span></span></a> See:
Friedrich Engels (author), Ernest Untermann (translator) (1902) <i>The Origin
of the Family, Private Property and the State</i> (Chicago: Charles H. Kerr
& Company). Available online at: https://archive.org/details/originoffamilypr00enge
(accessed 01/07/2018).<o:p></o:p></div>
</div>
<div id="ftn22" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref22" name="_ftn22" style="mso-footnote-id: ftn22;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[22]</span></span><!--[endif]--></span></span></a> See:
Szabo (2002).<o:p></o:p></div>
</div>
<div id="ftn23" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref23" name="_ftn23" style="mso-footnote-id: ftn23;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[23]</span></span><!--[endif]--></span></span></a> See:
Szabo (2002). <o:p></o:p></div>
</div>
<div id="ftn24" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref24" name="_ftn24" style="mso-footnote-id: ftn24;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[24]</span></span><!--[endif]--></span></span></a> See:
Szabo (2002).<o:p></o:p></div>
</div>
<div id="ftn25" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref25" name="_ftn25" style="mso-footnote-id: ftn25;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[25]</span></span><!--[endif]--></span></span></a> Thomas
Sowell (1985) <i>Marxism: Philosophy and Economics</i> (London: Routledge).<o:p></o:p></div>
</div>
<div id="ftn26" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref26" name="_ftn26" style="mso-footnote-id: ftn26;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[26]</span></span><!--[endif]--></span></span></a> Thomas
Sowell (2014) <i>Basic Economics: A Common Sense Guide to the Economy</i>
(Washington: The Perseus Books Group)<o:p></o:p></div>
</div>
<div id="ftn27" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref27" name="_ftn27" style="mso-footnote-id: ftn27;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[27]</span></span><!--[endif]--></span></span></a> Thomas
Sowell (2009) <i>Applied Economics: Thinking Beyond Stage One </i>(New York:
Basic Books)<o:p></o:p></div>
</div>
<div id="ftn28" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref28" name="_ftn28" style="mso-footnote-id: ftn28;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[28]</span></span><!--[endif]--></span></span></a> Image
source: Masai people celebrating a wedding, Kenya, uploaded 17 July 2016,
08:07:19 by Farid Mahmoud Abdin (own work) (Creative Commons Attribution-Share
Alike 4.0 International). URL: https://upload.wikimedia.org/wikipedia/commons/a/a6/Masai_dance.jpg
(accessed 02/07/2018). For more information on the license, see: https://creativecommons.org/licenses/by-sa/4.0/
(accessed 02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn29" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref29" name="_ftn29" style="mso-footnote-id: ftn29;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[29]</span></span><!--[endif]--></span></span></a> See:
Szabo (2002).<o:p></o:p></div>
</div>
<div id="ftn30" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref30" name="_ftn30" style="mso-footnote-id: ftn30;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[30]</span></span><!--[endif]--></span></span></a> See:
Robert S. Walker, Kim R. Hill, Mark V. Flinn, Ryan M. Ellsworth (2011) Evolutionary
History of Hunter-Gatherer Marriage Practices, <i>PLoS One</i>, 2011; 6(4):
e19066. Published online 2011 Apr 27. URL: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3083418/
(accessed 01/07/2018).<o:p></o:p></div>
</div>
<div id="ftn31" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref31" name="_ftn31" style="mso-footnote-id: ftn31;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[31]</span></span><!--[endif]--></span></span></a> See:
Walker et al (2011).<o:p></o:p></div>
</div>
<div id="ftn32" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref32" name="_ftn32" style="mso-footnote-id: ftn32;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[32]</span></span><!--[endif]--></span></span></a> See:
Brooks Hays (2016) Headdress study highlights ancient hunter-gatherer rituals, <i>UPI.com</i>,
April 13, 2016 at 3:42 PM. URL: https://www.upi.com/Science_News/2016/04/13/Headdress-study-highlights-ancient-hunter-gatherer-rituals/8751460573216/
(accessed 05/07/2018).<o:p></o:p></div>
</div>
<div id="ftn33" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref33" name="_ftn33" style="mso-footnote-id: ftn33;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[33]</span></span><!--[endif]--></span></span></a> See:
Robert L. Winzeler (2012) <i>Anthropology and Religion: What We Know, Think,
and Question</i> (Lanham, Md.: Altamira Press), p. 137. <o:p></o:p></div>
</div>
<div id="ftn34" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref34" name="_ftn34" style="mso-footnote-id: ftn34;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[34]</span></span><!--[endif]--></span></span></a> See: Ziauddin
Sardar (2014) <i>Mecca: The Sacred City</i> (London: Bloomsbury Publishing), p.
13. <o:p></o:p></div>
</div>
<div id="ftn35" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref35" name="_ftn35" style="mso-footnote-id: ftn35;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[35]</span></span><!--[endif]--></span></span></a> See: Peter
Webb (2013) The Hajj before Muhammad: Journeys to Mecca in Muslim Narratives of
Pre-Islamic History. In Venetia Porter, Liana Saif (editors) (2013) <i>The
Hajj: Collected Essays</i> (London: The British Museum), p. 9. Available online
at: https://www.britishmuseum.org/PDF/The_Hajj_collected_essays_BM.pdf (accessed
05/07/2018).<o:p></o:p></div>
</div>
<div id="ftn36" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref36" name="_ftn36" style="mso-footnote-id: ftn36;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[36]</span></span><!--[endif]--></span></span></a> See:
Cynthia Astle (2018) Archaeological Evidence About the Biblical Story of
Abraham, <i>ThoughtCo.</i>, updated June 30, 2018. URL: https://www.thoughtco.com/archaeological-evidence-abraham-in-the-bible-116875
(accessed 05/07/2018) ; NOVA (2018) Archeology of the Hebrew Bible, <i>NOVA</i>,
11.18.08. URL: http://www.pbs.org/wgbh/nova/ancient/archeology-hebrew-bible.html
(accessed 05/07/2018).<o:p></o:p></div>
</div>
<div id="ftn37" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref37" name="_ftn37" style="mso-footnote-id: ftn37;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[37]</span></span><!--[endif]--></span></span></a> See: Engels
(author), Untermann (translator) (1902), p. 1.<o:p></o:p></div>
</div>
<div id="ftn38" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref38" name="_ftn38" style="mso-footnote-id: ftn38;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[38]</span></span><!--[endif]--></span></span></a> See:
Hannah Devlin (2015) Early men and women were equal, say scientists, <i>The
Guardian</i>, 14 May 2015 22.58 BST. URL: https://www.theguardian.com/science/2015/may/14/early-men-women-equal-scientists
(accessed 02/07/2018)<o:p></o:p></div>
</div>
<div id="ftn39" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref39" name="_ftn39" style="mso-footnote-id: ftn39;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[39]</span></span><!--[endif]--></span></span></a> Image
source: Queen Puabi (wrongly called Shubad), Joint Expedition of the British
Museum and of the Museum of the University of Pennsylvania to Mesopotamia Hall,
H. R. (Harry Reginald), 1873-1930, ed Woolley, Leonard, Sir, 1880-1960 Legrain,
Leon, 1878- ed. Image is in the public domain. URL: https://upload.wikimedia.org/wikipedia/commons/6/6d/Ur_excavations_%281900%29_%2814580924750%29.jpg
(accessed 02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn40" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref40" name="_ftn40" style="mso-footnote-id: ftn40;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[40]</span></span><!--[endif]--></span></span></a> See: M.
Stol (1995) Women in Mesopotamia, <i>Journal of the Economic and Social History
of the Orient</i><o:p></o:p></div>
<div class="MsoFootnoteText">
Vol. 38, No. 2, Women's History (1995), pp. 123-144.
URL: https://wit-resources.s3.amazonaws.com/Women-in-Mesopotamia.pdf (accessed
02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn41" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref41" name="_ftn41" style="mso-footnote-id: ftn41;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[41]</span></span><!--[endif]--></span></span></a> See:
Ryan Gorman (2015) Women now control more than half of US personal wealth, which
'will only increase in years to come'<i>, Business Insider</i>, Apr 7, 2015,
12:20 PM. URL: http://www.businessinsider.com/women-now-control-more-than-half-of-us-personal-wealth-2015-4
(accessed 02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn42" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref42" name="_ftn42" style="mso-footnote-id: ftn42;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[42]</span></span><!--[endif]--></span></span></a> See:
Alessandra Malito (2017) Women are about to control a massive amount of wealth
but can’t find anyone to manage it, <i>MarketWatch.com</i>, May 15, 2017 12:25
p.m. ET. URL: https://www.marketwatch.com/story/women-are-about-to-control-a-massive-amount-of-wealth-but-cant-find-anyone-to-manage-it-2017-05-12
(accessed 02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn43" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref43" name="_ftn43" style="mso-footnote-id: ftn43;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[43]</span></span><!--[endif]--></span></span></a> See:
Michael Tindera (2016) Women Hold Nearly One Third Of Global Private Wealth, <i>Forbes</i>,
Jun 16, 2016 @ 08:00 AM. URL: https://www.forbes.com/sites/michelatindera/2016/06/16/women-hold-nearly-one-third-of-global-private-wealth/#4664a2ea4d56<span style="mso-spacerun: yes;"> </span>(accessed 02/07/2018).<o:p></o:p></div>
</div>
<div id="ftn44" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref44" name="_ftn44" style="mso-footnote-id: ftn44;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[44]</span></span><!--[endif]--></span></span></a> See:
Jordan B. Peterson (2018) <i>12 Rules for Life: An Antidote to Chaos</i>
(London, etc.: A. Lane, an imprint of Penguin Books), p. 304. <o:p></o:p></div>
</div>
</div>
<!--EndFragment--><br />Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com0tag:blogger.com,1999:blog-3210933998341353221.post-25701146248809510062018-04-29T01:45:00.001-07:002018-04-29T01:50:53.800-07:00What is Ethereum?<!--[if gte mso 9]><xml>
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Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4"/>
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<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "times";">NJ Bridgewater<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "times";">29 April 2018<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br />
<span style="background-color: white; color: #333333; font-family: "Times New Roman", serif; font-size: 14.6667px;">[NOTE: This post should not be considered or construed as financial advice or other advice and is written solely for informative and educational purposes]</span><br />
<span style="background-color: white; color: #333333; font-family: "Times New Roman", serif; font-size: 14.6667px;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b style="font-size: 11pt; text-align: center;"><span lang="EN-US" style="font-family: "times";">Introduction</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "times";">What is Ethereum? Simply
put, Ethereum is a blockchain-based network which allows for the creation and
implementation of smart contracts.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[1]</span></span><!--[endif]--></span></span></a>
The central engine of the system is a decentralizing Turing-complete virtual
machine called the Ethereum Virtual Machine (EVM), which executes scripts using
an international network of public nodes.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn2" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[2]</span></span><!--[endif]--></span></span></a>
The Ethereum platform also generates its own cryptocurrency called Ether. Ether
(or ETH) is one of the top four cryptocurrencies – the others being Bitcoin
(BTC – the undoubted king of cryptocurrencies), Litecoin (LTC) and Bitcoin Cash
(BCH), which is a hard fork of the Bitcoin blockchain. [For more information on
Bitcoin, see my article, </span><span lang="EN-US"><a href="http://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html"><span style="font-family: "times";">‘What is Bitcoin’ here</span></a></span><span lang="EN-US" style="font-family: "times";">]. Internal transactions within the
Ethereum network are priced using ‘Gas’, which helps to mitigate spam and
allocate resources within the network.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn3" name="_ftnref3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[3]</span></span><!--[endif]--></span></span></a>
The main purpose of the platform is to create “a global infrastructure that can
move value around and represent ownership of property”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn4" name="_ftnref4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[4]</span></span><!--[endif]--></span></span></a>
This can include both digital assets (e.g. cryptocurrencies themselves, like
Ether) and tokenized assets. An asset is something which has value, including
money, precious metals, land etc. By tokenizing assets, one can create digital
tokens which represent objects of real-world value. One could, for example,
create a token which represents an ounce of gold or silver. This digital token
would then represent the object of real-world value. While Bitcoin represents
the next step in the evolution of money, Ethereum has opened up new
possibilities and a next-level evolution in the ownership and distribution of
tangible (e.g. gold) and intangible (e.g. information) assets.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "times";"><br /></span></div>
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<span lang="EN-US" style="font-family: "times";"><br /></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_Q3aOC5RgwLg2mIzryEZVjFMQZD8CUspeRBDUof6ykxF7DgZIOCHvhyIj5AKv5UUEeKVNEw29uld0s3roWkqUOfm2jzUXf4AoToWmGwa0VEbrvs2W-lJ0RW_GlfQ3XsmrgH5Lm4dvRSg/s1600/Ethereum.jpg" imageanchor="1" style="font-size: medium; margin-left: auto; margin-right: auto; text-align: center;"><img border="0" data-original-height="424" data-original-width="260" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_Q3aOC5RgwLg2mIzryEZVjFMQZD8CUspeRBDUof6ykxF7DgZIOCHvhyIj5AKv5UUEeKVNEw29uld0s3roWkqUOfm2jzUXf4AoToWmGwa0VEbrvs2W-lJ0RW_GlfQ3XsmrgH5Lm4dvRSg/s320/Ethereum.jpg" width="196" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Ethereum logo</td></tr>
</tbody></table>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "times";"></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span lang="EN-US" style="font-family: "times";">Etymology <o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "times";">The name <i style="mso-bidi-font-style: normal;">Ethereum,</i> which evokes the English word
‘ether’ and sounds a lot like ethereal (meaning ‘delicate’ or ‘otherworldly’).
If we describe something as ethereal, we mean that it pertains to the ether, sky
or celestial heavens. Thus, we might describe a princess or goddess depicted in
Pre-Raphaelite paintings as ‘ethereal’, such as the <i style="mso-bidi-font-style: normal;">Lady of Shalott</i> by John William Waterhouse (1849 – 1917), or the
nymphs in <i>Hylas and the Nymphs</i>, by the same artist. Ether, which derives
from the Latin <i style="mso-bidi-font-style: normal;">aetherius </i>(‘pertaining
to the ether, sky or air), is a borrowing from the Greek <i style="mso-bidi-font-style: normal;">aithérios</i>. It is synonymous with the Latin <i style="mso-bidi-font-style: normal;">dīvīnus</i>, meaning divine, and <i style="mso-bidi-font-style: normal;">caeles</i>,
meaning ‘celestial’ or ‘heavenly’, from <i style="mso-bidi-font-style: normal;">caelum</i>
‘heaven, sky’.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn5" name="_ftnref5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[5]</span></span><!--[endif]--></span></span></a> In
medieval science, furthermore, æther or ether, also called the ‘quintessence’,
refers to a theoretical material which fills the region of the universe which
exists above the terrestrial sphere.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn6" name="_ftnref6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[6]</span></span><!--[endif]--></span></span></a>
It is also referred to in Plato’s <i>Timaeus</i> as being a translucent kind of
air.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn7" name="_ftnref7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[7]</span></span><!--[endif]--></span></span></a>
In any case, æther or ether is an other-worldy, celestial or perhaps ineffable
concept which defies ordinary understanding and conception. The <i style="mso-bidi-font-style: normal;">-eum</i> ending which has been added to the
word evokes 1<sup>st</sup> and 2<sup>nd</sup> declension Latin accusative
nouns, making the word sound Classical and Roman, like the English words
millennium, requiem, compendium and barium.<o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWPt6T1Va1GhfD5ylPMfLgOVCTgzPSBjPluPR2ujfF0v7l8Xx5o8ynN3d7Jsh6OrneD0ltBos47vLYAxPMuMWCLlyhUW51idNkaZ9QlqMPVdJJdspH8okZ8Bzjchu8LAmjINMYYzaBmNY/s1600/1920px-VitalikButerinProfile.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1373" data-original-width="1600" height="274" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWPt6T1Va1GhfD5ylPMfLgOVCTgzPSBjPluPR2ujfF0v7l8Xx5o8ynN3d7Jsh6OrneD0ltBos47vLYAxPMuMWCLlyhUW51idNkaZ9QlqMPVdJJdspH8okZ8Bzjchu8LAmjINMYYzaBmNY/s320/1920px-VitalikButerinProfile.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Vitalik Buterin, creator of Ethereum</td></tr>
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<b><span lang="EN-US" style="font-family: "times";">The Founder – Vitalik
Buterin<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "times";">Unlike Bitcoin, whose
creator, under the pseudonym Satoshi Nakamoto, remains anonymous, Ethereum has
a known founder and foundation which has a controlling influence over the
network and its development. This provides a sharp distinction between the
decentralized and democratic Bitcoin network, and Ethereum, which cannot
replicate either the decentralization or the trustlessness of its competitor.
Ethereum was founded by now-billionaire Vitalik Buterin, who first heard about
Bitcoin in 2009.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn8" name="_ftnref8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[8]</span></span><!--[endif]--></span></span></a>
Vitalik, a Russian-Canadian programmer and co-founder of <i>Bitcoin Magazine</i>,
was born in 1994 and, as of writing, is only 24 years old!<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn9" name="_ftnref9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[9]</span></span><!--[endif]--></span></span></a>
Believing that Bitcoin had some limitations, Vitalik went on to develop his own
platform in 2015, called Ethereum, as a decentralized platform for applications
and smart contracts. Due to the revolutionary nature of the platform, it has
been dubbed the ‘Internet 2.0’.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn10" name="_ftnref10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[10]</span></span><!--[endif]--></span></span></a>
Having solved the ‘double spending problem’, Bitcoin was the pioneer in
blockchain technology. Vitalik utilized this same technology to create the
Ethereum blockchain, which is the distributed and digital ledger which records
all the transactions on the Ethereum platform. In this sense, Bitcoin and
Ethereum are similar, as they both operate using thousands of nodes distributed
across the planet, preserving the network from destruction and allowing all new
transactions to be verified and compared against the blockchain. Ethereum’s
chief innovation, however, was in the development of decentralized smart
contracts. <o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgC3O2mmilUAD7PcHm2lCN4igQ_IZpF93VQUtaLYnPh9HVTOT9M0zheNcHWsC8YfCiH8NxWGhMJjg0Fe1bEyGvTQrZ7j6DQB07uVDDoX-PeZvlSdGoCzB40HXcVzEX47WQIrhaGZAbmV7Y/s1600/vendingmachine.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="646" data-original-width="440" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgC3O2mmilUAD7PcHm2lCN4igQ_IZpF93VQUtaLYnPh9HVTOT9M0zheNcHWsC8YfCiH8NxWGhMJjg0Fe1bEyGvTQrZ7j6DQB07uVDDoX-PeZvlSdGoCzB40HXcVzEX47WQIrhaGZAbmV7Y/s320/vendingmachine.jpg" width="217" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">A vending machine</td></tr>
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<b><span lang="EN-US" style="font-family: "times";">Smart Contracts<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "times";">What is a smart contract? To
start with, a contract is an agreement between two parties and is legally
recognized by state institutions. There are two main kinds of contracts: verbal
and written contracts. Smart contracts are similar in that they involve an
agreement between two parties. They differ, however, in how the contracts are
executed. A smart contract, as first conceived in 1993 by computer scientist
and cryptographer Nick Szabo, acts like a ‘digital vending machine’.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn11" name="_ftnref11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[11]</span></span><!--[endif]--></span></span></a>
The basic idea or premise behind smart contracts, Szabo explains, “is that many
kinds of contractual clauses (such as collateral, bonding, delineation of
property rights, etc.) can be embedded in the hardware and software we deal
with, in such a way as to make breach of contract expensive (if desired,
sometimes prohibitively so) for the breacher.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn12" name="_ftnref12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[12]</span></span><!--[endif]--></span></span></a>
The vending machine example shows us that “via a simple mechanism”, the machine
can take in coins and dispense change according to a specified price. The
vending machine itself “is a contract with bearer: anybody with coins can
participate in an exchange with the vendor. The lockbox and other security
mechanisms protect the stored coins and contents from attackers, sufficiently
to allow profitable deployment of vending machines in a wide variety of areas.”
<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "times";">What Szabo is saying here is
that a smart contract functions in the same manner as a vending machine. When
you place a coin in the machine to purchase an item, e.g. a can of Coke, you
are entering a contract with the vendor who owns the machine. Instead of
signing a paper or digital contract or entering into a verbal agreement, you
are entering a contract that is mechanically automated through the internal
mechanism of the machine itself. The coin enters and the product is released
automatically, falling into the tray where you can access and take your
purchased goods. A smart contract works the same way. For example, a developer
will create a smart contract on the Ethereum platform which allows for the
exchange of one digital token for another. This may take the form of exchanging
the native Ether cryptocurrency for another token developed on the Ethereum
platform, e.g. TRX. An exchange rate can be specified, a time frame can be
determined, or any other number of variant factors which will determine the
length, amount, and other features of the contract. When someone sends Ether to
the specified contract address, the tokens specified in the contract are
automatically released. There is no intermediate human intervention; rather,
like the vending machine, the mechanisms of the Ethereum Virtual Machine ensure
that the contract is executed, seamlessly and without prejudice. The lack of a
human mediator is revolutionary – it frees humans from the constraints of third
parties and allows direct peer-to-peer interactions and exchanges of wealth,
assets and information, without any concern for government oversight or third-party
governance.<o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "times";">Decentralized
Applications (Dapps)<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "times";">In addition to smart
contracts, another essential feature of Ethereum is ‘decentralized
applications’ or DApps. According to the Ethereum whitepaper, “the intent of
Ethereum is to create an alternative protocol for building decentralized
applications”, which it achieves through “building what is essentially the
ultimate abstract foundational layer: a blockchain with a built-in
Turing-complete programming language, allowing anyone to write smart contracts
and decentralized applications where they can create their own arbitrary rules
for ownership, transaction formats and state transition functions”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn13" name="_ftnref13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[13]</span></span><!--[endif]--></span></span></a>
DApps include a number of features, including open-source code, which is freely
available to all; decentralization, using a blockchain; digital incentives in
the form of crypto-tokens or digital assets; and an algorithm or protocol which
generates tokens and has an in-built consensus mechanism.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn14" name="_ftnref14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[14]</span></span><!--[endif]--></span></span></a>
Unlike traditional applications, file sharing websites and social networks,
DApps are decentralized – stored and run by computers across the planet. This
can lead to decentralized media (e.g. Steemit), decentralized file sharing/store
(e.g. Filecoin) and even de-centralized games such as CryptoKitties.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn15" name="_ftnref15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[15]</span></span><!--[endif]--></span></span></a>
If you want to understand Ethereum’s potential use cases, then you need to
understand CryptoKitties.<o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEharECJd6Z4RqakLvJwWuvaSRfd2qn96Kunz6gahFYjTorvZM7M-KDN_H6Sj9h2eSZClJDO8JTnzVsL-McZubn_U7OL-F7AqqNhPssILcqAuBCOzE7M9kxjJeOPqiN8BLbRxIAU7Ew5iNw/s1600/crypto-kitties.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="430" data-original-width="750" height="183" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEharECJd6Z4RqakLvJwWuvaSRfd2qn96Kunz6gahFYjTorvZM7M-KDN_H6Sj9h2eSZClJDO8JTnzVsL-McZubn_U7OL-F7AqqNhPssILcqAuBCOzE7M9kxjJeOPqiN8BLbRxIAU7Ew5iNw/s320/crypto-kitties.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><a href="https://cryptobriefing.com/wp-content/uploads/2017/12/crypto-kitties.jpg" target="_blank">An example of a CryptoKitty</a></td></tr>
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<b><span lang="EN-US" style="font-family: "times";">CryptoKitties <o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "times";">CryptoKitties is an
Ethereum-based virtual game created by Axiom Zen, which allows user to buy,
collect, breed and sell virtual cats.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn16" name="_ftnref16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[16]</span></span><!--[endif]--></span></span></a>
As of December 2017, Ether-holders had spent more than $2 million USD on
virtual cats which are bought and sold within the game.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn17" name="_ftnref17" style="mso-footnote-id: ftn17;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[17]</span></span><!--[endif]--></span></span></a>
Not only is this an internet game, but CryptoKitties themselves are highly
collectible, with the most expensive virtual cat to date (called Genesis)
selling for $117,712, with the mean price per virtual cat selling at less than
$90.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn18" name="_ftnref18" style="mso-footnote-id: ftn18;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[18]</span></span><!--[endif]--></span></span></a>
In the same month (December), the game’s popularity caused congestion on the
Ethereum network, causing an all-time-high rise in transactions and a
considerable slowdown in the time it takes to make Ether transactions.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn19" name="_ftnref19" style="mso-footnote-id: ftn19;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[19]</span></span><!--[endif]--></span></span></a>
Interestingly, the cats have a 256-bit genome with DNA and different
attributes, called ‘cattributes’ which can be passed on to offspring. As such,
one can both collect existing virtual cats as well as breeding others for sale.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn20" name="_ftnref20" style="mso-footnote-id: ftn20;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[20]</span></span><!--[endif]--></span></span></a>
CryptoKitties is thus both a game and a potential business. On March 20<sup>th</sup>,
2018, it was announced that CryptoKitties would be spun off to form its own
company, raising $12 million USD from several major venture capital firms and
other investors, led by San Francisco-based Andreessen Horowitz, an American
private venture capital firm founded by Marc Andreessen and Ben Horowitz in
2009.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn21" name="_ftnref21" style="mso-footnote-id: ftn21;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[21]</span></span><!--[endif]--></span></span></a>
In fact, CryptoKitties have been so popular that it has even inspired spin-off
games such as Tron (TRX) Dogs, which are based on the TRON platform.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn22" name="_ftnref22" style="mso-footnote-id: ftn22;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[22]</span></span><!--[endif]--></span></span></a>
Tron Dogs were launched by Game.com and have no direct affiliation with the
Tron Foundation, though Justin Sun, the founder of Tron, sits on the advisory
board for Tron Dogs. At the time of launch, a Tron Dog could be purchased for
far less than a CryptoKitty, at only 200 TRX (about $18 USD) per dog, though
one can spend 20,000 TRX to buy their own Tron Dogs store, with an upper limit
of 10,000 pet stores per person.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn23" name="_ftnref23" style="mso-footnote-id: ftn23;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[23]</span></span><!--[endif]--></span></span></a>
All of this seems rather ridiculous, until you realize that it isn’t and that
this is just the beginning of a new economy of fictional digital assets and the
monetized utilization of crypto-tokens in online gaming.<o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVpbk_SxK53bHMMPSekf7BiXeDjk78UrmTmPrFEuB22vE93E_v-yUW2OL3Ef11TiN4jRBrv_Z7SiaQyUdwjVNw1k4w9N1goo_XDc3u4JUNeXv_zzGJmf8YLHf8JMdtNzdKB8xz7Ekmy3o/s1600/343px-Ethereum_Classic_Logo.svg.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="555" data-original-width="343" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVpbk_SxK53bHMMPSekf7BiXeDjk78UrmTmPrFEuB22vE93E_v-yUW2OL3Ef11TiN4jRBrv_Z7SiaQyUdwjVNw1k4w9N1goo_XDc3u4JUNeXv_zzGJmf8YLHf8JMdtNzdKB8xz7Ekmy3o/s320/343px-Ethereum_Classic_Logo.svg.png" width="197" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Ethereum Classic logo</td></tr>
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<b><span lang="EN-US" style="font-family: "times";">The DAO Hack and Ethereum
Classic<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "times";">Ethereum is, however, not
without its faults. One of the most notable of these was revealed by the DAO
attack. In April 2016, the German blockchain startup, Slock.it, launched a
radical experiment called the Distributed Autonomous Organization (or the DAO
for short), which was based on the Ethereum network.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn24" name="_ftnref24" style="mso-footnote-id: ftn24;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[24]</span></span><!--[endif]--></span></span></a>
It was an ambitious project: to launch a venture capital firm wherein all
decisions were made via smart contracts instead of through human control. The
project raised an astounding $150 million from roughly 11,000 investors and
was, at the time, the largest crowdfunding effort in history.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn25" name="_ftnref25" style="mso-footnote-id: ftn25;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[25]</span></span><!--[endif]--></span></span></a>
This much-anticipated project, however, was soon to face a major catastrophe.
The problem was that there were serious security flaws in the DAO code, leading
computer programmer, Emin Gün Sirer, to urge that people stop donating to the
DAO until the flaws could be fixed.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn26" name="_ftnref26" style="mso-footnote-id: ftn26;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[26]</span></span><!--[endif]--></span></span></a>
His concerns went unheeded, however, and on 17<sup>th</sup> June 2016, funds
were moved from the DAO and its account drained by an unknown hacker. A series
of efforts were undertaken to recover the funds, but to no avail and, at the
end, the only option remaining to recover the funds was to hard fork the
Ethereum blockchain.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn27" name="_ftnref27" style="mso-footnote-id: ftn27;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[27]</span></span><!--[endif]--></span></span></a>
A hard fork usually takes place when a significant change in the code of a
blockchain is made and the blockchain is split into two versions, with some
miners (or nodes) running the original code while others adopt the new
blockchain. The digital ledger, in other words, is divided in two, and these
two new ledgers then function and continue to develop independently of each
other. This happened, for example, when Bitcoin Cash (BCH) forked off the
Bitcoin blockchain, with the majority of the community continuing to support
the original Bitcoin (BTC) blockchain. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "times";">On July 20, 2016 at 14:30
UTC, the China-based Ethereum-miner BW.com mined the 192,000<sup>th</sup> block
on the Ethereum blockchain, followed by the immediate return of the funds lost
in the DAO hack to an account available to the original DAO investors.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn28" name="_ftnref28" style="mso-footnote-id: ftn28;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[28]</span></span><!--[endif]--></span></span></a>
The result? The funds were restored but, at the same time, the original
Ethereum ledger was irreparably altered – falsified, if you will – in order to
preserve the massive amount of funds invested in the DAO. While the DAO
investors did receive justice, in a sense, since their original funds were
preserved – at the same time, the integrity of the blockchain was compromised
and a precedent was set, one in which ledgers can be altered to suit the needs
of certain individuals or categories of investors. Another result of the DAO
hack was the creation of Ethereum Classic (ETC), which resulted from an
ideological opposition to the restoration of the DAO funds, thus compromising
the immutability of the Ethereum ledger.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn29" name="_ftnref29" style="mso-footnote-id: ftn29;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[29]</span></span><!--[endif]--></span></span></a>
Since that time, however, the precedent established by the DAO hack has not
been followed. A recent proposal, for instance, to restore money to users who
suffered from the recent Parity hack (which resulted in 587 Ethereum wallets
holding 513,774.16 ETH being frozen), was shut down when users overwhelmingly
voted against forking the blockchain yet again to restore their funds. The
amount lost would have amounted to around $360 million USD at today’s prices.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn30" name="_ftnref30" style="mso-footnote-id: ftn30;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[30]</span></span><!--[endif]--></span></span></a>
<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "times";"><o:p><br /></o:p></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_mOBrNCr7FFGU8vL4RU2Xq8_hJBOkrEAIECOSfQ17FeSMbyRkwaAgQHTRSHFBcBcDCg0ceqHDRCJ-MBys_-slrhJl5bMfR8lG49JpZoG_sbmOPazvohtfYO3WqnYxEGSDRH8brp1docU/s1600/kriptovalyuty-min.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="365" data-original-width="628" height="185" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_mOBrNCr7FFGU8vL4RU2Xq8_hJBOkrEAIECOSfQ17FeSMbyRkwaAgQHTRSHFBcBcDCg0ceqHDRCJ-MBys_-slrhJl5bMfR8lG49JpZoG_sbmOPazvohtfYO3WqnYxEGSDRH8brp1docU/s320/kriptovalyuty-min.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><a href="https://www.btcsoul.com/wp-content/uploads/2017/08/kriptovalyuty-min.jpg" target="_blank">Examples of different cryptocurrencies and tokens</a></td></tr>
</tbody></table>
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<b><span lang="EN-US" style="font-family: "times";">ERC20 / ERC223 Tokens and
ICOs / ITOs<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "times";">In addition to CryptoKitties
and other decentralized apps (DApps), one of the main functionalities of
Ethereum is the tokenization of assets, i.e. the creation of crypto-tokens or
crypto-assets, often or usually released in the form of an initial coin
offering (ICO) or initial token offering (ITO). The creation of crypto-assets
is made possible through the Ethereum Virtual Machine (EVM), which allows for
the creation of ERC20 tokens. ERC stands for ‘Ethereum Request for Comment’ and
20 is the number assigned to the request.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn31" name="_ftnref31" style="mso-footnote-id: ftn31;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[31]</span></span><!--[endif]--></span></span></a>
Originally proposed by Fabian Vogelsteller in 2015, ERC20 tokens are tokens
which are created within the Ethereum ecosystem, adhering to a common list of
rules and giving developers the ability to decide how the tokens will function
within the ecosystem.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn32" name="_ftnref32" style="mso-footnote-id: ftn32;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[32]</span></span><!--[endif]--></span></span></a>
A smart contract can be implemented, which allows for automatic exchange of the
new tokens for a fixed amount of Ether (ETH). When a blockchain company wishes
to release a new crypto-asset, such as a utility token (i.e. a token which
provides a utility or function), they program the token with a smart contract
which allows for the receipt of ETH and the dispersal of the new token.
Investors then send their ETH to the smart contract address and receive a set
amount of tokens in return, automatically and without any human intervention.
The easy-of-use and adaptability of this new token-class has led to a boom in
ICOs, resulting in a total of more than 21,000 ERC20 token contracts being
created, with some of the most successful including EOS, Bancor, Qash and
Bankex, which each raised over $70 million USD.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn33" name="_ftnref33" style="mso-footnote-id: ftn33;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[33]</span></span><!--[endif]--></span></span></a>
Investing in ICOs is not without risk, not least because a large number of
these blockchain startups do not follow through with the implementation of
their business model, and there are also technical risks as well. In April
2018, for example, Poloniex had to suspend all ERC20 token deposits and
withdrawals due to a potential new smart contract bug called ‘batchOverFlow’.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn34" name="_ftnref34" style="mso-footnote-id: ftn34;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[34]</span></span><!--[endif]--></span></span></a>
While such bugs can and are usually solved without much difficulty, this does
show that the code is not invulnerable. It should also be noted that there is
now a new type of Ethereum-based token called ERC223, which includes some
additional improvements and functionalities.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn35" name="_ftnref35" style="mso-footnote-id: ftn35;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[35]</span></span><!--[endif]--></span></span></a>
</span><span lang="EN-US"><a href="https://digitexfutures.com/"><span style="font-family: "times";">Digitex</span></a></span><span lang="EN-US" style="font-family: "times";"> is an example of this new ERC223 token standard.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn36" name="_ftnref36" style="mso-footnote-id: ftn36;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[36]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "times";">The Future<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "times";">What are the future
prospects for Ethereum and its native token, Ether? The cryptocurrency space is
still quite young, and the future development of cryptocurrency and its potential
integration with mainstream financial institutions and markets is still
uncertain. One of the key questions surrounding Ethereum is whether or not it
should be classified as a security under various national laws, e.g. under U.S.
law. If it is classified as a security, then Ethereum could be subject to a
number of national and international government regulations. This is where NEO,
an alternative blockchain which also allows for the development of smart
contracts and decentralized applications proves interesting. NEO is,
essentially, a rival to Ethereum and already hosts an increasing number of
NEO-based (NEP-5) tokens. While Ethereum currently dominates the field, its
future dominance is by no means certain. If it is classed as a security, the
Ether (ETH) currency itself and all of the ERC20 and ERC223 tokens would, by
extension, be subject to government regulations. NEO, in contrast, has already
made moves in the direction of government compliance and regulation. The most
promising new exchange for trading NEP-5 tokens, a decentralized exchange (DEX)
called </span><span lang="EN-US"><a href="http://nicholasjames19.blogspot.com/2018/04/neon-exchange-nex-new-decentralized.html"><span style="font-family: "times";">Neon Exchange (NEX)</span></a></span><span lang="EN-US" style="font-family: "times";"> will be opening in the near future,
allowing for the trading of NEO-based tokens and the eventual integration of
Ethereum-based and other tokens. NEX has already made a conscious effort to
register as a security under European law and fully intends to comply with government
regulations. See </span><span lang="EN-US"><a href="http://nicholasjames19.blogspot.com/2018/04/neon-exchange-nex-new-decentralized.html"><span style="font-family: "times";">my article on the Neon Exchange here</span></a></span><span lang="EN-US" style="font-family: "times";">. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "times";">Ethereum, despite its
laudable endeavor to achieve decentralization and freedom from government or
other centralized control, may have to move in the same direction as NEO at
some point. This leaves Bitcoin as the only truly decentralized cryptocurrency
and the centre of the entire cryptocurrency ecosystem. Price-wise, however, the
future prospects for Ethereum and Ether seem good. DeVere Group, which is a
financial consulting firm, estimates that ETH could rise in price to about
$2,500 by the end of 2018, with further increases by 2019 and 2020
respectively.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn37" name="_ftnref37" style="mso-footnote-id: ftn37;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[37]</span></span><!--[endif]--></span></span></a>
The current price of Ethereum is roughly $688.92 USD or 0.07352 BTC. As the
total market value of the crypto-space continues to grow, and as Bitcoin
continues to lead the way, Ethereum will no doubt follow, and the value of
Ether may continue to rise over the long run. However unrealistic it may seem
from the perspective of early 2018, Dan Morehead, the CEO of Pantera Capital, a
$1 billion USD cryptocurrency hedge fund, has even gone so far as to say that
the crypto-market could hit $40 trillion USD within ten years, i.e. by 2028.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn38" name="_ftnref38" style="mso-footnote-id: ftn38;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[38]</span></span><!--[endif]--></span></span></a>
If that’s the case, the value of Ether could soar much higher than it is at
present. Whether or not this prediction will prove true remains to be seen, but
the very fact that it is within the realm of possibility means that the potential
for growth is enormous. <o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "times";">Some Facts about Ethereum<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "times";">Now, finally, here are some more
facts about Ethereum:<o:p></o:p></span></div>
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<div class="MsoListParagraph" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<!--[if !supportLists]--><span lang="EN-US" style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span dir="LTR"></span><span lang="EN-US" style="font-family: "times";">According to the official FAQ on the Ethereum.org
website, 60 million Ether were created for the original 2014 presale, 12
million (20%) were allocated to the development fund, and the supply of Ether
was capped at 18 million Ether per year (25% of the initial supply), with the
supply continuously inflating into the foreseeable future.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn39" name="_ftnref39" style="mso-footnote-id: ftn39;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[39]</span></span><!--[endif]--></span></span></a>
<o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="EN-US" style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span dir="LTR"></span><span lang="EN-US" style="font-family: "times";">77% of ICOs take place on the Ethereum blockchain
(e.g. ERC20 and ERC223 tokens).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn40" name="_ftnref40" style="mso-footnote-id: ftn40;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[40]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="EN-US" style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span dir="LTR"></span><span lang="EN-US" style="font-family: "times";">There is no hard cap for Ether, with the total amount
mined per year standing at around 18 million.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn41" name="_ftnref41" style="mso-footnote-id: ftn41;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[41]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="EN-US" style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span dir="LTR"></span><span lang="EN-US" style="font-family: "times";">The current supply of Ether was 98 million as of
January 2018.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn42" name="_ftnref42" style="mso-footnote-id: ftn42;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[42]</span></span><!--[endif]--></span></span></a>
This now stands at 99,100,709.03 ETH (as of writing), of which 72,009,990.50
ETH was created when Ethereum initially launched. This is equivalent to
$68,272,460,465 USD. This is referred to as the total market capitalization.
The average price per ETH is currently $688.92 USD or 0.07352 BTC.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn43" name="_ftnref43" style="mso-footnote-id: ftn43;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[43]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="EN-US" style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span dir="LTR"></span><span lang="EN-US" style="font-family: "times";">As of Jan. 2018, Ethereum had a block time of 14 to
15 seconds, compared to 10 minutes for Bitcoin.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn44" name="_ftnref44" style="mso-footnote-id: ftn44;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[44]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="EN-US" style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span dir="LTR"></span><span lang="EN-US" style="font-family: "times";">Mining of Ether generates new coins at a consistent
rate, without any increase in mining difficulty.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn45" name="_ftnref45" style="mso-footnote-id: ftn45;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[45]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="EN-US" style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span dir="LTR"></span><span lang="EN-US" style="font-family: "times";">Ethereum transaction fees are usually measured in
Gwei, which is a subunit of Ether equivalent to 10 to the minus 9<sup>th</sup>
power ETH, with the smallest subunit being Wei, which is 10 to the minus 18<sup>th</sup>
power.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn46" name="_ftnref46" style="mso-footnote-id: ftn46;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[46]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
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<br /></div>
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<!--[if !supportLists]--><span lang="EN-US" style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span dir="LTR"></span><span lang="EN-US" style="font-family: "times";">Sometime in 2018 – 2019, Ethereum will be switched
from Proof of Work to a new consensus algorithm, currently under development,
called Casper.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn47" name="_ftnref47" style="mso-footnote-id: ftn47;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt; line-height: 107%;">[47]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
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<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "times";">If you are interested in
learning about Bitcoin, make sure to check out my article entitled </span><span lang="EN-US"><a href="http://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html"><span style="font-family: "times";">‘What is Bitcoin?’</span></a></span><span lang="EN-US" style="font-family: "times";"> (7 December 2017) and my YouTube video entitled </span><span lang="EN-US"><a href="https://www.youtube.com/watch?v=EBCdt-UdkFA"><span style="font-family: "times";">‘Bitcoin: What is it?’</span></a></span><span lang="EN-US" style="font-family: "times";"> (10 March 2018).</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "times";">Sources:<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times"; mso-ansi-language: EN-GB;">Beryl Achieng’
(2018) 5 fascinating facts about Ethereum blockchain, <i>Crypto News Magnet</i>,
March 22, 2018. URL:
https://cryptonewsmagnet.com/5-fascinating-facts-ethereum-blockchain/ </span><span lang="EN-US" style="font-family: "times";">(accessed 25/04/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 11.0pt;">Leonid Beder (2017) The New ERC223 Token Standard, <i>Medium</i>,
Dec 5, 2017. URL:
https://medium.com/kinfoundation/the-new-erc223-token-standard-8dddbf1a5909
(accessed 25/04/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span lang="EN-US" style="font-family: "times"; font-size: 11.0pt;">Andrew Braun (2018) Are Decentralized Apps the Future of the Internet? <i style="mso-bidi-font-style: normal;">MakeTechEasier</i>, 14<sup>th</sup> March
2018. URL: https://www.maketecheasier.com/are-decentralized-apps-the-future/
(accessed 25/04/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span lang="EN-US" style="font-family: "times"; font-size: 11.0pt;">NJ Bridgewater (2017) What is Bitcoin? <i>Crossing the Bridge</i>, 7
December 2017. URL:
http://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html (accessed
28/04/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span lang="EN-US" style="font-family: "times"; font-size: 11.0pt;">NJ Bridgewater (2018) Neon Exchange (NEX): A New Decentralized Exchange
(DEX), <i>Crossing the Bridge</i>, 18 April 2018. URL:
http://nicholasjames19.blogspot.com/2018/04/neon-exchange-nex-new-decentralized.html
(accessed 28/04/2018).<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span lang="EN-US" style="font-family: "times"; font-size: 11.0pt;">Vitalik Buterin (2013) A Next-Generation Smart Contract and
Decentralized Application Platform, published on <i style="mso-bidi-font-style: normal;">GitHub</i>. URL: https://github.com/ethereum/wiki/wiki/White-Paper
(accessed 25/04/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 11.0pt;">Michael del Castillo (2016) Ethereum Executes
Blockchain Hard Fork to Return DAO Funds, <i>CoinDesk</i>, Jul 20, 2016 at
15:23 UTC, updated Jul 21, 2016 at 15:25 UTC. URL:
https://www.coindesk.com/ethereum-executes-blockchain-hard-fork-return-dao-investor-funds/
</span><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt;">(accessed
28/04/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 11.0pt;">ERC20 (<i>Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/ERC20
</span><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt;">(accessed
28/04/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span lang="EN-US" style="font-family: "times"; font-size: 11.0pt;">Ether – The crypto-fuel for the Ethereum network, <i style="mso-bidi-font-style: normal;">Ethereum.org</i>. URL: https://www.ethereum.org/ether (accessed
25/04/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoFootnoteText">
<span lang="EN-US" style="font-family: "times"; font-size: 11.0pt;">Ethereum Blockchain App Platform. URL: https://ethereum.org (accessed
25/04/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 11.0pt;">Etherscan, <i>Etherscan.io</i>. URL:
https://etherscan.io/stat/supply </span><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt;">(accessed 25/04/2018)</span><span style="font-family: "times"; font-size: 11.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times"; mso-ansi-language: EN-GB;">Aaron Hankin
(2018) Ethereum could hit $2,500 by year-end, consulting firm says, <i>Market
Watch</i>, Apr 27, 2018 4:50 pm ET. URL: https://www.marketwatch.com/amp/story/guid/212C2A0E-4A0F-11E8-9DCC-4E2E933CAECF?__twitter_impression=true
(accessed 28/04/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoFootnoteText">
<span lang="EN-US" style="font-family: "times"; font-size: 11.0pt;">Alyssa Hertig (2017) How Do Ethereum Smart Contracts Work? <i style="mso-bidi-font-style: normal;">CoinDesk</i>, April 2017. URL:
https://www.coindesk.com/information/ethereum-smart-contracts-work/ (accessed
25/04/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span lang="EN-US" style="font-family: "times"; font-size: 11.0pt;">Joseph Hincks (2017) Introducing 'CryptoKitties,' the New Digital Pets
Taking Ethereum by Storm, Fortune, December 4, 2017. URL:
http://fortune.com/2017/12/04/blockchain-cryptokitties-ethereum/ (accessed 28/04/2018)</span><span style="font-family: "times"; font-size: 11.0pt;"><o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 11.0pt;">Marie Huillet (2018) Crypto Market Hitting $40 Trln In
10 Years “Definitely Possible”, Says Pantera Capital CEO, <i>Coin Telegraph</i>,
Apr 27, 2018. URL:
https://cointelegraph.com/news/crypto-market-hitting-40-trln-in-10-years-definitely-possible-says-pantera-capital-ceo/amp?__twitter_impression=true
(accessed 28/04/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span lang="EN-US" style="font-family: "times"; font-size: 11.0pt;">Sudhir Khatwani (2018) What are DApps (Decentralized Applications)? –
The Beginner’s Guide, <i style="mso-bidi-font-style: normal;">CoinSutra</i>, last
updated: 2/02/2018. URL: https://coinsutra.com/dapps-decentralized-applications/
(accessed 25/04/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 11.0pt;">Matthew Lessing (2017) The Ether Thief, <i>Bloomberg
Markets</i>, June 13, 2017. URL:
https://www.bloomberg.com/features/2017-the-ether-thief/ </span><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt;">(accessed 28/04/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span lang="EN-US" style="font-family: "times"; font-size: 11.0pt;">Lesley Price (2018) In Conversation With Vitalik Buterin, <i style="mso-bidi-font-style: normal;">Billionaire</i>, April 24, 2018 12:05 AM.
URL:
http://www.billionaire.com/people/3027/in-conversation-with-vitalik-buterin
(accessed 25/04/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 11.0pt;">Chelsea Roh (2018) Tron (TRX) Dogs vs. CryptoKitties,
C<i>ryptoCurrency News</i>, Mar 14, 2018. URL: https://cryptocurrencynews.com/crypto-games/tron-dogs-cryptokitties/<span style="mso-spacerun: yes;"> </span></span><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt;">(accessed 28/04/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "times";">Nick Szabo (1997)
Formalizing and Securing Relationships on Public Networks, <i style="mso-bidi-font-style: normal;">First Monday</i>, 1 September 1997. URL:
http://firstmonday.org/ojs/index.php/fm/article/view/548/469 (accessed
25/04/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoFootnoteText">
<span lang="EN-US" style="font-family: "times"; font-size: 11.0pt;">Aether (classical element) (<i style="mso-bidi-font-style: normal;">Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/Aether_(classical_element)
(accessed 25/04/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 11.0pt;">Ethereum (<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/Ethereum </span><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt;">(accessed 25/04/2018)</span><span style="font-family: "times"; font-size: 11.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoFootnoteText">
<span lang="EN-US" style="font-family: "times"; font-size: 11.0pt;">Joon Ian Wong & Ian Kar (2016) Everything you need to know about the
Ethereum “hard fork”, <i style="mso-bidi-font-style: normal;">Quartz</i>, July
18, 2016. URL:
https://qz.com/730004/everything-you-need-to-know-about-the-ethereum-hard-fork/
(accessed 25/04/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span style="font-family: "times"; font-size: 11.0pt;">Molly Jane Zuckerman (2018) Ethereum Proposal To
“Resurrect” Disabled $360 Mln Parity Contract Shut Down, <i>Coin Telegraph</i>,
Apr 24, 2018. URL:
https://cointelegraph.com/news/ethereum-proposal-to-resurrect-disabled-360-mln-parity-contract-shut-down
</span><span lang="EN-US" style="font-family: "times"; font-size: 11.0pt;">(accessed
28/04/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times"; mso-ansi-language: EN-GB;">Molly Jane Zuckerman
(2018) Multiple Exchanges Suspend ERC20 Token Trading Due To Potential
BatchOverflow Bug, <i>Coin Telegraph</i>, Apr 25, 2018. URL:
https://cointelegraph.com/news/multiple-exchanges-suspend-erc20-token-trading-due-to-potential-batchoverflow-bug
</span><span lang="EN-US" style="font-family: "times";">(accessed 25/04/2018)<o:p></o:p></span></div>
<div style="mso-element: footnote-list;">
<!--[if !supportFootnotes]--><br clear="all" />
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<br />
<div id="ftn1" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[1]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: Ethereum (<i style="mso-bidi-font-style: normal;">Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/Ethereum
(accessed 25/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn2" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref2" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[2]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: Ethereum (<i style="mso-bidi-font-style: normal;">Wikipedia</i> article).<o:p></o:p></span></div>
</div>
<div id="ftn3" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref3" name="_ftn3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[3]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: Ethereum (<i style="mso-bidi-font-style: normal;">Wikipedia</i> article).<o:p></o:p></span></div>
</div>
<div id="ftn4" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref4" name="_ftn4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[4]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: Ethereum Blockchain App Platform.
URL: https://ethereum.org (accessed 25/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn5" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref5" name="_ftn5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[5]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See:
https://en.wiktionary.org/wiki/aetherius#Latin ;
https://en.wiktionary.org/wiki/caeles#Latin (accessed 25/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn6" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref6" name="_ftn6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[6]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: Aether (classical element) (<i style="mso-bidi-font-style: normal;">Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/Aether_(classical_element) (accessed 25/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn7" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref7" name="_ftn7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[7]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: Aether (classical element) (<i style="mso-bidi-font-style: normal;">Wikipedia</i> article).<o:p></o:p></span></div>
</div>
<div id="ftn8" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref8" name="_ftn8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[8]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: Lesley Price (2018) In Conversation
With Vitalik Buterin, <i style="mso-bidi-font-style: normal;">Billionaire</i>,
April 24, 2018 12:05 AM. URL: http://www.billionaire.com/people/3027/in-conversation-with-vitalik-buterin
(accessed 25/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn9" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref9" name="_ftn9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[9]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: Vitalik Buterin (<i style="mso-bidi-font-style: normal;">Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/Vitalik_Buterin (accessed 25/04/2018).<o:p></o:p></span></div>
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<div id="ftn10" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref10" name="_ftn10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[10]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: Price (2018).<o:p></o:p></span></div>
</div>
<div id="ftn11" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref11" name="_ftn11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[11]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: Alyssa Hertig (2017) How Do Ethereum
Smart Contracts Work? <i style="mso-bidi-font-style: normal;">CoinDesk</i>, April
2017. URL: https://www.coindesk.com/information/ethereum-smart-contracts-work/
(accessed 25/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn12" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref12" name="_ftn12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[12]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: Nick Szabo (1997) Formalizing and
Securing Relationships on Public Networks, <i style="mso-bidi-font-style: normal;">First
Monday</i>, 1 September 1997. URL:
http://firstmonday.org/ojs/index.php/fm/article/view/548/469 (accessed
25/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn13" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref13" name="_ftn13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[13]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: Vitalik Buterin (2013) A
Next-Generation Smart Contract and Decentralized Application Platform,
published on <i style="mso-bidi-font-style: normal;">GitHub</i>. URL:
https://github.com/ethereum/wiki/wiki/White-Paper (accessed 25/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn14" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref14" name="_ftn14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[14]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: Sudhir Khatwani (2018) What are
DApps (Decentralized Applications)? – The Beginner’s Guide, <i style="mso-bidi-font-style: normal;">CoinSutra</i>, last updated: 2/02/2018. URL:
https://coinsutra.com/dapps-decentralized-applications/ (accessed 25/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn15" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref15" name="_ftn15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[15]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: Andrew Braun (2018) Are
Decentralized Apps the Future of the Internet? <i style="mso-bidi-font-style: normal;">MakeTechEasier</i>, 14<sup>th</sup> March 2018. URL:
https://www.maketecheasier.com/are-decentralized-apps-the-future/ (accessed
25/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn16" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref16" name="_ftn16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[16]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: CryptoKitties (<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/CryptoKitties </span><span lang="EN-US" style="font-family: "times";">(accessed 28/04/2018).</span><span style="font-family: "times"; mso-ansi-language: EN-GB;"><o:p></o:p></span></div>
</div>
<div id="ftn17" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref17" name="_ftn17" style="mso-footnote-id: ftn17;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[17]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: Joseph Hincks (2017) Introducing
'CryptoKitties,' the New Digital Pets Taking Ethereum by Storm, Fortune,
December 4, 2017. URL: http://fortune.com/2017/12/04/blockchain-cryptokitties-ethereum/
(accessed 28/04/2018).</span><span style="font-family: "times"; mso-ansi-language: EN-GB;"><o:p></o:p></span></div>
</div>
<div id="ftn18" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref18" name="_ftn18" style="mso-footnote-id: ftn18;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[18]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: Hincks (2017).<o:p></o:p></span></div>
</div>
<div id="ftn19" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref19" name="_ftn19" style="mso-footnote-id: ftn19;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[19]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: CryptoKitties (<i>Wikipedia</i> article).<o:p></o:p></span></div>
</div>
<div id="ftn20" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref20" name="_ftn20" style="mso-footnote-id: ftn20;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[20]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: CryptoKitties (<i>Wikipedia</i> article).<o:p></o:p></span></div>
</div>
<div id="ftn21" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref21" name="_ftn21" style="mso-footnote-id: ftn21;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[21]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: CryptoKitties (<i>Wikipedia</i> article).<o:p></o:p></span></div>
</div>
<div id="ftn22" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref22" name="_ftn22" style="mso-footnote-id: ftn22;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[22]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: Chelsea Roh (2018) Tron (TRX) Dogs vs.
CryptoKitties, C<i>ryptoCurrency News</i>, Mar 14, 2018. URL:
https://cryptocurrencynews.com/crypto-games/tron-dogs-cryptokitties/ </span><span lang="EN-US" style="font-family: "times";">(accessed 28/04/2018).</span><span style="font-family: "times"; mso-ansi-language: EN-GB;"><o:p></o:p></span></div>
</div>
<div id="ftn23" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref23" name="_ftn23" style="mso-footnote-id: ftn23;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[23]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: Roh (2018). </span><span style="font-family: "times"; mso-ansi-language: EN-GB;"><o:p></o:p></span></div>
</div>
<div id="ftn24" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref24" name="_ftn24" style="mso-footnote-id: ftn24;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[24]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: Joon Ian Wong & Ian Kar (2016)
Everything you need to know about the Ethereum “hard fork”, <i style="mso-bidi-font-style: normal;">Quartz</i>, July 18, 2016. URL:
https://qz.com/730004/everything-you-need-to-know-about-the-ethereum-hard-fork/
(accessed 25/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn25" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref25" name="_ftn25" style="mso-footnote-id: ftn25;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[25]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: Wong & Kar (2016).<o:p></o:p></span></div>
</div>
<div id="ftn26" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref26" name="_ftn26" style="mso-footnote-id: ftn26;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[26]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: Matthew Lessing (2017) The Ether Thief, <i>Bloomberg
Markets</i>, June 13, 2017. URL:
https://www.bloomberg.com/features/2017-the-ether-thief/ </span><span lang="EN-US" style="font-family: "times";">(accessed 28/04/2018).</span><span style="font-family: "times"; mso-ansi-language: EN-GB;"><o:p></o:p></span></div>
</div>
<div id="ftn27" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref27" name="_ftn27" style="mso-footnote-id: ftn27;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[27]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: Michael del Castillo (2016) Ethereum Executes
Blockchain Hard Fork to Return DAO Funds, <i>CoinDesk</i>, Jul 20, 2016 at
15:23 UTC, updated Jul 21, 2016 at 15:25 UTC. URL:
https://www.coindesk.com/ethereum-executes-blockchain-hard-fork-return-dao-investor-funds/
</span><span lang="EN-US" style="font-family: "times";">(accessed 28/04/2018).</span><span style="font-family: "times"; mso-ansi-language: EN-GB;"><o:p></o:p></span></div>
</div>
<div id="ftn28" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref28" name="_ftn28" style="mso-footnote-id: ftn28;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[28]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: Castillo (2016).<o:p></o:p></span></div>
</div>
<div id="ftn29" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref29" name="_ftn29" style="mso-footnote-id: ftn29;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[29]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: Alyssa Hertig (2016) The Blockchain Created By
Ethereum's Fork is Forking Now, <i>CoinDesk</i>, Oct 25, 2016 at 04:23 UTC,
updated Jul 25, 2017 at 22:45 UTC. URL:
https://www.coindesk.com/ethereum-classic-blockchain-fork-ddos-attacks/
(accessed </span><span lang="EN-US" style="font-family: "times";">28/04/2018).</span><span style="font-family: "times"; mso-ansi-language: EN-GB;"><o:p></o:p></span></div>
</div>
<div id="ftn30" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref30" name="_ftn30" style="mso-footnote-id: ftn30;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[30]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">Molly Jane Zuckerman (2018) Ethereum Proposal To
“Resurrect” Disabled $360 Mln Parity Contract Shut Down, <i>Coin Telegraph</i>,
Apr 24, 2018. URL:
https://cointelegraph.com/news/ethereum-proposal-to-resurrect-disabled-360-mln-parity-contract-shut-down
</span><span lang="EN-US" style="font-family: "times";">(accessed 28/04/2018).</span><span style="font-family: "times"; mso-ansi-language: EN-GB;"><o:p></o:p></span></div>
</div>
<div id="ftn31" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref31" name="_ftn31" style="mso-footnote-id: ftn31;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[31]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: ERC20 (<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/ERC20 </span><span lang="EN-US" style="font-family: "times";">(accessed 28/04/2018).</span><span style="font-family: "times"; mso-ansi-language: EN-GB;"><o:p></o:p></span></div>
</div>
<div id="ftn32" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref32" name="_ftn32" style="mso-footnote-id: ftn32;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[32]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: ERC20 (<i>Wikipedia</i> article).<o:p></o:p></span></div>
</div>
<div id="ftn33" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref33" name="_ftn33" style="mso-footnote-id: ftn33;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[33]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: ERC20 (<i>Wikipedia</i> article).<o:p></o:p></span></div>
</div>
<div id="ftn34" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref34" name="_ftn34" style="mso-footnote-id: ftn34;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[34]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: Molly Jane Zuckerman (2018) Multiple Exchanges
Suspend ERC20 Token Trading Due To Potential BatchOverflow Bug, <i>Coin
Telegraph</i>, Apr 25, 2018. URL:
https://cointelegraph.com/news/multiple-exchanges-suspend-erc20-token-trading-due-to-potential-batchoverflow-bug
</span><span lang="EN-US" style="font-family: "times";">(accessed 25/04/2018).</span><span style="font-family: "times"; mso-ansi-language: EN-GB;"><o:p></o:p></span></div>
</div>
<div id="ftn35" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref35" name="_ftn35" style="mso-footnote-id: ftn35;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[35]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: Leonid Beder (2017) The New ERC223 Token Standard,
<i>Medium</i>, Dec 5, 2017. URL:
https://medium.com/kinfoundation/the-new-erc223-token-standard-8dddbf1a5909
(accessed 25/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn36" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref36" name="_ftn36" style="mso-footnote-id: ftn36;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[36]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: Adam Todd (2017) </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">What Is The DGTX Token? <i>Digitex
Futures</i>, December 3, 2007. URL: https://digitexfutures.com/what-is-the-dgtx-token/
</span><span lang="EN-US" style="font-family: "times";">(accessed 25/04/2018). </span><span style="font-family: "times"; mso-ansi-language: EN-GB;"><o:p></o:p></span></div>
</div>
<div id="ftn37" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref37" name="_ftn37" style="mso-footnote-id: ftn37;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[37]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">Aaron Hankin (2018) Ethereum could hit $2,500 by
year-end, consulting firm says, <i>Market Watch</i>, Apr 27, 2018 4:50 pm ET.
URL: https://www.marketwatch.com/amp/story/guid/212C2A0E-4A0F-11E8-9DCC-4E2E933CAECF?__twitter_impression=true
(accessed 28/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn38" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref38" name="_ftn38" style="mso-footnote-id: ftn38;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[38]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">Marie Huillet (2018) Crypto Market Hitting $40
Trln In 10 Years “Definitely Possible”, Says Pantera Capital CEO, <i>Coin Telegraph</i>,
Apr 27, 2018. URL:
https://cointelegraph.com/news/crypto-market-hitting-40-trln-in-10-years-definitely-possible-says-pantera-capital-ceo/amp?__twitter_impression=true
(accessed 28/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn39" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref39" name="_ftn39" style="mso-footnote-id: ftn39;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[39]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> See: Ether – The crypto-fuel for the
Ethereum network, <i style="mso-bidi-font-style: normal;">Ethereum.org</i>. URL:
https://www.ethereum.org/ether (accessed 25/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn40" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref40" name="_ftn40" style="mso-footnote-id: ftn40;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[40]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: Beryl Achieng’ (2018) 5 fascinating facts about
Ethereum blockchain, <i>Crypto News Magnet</i>, March 22, 2018. URL:
https://cryptonewsmagnet.com/5-fascinating-facts-ethereum-blockchain/ </span><span lang="EN-US" style="font-family: "times";">(accessed 25/04/2018).</span><span style="font-family: "times"; mso-ansi-language: EN-GB;"><o:p></o:p></span></div>
</div>
<div id="ftn41" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref41" name="_ftn41" style="mso-footnote-id: ftn41;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[41]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: Achieng’ (2018).<o:p></o:p></span></div>
</div>
<div id="ftn42" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref42" name="_ftn42" style="mso-footnote-id: ftn42;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[42]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: Ethereum (<i>Wikipedia</i> article). URL:
https://en.wikipedia.org/wiki/Ethereum </span><span lang="EN-US" style="font-family: "times";">(accessed 25/04/2018).</span><span style="font-family: "times"; mso-ansi-language: EN-GB;"><o:p></o:p></span></div>
</div>
<div id="ftn43" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref43" name="_ftn43" style="mso-footnote-id: ftn43;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[43]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: Etherscan, <i>Etherscan.io</i>. URL:
https://etherscan.io/stat/supply </span><span lang="EN-US" style="font-family: "times";">(accessed 25/04/2018).</span><span style="font-family: "times"; mso-ansi-language: EN-GB;"><o:p></o:p></span></div>
</div>
<div id="ftn44" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref44" name="_ftn44" style="mso-footnote-id: ftn44;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[44]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: Ethereum (<i>Wikipedia</i> article).<o:p></o:p></span></div>
</div>
<div id="ftn45" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref45" name="_ftn45" style="mso-footnote-id: ftn45;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[45]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: Ethereum (<i>Wikipedia</i> article).<o:p></o:p></span></div>
</div>
<div id="ftn46" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref46" name="_ftn46" style="mso-footnote-id: ftn46;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[46]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: Ethereum (<i>Wikipedia</i> article).<o:p></o:p></span></div>
</div>
<div id="ftn47" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref47" name="_ftn47" style="mso-footnote-id: ftn47;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "times"; font-size: 10.0pt; line-height: 107%;">[47]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: "times";"> </span><span style="font-family: "times"; mso-ansi-language: EN-GB;">See: Ether – The crypto-fuel for the Ethereum network,
<i>Ethereum.org</i>. URL: https://www.ethereum.org/ether </span><span lang="EN-US" style="font-family: "times";">(accessed 28/04/2018).</span><span style="font-family: "times"; mso-ansi-language: EN-GB;"><o:p></o:p></span></div>
</div>
</div>
<!--EndFragment--><br />Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com0tag:blogger.com,1999:blog-3210933998341353221.post-63562210836642378982018-04-18T07:27:00.000-07:002018-04-18T07:27:07.070-07:00Neon Exchange (NEX): A New Decentralized Exchange (DEX)
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<span lang="EN-US" style="font-family: "Times New Roman",serif;">NJ
Bridgewater<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;">18 April 2018<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;">[NOTE:
This post should not be considered or construed as financial advice or other
advice and is written solely for informative and educational purposes]<o:p></o:p></span></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOSunVhmAurCcRryRIBZ_Bch1DoS3zAx1pW0E00iVaTGLdUPffuN9CALbyLaTX4F4LwxPi93Cn6vD6602CyslbEvry9rwIQUC3K_nq8D5SxJQ1KfYxYSrgYZNx4-mhLFUXmoib9XleE_Q/s1600/NEX.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="400" data-original-width="400" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOSunVhmAurCcRryRIBZ_Bch1DoS3zAx1pW0E00iVaTGLdUPffuN9CALbyLaTX4F4LwxPi93Cn6vD6602CyslbEvry9rwIQUC3K_nq8D5SxJQ1KfYxYSrgYZNx4-mhLFUXmoib9XleE_Q/s320/NEX.jpg" width="320" /></a></div>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;"><o:p><br /></o:p></span></div>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;"><o:p><br /></o:p></span></div>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;">One of the
most anticipated ICOs will be starting in a few days (with the date TBA) – the
Neon Exchange ICO. Neon Exchange, which has been founded by members of the City
of Zion (CoZ) development team, in partnership with the NEO Foundation, is a
revolutionary new DEX (i.e. a decentralized cryptocurrency exchange) based on
the NEO blockchain. Why is it revolutionary? According to the Neon Exchange
whitepaper (version 2, 2018), a decentralized exchange allows “users to retain
control of their funds as trades are mediated by smart contracts on the
blockchain.” What does this mean? Let’s go back to basics. A cryptocurrency, as
we learned in my previous post, <a href="http://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html">“What
is Bitcoin?”</a>, is basically a new form of money. Money has evolved over
time, taking many forms, including shells, precious metals, coins, paper money,
and now cryptocurrency. Cryptocurrencies can also be described as ‘digital
assets’ because they represent units of value which are not necessarily pegged
to traditional monetary instruments. Most cryptocurrencies are based on the
blockchain, which is a distributed ledger allowing users to verify transactions
and prevent double spending. In other words, blockchains allow for secure,
verifiable transactions of digital assets.<span style="mso-spacerun: yes;">
</span><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;">As digital
assets, cryptocurrencies are traded between users, either for other digital
assets (e.g. someone might trade Bitcoin for Litecoin, or Ethereum for NEO) or
for fiat currencies, e.g. dollars, pounds, Euros, etc. Most people buy
cryptocurrencies via an exchange, like <i style="mso-bidi-font-style: normal;"><a href="https://www.coinbase.com/join/58ebfdd6a42219609fdbf0ae">Coinbase</a></i>,
but you can also buy and exchange cryptocurrencies peer-to-peer, e.g. through <i style="mso-bidi-font-style: normal;"><a href="https://localbitcoins.com/">LocalBitcoins</a></i>.
In addition, you can also simply buy items with cryptocurrencies, exchanging
them for goods or services, provided that the seller offers cryptocurrencies as
a payment option. Another, more recent option, is to use a decentralized
exchange (or DEX for short). Coinbase is an example of a <i>‘centralized’</i>
exchange, because Coinbase retains all of your private keys, as well as a great
deal of personal information on you. This is why we constantly hear about
cryptocurrencies getting hacked – because all it takes is one intrepid hacker
getting access to the centralized database of a centralized exchange and your
coins are gone. They simply extract hundreds or thousands of private keys and
move the coins to another wallet where they cannot be recovered. This is the
first and major danger of using a centralized exchange.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;">The
second, and equally pernicious, danger of using a centralized exchange is the
very real possibility that the exchange will give your financial and other
personal details to a government. National governments usually have very
militant tax collection policies. The Internal Revenue Service (IRS) of the
United States, for example, has made it clear that they expect tax revenue from
all sales of Bitcoin and other cryptocurrencies, often badgering exchanges to
provide said information.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[1]</span></span><!--[endif]--></span></span></a> In
fact, roughly one year ago, the IRS filed a lawsuit against Coinbase, demanding
that it supply records on all its user from 2013 to 2015. Coinbase regarded
this as an overreach of the IRS’s authority. However, after the IRS modified
its request to include only those users who had conducted transactions of
$20,000 or more within that time period, a U.S. federal court ordered Coinbase
to turn over the records of more than 14,000 users.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn2" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[2]</span></span><!--[endif]--></span></span></a>
Since many (perhaps even most) Coinbase users do not live in the United States,
or are not U.S. citizens, this could be regarded as an unreasonable overreach
of authority – very different from the American Founding Fathers’ views on
limited government and minimal taxation. As Founding Father and 4<sup>th</sup>
President <a href="https://en.wikipedia.org/wiki/James_Madison">James Madison</a>
(1751 – 1836) wrote: <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;">“…As a man
is said to have a right to his property, he may be equally said to have a
property in his rights. Where an excess of power prevails, property of no sort
is duly respected. No man is safe in his opinions, his person, his faculties,
or his possessions.”<span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn3" style="mso-footnote-id: ftn3;" title="">[3]</a></span></span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn3" title=""><!--[endif]--></a></span></span> <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;"><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><br /></span></span></span></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjC2kUyvv7rG7GC0vryJNsiIltarQ258Mh25StvP6GrT9TsHbUgjrrEMGzkVGqzRhowBgFbRaW-Xr5ZtV8TXkJvvdeELZmVK30xOPbByCUbprMeBMmj1zA98hrkMpDlBhm50VonFRaxzbI/s1600/1024px-James_Madison.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1246" data-original-width="1024" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjC2kUyvv7rG7GC0vryJNsiIltarQ258Mh25StvP6GrT9TsHbUgjrrEMGzkVGqzRhowBgFbRaW-Xr5ZtV8TXkJvvdeELZmVK30xOPbByCUbprMeBMmj1zA98hrkMpDlBhm50VonFRaxzbI/s320/1024px-James_Madison.jpg" width="262" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><a href="https://en.wikipedia.org/wiki/James_Madison" target="_blank">James Madison, 4th President of the United States</a></td></tr>
</tbody></table>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;">The
question arises, then, how one can be more secure “in his opinions, his person,
his faculties, or his possessions.” Cryptocurrencies (or ‘digital assets’) are
certainly excellent tools for preserving individual liberty, free speech and
control over personal property and wealth. Centralized exchanges defeat the
purpose of this amazing innovation by centralizing your private keys—which are
the only real tie you have to your digital assets—and attaching your identity
to otherwise mostly-anonymous crypto-assets. You are entrusting the centralized
exchange with your personal details and information, in the hope that they will
not ever report this information to government authorities or tax authorities,
or—even worse—that they won’t inadvertently leak your information to the public
via some weakness in their security or encryption systems. Not all governments
are benevolent, so one needs to be able transfer wealth and assets without
government oversight or knowledge. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;">Examples
of decentralized exchanges include IDEX, which lets you trade ERC-20 tokens,
OasisDex, Waves Dex, Radar Relay, OpenLedger Dex, BarterDex, Bisq (or
BitSquare), and Stellar Dex.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn4" name="_ftnref4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[4]</span></span><!--[endif]--></span></span></a>
So, what is a DEX? According to the Neon Exchange whitepaper, a DEX allows
“users to retain control of their funds as trades are mediated by smart
contracts on a blockchain.” Does this mean that your information is anonymously
held? Not necessarily. While anonymity is key to most DEXs, this is not always
the case. In the case of Neon Exchange, it must be noted that the Neon Exchange
token (NEX) is a registered European security. This is a plus for investors,
because it minimizes the risks of insider trading and market manipulation,
especially for securities which are being sold illegally or covertly. It also
means that, as a company, Neon Exchange will be subject to regular audits to
ensure that its finances are in order.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn5" name="_ftnref5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[5]</span></span><!--[endif]--></span></span></a>
However, the downside of this is that users (at least those who invest in the
ICO) will have to complete KYC (know-your-customer), which includes providing
information on one’s name, birth date and national ID (or passport) number. Due
to complications with U.S. law (e.g. their laws on licensed investors),
American citizens will not be able to participate in the ICO or purchase NEX
tokens. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;">If Neon
Exchange is being monitored under European law, it will not provide absolute
freedom from government oversight and there will be a possibility that
intrusive tax authorities might investigate the exchange or request/demand the
names and details of users. For standard investors, this is absolutely fine.
For cryptocurrency enthusiasts (the so-called ‘crypto-barbarians’)<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn6" name="_ftnref6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[6]</span></span><!--[endif]--></span></span></a>
and <a href="https://en.wikipedia.org/wiki/Anarcho-capitalism">anarcho-capitalists</a>,
this is not an ideal situation. The choice as to whether to use the Neon
Exchange platform and/or invest in the NEX token, therefore, depends largely on
your personal philosophy and proclivities. This especially relates to one’s
views on governments’ claims to be able to demand an accounting of everyone’s
income and wealth. As <a href="https://en.wikipedia.org/wiki/John_Locke">John
Locke</a> (1632 - 1704), the famous English political philosopher, wrote: “The
supreme power cannot take from any man any part of his property without his own
consent: for the preservation of property being the end of government, and that
for which men enter into society, it necessarily supposes and requires, that
the people should have property…” He, furthermore, asserts that “no body hath a
right to take their substance or any part of it from them, without their own
consent.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn7" name="_ftnref7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[7]</span></span><!--[endif]--></span></span></a> In
other words, Locke argued that taxation, without consent, is illegitimate. <o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhE1HiWBZVoFinqHpubTesEpI0rvbE9D-zs2oU1qRfPj7Wbx9_oCbtPsiYBebPiWcqAuCkhS1Gyz731jjJ5up6iHyyVmOV2aI4s3rnmTZr1NNNuX8BXlnZrzBTrvCVyqHCB7Xn5GIFG-hg/s1600/battleofthecoins_NEO_ETH_18022018.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="600" data-original-width="800" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhE1HiWBZVoFinqHpubTesEpI0rvbE9D-zs2oU1qRfPj7Wbx9_oCbtPsiYBebPiWcqAuCkhS1Gyz731jjJ5up6iHyyVmOV2aI4s3rnmTZr1NNNuX8BXlnZrzBTrvCVyqHCB7Xn5GIFG-hg/s320/battleofthecoins_NEO_ETH_18022018.png" width="320" /></a></div>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;">The name
NEX (Neon + Exchange = NEX) seems to derive from the word NEO, as the NEX token
runs on NEO, an innovative cryptocurrency often referred to as the ‘Chinese
Ethereum’. Like, Ethereum, NEO operates as a sort of ‘virtual machine’ which
allows numerous other tokens and ‘decentralized applications’ to operate on its
network. The base asset of the NEO blockchain is a non-divisible token called
NEO, which generates GAS (NEO Gas), which is used to pay for transaction fees.
NEO users receive GAS on a daily base as a sort of dividend for holding NEO.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn8" name="_ftnref8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[8]</span></span><!--[endif]--></span></span></a>
Ethereum, which also runs decentralized applications, does not have a separate
token for transactions. Rather, the native cryptocurrency of the Ethereum
network is called Ether (ETH). There are currently over 17,724 ERC20 (i.e.
Ethereum-based) tokens, while Ethereum Classic (ETC) has about 7 tokens.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn9" name="_ftnref9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[9]</span></span><!--[endif]--></span></span></a>
According to NEOTracker,<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn10" name="_ftnref10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[10]</span></span><!--[endif]--></span></span></a>
there are currently 16 NEP-5 (NEO-based) tokens, and the number is growing all
the time. NEO may be the newcomer to the ‘decentralized crypto-assets’ space,
but it <i>is</i> also one of the most promising. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;">So, what
makes NEO and NEO-based token so interesting? NEO, until June 2017 called
‘Antshares’, aims to be a platform for a new ‘smart economy’.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn11" name="_ftnref11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[11]</span></span><!--[endif]--></span></span></a>
This should not be mistaken for an anarcho-capitalist economy where there are
no rules or regulations. Rather, NEO aims to form a smart economy under
governmental regulation. NEO, in fact, aims to issue ‘digital identities’ in
accordance with an international standard, which allows for financial assets to
be regulatorily compliant.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn12" name="_ftnref12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[12]</span></span><!--[endif]--></span></span></a> This
is more in line with the Chinese perspective of respecting government authority
and complying with the powers-that-be, and it is rather at odds with the British
(Anglo-American/Anglo-Saxon) notion of individual sovereignty and natural
rights. As Bill Flax (2011) writes in an article for Forbes, the Anglo-Saxon
ancestors of the English “developed tribal mores around commonwealths of
sovereign individuals claiming inherent, inviolable rights.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn13" name="_ftnref13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[13]</span></span><!--[endif]--></span></span></a> In
contrast, Confucianism promoted loyalty to one’s ruler as a virtue. For
example, in the <i>Classic on Filial Piety</i> (<i>Xiaojing</i>), which is attributed
to Confucius (551 BC – 479 BC), we find: “As they serve their fathers, so they
serve their rulers, and they reverence them equally… Therefore when they serve
their ruler with filial piety they are loyal; when they serve their superiors
with reverence they are obedient.”<span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn14" style="mso-footnote-id: ftn14;" title="">[14]</a></span></span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn14" title=""><!--[endif]--></a></span></span><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;"><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><br /></span></span></span></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbp5himajBt_96dU7VuU3U4DTmetabCLHQfwRNEi6MW6aHcjet77qQS_IwljyyWTai1VvWQcxphDMBqQ5cPKHpsKpXBcRrQtU941KyjWpELGy4QiSBZgOHOVRkNyKLeP1nECGETi2EA64/s1600/Witan_hexateuch.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="397" data-original-width="549" height="231" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbp5himajBt_96dU7VuU3U4DTmetabCLHQfwRNEi6MW6aHcjet77qQS_IwljyyWTai1VvWQcxphDMBqQ5cPKHpsKpXBcRrQtU941KyjWpELGy4QiSBZgOHOVRkNyKLeP1nECGETi2EA64/s320/Witan_hexateuch.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><a href="https://en.wikipedia.org/wiki/Witenagemot" target="_blank">An Anglo-Saxon king with his Witenagemot ('council of wise men')</a></td></tr>
</tbody></table>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;">Neon Exchange
will function using NEX, which is a NEO-based token. As such, it acquires all
of the benefits (and potential risks/downfalls) of the NEO blockchain. NEX
itself, as a digital asset and NEP-5 token, will be compliant with government
regulations. If you want to use the token for money laundering or tax evasion,
therefore, this may not be token for you to invest in. Much of the innovation within
the NEO-verse comes from the City of Zion (CoZ), which is an independent,
open-source community of developers. The name, of course, comes from the City
of Zion in the Matrix movies, whose main character, as you will recall, was
called Neo. This, in turn, derives from the Greek <i style="mso-bidi-font-style: normal;">neos</i>, meaning ‘new, young, youthful; fresh, strange, etc.’ and
which was derived from the Proto-Indo-European root, <i style="mso-bidi-font-style: normal;">*newo-</i>.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn15" name="_ftnref15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[15]</span></span><!--[endif]--></span></span></a>
Zion (Hebrew <i style="mso-bidi-font-style: normal;">Ṣîyōn</i>, modern <i style="mso-bidi-font-style: normal;">Tsiyyon</i>) derives ultimately from the
Biblical Zion, which is the hill in Jerusalem on which the city of David was
built. The name implies new beginnings, hope and expectation. In the case of
the Matrix movies, it refers to a new beginning for humanity, free from the
oppressive illusion of the Matrix. In any case, NEO is certainly an improvement
on ‘Antshares’, which was a rather uninspiring name for a revolutionary new utilization
of blockchain technology. In addition to general NEO development, City of Zion (CoZ)
is the development team behind the Neon Exchange (NEX).<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;">What makes
Neon Exchange different from other DEXs? According to the whitepaper, most DEXs
are “slow, hard to use, and are restricted to trades on a single blockchain.”
Neon Exchange, in contrast, aims to solve each of these problems using a “high
performance off-chain matching engine built with Elixir”, which will “handle a
massive order volume, allow cross-chain exchange, and support more complex
trading APIs.” One of the main disadvantages of current DEXs is that they do
not allow fiat payment channels, and one of NEX’s main objectives is to allow
just that. In other words, you will eventually be able to buy tokens on the
Neon Exchange using USD, EUR and other currencies. This will be enabled by a
network of third parties which will integrate with the platform. The Neon
Exchange functions using a Chrome browser-extension which can be utilized as a
wallet in order “to collect payments for goods in any digital currency, make
trades and transactions across blockchains, and interact with smart contracts
across NEO and Ethereum.” These are all powered using the NEX off-chain
matching engine. Rather than storing your keys on the exchange, the key to your
NEX browser extension will be held by you alone. This adds the advantage of practical
unhackability (unless you do something inept/irresponsible) while also
bestowing upon you the responsibility of ensuring the safety and security of
your own private keys and passwords. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;">What other
advantages does it have? One of the chief advantages, in my opinion, is its
limited supply. Many new tokens nowadays come out with huge total supplies, of
10 billion, 30 billion, 50 billion, or even 100 billion tokens. If a
cryptocurrency with a supply of 100 billion is to reach $1 in value, it has to
have a total market cap of $100 billion. That’s a huge total market cap,
especially when you consider that the entire crypto-asset space at the moment
has a total market cap of $327 billion (as of 18/04/2018), with Bitcoin having
a market cap of $135 billion and NEO with $4.5 billion. If you think that new
token you’re invested in will reach $100 billion tomorrow, dream on. The total
supply for NEX, on the other hand, is 50 million tokens. Not only are these
tokens being released “to fund development and future expansion, of which 25
million will be sold to the public” in the upcoming ICO, but they will also be
integral to the off-chain matching system. Every transaction on the exchange
will take place using NEX, which will thus bolster and increase the value of
the native token. In other words, as long as the platform is being used, and
the number of users increases, thus increasing the demand for the token, the
value of the token should rise over the long run (as per the law of supply and
demand). I urge caution, however, as this is only a non-expert opinion, and
should not be taken as financial advice. Nevertheless, I feel strongly that NEX
has the potential to increase many times over the value of its original ICO
price, which is $1 per token. I’m not trying to create FOMO (fear of missing
out) here; however, imagine if you could have bought NEO for $1, or Ethereum,
or even Litecoin, for the same price. Each of these tokens has increased to
many multiples of $1. ETH even reached heights of over $1,200 USD not long ago,
and may again return to those heights, if not greater heights. NEO itself, now
under $100, is also likely to increase in value over time and reach new
all-time highs (ATHs). <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;">In
addition to everything above, NEX is a security and, as such, grants the person
who stakes the tokens a proportional share of the profits of the exchange. Investopedia
defines a security as “a fungible, negotiable financial instrument that holds
some type of monetary value.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn16" name="_ftnref16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[16]</span></span><!--[endif]--></span></span></a> In
the U.S., securities are tradable financial assets of any kind, including debt
securities (e.g. banknotes), equity securities (e.g. common stocks), and
derivatives (e.g. forwards, futures, options and swaps).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn17" name="_ftnref17" style="mso-footnote-id: ftn17;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[17]</span></span><!--[endif]--></span></span></a> NEX,
therefore, likely comes under the definition of a security because it acts as
an equity security, giving ownership of a percentage of the exchange. According
to the whitepaper (version 2), the “minimum fee share rate is 25%, increasing linearly
to a maximum of 75% when tokens are staked for two years.” In other words, you
can choose to stake (or ‘lock in’) your tokens for a set period of time,
ranging from a minimum length which grants you a proportional 25% fee share
rate, to a maximum two-year lock-in period which grants you a 75% token fee
share rate. For more details on this, I highly recommend that you <a href="https://neonexchange.org/pdfs/whitepaper_v2.pdf">read the whitepaper in
full</a>. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;"><a href="https://neonexchange.org/">Neon Exchange (NEX)</a> has huge potential,
not only because it is highly innovative and has a great team behind it, but
because of its ambitious plans to enable a ‘cross-chain engine’, allowing NEO
and ETH to be traded, for example, as well as Bitcoin and Litecoin eventually.
It will also allow for fiat payment channels, enabling you to buy or sell
cryptocurrencies using USD and other fiat currencies. Furthermore, as the NEX
smart contract only has access to funds “involved in active trades, and not the
full balance of tokens at a user’s address”, the chances of being hacked are
much lower than on centralized exchanges, such as Coinbase or Bittrex. So, how
can you invest in NEX? At the moment, you <i>cannot</i>, unless you have
already signed up for the ICO and won the participation lottery, which selected
25,000 participants. For more details on the lottery, <a href="https://medium.com/@mike.anderson12288/nex-token-sale-instructions-659be319d300">see
the article on Medium</a>.<span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn18" style="mso-footnote-id: ftn18;" title="">[18]</a></span></span></span></span></span></div>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;">Where will
it go from here? The best place to look for more information on the Neon
Exchange and its future plans is <a href="https://neonexchange.org/">the
website</a>, as well as <a href="https://twitter.com/neonexchange?lang=en">their
official Twitter feed</a>. In addition, the ‘roadmap’ is also published in the
whitepaper. Quarter 1 (Q1) saw the launch of the web extension, for example,
and Q2 is seeing the launch of the token sale. It is also projected that the
trading interface will launch on NEO TestNet this quarter, and the NEX web
extension will offer support for ETH and ERC20 tokens. Q3 will see the
beginning of trading operations, cross-chain conversion support in the NEX
extension wallet and the launch of the staking contract on NEO for NEX
token-holders. Finally, in Q4, other security tokens will start trading on NEX,
advanced trading features will be enabled and cross-chain support for BTC, LTC
and RPX will follow. You can <a href="https://twitter.com/neonexchange?lang=en">follow
the official Twitter feed</a> for more updates and news regarding the Neon
Exchange and the NEX token.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;">For more
information on Bitcoin and other cryptocurrencies, check out my previous blog
post entitled <a href="http://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html">‘What
is Bitcoin’</a>, as well as my short e-book <a href="https://www.amazon.com/Bitcoin-Money-Business-Mastery-Secrets-ebook/dp/B077M1WJR2/">Bitcoin:
10 Ways to Make Money Using Bitcoin</a>, which is available <a href="https://www.amazon.com/Bitcoin-Money-Business-Mastery-Secrets-ebook/dp/B077M1WJR2/">on
Amazon</a>, as well as <a href="https://gumroad.com/l/VqEQz">here</a> and <a href="https://bizmasterysecrets.com/bitcoininformationguide">here</a>. You can
also check out my YouTube video, <a href="https://www.youtube.com/watch?v=EBCdt-UdkFA">Bitcoin: What is it?</a><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Times New Roman",serif;">- NJ
Bridgewater<o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: Times; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman";">Sources:
<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: Times; font-size: 12.0pt;">Mike
Anderson (2018) NEX Token Sale Instructions, <i style="mso-bidi-font-style: normal;">Medium</i>, April 14, 2018. URL: https://medium.com/@mike.anderson12288/nex-token-sale-instructions-659be319d300
(accessed 18/04/2018)<o:p></o:p></span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: Times; font-size: 12.0pt;">John
Bardinelli (2018) What The Future Holds For Neon Exchange (NEX), <i style="mso-bidi-font-style: normal;">InvestinBlockchain</i>, 4 days ago. URL: https://www.investinblockchain.com/what-the-future-holds-neonexchange/
(accessed 18/04/2018)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoFootnoteText">
<span lang="EN-US" style="font-family: Times; font-size: 12.0pt;">Bloomberg (2017) Cryptocurrencies are new barbarians at the gate of
central banks, <i>Financial Review</i>, Aug 31 2017 at 3:53 PM. Updated Aug 31
2017 at 4:12 PM. URL: http://www.afr.com/technology/cryptocurrencies-are-new-barbarians-at-the-gate-of-central-banks-20170831-gy849b
(accessed 18/04/2018).<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: Times; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman";">NJ Bridgewater (2017) What is Bitcoin? <i style="mso-bidi-font-style: normal;">Crossing the Bridge</i>, 7 December 2017. URL:
http://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html (accessed
18/04/2018)<o:p></o:p></span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: Times; font-size: 12.0pt;">Dan
Caplinger (2018) Will Coinbase Report My Bitcoin Gains to the IRS? <i style="mso-bidi-font-style: normal;">The Motley Fool</i>, Apr 15, 2018 at 8:05
AM. URL: https://www.fool.com/taxes/2018/04/15/will-coinbase-report-my-bitcoin-gains-to-the-irs.aspx
(accessed 18/04/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: Times; font-size: 12.0pt;">Confucius
(attributed author), James Legge (translator) (1879) <i>The Sacred Books of
China: The Texts of Confucianism. Part I The Shu King, the Religious Portions
of the Shih King, the Hsiao King</i> (Oxford: At the Clarendon Press). </span><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB;">URL: http://oll.libertyfund.org/titles/school-the-sacred-books-of-china-the-texts-of-confucianism-part-i
<span style="mso-spacerun: yes;"> </span></span><span lang="EN-US" style="font-family: Times; font-size: 12.0pt;">(accessed 18/04/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: Times; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman";">Ethan Fast, Luciano Engel, Fabian Wahle, Fabio C. Canesin,
Thomas Saunders (2018) NEX: A High Performance Decentralized Trade and Payment
Platform (version 2), <i style="mso-bidi-font-style: normal;">NeonExchange.org</i>.
URL: https://neonexchange.org/pdfs/whitepaper_v2.pdf (accessed 18/04/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB;">Bill
Flax (2011) Forget Multiculturalism: Restore The Anglo-Saxon Philosophy Of
Liberty, <i>Forbes</i>, Sep 29, 2011 02:07 pm. URL: https://www.forbes.com/sites/billflax/2011/09/29/forget-multiculturalism-restore-the-anglo-saxon-philosophy-of-liberty/#6d8fbf79f81f
</span><span lang="EN-US" style="font-family: Times; font-size: 12.0pt;">(accessed
18/04/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: Times; font-size: 12.0pt;">Investopedia
(2018) </span><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB;">Security, 2018, <i>Investopedia, LLC..</i> URL: https://www.investopedia.com/terms/s/security.asp
</span><span lang="EN-US" style="font-family: Times; font-size: 12.0pt;">(accessed 18/04/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: Times; font-size: 12.0pt;">Sudhir
Khatwani (2018) 9 Best Decentralized Exchanges Which You Can Use To Trade Right
Now, <i style="mso-bidi-font-style: normal;">CoinSutra</i>, last updated:
03/03/2018. URL: https://coinsutra.com/best-decentralized-exchanges-dex/
(accessed 18/04/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: Times; font-size: 12.0pt;">Noam
Levenson (2017) NEO versus Ethereum: Why NEO might be 2018’s strongest
cryptocurrency,<i style="mso-bidi-font-style: normal;"> HackerNoon</i>, Dec 6,
2017. URL: https://hackernoon.com/neo-versus-ethereum-why-neo-might-be-2018s-strongest-cryptocurrency-79956138bea3
(accessed 18/04/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: Times; font-size: 12.0pt;">John Locke
(1690) <i style="mso-bidi-font-style: normal;">Second Treatise of Civil
Government</i>, Chap. XI., Sec. 138. URL: https://www.marxists.org/reference/subject/politics/locke/ch11.htm
(accessed 18/04/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: Times; font-size: 12.0pt;">James
Madison, Political Essay: Property, quoted in James Madison (author), Ralph
Ketcham (editor) (2006) <i style="mso-bidi-font-style: normal;">Selected Writings
of James Madison</i> (Indianapolis/Cambridge: Hackett Publishing Company)</span><span lang="EN-US" style="font-family: Times; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman";"><o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span lang="EN-US" style="font-family: Times; font-size: 12.0pt;">NEO (cryptocurrency) (<i style="mso-bidi-font-style: normal;">Wikipedia</i>
article). URL: https://en.wikipedia.org/wiki/NEO_(cryptocurrency) (accessed
18/04/2018)<o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoFootnoteText">
<span lang="EN-US" style="font-family: Times; font-size: 12.0pt;">Security (finance) (<i>Wikipedia</i> article). </span><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB;">URL: https://en.wikipedia.org/wiki/Security_(finance)
</span><span lang="EN-US" style="font-family: Times; font-size: 12.0pt;">(accessed 18/04/2018)</span><span style="font-family: Times; font-size: 12.0pt; mso-ansi-language: EN-GB;"><o:p></o:p></span></div>
<div style="mso-element: footnote-list;">
<!--[if !supportFootnotes]--><br clear="all" />
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<!--[endif]-->
<div id="ftn1" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times; font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[1]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: Times;"> Dan Caplinger (2018) Will Coinbase Report
My Bitcoin Gains to the IRS? <i style="mso-bidi-font-style: normal;">The Motley
Fool</i>, Apr 15, 2018 at 8:05 AM. URL: https://www.fool.com/taxes/2018/04/15/will-coinbase-report-my-bitcoin-gains-to-the-irs.aspx
(accessed 18/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn2" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref2" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times; font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[2]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: Times;"> Caplinger (2018).<o:p></o:p></span></div>
</div>
<div id="ftn3" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref3" name="_ftn3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times; font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[3]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: Times;"> See: James Madison, Political Essay:
Property, quoted in James Madison (author), Ralph Ketcham (editor) (2006) <i style="mso-bidi-font-style: normal;">Selected Writings of James Madison</i>
(Indianapolis/Cambridge: Hackett Publishing Company), p. 223. <o:p></o:p></span></div>
</div>
<div id="ftn4" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref4" name="_ftn4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times; font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[4]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: Times;"> See: Sudhir Khatwani (2018) 9 Best
Decentralized Exchanges Which You Can Use To Trade Right Now, <i style="mso-bidi-font-style: normal;">CoinSutra</i>, last updated: 03/03/2018.
URL: https://coinsutra.com/best-decentralized-exchanges-dex/ (accessed
18/04/2018). <o:p></o:p></span></div>
</div>
<div id="ftn5" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref5" name="_ftn5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times; font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[5]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: Times;"> See: John Bardinelli (2018) What The
Future Holds For Neon Exchange (NEX), <i style="mso-bidi-font-style: normal;">InvestinBlockchain</i>,
4 days ago. URL: https://www.investinblockchain.com/what-the-future-holds-neonexchange/
(accessed 18/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn6" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref6" name="_ftn6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times; font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[6]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: Times;"> See: Bloomberg (2017) Cryptocurrencies
are new barbarians at the gate of central banks, <i>Financial Review</i>, Aug
31 2017 at 3:53 PM. Updated Aug 31 2017 at 4:12 PM. URL: http://www.afr.com/technology/cryptocurrencies-are-new-barbarians-at-the-gate-of-central-banks-20170831-gy849b
(accessed 18/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn7" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref7" name="_ftn7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times; font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[7]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: Times;"> John Locke (1690) <i style="mso-bidi-font-style: normal;">Second Treatise of Civil Government</i>, Chap. XI., Sec. 138. URL: https://www.marxists.org/reference/subject/politics/locke/ch11.htm
(accessed 18/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn8" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref8" name="_ftn8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times; font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[8]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: Times;"> See: NEO (cryptocurrency) (<i style="mso-bidi-font-style: normal;">Wikipedia</i> article). URL: https://en.wikipedia.org/wiki/NEO_(cryptocurrency)
(accessed 18/04/2018). <o:p></o:p></span></div>
</div>
<div id="ftn9" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref9" name="_ftn9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times; font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[9]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: Times;"> See: How many Ethereum-based tokens are
there? URL: https://ethereum.stackexchange.com/questions/31922/how-many-ethereum-based-tokens-are-there
(accessed 18/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn10" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref10" name="_ftn10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times; font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[10]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: Times;"> See: https://neotracker.io/browse/asset/1
(accessed 18/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn11" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref11" name="_ftn11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times; font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[11]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: Times;"> See: Noam Levenson (2017) NEO versus
Ethereum: Why NEO might be 2018’s strongest cryptocurrency,<i style="mso-bidi-font-style: normal;"> HackerNoon</i>, Dec 6, 2017. URL: https://hackernoon.com/neo-versus-ethereum-why-neo-might-be-2018s-strongest-cryptocurrency-79956138bea3
(accessed 18/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn12" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref12" name="_ftn12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times; font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[12]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: Times;"> See: Levenson (2017).<o:p></o:p></span></div>
</div>
<div id="ftn13" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref13" name="_ftn13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times; font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[13]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: Times;"> </span><span style="font-family: Times; mso-ansi-language: EN-GB;">Bill Flax (2011) Forget Multiculturalism: Restore The
Anglo-Saxon Philosophy Of Liberty, <i>Forbes</i>, Sep 29, 2011 02:07 pm. URL: https://www.forbes.com/sites/billflax/2011/09/29/forget-multiculturalism-restore-the-anglo-saxon-philosophy-of-liberty/#6d8fbf79f81f
</span><span lang="EN-US" style="font-family: Times;">(accessed 18/04/2018).</span><span style="font-family: Times; mso-ansi-language: EN-GB;"><o:p></o:p></span></div>
</div>
<div id="ftn14" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref14" name="_ftn14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times; font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[14]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: Times;"> Confucius (attributed author), James
Legge (translator) (1879) <i>The Sacred Books of China: The Texts of
Confucianism. Part I The Shu King, the Religious Portions of the Shih King, the
Hsiao King</i> (Oxford: At the Clarendon Press), </span><span style="font-family: Times; mso-ansi-language: EN-GB;">Chapter V: Filial Piety in Inferior Officers. URL:
http://oll.libertyfund.org/titles/school-the-sacred-books-of-china-the-texts-of-confucianism-part-i
<span style="mso-spacerun: yes;"> </span></span><span lang="EN-US" style="font-family: Times;">(accessed 18/04/2018).</span><span style="font-family: Times; mso-ansi-language: EN-GB;"><o:p></o:p></span></div>
</div>
<div id="ftn15" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref15" name="_ftn15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times; font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[15]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: Times;"> URL: http://www.dictionary.com/browse/neo-
(accessed 18/04/2018).<o:p></o:p></span></div>
</div>
<div id="ftn16" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref16" name="_ftn16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times; font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[16]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: Times;"> See: Investopedia (2018) </span><span style="font-family: Times; mso-ansi-language: EN-GB;">Security, 2018, <i>Investopedia,
LLC..</i> URL: https://www.investopedia.com/terms/s/security.asp </span><span lang="EN-US" style="font-family: Times;">(accessed 18/04/2018).</span><span style="font-family: Times; mso-ansi-language: EN-GB;"><o:p></o:p></span></div>
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<div id="ftn17" style="mso-element: footnote;">
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref17" name="_ftn17" style="mso-footnote-id: ftn17;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times; font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[17]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: Times;"> Security (finance) (<i>Wikipedia</i>
article). </span><span style="font-family: Times; mso-ansi-language: EN-GB;">URL: https://en.wikipedia.org/wiki/Security_(finance)
</span><span lang="EN-US" style="font-family: Times;">(accessed 18/04/2018).</span><span style="font-family: Times; mso-ansi-language: EN-GB;"><o:p></o:p></span></div>
</div>
<div id="ftn18" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref18" name="_ftn18" style="mso-footnote-id: ftn18;" title=""><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Times; font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[18]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US" style="font-family: Times;"> See: Mike Anderson (2018) NEX Token Sale
Instructions, <i style="mso-bidi-font-style: normal;">Medium</i>, April 14, 2018.
URL: https://medium.com/@mike.anderson12288/nex-token-sale-instructions-659be319d300
(accessed 18/04/2018).</span><span lang="EN-US"><o:p></o:p></span></div>
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<!--EndFragment--><br />Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com0tag:blogger.com,1999:blog-3210933998341353221.post-11095396644682470162018-04-07T08:06:00.000-07:002018-04-07T08:35:25.914-07:00Queen Elizabeth II’s Descent from the Prophet<!--[if gte mso 9]><xml>
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NJ Bridgewater<o:p></o:p></div>
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7 April 2018<o:p></o:p></div>
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According to an article in <i>The Economist</i> entitled <a href="https://www.economist.com/news/middle-east-and-africa/21739990-reaction-queens-purported-muslim-extraction-has-been-varied-arab">“Muslims
consider Queen Elizabeth’s ties to the Prophet Muhammad”</a> (April 5<sup>th</sup>
2018), Queen Elizabeth II’s descent from the Prophet Muhammad (pbuh) has been
confirmed by “Ali Gomaa, the former grand mufti of Egypt, and Burke’s Peerage,
a British authority on royal pedigree.” Her descent, according to the article, “runs
through the Earl of Cambridge, in the 14<sup>th</sup> century, across medieval
Muslim Spain, to Fatima, the Prophet’s daughter.” For more information on the
descent and how it traces through the ages, you can read my previous blog post
entitled <a href="http://nicholasjames19.blogspot.de/2016/01/you-are-most-likely-descendant-of.html">“You
are (most likely) a descendant of the Prophet Muḥammad”</a> (4 January 2016). </div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGKLe6IETZ4fp8MOInupuE_aP_X5DsOY22MCDdSuavmA84Zlav-tDMjER7Whyj0cXrNA_Dib2auJ3q4bagpTseV2JXKZqhyB5UHDnZsZ6W6SN2C_8CzhlxFcX4j0Y21tO94ZAtynYa168/s1600/Richard_of_York_Talbot_Shrewsbury_Book.jpeg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1141" data-original-width="703" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGKLe6IETZ4fp8MOInupuE_aP_X5DsOY22MCDdSuavmA84Zlav-tDMjER7Whyj0cXrNA_Dib2auJ3q4bagpTseV2JXKZqhyB5UHDnZsZ6W6SN2C_8CzhlxFcX4j0Y21tO94ZAtynYa168/s320/Richard_of_York_Talbot_Shrewsbury_Book.jpeg" width="197" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/d/dc/Richard_of_York_Talbot_Shrewsbury_Book.jpeg" target="_blank">Richard Plantagenet, Earl of Cambridge</a></td></tr>
</tbody></table>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3sob2mlWqlaF2SSj-GKt5hOaoJBihN05J25SGFJNCHoZ8UiUYWJBarxx5-15dumGQN59AQG-0PDFptxE1C8g4WZNzkLaSxmU2C67-lt1rdybTWUI29ry9QDRnXAxdXIg6zrU4v81DwfU/s1600/mara-de-padilla-70d98f6a-e3bc-42a3-94bd-5821049a056-resize-750.jpeg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="450" data-original-width="300" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3sob2mlWqlaF2SSj-GKt5hOaoJBihN05J25SGFJNCHoZ8UiUYWJBarxx5-15dumGQN59AQG-0PDFptxE1C8g4WZNzkLaSxmU2C67-lt1rdybTWUI29ry9QDRnXAxdXIg6zrU4v81DwfU/s320/mara-de-padilla-70d98f6a-e3bc-42a3-94bd-5821049a056-resize-750.jpeg" width="213" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><a href="https://curiosidadesdelahistoriablog.com/2014/03/06/maria-de-padilla-amante-y-esposa-de-pedro-i-de-castilla/" target="_blank">Maria de Padilla</a></td></tr>
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What is the significance, if anything, of all of this?
Reactions to finding out about the Queen’s descent, according to <i>The
Economist</i>, have been varied in the Arab world, with some warning of “a
perfidious plot to revive the British empire” while others, such as Abdelhamid
Al-Aouni, who writes for Moroccan newspaper, <i>Al-Ousboue</i>, have commented
positively. He writes: “It builds a bridge between our two religions and
kingdoms.” Yet others have responded by calling the queen “<i>sayyida</i> or <i>sherifa</i>,
titles reserved for the Prophet’s descendants.” Whatever the response may be,
and however accurate the trees shown above may be, they demonstrate one thing:
that humanity is really one great family, and that we are all the leaves of one
branch, and the branches of one tree. As the Qur’ān (49:13) tells us: <o:p></o:p></div>
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<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhp1bmibAYHk_Nfyvv0VLbzw2-hG9YMQO1SXhbTkQ-5F-gRqgl2YHsN3wvM6gfa68HPWICIkTxMZPIZRhkwPDYYNlQjl2NvzB_uRlJVSkWjVs8MpVCk2XAsCit14p1PsAsaIEuu1WQ7ld0/s1600/quran_049_013_manuscript.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="486" data-original-width="1530" height="100" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhp1bmibAYHk_Nfyvv0VLbzw2-hG9YMQO1SXhbTkQ-5F-gRqgl2YHsN3wvM6gfa68HPWICIkTxMZPIZRhkwPDYYNlQjl2NvzB_uRlJVSkWjVs8MpVCk2XAsCit14p1PsAsaIEuu1WQ7ld0/s320/quran_049_013_manuscript.png" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><a href="http://pudl.princeton.edu/viewer.php?obj=2r36tx59x#page/547/mode/2up" target="_blank">Qur'ān 49:13 (16th/17th century manuscript)</a></td></tr>
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<o:p><br /></o:p></div>
<blockquote class="tr_bq" style="text-align: left;">
<b>“O men! verily, we have created you of a male and a
female; and we have divided you into peoples and tribes that ye might have
knowledge one of another. Truly, the most worthy of honour in the sight of God
is he who feareth Him most. Verily, God is Knowing, Cognisant.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn1" name="_ednref1" style="mso-endnote-id: edn1;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[1]</span></b></span><!--[endif]--></span></span></a></b></blockquote>
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<o:p></o:p></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZR3SsyyeRFxis_plI1jhIHgrWWzfdC_MM5WP0oqmNRY4AfuiA1W9uBXTAWfxlEoXBp6ZZ8lRdxf5DGa3-L4XQdDK9uY8wHJwFxjac8GZZtu83PnlhgdaZaMCpf_IwWUkHNUeNkngr1h8/s1600/quran_004_01_a_manuscript.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1066" data-original-width="872" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZR3SsyyeRFxis_plI1jhIHgrWWzfdC_MM5WP0oqmNRY4AfuiA1W9uBXTAWfxlEoXBp6ZZ8lRdxf5DGa3-L4XQdDK9uY8wHJwFxjac8GZZtu83PnlhgdaZaMCpf_IwWUkHNUeNkngr1h8/s320/quran_004_01_a_manuscript.png" width="260" /></a></div>
<br />
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgv8tX2ryq91HE3DaZ_OuuZqwrx8_zFJqMIC1893Xgim65NuYa8qnwnjOR8DKXrsrGG9eKCVdCFJHxF3eXNqo3mged0SUMR4xa6qaeFHG7eu-Vp9Zjj5c2y6_bYd41VanDOlxTFozlk0gk/s1600/quran_004_01_b_manuscript.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1072" data-original-width="884" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgv8tX2ryq91HE3DaZ_OuuZqwrx8_zFJqMIC1893Xgim65NuYa8qnwnjOR8DKXrsrGG9eKCVdCFJHxF3eXNqo3mged0SUMR4xa6qaeFHG7eu-Vp9Zjj5c2y6_bYd41VanDOlxTFozlk0gk/s320/quran_004_01_b_manuscript.png" width="262" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><a href="https://www.wdl.org/en/item/6784/" target="_blank">Qur'ān 4:1 (interlinear manuscript, circa 1250–1350 CE)</a></td></tr>
</tbody></table>
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<blockquote class="tr_bq" style="text-align: left;">
Also (4:1): <b>“O MEN! fear your Lord, who hath created you
of one man (<i>nafs</i>, soul), and of him created his wife, and from these
twain hath spread abroad so many men and WOMEN. And fear ye God, in whose name
ye ask mutual favours, - and reverence the wombs that bare you. Verily is God
watching over you!”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn2" name="_ednref2" title=""><span class="MsoEndnoteReference"><span class="MsoEndnoteReference"><span style="font-size: 12pt;">[2]</span></span></span></a></blockquote>
<blockquote class="tr_bq" style="text-align: center;">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn2" name="_ednref2" style="mso-endnote-id: edn2;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[endif]--></span></span></a></blockquote>
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<o:p></o:p></div>
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<br /></div>
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Also, as I concluded in my blog post from 2015, “I hope you
have gleaned how descent from famous figures and Prophets in antiquity is not
only plausible but inevitable, that descent from the Prophet Muḥammad (pbuh) is
extremely common and very likely for those of European extraction.” This is due
to the fact that, over time, each individual who has descendants reaching
throughout the ages, eventually becomes a common ancestor for millions of
people. Simple mathematics alone will show us that, forty-five generations ago,
when the Prophet Muhammad lived, we would have had some 140 trillion possible
ancestors. This was when the population of the earth totalled roughly 277
million, 700 thousand (in about 670 CE). Due to the Arab expansion which followed
the rise of Islam and the spread of the Umayyad and Abbasid caliphates,
descendants of the Prophet Muhammad settled across North Africa, Arabia, Persia
and southern Spain. Furthermore, it is through Islamic Spain that His
descendants entered the European gene pool. This reminds us of one of the
Prophet Muhammad’s final statements, where He informed His followers that He
was leaving two legacies, the Qur’ān and His family. He is reported to have said:
<o:p></o:p></div>
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<blockquote class="tr_bq" style="text-align: left;">
<b>“I am about to answer the call (of death). Verily, I
leave behind two precious things (<i>thaqalayn</i>) amongst you: the Book of
God and my <i>Ahl al-Bayt</i>. Verily, the two will never separate until they
come back to me by the side of the Pond.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn3" name="_ednref3" style="mso-endnote-id: edn3;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[3]</span></span><!--[endif]--></span></span></a><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn4" name="_ednref4" style="mso-endnote-id: edn4;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">[4]</span></span><!--[endif]--></span></span></a></blockquote>
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<o:p></o:p></div>
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Both of these legacies continue to spread and impact our
lives in the modern era, and it is important to be thoroughly familiar with both
of them. The recent article in <i>The Economist</i> has given us a potent
reminder of this fact, while highlighting the interconnectedness that binds us
all within one common family and brotherhood of man, situated upon one common
homeland—earth. <o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="text-align: left;">
- NJ Bridgewater<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="text-align: left;">
<b>Sources:<o:p></o:p></b></div>
<div class="MsoNormal" style="text-align: left;">
<br /></div>
<div class="MsoNormal" style="text-align: left;">
Muslim, al-Sahih, (English translation), book 031, numbers
5920-3. See: <o:p></o:p></div>
<div class="MsoNormal" style="text-align: left;">
http://www.al-islam.org/nutshell/beliefs/1.htm (accessed
04/01/2016).<o:p></o:p></div>
<div class="MsoNormal" style="text-align: left;">
<br /></div>
<div class="MsoNormal" style="text-align: left;">
NJ Bridgewater (2016) You are (most likely) a descendant of
the Prophet Muḥammad, <i>Crossing the Bridge</i>, 4 January 2016. URL: http://nicholasjames19.blogspot.de/2016/01/you-are-most-likely-descendant-of.html
(accessed 07/04/2018)<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="text-align: left;">
The Economist (2018) Muslims consider Queen Elizabeth’s ties
to the Prophet Muhammad, <i>The Economist</i>, Apr 5th 2018. URL: https://www.economist.com/news/middle-east-and-africa/21739990-reaction-queens-purported-muslim-extraction-has-been-varied-arab
(accessed 07/04/2018)<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="text-align: left;">
J.M. Rodwell (1861) <i>The Koran</i> (London: Williams &
Norgate). URL: http://www.sacred-texts.com/isl/qr/index.htm (accessed
07/04/2018)<o:p></o:p></div>
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<br /></div>
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<br />
<div id="edn1" style="mso-element: endnote;">
<div class="MsoEndnoteText" style="text-align: left;">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref1" name="_edn1" style="mso-endnote-id: edn1;" title=""></a><b><span style="font-size: 12.0pt;">References:<o:p></o:p></span></b></div>
<div class="MsoEndnoteText" style="text-align: left;">
<br /></div>
<div class="MsoEndnoteText" style="text-align: left;">
<span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[1]</span></span><!--[endif]--></span></span> See: https://www.islamawakened.com/quran/49/13/default.htm
(accessed 07/04/2018).<o:p></o:p></div>
</div>
<div id="edn2" style="mso-element: endnote;">
<div class="MsoEndnoteText" style="text-align: left;">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref2" name="_edn2" style="mso-endnote-id: edn2;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[2]</span></span><!--[endif]--></span></span></a> See: https://www.islamawakened.com/quran/4/1/default.htm
(accessed 07/04/2018).<o:p></o:p></div>
</div>
<div id="edn3" style="mso-element: endnote;">
<div class="MsoNormal" style="text-align: left;">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref3" name="_edn3" style="mso-endnote-id: edn3;" title=""><span class="MsoEndnoteReference"><span style="font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[3]</span></span><!--[endif]--></span></span></span></a><span style="font-size: 10.0pt;"> Muslim, al-Sahih, (English translation), book 031,
numbers 5920-3. See: <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-size: 10.0pt;">http://www.al-islam.org/nutshell/beliefs/1.htm
(accessed 04/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn4" style="mso-element: endnote;">
<div class="MsoEndnoteText" style="text-align: left;">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref4" name="_edn4" style="mso-endnote-id: edn4;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-family: "times new roman" , serif; font-size: 10.0pt;">[4]</span></span><!--[endif]--></span></span></a> NOTE: The
term <i>Ahl al-Bayt</i> literally means ‘People of the House’ and refers to His
direct descendants.<o:p></o:p></div>
</div>
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-->Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com0tag:blogger.com,1999:blog-3210933998341353221.post-28173652469544137582018-03-10T01:02:00.002-08:002018-03-10T01:04:31.499-08:00Bitcoin: What is it? (video and transcript)NJ Bridgewater<br />
10 March 2018<br />
<br />
Yesterday, I released a new video introduction to Bitcoin, which you can find below, along with a transcription of my presentation. I hope people find it useful in gaining a more holistic understanding of Bitcoin, especially in relation to fiat currencies, money and real value.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<iframe allowfullscreen="" class="YOUTUBE-iframe-video" data-thumbnail-src="https://i.ytimg.com/vi/EBCdt-UdkFA/0.jpg" frameborder="0" height="266" src="https://www.youtube.com/embed/EBCdt-UdkFA?feature=player_embedded" width="320"></iframe></div>
<br />
<b>Transcript:</b><br />
<br />
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<span lang="EN-US">Hello everyone and welcome to my channel. It’s been a
little while since my last video and I have been quite busy with work and life
in general. However, I thought the time had come to release a new video, and
I’ve been planning to talk about this topic for quite a while. And that topic
is: Bitcoin. <o:p></o:p></span></div>
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<span lang="EN-US"><br /></span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhm12rMwJqOrX3g8f0sIkdyR56_JMyEh8uP79bW16bUOY9mDzupAF-zahcsoFuopOdu7vlIbWUASIVBn2E5QmHHNUGBhID7NfNqguBrb-LMVdf60ll-Fp7VQidfHi_VoAlv1Yfkk5wyEqY/s1600/bitcoin_sowhatyoursayingis.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="350" data-original-width="590" height="236" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhm12rMwJqOrX3g8f0sIkdyR56_JMyEh8uP79bW16bUOY9mDzupAF-zahcsoFuopOdu7vlIbWUASIVBn2E5QmHHNUGBhID7NfNqguBrb-LMVdf60ll-Fp7VQidfHi_VoAlv1Yfkk5wyEqY/s400/bitcoin_sowhatyoursayingis.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">From <a href="https://twitter.com/BitcoinGent" target="_blank">@BitcoinGent</a>, Jan 23, 2018.</td></tr>
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<span lang="EN-US">Why have I chosen this topic? Because it’s a topic I
am passionate about, and there is a lot of misinformation out there about
Bitcoin, especially in the mainstream media. The reasons for this are twofold:
Bitcoin is a threat to the existing financial order, so the mainstream
narrative will tend to focus on the negative aspects of Bitcoin in order to
de-legitimize it. Secondly, bad news sells a lot better than good news. So, if
there is any hacking of a cryptocurrency exchange, or if Bitcoin is being used
by hackers or in ransomware, that will be picked up on by the media. There’s
also a lot of old guard economists and bankers who like to spread fear,
uncertainty and doubt (often called ‘FUD’) about Bitcoin because it doesn’t fit
their narrative of government control of the money supply. <o:p></o:p></span></div>
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<span lang="EN-US">Now, I’m not making this video as financial advice,
but merely as my own reflections and understanding of Bitcoin. I have discussed
this issue more thoroughly in an article entitled <a href="http://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html" target="_blank">‘What is Bitcoin’</a>, which
appears on <a href="http://nicholasjames19.blogspot.com/" target="_blank">my Crossing the Bridge blog</a>. You can find a link to the post in the
description below. In that article, I discuss what money really is, the history
of money and the meaning of intrinsic value. For more background on this topic,
I would also recommend Nick Szabo’s article, <a href="http://nakamotoinstitute.org/shelling-out/" target="_blank">Shelling Out: The Origins ofMoney</a>, which I have also linked to below. <o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBv7Gt5hNpu6WbQ0JCkAs3BmlwtJtP19GuQibQhuRAILB0hQb6ae7ZaSmPYBJ_vdNshMQPD_Frjtg2DINtafP-8Bxdzj-prveCnueIX4Ipay4JY67CLdO0owQhJQQeqEh6LjUe8OzN0UQ/s1600/bitcoinnodes.gif" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="416" data-original-width="554" height="239" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBv7Gt5hNpu6WbQ0JCkAs3BmlwtJtP19GuQibQhuRAILB0hQb6ae7ZaSmPYBJ_vdNshMQPD_Frjtg2DINtafP-8Bxdzj-prveCnueIX4Ipay4JY67CLdO0owQhJQQeqEh6LjUe8OzN0UQ/s320/bitcoinnodes.gif" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">From Jameson Lopp (2014) <a href="https://medium.com/@lopp/bitcoin-nodes-how-many-is-enough-9b8e8f6fd2cf" target="_blank">Bitcoin Nodes: How Many is Enough?</a></td></tr>
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<span lang="EN-US">So, what is Bitcoin? In a nutshell, Bitcoin is a
de-centralized cryptocurrency based on a distributed network. That’s quite a
mouthful, isn’t it? So, let’s break it down. Bitcoin is based on a new
technology called the blockchain. The blockchain is essentially a distributed
ledger. A ledger is a record of transactions, showing who has sent how much
money to whom. In this case, it records all the transactions that ever occur
using Bitcoin. It is distributed because the blockchain is maintained by a
network of nodes. Each node is just a computer which has stored a copy of the
blockchain and is running <a href="https://bitcoin.org/en/bitcoin-core/" target="_blank">Bitcoin Core</a> (the latest version being 0.16.0), which
can be <a href="https://bitcoin.org/en/bitcoin-core/" target="_blank">downloaded from Bitcoin.org</a>. <o:p></o:p></span></div>
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<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US">What does this mean? Well, it means that Bitcoin is
something tangible. It exists on a network of nodes that are distributed across
the planet and which are constantly running and maintaining the network while
verifying new transactions. Whenever a transaction occurs, it is bundled
together with other transactions into a block. No names are included in the
transactions, so there is some anonymity to them; although people can, in
theory, trace a Bitcoin address back to the exchange where you bought your
Bitcoins. Nevertheless, these transactions are then “mined”. Bitcoin miners
process the transactions in the block using a cryptographic code. As <i style="mso-bidi-font-style: normal;">The Economist</i> explained in a <a href="https://www.economist.com/blogs/economist-explains/2015/01/economist-explains-11" target="_blank">2015 article</a>:<o:p></o:p></span></div>
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<blockquote class="tr_bq" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US">“Every ten minutes or so mining computers collect a
few hundred pending bitcoin transactions (a “block”) and turn them into a
mathematical puzzle. The first miner to find the solution announces it to
others on the network. The other miners then check whether the sender of the
funds has the right to spend the money, and whether the solution to the puzzle
is correct. If enough of them grant their approval, the block is
cryptographically added to the ledger and the miners move on to the next set of
transactions (hence the term “blockchain”). “</span></blockquote>
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<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US"><span style="mso-spacerun: yes;"> </span>This prevents
the double-spending problem, in which digital currency can be spent twice. By
independently verifying transactions, double spending cannot occur and the
integrity of the blockchain ledger is maintained. There are estimated to be
around 100,000 miners worldwide, maintaining this transparent and distributed
network.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "calibri" , sans-serif; font-size: 11.0pt; line-height: 107%;">[1]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
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<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSrmHAIanRXmnCOkj0nbWoXLZTe_xvKebhPJM6Uq_sdrz6OhrDYK3GSWtgSB779HNo3D17KmpD1X-qRYgLlNOahc_haLszwGRq1fGIsEdlFxO0LheyQ0a0IPQsRH1hk3RLToIEkiOnjI8/s1600/Binary_Systemdreamstime_xl_43063495.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="546" data-original-width="900" height="194" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSrmHAIanRXmnCOkj0nbWoXLZTe_xvKebhPJM6Uq_sdrz6OhrDYK3GSWtgSB779HNo3D17KmpD1X-qRYgLlNOahc_haLszwGRq1fGIsEdlFxO0LheyQ0a0IPQsRH1hk3RLToIEkiOnjI8/s320/Binary_Systemdreamstime_xl_43063495.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><a href="https://en.wikipedia.org/wiki/Binary_code" target="_blank">Binary code</a>. From: <a href="https://www.wonderopolis.org/wonder/how-does-the-binary-system-work" target="_blank">How Does the Binary System Work?</a></td></tr>
</tbody></table>
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<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US">How does this differ from US dollars and other
currencies? The answer is simple. And some people may find this shocking. US
dollars and other government-created currencies are not backed by anything at
all. They are simply 1s and 0s created out of thing air. They don’t really
exist. They’re a sort of illusion that we attribute value to based on our
collective belief in their value. As I point out in my article, <i><a href="http://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html" target="_blank">What is Bitcoin</a></i>, these currencies have no intrinsic value, which is why they are called
fiat currencies. They are created by fiat, which means they are created by
decree. They are not backed by or attached to any physical asset. Also, the
vast majority of dollars, euros, pounds, etc. are not physical. They exist only
as digital money, a sort of ‘magic internet money’ that is circulated between
banks and individuals. Whenever you take out a loan or overdraft from your
bank, the bank simply creates some 1s and 0s in their ledger, and, <i style="mso-bidi-font-style: normal;">et voilà</i>, the money exists. What this
really is, however, is not money, but debt, and the debt is no more real than
1s and 0s<span style="mso-spacerun: yes;"> </span>you write in a notebook if
someone borrows money from you, or owes you a favour. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US">Bitcoin, in contrast, has real substance. It is a real
and immutable network that is distributed across the planet. Because it is not
located in any one place, it is censorship resistant. Because it consists of
thousands of nodes, all recording an ever-growing blockchain, and because it
takes real energy and time to generate new Bitcoins, which are released after
every block is computed, Bitcoin has intrinsic value. The blockchain has value
in and of itself, so Bitcoin has real-world value. Furthermore, because it has
entered the social consciousness, and now has perceived value, rather like
gold, Bitcoin’s value is as real and substantive as the value of any other
real-world asset such as gold, silver, land or crude oil. <o:p></o:p></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg40BlH4UxfFR4I0u37o2uPkuMZTEY_oIJg1x5SFNHmHcyAYcrim9Zr9HceTdGG0olerFVhzZzsp7qBNXwiW5us7GN6qGcxwSV99JkNQfBuJgbY4XuBfKXbe5fUSlyYrD4uvbhfe5iRywA/s1600/Hypothetical_supply-demand_situation_for_copper_adapted_from_Truett_and_Truett%252C_1982.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="600" data-original-width="796" height="301" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg40BlH4UxfFR4I0u37o2uPkuMZTEY_oIJg1x5SFNHmHcyAYcrim9Zr9HceTdGG0olerFVhzZzsp7qBNXwiW5us7GN6qGcxwSV99JkNQfBuJgbY4XuBfKXbe5fUSlyYrD4uvbhfe5iRywA/s400/Hypothetical_supply-demand_situation_for_copper_adapted_from_Truett_and_Truett%252C_1982.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Supply and demand, adapted from Truett and Truett (1982)</td></tr>
</tbody></table>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US"><o:p><br /></o:p></span></div>
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<span lang="EN-US"><o:p><br /></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US">But the best and most satisfying part of the story is
this: Bitcoin is a limited asset. There will only ever be 21 million Bitcoins.
Thus, like gold, there is scarcity. And the economic principle of supply and
demand determines that what is limited in supply and much in demand will have
an increasingly high value. As Bitcoin continues to be adopted over time, its
price will inevitably go up over time. The increasing value of Bitcoin is
certain, as long the network continues to grow and its adoption increases.
Thus, if Bitcoin is still around 5 or 10 years from now, which I believe it
will be, then it will be much, much more valuable than it is today. And the
path to 1 million dollars is not a matter of if, but only of when. Again, I’m
not saying this as financial advice, but just to burst the bubble of the myth
of government-currencies having real value. Due to inflation, the value of fiat
currencies will always go down, but the value of Bitcoin will tend to go up. <o:p></o:p></span></div>
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<span lang="EN-US"><br /></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBEOyLpVNo0SUk9JUt_zz3uNIbRQBHbFFom3WLEbQ09HUr-HpbE9JbASBOeRW0xPSkM__2ZW4eWfnbn74XyaMYvJtPFYsPHeN5JVCiBq_Qtc7cLtAiVbcnAVCXKbflMHdVPiBcjpFuPj0/s1600/msbt_0801.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="311" data-original-width="494" height="251" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBEOyLpVNo0SUk9JUt_zz3uNIbRQBHbFFom3WLEbQ09HUr-HpbE9JbASBOeRW0xPSkM__2ZW4eWfnbn74XyaMYvJtPFYsPHeN5JVCiBq_Qtc7cLtAiVbcnAVCXKbflMHdVPiBcjpFuPj0/s400/msbt_0801.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">From <i><a href="https://www.safaribooksonline.com/library/view/mastering-bitcoin-2nd/9781491954379/ch08.html" target="_blank">Mastering Bitcoin</a></i> by Andreas Antonopoulos, Ch. 8</td></tr>
</tbody></table>
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<span lang="EN-US"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-size: 11pt;">Are there risks with Bitcoin? Yes, of course. There is
huge speculation and some market manipulation. Can it be hacked? No. Can your
private key be hacked? Yes. Your private key represents your ownership of
Bitcoin. If you hold your private key on an exchange, it can and might be hacked
at some point. But Bitcoin itself, being this distributed ledger spread across
the planet, cannot be destroyed, hacked or lost. Only your private key can be
lost or stolen. Bitcoin lets you be your own bank and, as such, you are
responsible for the security of your Bitcoins. Can you afford Bitcoin? Yes.
Bitcoin may be over $10,000, but each Bitcoin is divided into 100 million
parts, called satoshis. If you want to buy Bitcoins directly, you can do so <a href="https://www.coinbase.com/join/58ebfdd6a42219609fdbf0ae" target="_blank">on Coinbase</a>, <a href="http://cex.io/">CEX.io</a>, <a href="https://www.kraken.com/" target="_blank">Kraken</a>, <a href="https://www.binance.com/?ref=17567139" target="_blank">Binance</a> and other exchanges. I have provided some
links below to help you. Some of these are affiliate links. </span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US">In conclusion, Bitcoin is a revolutionary,
censorship-resistant, immutable, scarce and highly valuable cryptocurrency that
has intrinsic value, has consistently gone up in value over time and allows you
to have full financial control over your own money. It is real, sound money
that has actual value and substance, whereas fiat currencies, such as dollars,
euros and pounds, have no real value and consistently go down in value over
time, due to inflation. The government manipulates its own currencies while
reducing your purchasing power. Bitcoin is decentralized and neutral. It causes
no harm to you while maintaining the integrity of your wealth. It allow you to
be your own bank. It is digital gold and a savings account for the future.
Bitcoin is, in short, what we have all been waiting for for a long time: real
money. <o:p></o:p></span></div>
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<span lang="EN-US"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.amazon.com/Bitcoin-Money-Business-Mastery-Secrets-ebook/dp/B077M1WJR2/" target="_blank"><img border="0" data-original-height="1068" data-original-width="1600" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8JVTKM2A9OpV9FNbxjUGFADgHcHAb4S5t3BRAp5xbJHeK4DLzbMdue4pPHxR10eLl_ythw8F76HUEGjPKSQVBrCjJolJz1dQUrsZOcXKlNAeUMSDttDCrlSsTkCQa_-6L8HNNxTN0VcE/s320/bitcoin_10waystomakemoney_example_v4.jpg" width="320" /></a></div>
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<span lang="EN-US"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US">If you like <a href="https://www.youtube.com/watch?v=EBCdt-UdkFA" target="_blank">this video</a>, make sure to click like and
subscribe. If you want to read more about Bitcoin, make sure to click on my
introductory article, What is Bitcoin?, as well as my short e-book, <i style="mso-bidi-font-style: normal;"><a href="https://www.amazon.com/Bitcoin-Money-Business-Mastery-Secrets-ebook/dp/B077M1WJR2/" target="_blank">Bitcoin: 10 Ways to Make Money Using Bitcoin</a></i>,
which I have linked to in the description below. Also, make sure to follow me
on Twitter <a href="https://twitter.com/Nicholas19" target="_blank">@Nicholas19</a>. And, as always, keep learning and keep earning. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">External Links:<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US">NJ Bridgewater (2017) <a href="http://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html" target="_blank">What is Bitcoin?</a>, 7 December
2017. URL: http://nicholasjames19.blogspot.com/2017/12/what-is-bitcoin.html
(accessed 07/03/2017)<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US"><a href="https://bitcoin.org/en/download">https://bitcoin.org/en/download</a> (accessed 07/03/2017)<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US">L.S. (2015) <a href="https://www.economist.com/blogs/economist-explains/2015/01/economist-explains-11" target="_blank">How Bitcoin mining works</a>, <i>The Economist</i>, Jan. 20,
2015. URL: https://www.economist.com/blogs/economist-explains/2015/01/economist-explains-11
(accessed 07/03/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US">Joseph Young (2015) <a href="https://cointelegraph.com/news/nick-szabo-block-size-increase-a-huge-security-risk" target="_blank">Nick Szabo: Block Size Increase a ‘Huge Security Risk’</a>, 17/08/2015. URL: https://cointelegraph.com/news/nick-szabo-block-size-increase-a-huge-security-risk <o:p></o:p></span><span style="font-size: 14.6667px;">(accessed 07/03/2018)</span></div>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
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<!--StartFragment-->
<!--EndFragment--><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US">Nick Szabo (2002) <a href="http://nakamotoinstitute.org/shelling-out/" target="_blank">Shelling Out: The Origins of Money</a>, <i>Satoshi
Nakamoto Institute</i>. URL: http://nakamotoinstitute.org/shelling-out/
(accessed 10/03/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US">NJ Bridgewater (2017) <a href="https://www.amazon.com/Bitcoin-Money-Business-Mastery-Secrets-ebook/dp/B077M1WJR2/" target="_blank"><i style="mso-bidi-font-style: normal;">Bitcoin: 10 Ways to Make Money Using Bitcoin</i> </a>(Amazon Kindle
Publishing, e-book). URL: https://www.amazon.com/Bitcoin-Money-Business-Mastery-Secrets-ebook/dp/B077M1WJR2/
Also: https://bizmasterysecrets.com/bitcoininformationguide (accessed
07/03/2018)<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">Links to buy
Bitcoin:<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US"><a href="https://www.coinbase.com/join/58ebfdd6a42219609fdbf0ae">https://www.coinbase.com/join/58ebfdd6a42219609fdbf0ae</a><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US"><a href="https://cex.io/r/0/up111487149/0/">https://cex.io/r/0/up111487149/0/</a><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US"><a href="https://www.binance.com/?ref=17567139" target="_blank">https://www.binance.com/?ref=17567139 </a><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US"><a href="https://paxful.com/roots/buy-bitcoin/index?affiliate=rg9dro5NY1b">https://paxful.com/roots/buy-bitcoin/index?affiliate=rg9dro5NY1b</a><o:p></o:p></span></div>
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span lang="EN-US"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: "calibri" , sans-serif; font-size: 10.0pt; line-height: 107%;">[1]</span></span><!--[endif]--></span></span></span></a><span lang="EN-US"> URL: https://cointelegraph.com/news/nick-szabo-block-size-increase-a-huge-security-risk
(accessed 07/03/2018).</span></div>
</div>
</div>
Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com0tag:blogger.com,1999:blog-3210933998341353221.post-60573195350743138542017-12-07T07:49:00.000-08:002017-12-07T07:54:36.652-08:00What is Bitcoin?<br />
<div class="MsoNormal" style="mso-outline-level: 1;">
<span style="font-family: "georgia" , serif; font-size: 12pt;">NJ Bridgewater</span></div>
<div class="MsoNormal">
<i><span lang="EN-GB" style="font-family: "georgia" , serif;">Crossing
the Bridge<o:p></o:p></span></i></div>
<div class="MsoNormal">
<span lang="EN-GB" style="font-family: "georgia" , serif;">7
December 2017<o:p></o:p></span></div>
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<br /></div>
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<b><span lang="EN-GB" style="font-family: "georgia" , serif;">“It [Bitcoin] will be everywhere and the
world will have to readjust.<span style="mso-spacerun: yes;"> </span>World
governments will have to readjust.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn1" name="_ednref1" style="mso-endnote-id: edn1;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><b style="mso-bidi-font-weight: normal;"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[1]</span></b></span><!--[endif]--></span></span></a><o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-left: .5in;">
<span lang="EN-GB" style="font-family: "georgia" , serif;">- John McAfee, <i>Bloomberg interview</i><o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;">What is
<a href="http://bizmasterysecrets.com/bitcoininformationguide">Bitcoin</a>?
This is a question that is stirring in the minds of millions who have started
to hear about its meteoric rise in value in relation to the U.S. dollar. Every
day, there are fresh reports of new Bitcoin ‘all-time highs’ (or ATHs for
short). As of today, Bitcoin is worth more than $14,000 USD—for one Bitcoin!
Bitcoin is a phenomenon that has taken the world by storm, and it has left many
people scratching their heads, wondering what it is, why it is so valuable, and
how it can be used. The reason for this is simple. We are facing a massive
paradigm shift. Imagine, if you will, living thousands of years ago, when the
first caveman or cavewoman walked on the beaches of ancient East Africa and
began to collect beautiful shells. Later on, he or she bored holes in the
shells and passed a leather thread through them, making the first necklace.
These shells, which could be used for beautification, created value. How was
that? Because everyone agreed that the shells were beautiful, and it took time
and effort to collect them. If you lived further inland, you could not obtain
shells easily. Only by physically going to the beach and collecting them,
choosing only the best and most beautiful shells, could you first obtain this
newfound source of wealth. A man or woman who wore shells was more beautiful or
handsome, and, as such, was a more desirable mate. Shells could also, perhaps,
have been used in ancient religious rituals, and might have adorned the bodies
of ancient chieftains and shamans. They could be used in headdresses,
necklaces, bracelets, anklets and other decorations, as well as being sewn into
leather clothing and furs. With shells being universally recognized as a source
of value/wealth, they could also be exchanged for other goods, e.g. meat,
fruits, nuts, stone tools, clothing, furs, etc. perhaps even in the exchange of
women as mates (e.g. in some ancient form of dowry or bride price). <o:p></o:p></span></div>
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<a href="https://upload.wikimedia.org/wikipedia/commons/0/04/Cowrie_shells_-_sozhi_roll_of_3.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="600" data-original-width="800" height="150" src="https://upload.wikimedia.org/wikipedia/commons/0/04/Cowrie_shells_-_sozhi_roll_of_3.jpg" width="200" /></a><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn2" name="_ednref2" style="font-family: calibri, sans-serif; font-size: 12pt;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif;">[2]</span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<br /></div>
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<a href="https://upload.wikimedia.org/wikipedia/commons/3/36/Physical_Bitcoin_by_Mike_Cauldwell_(Casascius).jpg" imageanchor="1" style="font-family: georgia, serif; font-size: 12pt; margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="800" data-original-width="646" height="200" src="https://upload.wikimedia.org/wikipedia/commons/3/36/Physical_Bitcoin_by_Mike_Cauldwell_(Casascius).jpg" width="161" /></a><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn3" name="_ednref3" style="font-family: calibri, sans-serif; font-size: 12pt; text-align: center;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif;">[3]</span></span></a></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;">Why am
I writing about shells? Because shells are one of the earliest forms of money. In
a Twitter post, cryptographer Nick Szabo writes that <b>“successful money is
far from arbitrary. The most common collectibles were the two most durable and
suitably scarce kinds of objects available: biologically crystallized calcium
carbonate and later the monetary metals (copper, gold, and silver).”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn4" name="_ednref4" style="mso-endnote-id: edn4;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[4]</span></span><!--[endif]--></span></span></a>
In fact, cowry shells [the ‘calcium carbonate’ Szabo is referring to] continued
to be in use as legal tender in western Africa up till the 19<sup>th</sup>
century. Shells were fastened together in strings of 40 – 100 each, with 50 or
20 strings representing one dollar. Three thousand years ago, in China, cowries
were also used as currency, while, in India, cowries continued in use as legal
tender until 1805 CE.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn5" name="_ednref5" style="mso-endnote-id: edn5;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[5]</span></span><!--[endif]--></span></span></a>
How does this relate to Bitcoin? Because Bitcoin, and cryptocurrency in
general, is the new form of money. It is the latest evolution in the
development of money. Cowry shells were eventually superseded by precious metal
coins in much of the world, using electrum, silver and gold. These, in turn,
were replaced by paper money backed by gold and silver. And paper money, in
turn, was replaced by fiat currency, which is the currency that currently
predominates in most of the world. Fiat means ‘decree’. In other words, they
are currencies that are created out of thin air, at the whim of national
governments. While the U.S. dollar used to be backed by and redeemable for a
certain amount of gold in the past ($20.79 could buy you an ounce of gold in
1879), since 1971, the U.S. dollar has no longer been backed by gold.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn6" name="_ednref6" style="mso-endnote-id: edn6;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[6]</span></span><!--[endif]--></span></span></a>
Rather, it is backed by nothing other than blind faith. Nixon implemented this
separation from the gold standard in order to stop foreign dollar holders from
sapping U.S. gold reserves.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn7" name="_ednref7" style="mso-endnote-id: edn7;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[7]</span></span><!--[endif]--></span></span></a>
Now, we have reached the next stage in the evolution of money: cryptocurrencies
and the blockchain.<o:p></o:p></span></div>
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<a href="https://upload.wikimedia.org/wikipedia/commons/a/ab/Sample_Bitcoin_paper_wallet.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="203" data-original-width="400" height="162" src="https://upload.wikimedia.org/wikipedia/commons/a/ab/Sample_Bitcoin_paper_wallet.png" width="320" /></a></div>
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn8" name="_ednref8" style="mso-endnote-id: edn8;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif;"><span style="mso-special-character: footnote;"><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[8]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif;"><o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;"><br /></span></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;"><br /></span></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;"><br /></span></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;"><br /></span></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;"><br /></span></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;"><br /></span></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;"><br /></span>
<br />
<br />
<i>Bitcoin paper wallet</i></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;"><a href="http://bizmasterysecrets.com/bitcoininformationguide">Bitcoin</a> is the
most popular and well-known cryptocurrency. It is also the pioneer of all
cryptocurrencies, being the first one to gain traction and widespread usage. A
cryptocurrency is a currency that is designed to be both secure and, most of
the time, anonymous.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn9" name="_ednref9" style="mso-endnote-id: edn9;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[9]</span></span><!--[endif]--></span></span></a>
The system is based on cryptography – the same technology which allows your
WhatsApp messages to be encrypted, and your online banking details to remain
secure. If you trust the internet with your credit card or debit card details,
then you are trusting in cryptographic technology. The main purpose of
cryptography is anonymity. When it comes to currencies, anonymity and
encryption is incredibly important. Do you want people knowing how much money
you hold, how you spend it, or where you store it? Cryptography is a key part
of securing your financial resources. Bitcoin is an evolution of this
technology – allowing money itself to be held and spent without the
intervention of banks or financial institutions. Using the technology of the blockchain,
Bitcoin circumvents government controls over currency, allowing you to spend,
buy and receive currency to/from an anonymous wallet. Does this mean that U.S.
dollars, GBP, euros, etc. are no longer relevant? Basically, yes. All the major
currencies in the world are already fully digital. Most dollars in circulation
are actually 1s and 0s recorded within an internet ledger; but these 1s and 0s
are backed by nothing, other than the good faith and credit of the national
government which issued them. Paper money barely scratches the surface in terms
of the actual number of U.S. dollars in circulation. Since most transactions
are now digital, paper money serves only one real function in the modern world:
a means of maintaining the illusion that fiat money is real money. National
currencies are an illusion—they are created out of nothing, and they are supported
by nothing at all. They have no intrinsic value. <o:p></o:p></span></div>
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<a href="https://upload.wikimedia.org/wikipedia/commons/5/52/A_print_from_1845_shows_cowry_shells_being_used_as_money_by_an_Arab_trader.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="338" data-original-width="496" height="218" src="https://upload.wikimedia.org/wikipedia/commons/5/52/A_print_from_1845_shows_cowry_shells_being_used_as_money_by_an_Arab_trader.jpg" width="320" /></a></div>
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn10" name="_ednref10" style="mso-endnote-id: edn10;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif;"><span style="mso-special-character: footnote;"><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[10]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif;"><o:p></o:p></span></div>
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<span style="font-family: "georgia" , serif;"><br /></span>
<span style="font-family: "georgia" , serif;"><i>Cowry shells being used by Arab traders
(1845)</i></span></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;">Money
is, essentially, a meme. The term ‘meme’, coined by Richard Dawkins in <i>The
Selfish Gene</i> (1976), derives from the Greek word <i>mimeme</i>, meaning
something ‘imitated’. He sometimes refers to these as ‘mind viruses’.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn11" name="_ednref11" style="mso-endnote-id: edn11;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[11]</span></span><!--[endif]--></span></span></a>
A meme is a viral idea, which spreads from one person to the next, rather like
the habit of collecting and trading cowry shells, which we referred to earlier.
This ‘mind virus’ does not physically exist. Rather, it exists in the
collective consciousness of those who believe it. If we believe that money
exists, it exists. If we believe that the U.S. dollar has value, it has value.
If we believe potato chips with the face of Elvis on them have value, they have
value. U.S. dollars, like all national currencies, exist as part of this
collective belief-system or ‘mind virus’. There is no such thing as money,
really, except to the extent that people maintain this collective belief. <o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "georgia" , serif;">“’Economists and journalists often get
caught up in this question: Why does bitcoin have value?’ Shapeshift founder
Erik Voorhees once detailed. ‘And the answer is very easy. Because it is useful
and scarce.’”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn12" name="_ednref12" style="mso-endnote-id: edn12;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><b style="mso-bidi-font-weight: normal;"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[12]</span></b></span><!--[endif]--></span></span></a><o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;">- Erik Voorhees, quoted by Jamie Redman<o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;">Those
who cannot understand the value of <a href="http://bizmasterysecrets.com/bitcoininformationguide">Bitcoin</a> are
generally unaware of the value of money itself, or what money is. Money is a
form of value. If I can sell you a packet of potato chips for $1, then $1 has
the value of a packet of potato chips. If you refuse to sell me that packet,
because you believe that the dollar isn’t worth the paper it’s printed on, then
you are refusing to be a part of the collective belief-system of U.S. dollars.
You are refusing to accept that the dollar has value. It will only have value
for those who believe it has value. As Adam Smith Writes in <i>The Wealth of
Nations</i>: <b>“The market price of every particular commodity is regulated by
the proportion between the quantity which is actually brought to market, and
the demand of those who are willing to pay the natural price of the commodity.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn13" name="_ednref13" style="mso-endnote-id: edn13;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[13]</span></span><!--[endif]--></span></span></a>
This raises the question: what is the intrinsic value of Bitcoin? To understand
that, we need to also understand how Bitcoin differs from fiat currencies. What
exactly <i>is</i> a Bitcoin?</span></div>
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<a href="https://upload.wikimedia.org/wikipedia/commons/5/5b/Bitcoin_Price_History.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="351" data-original-width="800" height="140" src="https://upload.wikimedia.org/wikipedia/commons/5/5b/Bitcoin_Price_History.png" width="320" /></a></div>
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn14" name="_ednref14" style="mso-endnote-id: edn14;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif;"><span style="mso-special-character: footnote;"><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[14]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif;"><o:p></o:p></span></div>
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<span style="font-family: "georgia" , serif;"><br /></span>
<span style="font-family: "georgia" , serif;"><i>Bitcoin price history: 2011 - 2017</i></span></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;"><a href="http://bizmasterysecrets.com/bitcoininformationguide">Bitcoin</a> was
created in 2009 by a person under the pseudonym of Satoshi Nakamoto.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn15" name="_ednref15" style="mso-endnote-id: edn15;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[15]</span></span><!--[endif]--></span></span></a>
He first described Bitcoin in a white paper published online in 2008 before
eventually disappearing from the scene, taking the mystery of his identity with
him into the murky depths of the cyber-world.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn16" name="_ednref16" style="mso-endnote-id: edn16;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[16]</span></span><!--[endif]--></span></span></a>
Bitcoin was intended to exist as a purely peer-to-peer <b>“electronic cash,”</b>
allowing <b>“payments to be sent from one party to another without going
through a financial system.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn17" name="_ednref17" style="mso-endnote-id: edn17;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[17]</span></span><!--[endif]--></span></span></a>
This means that you can send Bitcoins from one person to another directly,
without using the intermediary of a financial institution, such as a bank. As
long as both parties have Bitcoin wallets, with access to a certain amount of
Bitcoin, then they can carry out a transaction on the Bitcoin network. So, how
does Bitcoin exist? It exists on the blockchain. The blockchain is the
revolutionary technology that allows cryptocurrencies to exist. It prevents the
so-called ‘double spend’ problem. The problem with digital currencies is that
they could potentially lead to individuals spending the same amount of money
twice, which would cause confusion and chaos.</span></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;">The blockchain
is a way of verifying transactions and making sure that there is no double
spending. How does it work? The blockchain is a shared database which records
transactions and encrypts them.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn19" name="_ednref19" style="mso-endnote-id: edn19;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[19]</span></span><!--[endif]--></span></span></a>
It’s basically a distributed digital ledger that is encrypted and maintained by
a network of miners located in various locations across the face of the earth.
In the past, accountants and businessmen used ledgers to record transactions on
paper. The blockchain records these transactions across an entire network,
ensuring that there is no falsification or errors. As new transactions emerge, they
are bundled together into blocks. These blocks are then processed by Bitcoin
miners, who use an advanced cryptographic code to unlock new Bitcoins. As a
reward for their vital role in the maintenance of the blockchain network,
miners receive Bitcoins as a reward. This reward is halved every so many years,
making mining progressively more difficult as Bitcoin reaches its upper limit
of 21,000,000 Bitcoins. There can never be any more than 21 million Bitcoins in
existence, so Bitcoin is essentially deflationary, unlike the U.S. dollar,
which is inflationary. Since no one person controls Bitcoin, it is thoroughly
decentralized. No one ‘owns’ the blockchain. Individual mining operations can
be owned, but no one person controls all the Bitcoin mines across the face of
the planet. Since Bitcoin is distributed, it cannot be banned, prohibited, or
annihilated. Even if one country bans Bitcoin or attempts to regulate it, all
such attempts will fail to curtail the system, which functions organically and
grows naturally. <o:p></o:p></span></div>
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<a href="https://upload.wikimedia.org/wikipedia/commons/d/d9/Jiao_zi.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="537" data-original-width="308" height="320" src="https://upload.wikimedia.org/wikipedia/commons/d/d9/Jiao_zi.jpg" width="183" /></a></div>
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn20" name="_ednref20" style="mso-endnote-id: edn20;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif;"><span style="mso-special-character: footnote;"><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[20]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif;"><span style="mso-tab-count: 4;"> </span></span></div>
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<i style="font-size: 12pt;"><span lang="EN-GB" style="font-family: "georgia" , serif;"><br /></span></i>
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<i style="font-size: 12pt;"><span lang="EN-GB" style="font-family: "georgia" , serif;"><br /></span></i>
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<i style="font-size: 12pt;"><span lang="EN-GB" style="font-family: "georgia" , serif;"><br /></span></i>
<i style="font-size: 12pt;"><span lang="EN-GB" style="font-family: "georgia" , serif;"><br /></span></i>
<i style="font-size: 12pt;"><span lang="EN-GB" style="font-family: "georgia" , serif;"><br /></span></i>
<i style="font-size: 12pt;"><span lang="EN-GB" style="font-family: "georgia" , serif;"><br /></span></i>
<i style="font-size: 12pt;"><span lang="EN-GB" style="font-family: "georgia" , serif;"><br /></span></i>
<i style="font-size: 12pt;"><span lang="EN-GB" style="font-family: "georgia" , serif;"><br /></span></i>
<i style="font-size: 12pt;"><span lang="EN-GB" style="font-family: "georgia" , serif;"><i style="font-family: Times; font-size: 12pt;"><span lang="EN-GB" style="font-family: "georgia" , serif;">Jiaozi</span></i><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12pt; font-style: normal;">, the world’s earliest paper money</span></span></i><br />
<i style="font-size: 12pt;"><span lang="EN-GB" style="font-family: "georgia" , serif;"><br /></span></i>
<i style="font-size: 12pt;"><span lang="EN-GB" style="font-family: "georgia" , serif;"><br /></span></i>
<i style="font-size: 12pt;"><span lang="EN-GB" style="font-family: "georgia" , serif;"><a href="https://upload.wikimedia.org/wikipedia/commons/d/dc/Portrait_of_David_Ricardo_by_Thomas_Phillips.jpg" imageanchor="1" style="font-size: 12pt; margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="800" data-original-width="620" height="320" src="https://upload.wikimedia.org/wikipedia/commons/d/dc/Portrait_of_David_Ricardo_by_Thomas_Phillips.jpg" width="248" /></a></span></i><span class="MsoEndnoteReference" style="font-size: 12pt; text-align: center;"><span lang="EN-GB" style="font-family: "georgia" , serif;"><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn21" name="_ednref21" style="font-size: 12pt; text-align: center;" title="">[21]</a></span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12pt;"><i>David
Ricardo, economist</i></span></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;">What is
the intrinsic value, then, of Bitcoin? Well, what is value, and how can it be
intrinsic? The famous economist, David Ricardo (1772 – 1823), writes:<o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "georgia" , serif;">“The value of a commodity, or the quantity
of any other commodity for which it will exchange, depends on the relative
quantity of labour which is necessary for its production, and not on the
greater or less compensation which is paid for that labour.”<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;">- David Ricardo (1817), <i>Principles of Political Economy and
Taxation</i><o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;">The
cowry shells we referred to earlier are valuable because people want them. They
can be used to make jewellery and can be traded as a currency. They are
collected on beaches, far away from the African or Chinese interior. There is
thus limited access to cowries. The people who collect them expend time and
effort in doing so. And it takes time and effort to bore holes in the cowry
shells and attach them together with wires or thread. The value of cowry shells
thus depends on two factors: time/effort + scarcity = value. Intrinsic means
inherent or essential. Does a shell have any inherent or essential value?
Probably not. When we say intrinsic value, what we are really referring to,
then, is its utility to human beings. Can we use shells in jewellery or for
trade? If yes, then we would generally argue that they have intrinsic value. In
common parlance, therefore, intrinsic value means the essential utility of
something for society. Do U.S. dollars have intrinsic value, then? Dollars are
created by the Federal Reserve by adding 1s and 0s to a ledger, or through
massive printing of paper notes with the denominations written on them. These
notes are not redeemable for gold, and they are not backed by any kind of
cryptography or precious metals. In fact, the more notes that are printed, and
the more currency generated digitally by the Federal Reserve, the <i>less </i>value
U.S. dollars have, as they have reduced purchasing power. This is called
‘inflation’. The value of your U.S. dollars today is less than the value of the
same denomination 10 years, or 100 years ago. If you put $100 in the bank
today, it will be worth less in 1 years’ time. The value of your money will
practically evaporate into thin air. Why is that? Because the more currency is pumped
out by the system, the<i> less</i> value it has. It becomes less scarce, and <i>scarcity</i>
is essential to our notion of value. <o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "georgia" , serif;">“Gold and silver, like other commodities,
have an intrinsic value, which is not arbitrary, but is dependent on their
scarcity, the quantity of labour bestowed in procuring them, and the value of
the capital employed in the mines which produce them.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn22" name="_ednref22" style="mso-endnote-id: edn22;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><b style="mso-bidi-font-weight: normal;"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[22]</span></b></span><!--[endif]--></span></span></a><o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;">- David Ricardo, <i>The Works of David Ricardo</i><o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;"><a href="http://bizmasterysecrets.com/bitcoininformationguide">Bitcoin</a>, in
contrast to U.S. dollars, is essentially scarce. There can only ever be
21,000,000 Bitcoins, whereas there are trillions of U.S. dollars in
circulation, with more and more being pumped out every day. In this sense,
Bitcoin is rather like gold, which is also scarce and limited in supply. When
people want to hedge against inflation, they often buy or invest in gold and
other precious metals. The total amount of mined gold in the world is around
171,300 metric tonnes, with a total value of $8.2 trillion USD.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn23" name="_ednref23" style="mso-endnote-id: edn23;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[23]</span></span><!--[endif]--></span></span></a>
In the same manner, Bitcoin is a hedge against inflation, as the total number
of Bitcoins is permanently capped. What about the time and effort it takes to
create Bitcoins? How does that compare with U.S. dollars? There are several
ways of measuring the total money supply. M1 is a metric used to refer to all
the paper money and coins of a currency, as well as all the checking accounts,
demand deposits and negotiable order of withdrawal (NOW) accounts.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn24" name="_ednref24" style="mso-endnote-id: edn24;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[24]</span></span><!--[endif]--></span></span></a>
M2 is a wider metric used to include everything in M1 plus savings account
deposits and money market account deposits.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn25" name="_ednref25" style="mso-endnote-id: edn25;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[25]</span></span><!--[endif]--></span></span></a>
In February 2015, the total M1 money supply in the United States was $2.9882
trillion USD.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn26" name="_ednref26" style="mso-endnote-id: edn26;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[26]</span></span><!--[endif]--></span></span></a>
That’s 2,988,200,000,000 U.S. dollars! In late 2016, the supply of U.S. dollars
increased dramatically, at a 46-month high of 11.2%.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn27" name="_ednref27" style="mso-endnote-id: edn27;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[27]</span></span><!--[endif]--></span></span></a>
As of October 2017, the total M1 money supply in the United States had reached
3.5947 trillion U.S. dollars!<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn28" name="_ednref28" style="mso-endnote-id: edn28;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[28]</span></span><!--[endif]--></span></span></a>
What do you think that does to the value of your savings? It is decimating to
them! How much does it cost to create these trillions of dollars? Surprisingly
little. Paper money costs hardly anything. $1 and $2 notes cost 4.9 cents to
make, $5 notes cost 10.9 cents, $10 notes cost 10.3 cents, $20 and $50 notes
cost 10.5 cents and $100 notes cost 12.3 cents.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn29" name="_ednref29" style="mso-endnote-id: edn29;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[29]</span></span><!--[endif]--></span></span></a>
However, this includes only the printed/minted money supply. As of 2017, that
amounts to $1.59 trillion USD, of which $1.55 trillion USD is Federal Reserve
notes, i.e. paper money.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn30" name="_ednref30" style="mso-endnote-id: edn30;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[30]</span></span><!--[endif]--></span></span></a>
Wait a minute! That’s $1.59 trillion out of $3.5947 trillion USD. That’s a huge
discrepancy! Here’s the rub: most U.S. dollars are 100% digital. How much does
it cost to produce them? Nothing. U.S. dollars are, for the most part, created
out of thin air and exist as nothing other than debt. Fiat currency = debt. <o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "georgia" , serif;">“Like an ant colony, the bitcoin network is
a resilient network of simple nodes following simple rules that together can do
amazing things without any central coordination.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn31" name="_ednref31" style="mso-endnote-id: edn31;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><b style="mso-bidi-font-weight: normal;"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[31]</span></b></span><!--[endif]--></span></span></a><o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;">- Andreas M. Antonopoulos, <i>Mastering Bitcoin: Unlocking
Digital Cryptocurrencies</i><o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;">In
contrast with fiat currencies, which cost almost nothing to create and come
into existence instantaneously—out of thin air—<a href="http://bizmasterysecrets.com/bitcoininformationguide">Bitcoins</a> take
actual time and effort to produce. In fact, they even take a measurable amount
of electricity and computing power, called the ‘hash rate’, to produce. As we
learnt earlier, Bitcoin exists on a network called the blockchain. This is how
it works: a block of Bitcoin transactions is chosen from the list of all
currently-pending transactions, called the ‘mempool’. These are recorded into
the distributed ledger, consisting of an ever-growing number of blocks,
collectively called the ‘blockchain’, with a new block being created roughly
every 10 minutes.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn32" name="_ednref32" style="mso-endnote-id: edn32;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[32]</span></span><!--[endif]--></span></span></a>
The integrity of this system is maintained via Proof of Work (PoW) hashing.
Bitcoin miners must unlock a cryptographic puzzle called a ‘hash’, with each
new correctly-hashed block releasing a pre-determined number of newly-created
Bitcoins.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn33" name="_ednref33" style="mso-endnote-id: edn33;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[33]</span></span><!--[endif]--></span></span></a>
The ‘hash rate’ is thus the measure of a miner’s computational power, measured
as hash per second (H/s), with greater measures termed Kilohash, Megahash,
Gigahash, Terahash and Petahash.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn34" name="_ednref34" style="mso-endnote-id: edn34;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[34]</span></span><!--[endif]--></span></span></a>
As of September 2017, the hashrate was 9,214,860,125 GH/s.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn35" name="_ednref35" style="mso-endnote-id: edn35;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[35]</span></span><!--[endif]--></span></span></a>
In addition to computing power, or the hash rate, we have to factor in the cost
of electricity used to produce one Bitcoin. In the U.S., a kilowatt hour (kWh)
costs about $0.12 on average. According to Trubetskoy’s calculations (2017)
with Bitcoin blocks being solved at 6 per hour, one block costs about
$19,598.50 to solve and, at $0.12 per kWh, it costs $1,567.88 to mine one
Bitcoin, not counting the costs of equipment, labour, premises, etc. If you can
lower the electricity costs, the cost to mine one Bitcoin can go down quite a
bit; hence why most of the mining takes place in cooler parts of the world
& where electricity is cheaper.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn36" name="_ednref36" style="mso-endnote-id: edn36;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[36]</span></span><!--[endif]--></span></span></a>
Let us make a comparison. Most U.S. dollars are completely digital and cost
almost nothing to produce, with the remaining costing about 4.9 cents per
dollar. They can thus be churned out an incredible rate, without any regard for
cost. One Bitcoin costs over $1,500 in electricity alone to produce. In
addition, it requires a hashrate of more than 9 billion GH/s, which is a huge
amount of computing power, and the difficulty increases every 2,016 blocks, or
about every two weeks.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn37" name="_ednref37" style="mso-endnote-id: edn37;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[37]</span></span><!--[endif]--></span></span></a>
The time, effort and expense that goes into creating 1 Bitcoin is huge in
comparison to the U.S. dollar, which can be created, in the billions, at the
flip of a switch. When you take into consideration the limited supply of
Bitcoins, which of the two (Bitcoin and U.S. dollars) do you think has actual
intrinsic value? If there is such a thing as intrinsic value for currencies,
Bitcoin <i>has</i> intrinsic value, whereas the U.S. dollar and all other fiat
currencies are essentially <i>worthless</i>. They exist as ideas, and nothing
more. Bitcoin is <i>real </i>and has actual value!<o:p></o:p></span></div>
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<a href="https://upload.wikimedia.org/wikipedia/commons/c/c8/BTC_number_of_transactions_per_month.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="425" data-original-width="756" height="179" src="https://upload.wikimedia.org/wikipedia/commons/c/c8/BTC_number_of_transactions_per_month.png" width="320" /></a></div>
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn38" name="_ednref38" style="mso-endnote-id: edn38;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif;"><span style="mso-special-character: footnote;"><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[38]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif;"><o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;"><i>The number of Bitcoin transactions per month
(2009 – 2017)</i><o:p></o:p></span></div>
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<a href="https://upload.wikimedia.org/wikipedia/commons/3/3e/Zimbabwe_%24100_trillion_2009_Obverse.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="397" data-original-width="800" height="158" src="https://upload.wikimedia.org/wikipedia/commons/3/3e/Zimbabwe_%24100_trillion_2009_Obverse.jpg" width="320" /></a></div>
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn39" name="_ednref39" style="mso-endnote-id: edn39;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif;"><span style="mso-special-character: footnote;"><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[39]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif;"><o:p></o:p></span></div>
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<span style="font-family: "georgia" , serif;"><i><br /></i></span>
<span style="font-family: "georgia" , serif;"><i>The one hundred trillion Zimbabwe dollar
note</i></span></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;">Now, is
it still worthwhile to <a href="http://bizmasterysecrets.com/bitcoininformationguide">buy Bitcoin</a>,
even when it’s up at an all-time-high (ATH) of $14,000 (or more)? Yes, of
course it is. You can buy a fraction of a Bitcoin. According to <i>Bitcoin Wiki</i>,
the smallest division of a Bitcoin is a <i>satoshi</i>, named after the
pseudonymous Satoshi Nakamoto, creator of Bitcoin, and it is equivalent to one
hundred millionth of a single Bitcoin, or 0.00000001 BTC. To get to grips with
the value, as of October 2017, 1 U.S. cent ($0.01) is worth 171 satoshi.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn40" name="_ednref40" style="mso-endnote-id: edn40;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 12.0pt;">[40]</span></span><!--[endif]--></span></span></a>
That’s manageable to buy. In other words, if you have even 1 U.S. penny, you
can still buy 171 satoshi, which is 171 hundred millionths of a Bitcoin. If you
have $10 or $100, you can buy a larger part of a Bitcoin. There is no real
barrier to entry, as long as you have access to a free Bitcoin wallet and a
Bitcoin exchange, though it is also possible to buy Bitcoins from individuals through
direct peer-to-peer transfers. Most people, nowadays, at least in the U.S. and
UK, initially buy Bitcoin through a Bitcoin exchange, which is a platform where
you can buy and sell Bitcoin, as well as store Bitcoin. Be warned, however, as
Bitcoin exchanges have been hacked in the past. If you are very
security-conscious, you’ll probably want to buy a TREZOR or other hardware
wallet where you can store your Bitcoins securely and offline. If you want to
open an account on <a href="https://www.coinbase.com/join/58ebfdd6a42219609fdbf0ae">Coinbase</a>,
which is one of the largest exchanges, you can use <a href="https://www.coinbase.com/join/58ebfdd6a42219609fdbf0ae">THIS LINK</a>.
You can also set up an account <a href="https://cex.io/r/0/up111487149/0/">on
CEX.io HERE</a>; on <a href="https://paxful.com/roots/buy-bitcoin/index?affiliate=rg9dro5NY1b">Paxful
HERE</a>; or on many other exchanges. In addition, you should keep reading as
much as you can about Bitcoin, keeping abreast of all the latest news, so that
you know the current price of Bitcoin and any other macroeconomic events which
will shape the future of Bitcoin—or how Bitcoin will shape the future of money.
At the end of the day, Bitcoin is more than a currency—it is a revolution!<o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNIw-BCyloYqDEjGQOjL6EM1Be8PtZXcBVt1S6kncpWs8xhP29_L7HMNsFBcJcnf7oAo-g_jSiC5hnS8w6TGQy9L4b7-IScuwd4fiOc_i5hYUMJNB4UOz5dZ3tP2TcIUU5f3BjU5PuCGA/s1600/bitcoin_10waystomakemoney_example_v4.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="1068" data-original-width="1600" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNIw-BCyloYqDEjGQOjL6EM1Be8PtZXcBVt1S6kncpWs8xhP29_L7HMNsFBcJcnf7oAo-g_jSiC5hnS8w6TGQy9L4b7-IScuwd4fiOc_i5hYUMJNB4UOz5dZ3tP2TcIUU5f3BjU5PuCGA/s320/bitcoin_10waystomakemoney_example_v4.jpg" width="320" /></a></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;"><a href="https://bizmasterysecrets.com/bitcoininformationguide">GET YOUR COPY NOW!<o:p></o:p></a></span></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;">For
more beginners’ information on Bitcoin investing, I’d suggest that you read my
short and concise information guide: <i><a href="https://bizmasterysecrets.com/bitcoininformationguide">Bitcoin: 10 Ways
to Make Money Using Bitcoin</a></i>, which is <a href="https://bizmasterysecrets.com/bitcoininformationguide">available HERE</a>,
as well as on <a href="https://www.amazon.com/Bitcoin-Money-Business-Mastery-Secrets-ebook/dp/B077M1WJR2/">Amazon.com</a>
and on <a href="https://gumroad.com/l/VqEQz">Gumroad</a>. Amongst other things,
this e-book which teach you: the meaning of HODL, future estimates for the
value of Bitcoin, the buy-and-hold strategy, how to become a Bitcoin miner, how
to lend Bitcoin, investing in Bitcoin-based companies, how to set up a Bitcoin
bank account, how to become a Bitcoin broker, short-term Bitcoin investing, how
to become a Bitcoin blogger, how to become a Bitcoin e-book author, setting up
your own Bitcoin exchange, and some tips for investing in initial coin offerings
(ICOs). Everyone needs their own strategy. Consider this my attempt to provide
you with the basic knowledge that will allow you to come up with your own
strategy. If you’re interested in investing in Bitcoin, and believe, as I do,
that Bitcoin could be the new digital gold, then do purchase and download this
e-book. The future potential for Bitcoin is huge, and there is still time to
invest. If you want to be a part of history as it unfolds; if you want to own a
tangible asset that will retain and increase in value over time, then you
should consider investing in Bitcoin. Finally, if you found this blog post
helpful in any way, and feel that it is beneficial, then I would kindly request
that you provide a donation so that I can keep producing high-quality and
informative content for my audience. You can donate to me directly <a href="https://www.paypal.me/NicholasJamesB">via PayPal</a>, through Bitcoin
(get in touch via Twitter <a href="https://twitter.com/Nicholas19">@Nicholas19</a>),
or via <a href="https://www.patreon.com/NJBridgewater">PATREON here</a>. If you
want to keep in touch and get informed about any upcoming books, blog posts,
videos, etc. then make sure to follow me on Twitter <a href="https://twitter.com/Nicholas19">@Nicholas19</a>, like <a href="https://www.facebook.com/NJBridgewater/">my Facebook page HERE</a>, and
subscribe to <a href="https://www.youtube.com/channel/UCcMdGAbxcBf_so1WbhLDwog">my
YouTube channel HERE</a>.<o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "georgia" , serif;">Oh, and
before you go, I’d like to share a gift with you. It’s completely FREE and I
hope you will enjoy it. If you find it valuable or useful in anyway, please let
me know. I’ve compiled a short information guide entitled <i><a href="http://151amazingmoneysecrets.com/">151 Amazing Money Secrets: What the
Rich Know About Money and Their Secrets to Success & Prosperity</a></i>,
which contains 151 quotations from thinkers, philosophers, economists and
businessmen, who have cracked the code of money, wealth and abundance. If you’d
like to learn more, then check it out. It’s completely FREE. Click on the link
below to find out more:<o:p></o:p></span></div>
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref1" name="_edn1" style="mso-endnote-id: edn1;" title=""></a><b><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">REFERENCES:<o:p></o:p></span></b></div>
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<span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[1]</span></span><!--[endif]--></span></span></span><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> John McAfee
(2015) <i>Bloomberg interview</i>, 25 April 2015. URL:
http://www.bloomberg.com/video/paypal-sees-20-billion-in-mobile-transactions-WlokACTBRterdjHAJGNB6w.html
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref2" name="_edn2" style="mso-endnote-id: edn2;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[2]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> Image source: Cowrie
shells used as dice, showing a roll of 3. Uploaded by Sodabottle (own work), 21
December 2011. CC BY-SA 3.0. URL: https://en.wikipedia.org/wiki/Cowry#/media/File:Cowrie_shells_-_sozhi_roll_of_3.jpg
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<div id="edn3" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref3" name="_edn3" style="mso-endnote-id: edn3;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[3]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> Image source: Photos
shows pile of 1BTC-denominated brass coins, with the bitcoin logo, production
year, the text "Vires In Numeris", with the tamper-evident
holographic sticker on the reverse. Image in the public domain. Uploaded by
Mike Cauldwell, 12 November 2012. URL: https://upload.wikimedia.org/wikipedia/commons/3/36/Physical_Bitcoin_by_Mike_Cauldwell_%28Casascius%29.jpg
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn4" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref4" name="_edn4" style="mso-endnote-id: edn4;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[4]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See: Nick
Szabo, Twitter post (@NickSzabo4), December 5, 2017. URL: https://twitter.com/NickSzabo4
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn5" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref5" name="_edn5" style="mso-endnote-id: edn5;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[5]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See: Shell
money (<i>Wikipedia </i>article). URL: https://en.wikipedia.org/wiki/Shell_money
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn6" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref6" name="_edn6" style="mso-endnote-id: edn6;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[6]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See: Why Did
the U.S. Abandon the Gold Standard? <i>Mental Floss</i>, October 5, 2012. URL: http://mentalfloss.com/article/12715/why-did-us-abandon-gold-standard
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn7" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref7" name="_edn7" style="mso-endnote-id: edn7;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[7]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See: Mental
Floss (2012).<o:p></o:p></span></div>
</div>
<div id="edn8" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref8" name="_edn8" style="mso-endnote-id: edn8;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[8]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> Image source: Mockup
of a bitcoin paper wallet. Invalid public key intentionally used to prevent
accidental deposits to this address. Uploaded by Canton at English Wikipedia on
18 April 2013. CC BY-SA 3.0.URL: https://upload.wikimedia.org/wikipedia/commons/a/ab/Sample_Bitcoin_paper_wallet.png
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn9" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref9" name="_edn9" style="mso-endnote-id: edn9;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[9]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See: Cara
McGoogan, Matthew Field (2017) What is cryptocurrency, how does it work and why
do we use it? <i>The Telegraph</i>, 6 December 2017 10:38 AM. URL: http://www.telegraph.co.uk/technology/0/cryptocurrency/
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn10" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref10" name="_edn10" style="mso-endnote-id: edn10;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[10]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> Image source:
A print from 1845 shows cowry shells being used as money by an Arab trader, by
Benjamin Waterhouse Hawkins. Image is in the public domain. URL: https://en.wikipedia.org/wiki/Cowry#/media/File:A_print_from_1845_shows_cowry_shells_being_used_as_money_by_an_Arab_trader.jpg
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn11" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref11" name="_edn11" style="mso-endnote-id: edn11;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[11]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See: Mark A.
Jordan (2014) What’s in a Meme? <i>Richard Dawkins Foundation</i>. URL: https://www.richarddawkins.net/2014/02/whats-in-a-meme/
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn12" style="mso-element: endnote;">
<div class="MsoEndnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref12" name="_edn12" style="mso-endnote-id: edn12;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="color: black; font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="color: black; font-family: "georgia" , serif; font-size: 10.0pt;">[12]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="color: black; font-family: "georgia" , serif; font-size: 10.0pt;"> Jamie Redman (2016) Is the Blockchain Rush a Search for
Fool’s Gold, <i>Bitcoin,com</i>, December 26, 2016. URL: https://news.bitcoin.com/is-the-blockchain-rush-a-search-for-fools-gold/
(accessed 03/10/2017).<o:p></o:p></span></div>
</div>
<div id="edn13" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref13" name="_edn13" style="mso-endnote-id: edn13;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[13]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> Adam Smith
(1776) <i>An Inquiry into the Nature and Causes of the Wealth of Nations</i>,
Book 1, Ch. 7, par. 7 – 8. Available online at:
http://geolib.com/smith.adam/won1-07.html (accessed 07/08/2017).<o:p></o:p></span></div>
</div>
<div id="edn14" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref14" name="_edn14" style="mso-endnote-id: edn14;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[14]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> Image source: Bitcoin
price[f] history chart, linear scale, uploaded by Wikideas1 (own work) on 4
December 2017, CC0. URL: https://en.wikipedia.org/wiki/Bitcoin#/media/File:Bitcoin_Price_History.png
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn15" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref15" name="_edn15" style="mso-endnote-id: edn15;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[15]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See: McGoogan
& Field (2017).<o:p></o:p></span></div>
</div>
<div id="edn16" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref16" name="_edn16" style="mso-endnote-id: edn16;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[16]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See: Robert
Reed (2017) Column: Baffled by bitcoin: One man's quest to comprehend
cryptocurrency, <i>Chicago Tribune</i>, December 5, 2017, 5:00 AM. URL: http://www.chicagotribune.com/business/columnists/reed/ct-biz-bitcoin-journey-robert-reed-125-story.html
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn17" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref17" name="_edn17" style="mso-endnote-id: edn17;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[17]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> Satoshi
Nakamoto (2008) Bitcoin: A Peer-to-Peer Electronic Cash System, <i>Bitcoin.org</i>,
October 31, 2008. URL: https://bitcoin.org/bitcoin.pdf (accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn18" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref18" name="_edn18" style="mso-endnote-id: edn18;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[18]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> Image source:
Bitcoin network data, uploaded by Mattäus Wander (own work) on 22 June 2013. CC
BY-SA 3.0. URL: https://en.wikipedia.org/wiki/Blockchain#/media/File:Bitcoin_Block_Data.svg
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn19" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref19" name="_edn19" style="mso-endnote-id: edn19;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[19]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See: Andrew
Meola (2017) Understanding blockchain technology, bitcoins and the rise of
cryptocurrency, <i>Business Insider</i>, Aug. 25, 2017, 4:36 PM. URL: http://www.businessinsider.com/blockchain-technology-cryptocurrency-explained-2017-8
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn20" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref20" name="_edn20" style="mso-endnote-id: edn20;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[20]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> Image source: Song
Dynasty Jiaozi, the world's earliest paper money, uploaded 6 June 2005. Public
domain. URL: https://en.wikipedia.org/wiki/Money#/media/File:Jiao_zi.jpg
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn21" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref21" name="_edn21" style="mso-endnote-id: edn21;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[21]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> Image source: Portrait
of David Ricardo by Thomas Phillips, 1821. Image in the public domain. URL: https://upload.wikimedia.org/wikipedia/commons/d/dc/Portrait_of_David_Ricardo_by_Thomas_Phillips.jpg
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn22" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref22" name="_edn22" style="mso-endnote-id: edn22;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[22]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> David Ricardo
(author), J.R. MucCulloch (editor) (1846) <i>The Works of David Ricardo, with a
Notice of the Life and Writings of the Author</i> (London: John Murray), p.
263. <o:p></o:p></span></div>
</div>
<div id="edn23" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref23" name="_edn23" style="mso-endnote-id: edn23;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[23]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See: Raul
(2017) Here's a comparison of bitcoin and all of the world's money, <i>Business
Insider</i>, Jun. 25, 2017, 3:03 PM. URL: http://www.businessinsider.com/bitcoin-compared-to-all-of-the-worlds-money-2017-6
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn24" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref24" name="_edn24" style="mso-endnote-id: edn24;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[24]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See: Investopedia
(2017) M1, <i>Investopedia.com</i>. URL: https://www.investopedia.com/terms/m/m1.asp
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn25" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref25" name="_edn25" style="mso-endnote-id: edn25;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[25]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> Ibid.<o:p></o:p></span></div>
</div>
<div id="edn26" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref26" name="_edn26" style="mso-endnote-id: edn26;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[26]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See: Investopedia
(2015) How much of the United States' money supply is M1? <i>Investopedia.com</i>.
URL: https://www.investopedia.com/ask/answers/041415/how-much-united-states-money-supply-m1.asp
(accessed 07/12/2017). <o:p></o:p></span></div>
</div>
<div id="edn27" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref27" name="_edn27" style="mso-endnote-id: edn27;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[27]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See: Ryan
McMaken (2017) Money-Supply Growth Accelerates in Late 2016, <i>Mises Wire</i>,
01/06/2017. URL: https://mises.org/blog/money-supply-growth-accelerates-late-2016
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn28" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref28" name="_edn28" style="mso-endnote-id: edn28;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[28]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See: Board of
Governors of the Federal Reserve System (BGFRS) (2017) Money Stock and Debt
Measures - H.6 Release, <i>FederalReserve.org</i>, November 30, 2017. URL: https://www.federalreserve.gov/releases/h6/current/default.htm
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn29" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref29" name="_edn29" style="mso-endnote-id: edn29;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[29]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See: Caitlin
Schneider (2015) How Much Does it Cost to Manufacture U.S. Paper, <i>Mental
Floss</i>, October 9, 2015. URL: http://mentalfloss.com/article/68650/how-much-does-it-cost-manufacture-us-paper-money
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn30" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref30" name="_edn30" style="mso-endnote-id: edn30;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[30]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See: BGFRS
(2017) How much U.S. currency is in circulation? <i>ederalReserve.org</i>,
November 15, 2017. URL: https://www.federalreserve.gov/faqs/currency_12773.htm
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn31" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref31" name="_edn31" style="mso-endnote-id: edn31;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[31]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> Andreas M.
Antonopoulos (2014) <i>Mastering Bitcoin: Unlocking Digital Cryptocurrencies</i>
(Sebastopol, CA: O’Reilly Media, Inc.). This quotation is used under fair use.<o:p></o:p></span></div>
</div>
<div id="edn32" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref32" name="_edn32" style="mso-endnote-id: edn32;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[32]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See: Jordan
Tuwiner (2017) Is Bitcoin Mining Profitable or Worth it in 2017 & 2018? <i>BuyBitcoinWorldwide.com</i>,
last updated June 13, 2017. URL: https://www.buybitcoinworldwide.com/mining/profitability/
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn33" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref33" name="_edn33" style="mso-endnote-id: edn33;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[33]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See: Tuwiner
(2017).<o:p></o:p></span></div>
</div>
<div id="edn34" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref34" name="_edn34" style="mso-endnote-id: edn34;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[34]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See: Tuwiner
(2017).<o:p></o:p></span></div>
</div>
<div id="edn35" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref35" name="_edn35" style="mso-endnote-id: edn35;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[35]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See: Gregory
Trubetskoy (2017) Electricity Cost of 1 Bitcoin (Sep 2017), <i>Grisha.org</i>,
September 28<sup>th</sup>, 2017. URL: https://grisha.org/blog/2017/09/28/electricity-cost-of-1-bitcoin/
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn36" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref36" name="_edn36" style="mso-endnote-id: edn36;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[36]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See:
Trebetskoy (2017).<o:p></o:p></span></div>
</div>
<div id="edn37" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref37" name="_edn37" style="mso-endnote-id: edn37;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[37]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> See:
Trebetskoy (2017).<o:p></o:p></span></div>
</div>
<div id="edn38" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref38" name="_edn38" style="mso-endnote-id: edn38;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[38]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> Image source: Number
of bitcoin transactions per month (logarithmic scale), by Zhitelew (own work),
created 31 May 2015, CC0. https://en.wikipedia.org/wiki/History_of_bitcoin#/media/File:BTC_number_of_transactions_per_month.png
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn39" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref39" name="_edn39" style="mso-endnote-id: edn39;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[39]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> Image source: The
100 trillion Zimbabwean dollar banknote (1014 dollars), equal to 1027 (1
octillion) pre-2006 dollars. Uploaded 1 January 2009. Image is in the public
domain. URL: https://en.wikipedia.org/wiki/Hyperinflation#/media/File:Zimbabwe_$100_trillion_2009_Obverse.jpg
(accessed 07/12/2017).<o:p></o:p></span></div>
</div>
<div id="edn40" style="mso-element: endnote;">
<div class="MsoNormal">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref40" name="_edn40" style="mso-endnote-id: edn40;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;">[40]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "georgia" , serif; font-size: 10.0pt;"> Satoshi (unit)
(<i>BitcoinWiki</i> article). URL: https://en.bitcoin.it/wiki/Satoshi_(unit)
(accessed 07/12/2017).</span><span lang="EN-GB"><o:p></o:p></span></div>
</div>
</div>
Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com3tag:blogger.com,1999:blog-3210933998341353221.post-61295364096668156332017-02-24T05:08:00.002-08:002017-02-24T05:08:48.848-08:00Mindfulness: Five Ways to Achieve Real Happiness, True Knowledge and Inner Peace now available on Kindle!NJ Bridgewater<div>
24 February 2017</div>
<div>
<span style="font-family: Times, Times New Roman, serif;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.amazon.com/dp/B06WWQ3P4M/" target="_blank"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjBADMqbt79wOmEjUq7mf191msk9MHgOLfxo7tevV_PDXHUz2Q_5Hocx3gsbWJWCgAvE8NRqZWODoQQoEKC1XuxwGqOGFWv5OTWMqFnBvQaDFGZKPGhD-EOvvsxloK8GDGV58NcMnuaXU/s320/Mindfulness_KINDLE.jpg" width="200" /></a></div>
<div>
<span style="font-family: Times, Times New Roman, serif;"><br /></span></div>
<div>
<span style="font-family: Times, Times New Roman, serif;"><br /></span></div>
<span style="font-family: Times, Times New Roman, serif;">I am happy to announce that I have now released my second self-published book on Amazon Kindle, entitled <i><a href="https://www.amazon.com/dp/B06WWQ3P4M/" target="_blank">Mindfulness: Five Ways to Achieve Real Happiness, True Knowledge and Inner Peace</a></i>. It will soon be available in paperback as well, so watch this space. The book answers the fundamental questions of how we can be truly happy, why we are here, how to find meaning in our lives and how to achieve true balance and equanimity. <span style="background-color: white; color: #333333;">I have searched out the key books on wisdom and philosophy which hold answers to these questions and has extracted the core teachings and principles which they contain. I have encapsulated these into Five ‘Ways to Be’, which are patterns or ways of living in harmony with one’s higher self. There are also ‘Five Practices’ which accompany these Ways to Be, giving a practical method of developing the right attitudes, behaviour and mindset to achieve a state of mindfulness and happiness. In addition, for each practice, he lists a number of steps for further development. These will allow the reader to take action immediately to put all the Ways to Be into practice.</span>A much fuller explanation of the book can be found on my new blog, <a href="https://fivewaystobe.wordpress.com/" target="_blank">Equanimity Blog</a>, in the following blog post: <a href="https://fivewaystobe.wordpress.com/2017/02/08/how-can-we-achieve-true-happiness-and-inner-peace/" target="_blank">How can we achieve true happiness and inner peace?</a></span><br />
<div>
<span style="font-family: Times, Times New Roman, serif;"><br /></span></div>
<div>
<span style="font-family: Times, Times New Roman, serif;">To download the book now on Amazon.com, <a href="https://www.amazon.com/dp/B06WWQ3P4M/" target="_blank">CLICK HERE</a>.</span></div>
<div>
<span style="font-family: Times, Times New Roman, serif;"><br /></span></div>
<div>
<span style="font-family: Times, Times New Roman, serif;">To download the book on Amazon.co.uk, <a href="https://www.amazon.co.uk/dp/B06WWQ3P4M/" target="_blank">CLICK HERE</a>.</span></div>
<div>
<span style="font-family: Times, Times New Roman, serif;"><br /></span></div>
<div>
<span style="font-family: Times, Times New Roman, serif;">If you are interested in the content of the book and would like to stay updated about my new releases, please join my mailing list by clicking <a href="https://forms.aweber.com/form/98/1296528998.htm" target="_blank">HERE</a>.</span></div>
<div>
<br /></div>
<div>
NJ Bridgewater</div>
<div>
<span style="font-family: Times, Times New Roman, serif;"><br /></span></div>
<div>
<br /></div>
Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com0tag:blogger.com,1999:blog-3210933998341353221.post-52594450448684450512017-02-03T03:51:00.000-08:002017-02-03T03:57:59.153-08:00A response to Ricky Gervais and his arguments about God and religion<div class="MsoNormal">
<span lang="EN-GB" style="font-family: "times";">NJ Bridgewater<o:p></o:p></span></div>
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Name="List Number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="0" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Level 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Level 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Level 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Level 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Level 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Level 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Level 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Level 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Level 9"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
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<span style="font-family: "times"; font-size: 12pt;">3 February 2017</span></div>
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<a href="http://d.christiantoday.com/en/full/58275/gervias-colbert.jpg?w=760&h=426&l=50&t=40" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://d.christiantoday.com/en/full/58275/gervias-colbert.jpg?w=760&h=426&l=50&t=40" height="179" width="320" /></a></div>
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<span lang="EN-GB" style="font-family: "times";">This is a
response to ‘Ricky Gervais And Stephen Go Head-To-Head On Religion’, a short
video which has already received 948,826 views on YouTube (as of 3 Feb 2017). It
originally appeared on ‘The Late Show with Stephen Colbert’ on 2 Feb 2017. You
can watch the original video here: <a href="https://www.youtube.com/watch?v=P5ZOwNK6n9U">https://www.youtube.com/watch?v=P5ZOwNK6n9U</a>
<o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "times";">[Before reading
this article, I also recommend that you read my earlier articles, <a href="https://nicholasjames19.blogspot.com/2015/10/a-response-to-stephen-frys-condemnation.html">‘A
response to Stephen Fry’s condemnation of God’</a> (3 October 2015) and <a href="https://nicholasjames19.blogspot.com/2015/11/the-qurans-arguments-for-belief-in-god.html">‘The
Qur’ān’s Arguments for Belief in God’</a> (18 November 2015), both of which are
relevant to this topic.]<o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "times";">In an interview
with Stephen Colbert on the 2<sup>nd</sup> of February 2017, the actor and comedian,
Ricky Gervais, made several statements about the existence of God. Let’s look
at his first statement. He said, “I’m an agnostic atheist technically.
Agnostics mean… it means, no one knows if there’s a god. So technically
everyone’s agnostic. We don’t know.” That’s actually not true, at least according
to the Bahá’í Writings, which argue that the entire purpose of our existence is
to both ‘know’ and ‘worship’ God. Indeed, knowledge of God is essential for
achieving one’s purpose in life. So, if it is not possible to know God exists,
there is no purpose in life. Bahá’u’lláh, the Founder of the Bahá’í Faith,
writes: <b>“The source of all learning is the knowledge of God, exalted be His
Glory, and this cannot be attained save through the knowledge of His Divine
Manifestation.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn1" name="_ednref1" style="mso-endnote-id: edn1;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times"; font-size: 12.0pt;">[i]</span></span><!--[endif]--></span></span></a> The
reason Ricky believes that we cannot know if God exists is that he considers
knowledge to be something sensory (sight, hearing, touch, taste, and smell) or,
perhaps, the result of scientific experimentation. So, if I see the sun with my
eyes, I know it exists. If scientists test the force of gravity through experimentation,
we know gravity exists. This, however, is just one of several kinds of
knowledge. <o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "times";">We are also
equipped, as human beings, with several higher faculties. One of these is
reason. For hundreds of years, theologians have come up with rational arguments
for the existence of God. If we can conclude that a Prime Mover exists through reason,
then that is one way of knowing that a Prime Mover exists. Nevertheless, since
this is an issue people can get bogged down in, we won’t focus on too many of
these arguments here. Spiritual awareness derives from the faculty of reason. Bahá’u’lláh
writes: <b>“It is indubitably clear and evident that each of these
afore-mentioned instruments has depended, and will ever continue to depend, for
its proper functioning on this rational faculty, which should be regarded as a
sign of the revelation of Him Who is the sovereign Lord of all… Wert thou to
ponder in thine heart, from now until the end that hath no end, and with all
the concentrated intelligence and understanding which the greatest minds have
attained in the past or will attain in the future, this divinely ordained and
subtle Reality, this sign of the revelation of the All-Abiding, All-Glorious
God, thou wilt fail to comprehend its mystery or to appraise its virtue.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn2" name="_ednref2" style="mso-endnote-id: edn2;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times"; font-size: 12.0pt;">[ii]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "times";">Spiritual awareness
is our ability to perceive love, for example, spiritual power and true wisdom.
Since this is a faculty of the soul, it is not something which is computable or
measurable via science. Science, as useful and necessary as it is, only
measures the physical universe, which is composed of matter and energy. But
matter and energy is not all that exists. Materialism, i.e. the notion that the
only things which exist are material (or composed of matter and energy) is a
very limiting notion that is based only on sensory perception. Science, then,
however useful it may be, is limited in its ability to describe reality, since
reality is far greater than material existence. Regarding the powers of the
soul, ‘Abdu’l-Bahá writes: <b>“Through its medium one discovers spiritual
revelations, a celestial faculty which is infinite as regards the intellectual
as well as physical realms. That power is conferred upon man through the breath
of the Holy Spirit. It is an eternal reality, an indestructible reality, a
reality belonging to the divine, supernatural kingdom; a reality whereby the
world is illumined, a reality which grants unto man eternal life.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn3" name="_ednref3" style="mso-endnote-id: edn3;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times"; font-size: 12.0pt;">[iii]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "times";">In speaking of
the spirit, ‘Abdu’l-Bahá has said: <b>“In the world of existence there is
nothing so important as spirit, nothing so essential as the spirit of man. The
spirit of man is the most noble of phenomena. The spirit of man is the meeting
between man and God. The spirit of man is the animus of human life and the
collective center of all human virtues. The spirit of man is the cause of the
illumination of this world. The world may be likened to the body; man is the
spirit of the body, because the light of the world is the human spirit. Man is
the life of the world, and the life of man is the spirit. The happiness of the
world depends upon man, and the happiness of man is dependent upon the spirit.
The world may be likened to the lamp chimney, whereas man is the light. Man
himself may be likened to the lamp; his spirit is the light within the lamp.
Therefore, we will speak of this spirit.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn4" name="_ednref4" style="mso-endnote-id: edn4;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times"; font-size: 12.0pt;">[iv]</span></span><!--[endif]--></span></span></a>
In other words, our higher faculties all derive from our inner, spiritual
nature—a nature which exists beyond the material world. <o:p></o:p></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://www.sacred-texts.com/cla/plato/schath.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="http://www.sacred-texts.com/cla/plato/schath.jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The Greek philosopher, Plato</td></tr>
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<span lang="EN-GB" style="font-family: "times";">Spiritual
awareness, however, is something which must be developed. It depends upon one’s
purity of thought and intention, and one’s detachment from the physical world.
As Plato argues in <i>The Republic</i>: <b>“And the soul is like the eye: when
resting upon that on which truth and being shine, the soul perceives and
understands, and is radiant with intelligence; but when turned towards the
twilight of becoming and perishing, then she has opinion only, and goes
blinking about, and is first of one opinion and then of another, and seems to
have no intelligence?”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn5" name="_ednref5" style="mso-endnote-id: edn5;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times"; font-size: 12.0pt;">[v]</span></span><!--[endif]--></span></span></a>
So the soul, if it focuses on the perishable things of life, i.e. the material
world, will lack true awareness and comprehension (hence the dilemma of
materialists who deny that spiritual awareness even exists, because this
faculty is undeveloped within them). However, that soul which is focused on
higher reality will be able to develop spiritual awareness. Bahá’u’lláh gives the
following criteria for a true seeker after truth:<o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "times";">“But, O my
brother, when a true seeker determineth to take the step of search in the path
leading to the knowledge of the Ancient of Days, he must, before all else,
cleanse and purify his heart, which is the seat of the revelation of the inner
mysteries of God, from the obscuring dust of all acquired knowledge, and the
allusions of the embodiments of satanic fancy. He must purge his breast, which
is the sanctuary of the abiding love of the Beloved, of every defilement, and
sanctify his soul from all that pertaineth to water and clay, from all shadowy
and ephemeral attachments. He must so cleanse his heart that no remnant of
either love or hate may linger therein, lest that love blindly incline him to
error, or that hate repel him away from the truth… Only when the lamp of
search, of earnest striving, of longing desire, of passionate devotion, of
fervid love, of rapture, and ecstasy, is kindled within the seeker’s heart, and
the breeze of His loving-kindness is wafted upon his soul, will the darkness of
error be dispelled, the mists of doubts and misgivings be dissipated, and the
lights of knowledge and certitude envelop his being. At that hour will the
mystic Herald, bearing the joyful tidings of the Spirit, shine forth from the
City of God resplendent as the morn, and, through the trumpet-blast of
knowledge, will awaken the heart, the soul, and the spirit from the slumber of
negligence. Then will the manifold favours and outpouring grace of the holy and
everlasting Spirit confer such new life upon the seeker that he will find
himself endowed with a new eye, a new ear, a new heart, and a new mind. He will
contemplate the manifest signs of the universe, and will penetrate the hidden
mysteries of the soul. Gazing with the eye of God, he will perceive within
every atom a door that leadeth him to the stations of absolute certitude. He
will discover in all things the mysteries of divine Revelation and the
evidences of an everlasting manifestation.”</span></b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn6" name="_ednref6" style="mso-endnote-id: edn6;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times";"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times"; font-size: 12.0pt;">[vi]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "times";"><o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "times";">In short, my
response to Ricky Gervais’s statement that we are all agnostics is this: we can
know whether God exists if we develop the spiritual awareness to perceive God’s
existence. If we develop the attributes of a true seeker and develop the
spiritual susceptibilities of the soul, then we can reach a state of certitude,
i.e. knowledge that God exists and that Bahá’u’lláh is the Manifestation of God
for this day and age. This is not knowledge of the senses, which is limited.
Nor is it knowledge based on scientific experimentation, which is irrelevant to
the existence of God and higher spiritual reality. It is knowledge based on
both reason and spiritual awareness. We should understand that God exists with
our rational minds as well as with our inner perception. Someone who believes
in God sees evidences for His existence in every atom of the universe. He sees
the attributes of God mirrored in every element of creation, in every face and
every book. He sees God’s mystery and God’s manifold attributes infused into
the very warp and woof of the universe. Bahá’u’lláh writes: <b>“From that which
hath been said it becometh evident that all things, in their inmost reality,
testify to the revelation of the names and attributes of God within them. Each
according to its capacity, indicateth, and is expressive of, the knowledge of
God. So potent and universal is this revelation, that it hath encompassed all
things visible and invisible.”</b><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn7" name="_ednref7" style="mso-endnote-id: edn7;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times"; font-size: 12.0pt;">[vii]</span></span><!--[endif]--></span></span></a>
So, yes, it is possible to know that God exists, and it is possible, through
God’s Manifestations and His Revelation, to learn about God and His attributes.
A complete knowledge of God, or a direct knowledge of His Eternal Essence,
however, are impossible, since God is eternally transcendent. <o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="http://www.strangenotions.com/wp-content/uploads/St.-Thomas-Aquinas.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="http://www.strangenotions.com/wp-content/uploads/St.-Thomas-Aquinas.jpg" height="230" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">St. Thomas Aquinas (Roman Catholic theologian)</td></tr>
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<span lang="EN-GB" style="font-family: "times";">Next, Ricky
Gervais says: “So this is atheism in a nutshell. You say, ‘there’s a God’. I
say, ‘Can you prove that?’ You say, ‘No’. I say, ‘I don’t believe you then.’”
While there are some theists who would say they cannot prove the existence of
God, I would say that there is proof of the existence of God. If there already
are rational proofs of the existence of God, then there is no need for me to
independently come up with my own proofs and arguments. Though there are many such
proofs, I will mention only two here. <a href="http://reference.bahai.org/en/t/ab/SAQ/saq-2.html">‘Abdu’l-Bahá explains,
in <i>Some Answered Questions</i>,</a> in very simple terms, that the proof of
God is as follows: since there is imperfection, the concept of perfection must
exist. Since there is darkness, there must be light. Since there is contingent
being, there must be independent and absolute being. So there must be something
which is absolutely perfect, independent and absolutely good. This is an
argument which everyone can understand and which cannot be disproved. It is a
rational proof of the existence of God. Furthermore, since creation cannot come
into being on its own, there must be something which initiated it. The
existence of a painting implies the existence of a painter. Likewise, the
existence of a universe, which functions according to laws, requires the
existence of a Creator and Law-Giver. This argument is remarkable for its
simplicity, the fact that even a child can understand it, and the fact that it
cannot truly be disproved. ‘Abdu’l-Bahá, then, gives a solid and
completely-sound proof for the existence of God. <o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "times";">The next proof of
the existence of God, which I believe to be most remarkable, is the fact that
God interacts with humankind. We can open the pages of history and see, for a
fact, that there have been numerous interventions in human history. These
interventions take the form of Divine Revelations. God sends Perfect Mirrors of
himself, perfect and sinless human beings who act as conduits of the Divine.
These beings live on earth, living among us as we do, subject to pain and
pleasure, usually in the humblest of circumstances. Yet they possess direct
access to Divine knowledge, and every action which they perform is
divinely-guided. There are numerous examples of these special Beings throughout
history, including the Hindu Avatars of Rama and Krishna, the Biblical
Prophets, such as Noah, Abraham, Moses and Jesus Christ, and the Qur’ānic
Prophets Hūd, Sālih and Muhammad. To these we can also add Gautama Buddha, who
appeared in the Indian subcontinent after Krishna, and the Prophet Zoroaster,
who appeared in ancient Persia, Media or Bactria. In the modern age, we have
the Báb and Bahá’u’lláh, who both appeared in 19<sup>th</sup> century Persia
(now called Iran). To these may be added numerous others, whose names are lost
to history. However, evidence of their existence can be found in the
belief-systems of the Native Americans, Africans and other tribal peoples. Even
legends of Hercules, Woden and other ancient gods and heroes, point to the
existence of ancient Prophets or Teachers among the Europeans, Asians and other
peoples. Even many pagan gods, such as Jupiter, probably derive from an ancient
concept of the Creator-God, since Jupiter is etymologically connected with the
Sanskrit Dyauṣ Pitā, which means ‘Sky Father’. If that is not a description of
the same God as the God of the Bible, what is?<o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "times";">So, when Ricky
Gervais then says: “So, you believe in one God, I assume.. Okay, so you
believe. But there are about 3,000 to choose from, that have been, you know,
people have believed in, so. Okay, so. So basically, you believe in… you deny
one less god than I do. You don’t believe in 2,999 gods. And I don’t believe in
just one more.” I know that Ricky Gervais didn’t come up
with these arguments, but he has found something which can support his own
world-view of atheism, which is a belief-system, and is using these arguments
to defend that belief-system. I’m saying it’s a belief-system since he is
clearly expressing the tenets of that system. He’s not simply saying, I don’t
believe in God—he is rationalizing what that means and what he understands by the
concept of god. It is clear from this statement, for instance, that he believes
‘god’ to be anything labelled as ‘god’. Thus, if ancient Romans refer to the highest
god as Jupiter, then there must be a separate and distinct god called ‘Jupiter’.
Since the Hindus revere Dyauṣ Pitā, that must also be a god. Now we can count 2
gods. If we add Zeus, we have a 3<sup>rd</sup> god. Now, the Bible talks about
Elohim and YHWH, so that’s 2 gods there. Muslims revere Allāh. That makes 6.
Zoroastrians revere Ahura Mazda, so that makes 7. And so on. Eventually we
reach 3,000, at least according to whichever source Ricky Gervais gets his
beliefs from. It would be interesting to know which book gave him that idea.
Perhaps someone can provide a quote from that book in the comments to this
article, as I’d be interested to know the sources of Ricky Gervais’s theology. <o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "times";">What I believe is
this: Religions are all essentially one, and they come from the same source. I’m
not including made-up cults or sects here, but religion as it exists
historically, i.e. the major world religions, and the spiritual belief-systems
of many tribal peoples. The ancient Semites believed there was a Creator-God
called El. This later became Eloh or Elohim in the Torah. He was also referred
to as Yahweh. The ancient Europeans and Indo-Iranians believed in a ‘Sky Father’
who was the supreme God. The ancient Chinese believed in a higher power called
the Tao. They also believed in the Jade Emperor, which was an emanation of the
Tao, just as the Logos is the emanation of God in the New Testament. The Logos
brought creation into being. This Logos is also referred to as the Primal Will
or Primal Word of God. The Qur’ān describes Allāh and says that He has many
names. Indeed, there are traditionally 99 Names of God in Islam, and a 100<sup>th</sup>
or Greatest Name, that will only be revealed at the Day of Resurrection. Bahá’ís
believe the Greatest Name of God is Bahá’ and its derivatives, such as Abhá and
Bahí, etc. I do not count these as many gods, but simply different names for
the One God of creation. There is only one God and there is, in reality, only
one religion, which is progressively revealed to mankind. This is the Bahá’í
concept of ‘progressive revelation’. Since truth is one, there must only be one
religion and one God. In this day age, the latest stage of that religion is called
‘the Bahá’í Faith’. Christianity, Buddhism, etc. are just names for previous
stages in the development of this one religion. The laws and ordinances of
these previous religions are no longer applicable to the age in which we live,
but the essential teachings are the same and are eternally valid, e.g. the
divine virtues, moral principles, etc. <o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "times";">Ricky Gervais’s
last argument is this: “You see, if we take something like any fiction—any holy
book and any other fiction, and destroyed it, okay—in a 1000 years’ time, that
wouldn’t come back just as it was…” This argument is faulty for two reasons.
First of all, there is no reason why a Holy Book would reappear just as it was.
The Bible, for example, contains many divine teachings, but it is also a
human-made compilation. It is based on oral traditions that were passed down
over time. So, the teachings which it contains are valid and important, but the
exact form in which those teachings are preserved is not eternally valid. The
Bible is not some sort of divine Writ which was handed down from on high and
must be preserved as God revealed it, because all we have are oral records
preserved generations after the events which are described in the text. The
Teachings of Jesus Christ are preserved in the New Testament, but not
necessarily His exact words. So why would it need to appear in the same exact
form 1000 years from now? However, what would reappear, and has reappeared,
consistently over time, is the Divine Teachings. This negates Ricky’s whole
argument, since religion manifests itself and reappears with each new Messenger
of God, who brings the same essential teachings as all the previous. These
Messengers of God (also called Manifestations of God) appear roughly every
1,000 years, and the same divine religion reappears in a form which is suited
to that day and age, with the exact same core teachings. This attests to the
eternal validity of these teachings. <o:p></o:p></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://www.nineteenmonths.com/wp-content/uploads/2010/07/neggen.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="http://www.nineteenmonths.com/wp-content/uploads/2010/07/neggen.jpg" height="202" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The Kitáb-i-Aqdas, a Holy Book revealed by Bahá'u'lláh in the 1870s</td></tr>
</tbody></table>
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<span lang="EN-GB" style="font-family: "times";"><br />The second reason
this argument is invalid is that it presupposes that the form of religion
should be the same from one millennium to the next. The core or essence of
religion remains the same, but the laws and ordinances of religion change over
time depending on human development. Furthermore, the terminology will change
as it is revealed according to human capacity to understand it. So, a Prophet
will not use terminology which we are incapable of understanding. Nor will a Prophet
use languages which we cannot understand. Therefore, a Prophet who appears
today will not reveal a book in Ancient Avestan or Sanskrit, since no one
speaks these languages. That doesn’t mean Zoroaster and Krishna don’t come from
the same God as Muhammad. What it means is that Muhammad revealed a text in
Arabic so the Arabs could understand it, using terminology they could
understand, and spiritual concepts they could grasp. But the Avesta of
Zoroaster, the Bhagavad-Gita of Krishna, and the Qur’ān all come from the same
Source. The problem is that Ricky Gervais is simply unaware of these concepts
and is only regurgitating atheist arguments that he has read or heard
somewhere, e.g. from Richard Dawkins, who also has a very basic and limited
understanding of religion. He has no understanding of the nature of true
religion or what the word ‘God’ really means. This concludes my argument.<o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "times";">For updates on
the latest blog posts, please follow me <a href="https://twitter.com/Nicholas19">on
Twitter @Nicholas19</a>. For more information the Bahá’í Faith, which I have
mentioned in this article, <a href="http://bahai.org/">see bahai.org</a>. For
more information on <a href="http://www.bahaullah.org/">Bahá’u’lláh and His
life, see Bahaullah.org</a>. <o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "times";">NJ Bridgewater<o:p></o:p></span></div>
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<div id="edn1" style="mso-element: endnote;">
<div class="MsoEndnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref1" name="_edn1" style="mso-endnote-id: edn1;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times"; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times"; font-size: 10.0pt;">[i]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "times"; font-size: 10.0pt;"> Bahá’u’lláh, Asl-i-Kullu’l-Khayr
(Words of Wisdom), <i>Tablets of Bahá’u’lláh Revealed After the Kitáb-i-Aqdas</i>,
p. 156. <o:p></o:p></span></div>
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<div id="edn2" style="mso-element: endnote;">
<div class="MsoEndnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref2" name="_edn2" style="mso-endnote-id: edn2;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times"; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times"; font-size: 10.0pt;">[ii]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "times"; font-size: 10.0pt;"> Bahá’u’lláh, <i>Gleanings
from the Writings of Bahá’u’lláh</i>, LXXXIII, pp. 164 – 165. <o:p></o:p></span></div>
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<div id="edn3" style="mso-element: endnote;">
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref3" name="_edn3" style="mso-endnote-id: edn3;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times"; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times"; font-size: 10.0pt;">[iii]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "times"; font-size: 10.0pt;"> ‘Abdu’l-Bahá<i>, Foundations
of World Unity</i>, p. 51. <o:p></o:p></span></div>
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<div class="MsoEndnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref4" name="_edn4" style="mso-endnote-id: edn4;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times"; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times"; font-size: 10.0pt;">[iv]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "times"; font-size: 10.0pt;"> ‘Abdu’l-Bahá, <i>The
Promulgation of Universal Peace</i>, 24 July 1912, Talk to Theosophical
Society, Boston, Massachusetts, pp. 239 – 240. <o:p></o:p></span></div>
</div>
<div id="edn5" style="mso-element: endnote;">
<div class="MsoEndnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref5" name="_edn5" style="mso-endnote-id: edn5;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times"; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times"; font-size: 10.0pt;">[v]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "times"; font-size: 10.0pt;"> Plato (author), Benjamin
Jowett (translator), <i>The Republic of Plato</i>, Book VI. <o:p></o:p></span></div>
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<div id="edn6" style="mso-element: endnote;">
<div class="MsoEndnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref6" name="_edn6" style="mso-endnote-id: edn6;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times"; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times"; font-size: 10.0pt;">[vi]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "times"; font-size: 10.0pt;"> Bahá’u’lláh, <i>The
Kitáb-i- Íqán</i>, v. 213, 216, pp. 192 - 196. <o:p></o:p></span></div>
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<div class="MsoEndnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref7" name="_edn7" style="mso-endnote-id: edn7;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times"; font-size: 10.0pt;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "times"; font-size: 10.0pt;">[vii]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB" style="font-family: "times"; font-size: 10.0pt;"> Bahá’u’lláh, <i>Gleanings</i>,
XC, p. 178.</span><span lang="EN-GB"><o:p></o:p></span></div>
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Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com7tag:blogger.com,1999:blog-3210933998341353221.post-45912079318759884622017-02-01T02:57:00.003-08:002017-02-01T12:35:58.809-08:00Green Monk of Tremn, Book I: An Epic Journey of Mystery and Adventure now released on Kindle!!!1 February 2017<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.amazon.com/Green-Monk-Tremn-Book-Adventure-ebook/dp/B01NAYSPA8/" target="_blank"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiNkiGifSLvGjaWRQjJgVBqZE7537AEHBQQiVOgEqyzdyuN7cmeXOtDkv9_jCrWKVlrWd6Hv3Eia0_Nb7S9i8WPa9r9iL1BXsfFNqOEXXSW4zvhHFJkrorXoipsCC2YZS2wQDlbauBVbg/s400/Green_Monk_B1_24012017_K.jpg" width="250" /></a></div>
<br />
<br />
Dear followers,<br />
<br />
I have some exciting news! My first self-published novel is <a href="https://www.amazon.com/Green-Monk-Tremn-Book-Adventure-ebook/dp/B01NAYSPA8/" target="_blank">now available on the Kindle Store</a>. I am really excited to present this book to the world and am keen to hear your opinions and comments on it. Rather than posting your comments in reply to this message, however, I urge and encourage you to find the book on the Kindle Store, download it, and leave an honest, verified review on Amazon.com (if you're an <a href="https://www.amazon.co.uk/Green-Monk-Tremn-Book-Adventure-ebook/dp/B01NAYSPA8/">Amazon.co.uk</a> or <a href="https://www.amazon.ca/Green-Monk-Tremn-Book-Adventure-ebook/dp/B01NAYSPA8/">Amazon.ca</a> user, that's also great, and your review will appear on those sites). This book has taken me a while to write, and originally consisted of one book. However, as it grew in size and the number of chapters increased, I have decided to divide <i><a href="https://www.amazon.com/Green-Monk-Tremn-Book-Adventure-ebook/dp/B01NAYSPA8/" target="_blank">Green Monk</a></i> into three books, each of about 12 chapters in length. The current volume is about 205 pages long and will soon be available in paperback via CreateSpace, which is the paperback publishing arm of Amazon (watch this space for updates!).<br />
<br />
<b>UPDATE: </b>Green Monk of Tremn, Book 1 is now available in paperback for $9.99 (£7.99).<br />
<a href="https://www.amazon.com/dp/0995736901/" target="_blank">Click here to find Green Monk (in paperback) on Amazon!</a><br />
<br />
Self-publishing is the future, and it's now taking over Amazon (and the internet, in general). The old method of sending manuscripts to multiple publishers or agents and hoping against hope that someone publishes your book is now antiquated and irrelevant. The time has come where independent publishers (indie publishers) can produce successful books, many of which go on to become bestsellers and become adapted as TV series and movies. In fact, I believe it is only a matter of time before <i><a href="https://www.amazon.com/Green-Monk-Tremn-Book-Adventure-ebook/dp/B01NAYSPA8/" target="_blank">Green Monk</a> </i>becomes adapted as a movie or television series. If you want to be a part of this success before it happens, please make sure to read the book and its sequels (as they become available), write an honest review and share the book with your friends, family and colleagues.<br />
<br />
<a href="https://www.amazon.com/Green-Monk-Tremn-Book-Adventure-ebook/dp/B01NAYSPA8/" target="_blank">Click here to find Green Monk on the Amazon Kindle Store!</a><br />
<br />
What makes <i><a href="https://www.amazon.com/Green-Monk-Tremn-Book-Adventure-ebook/dp/B01NAYSPA8/" target="_blank">Green Monk</a></i> different from others books? It is, first of all, the first book in a series called the Coins of Amon-Ra Saga, which traces the story of the Amon-Ra's 'coins of power', which are scattered across the galaxy. These coins each contain a power which enables the bearer to wield immense and diverse powers. It transforms them with a new skin or shell and gives them regenerative abilities. Another key factor in the books is the world which has been created. <i><a href="https://www.amazon.com/Green-Monk-Tremn-Book-Adventure-ebook/dp/B01NAYSPA8/" target="_blank">Green Monk</a></i> is set on the planet Tremn, which has its own unique history, culture, religion, language and geography, all of which are completely developed. The story is Tolkienesque, in that it is based on an entire world (or worlds) which are developed in great detail. Indeed, it is far more developed than the<i> Game of Thrones</i> series, which has an overly-complex storyline but little actual development in terms of a unique culture, religion or language. The languages which do exist in <i>Game of Thrones</i> were created by a linguist for the television series, rather than being developed by the author. Part of the joy of creating a world of science fiction or fantasy is the creation of constructed languages. If an invented world does not contain constructed languages, it can hardly be said to be complete or deeply-developed.<br />
<br />
Here is a brief description of my book:<br />
<br />
<span style="background-color: white; color: #333333; font-family: "arial" , sans-serif; font-size: 14px;">"This is the story of one young man—a boy—from the planet Tremn, a small world at the heart of the Delrush system, many light-years from earth. It is a story of betrayal, of murder, of new hope and new adventures. Set in a world where swords still gleam in the midday sun, in a world ruled by an oppressive theocracy—where ignorance and dogma hold sway over the minds of the ignorant masses—one boy will stand up and change the world. This is the story of that boy, of his adventures and tribulations, of his victories and his defeats, as he battles against the forces of evil which wage against him. Tremn is a world locked in medieval brutality, where priests reign and peasants scrape a pitiful existence.</span><br />
<br style="background-color: white; color: #333333; font-family: Arial, sans-serif; font-size: 14px;" />
<span style="background-color: white; color: #333333; font-family: "arial" , sans-serif; font-size: 14px;">"Ifunka Kaffa, an orphan boy whose uncle and aunt had been mercilessly slaughtered by demon-worshipping assassins, had found himself a place of rest and spiritual peace within the walls of the Monastery of the Brown Owl on the edge of the vast forest which stretches across the Old Central Kingdom. His life was simple, but it was also fulfilling. That simple life was all about to end, however, as his friend and mentor, Ushwan, suddenly went missing—dragged away into the forest depths. </span><br />
<br style="background-color: white; color: #333333; font-family: Arial, sans-serif; font-size: 14px;" />
<span style="background-color: white; color: #333333; font-family: "arial" , sans-serif; font-size: 14px;">"Now it is up to Ifunka and his two best friends and companions—Ffen and Shem—to accompany him on an epic journey of mystery and adventure—deep, deep, deep into the Great Forest of Ffushkar, where horrendous beasts roam, villainous thieves and cutthroats lay in hiding, and ancient cities remain hidden within the darkest heart of the forest. This is the journey of one young man and his friends to save their monastic brother from certain death at the hands of insidious foes. Little do they realise how far their journey will take them, or what terrible conspiracies they will uncover along the way. </span><br />
<br style="background-color: white; color: #333333; font-family: Arial, sans-serif; font-size: 14px;" />
<span style="background-color: white; color: #333333; font-family: "arial" , sans-serif; font-size: 14px;">"Green Monk is a three-part epic sci-fi adventure which forms the first volume of the Coins of Amon-Ra Series. <a href="https://www.amazon.com/Green-Monk-Tremn-Book-Adventure-ebook/dp/B01NAYSPA8/" target="_blank">Green Monk of Tremn: Book 1 – An Epic Journey of Mystery and Adventure</a> is the first part of that adventure."</span><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.amazon.com/Green-Monk-Tremn-Book-Adventure-ebook/dp/B01NAYSPA8/" target="_blank"><img border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipg4K7GhjvQrdV1qhesqjfgVfb6AwzW980aTDerLY43M4Lh_XJAzO6Vmba9fc6kWvstoPocLJZr_87dTyav3fS2WidV4UBvvxR6JsVvtSL1Sd-vD_EJiCfGJpFLFBcyLob8rQektIZmf0/s320/Green_Monk_B1_24012017_aport.jpg" width="320" /></a></div>
<br />
<br />
Please make sure to download it within the next several days, as the current price of $0.99 (or £0.99) is only temporary and will soon be increased. For more updates, also please make sure to follow me on Twitter <a href="https://twitter.com/Nicholas19" target="_blank">@Nicholas19</a>.<br />
<br />
NJ BridgewaterNicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com2tag:blogger.com,1999:blog-3210933998341353221.post-40428540915470387082016-12-19T04:02:00.000-08:002016-12-19T04:11:07.698-08:00Ten events that shaped religious history<div class="MsoNormal">
NJ Bridgewater</div>
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19 December 2016</div>
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<span lang="EN-GB">History is shaped by many singular events
which echo throughout the ages, such as D-Day, the fall of the Soviet Union and
9-11. In religion, also, there are a few key events which have altered the
course of history.<o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/7/75/Indian_relief_from_Amaravati%2C_Guntur._Preserved_in_Guimet_Museum.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://upload.wikimedia.org/wikipedia/commons/7/75/Indian_relief_from_Amaravati%2C_Guntur._Preserved_in_Guimet_Museum.jpg" width="262" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">A depiction believed to be of Emperor Ashoka</td></tr>
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<b><span lang="EN-GB">1. The Conversion of Ashoka</span></b></div>
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<span lang="EN-GB">Ashoka was the third monarch of India’s
Maurya dynasty who was noted for his piety and virtue.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn1" name="_ednref1" style="mso-endnote-id: edn1;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[i]</span></span><!--[endif]--></span></span></a> Early
in his reign, he decided to conquer the state of Kalinga, which prided itself
on its sovereignty and democracy. The conquest was a bloody one, with over
100,000 people being killed—from the Kalinga alone—as well as 10,000 of
Ashoka’s own forces. The whole state of Kalinga was ravaged and plundered by
the emperor’s army.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn2" name="_ednref2" style="mso-endnote-id: edn2;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[ii]</span></span><!--[endif]--></span></span></a> One day, as he wandered
through the city and saw all the burnt houses and dead bodies, he cried: “What
have I done?”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn3" name="_ednref3" style="mso-endnote-id: edn3;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[iii]</span></span><!--[endif]--></span></span></a> This led Ashoka to adopt
the non-violent religion of Buddhism and he is said to have ruled wisely and justly
for the rest of his days.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn4" name="_ednref4" style="mso-endnote-id: edn4;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[iv]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="http://vocations-syracuse.org/wp-content/uploads/2014/01/st-paul-conversion.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="http://vocations-syracuse.org/wp-content/uploads/2014/01/st-paul-conversion.jpg" height="320" width="258" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The Conversion of St. Paul on the road to Damascus</td></tr>
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<span lang="EN-GB"><o:p><br /></o:p></span></div>
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<b><span lang="EN-GB">2. The Conversion of St. Paul<o:p></o:p></span></b></div>
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<span lang="EN-GB">St. Paul, originally called Saul of Tarsus,
was strongly opposed to Christians, as he regarded their practices as
idolatrous and objectionable. He travelled from synagogue to synagogue, urging
the punishment of Jews who accepted Jesus as the Messiah.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn5" name="_ednref5" style="mso-endnote-id: edn5;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[v]</span></span><!--[endif]--></span></span></a> Then,
one day, on the way to Damascus, he had a life-changing vision. As he was
walking on his way to Damascus, he suddenly saw a light from heaven and a voice
which said: “Saul, Saul, why persecutest thou me?” He asked: “Who art thou,
Lord?” and the voice replied: “I am Jesus whom thou persecutest.”<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn6" name="_ednref6" style="mso-endnote-id: edn6;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[vi]</span></span><!--[endif]--></span></span></a> From
then on, he took the name Paul and became one of the foremost disciples of
Jesus Christ, spreading the Gospel to the Gentiles. It is difficult to imagine
Christianity today had Saul of Tarsus not received his vision on the road to
Damascus.<span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;"><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn7" style="mso-endnote-id: edn7;" title="">[vii]</a></span></span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn7" title=""><!--[endif]--></a></span></span><o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-GB"><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><span class="MsoEndnoteReference"><br /></span></span></span></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/b/b2/Ercole_de_Roberti_Destruction_of_Jerusalem_Fighting_Fleeing_Marching_Slaying_Burning_Chemical_reactions_b.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="203" src="https://upload.wikimedia.org/wikipedia/commons/b/b2/Ercole_de_Roberti_Destruction_of_Jerusalem_Fighting_Fleeing_Marching_Slaying_Burning_Chemical_reactions_b.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The Siege of Jerusalem</td></tr>
</tbody></table>
<div class="MsoNormal">
<span lang="EN-GB"><o:p><br /></o:p></span></div>
<div class="MsoNormal">
<b><span lang="EN-GB">3. The Siege of Jerusalem<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-GB">In 66 CE, a rebellion started in Judaea which
led to the final siege and destruction of Jerusalem by the Romans in 70 CE.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn8" name="_ednref8" style="mso-endnote-id: edn8;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[viii]</span></span><!--[endif]--></span></span></a>
The siege began on 14 April 70 CE, during Passover, and the ensuing destruction
and death-toll was enormous. One defector to the Romans told Titus that the
total estimated number of dead was 115,880. The Jewish Temple was destroyed and
Jews were systematically expelled from Judea and scattered to the four corners
of the earth, leading to the modern Jewish Diaspora.<span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;"><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn9" style="mso-endnote-id: edn9;" title="">[ix]</a></span></span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn9" title=""><!--[endif]--></a></span></span><o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-GB"><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><span class="MsoEndnoteReference"><br /></span></span></span></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/4/40/Battle_at_the_Milvian_Bridge%2C_G%C3%A9rard_Audran_after_Charles_Le_Brun%2C_1666-crop.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://upload.wikimedia.org/wikipedia/commons/4/40/Battle_at_the_Milvian_Bridge%2C_G%C3%A9rard_Audran_after_Charles_Le_Brun%2C_1666-crop.jpg" width="253" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The Battle on the Mulvian Bridge</td></tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-GB">4. The Vision of Constantine the Great<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-GB">By the 4<sup>th</sup><span style="mso-spacerun: yes;"> </span>century CE, Christianity was a growing but
still officially-proscribed religion. This changed, however, when the Emperor
Constantine I experienced a vision which forever changed the course of Western
history.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn10" name="_ednref10" style="mso-endnote-id: edn10;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[x]</span></span><!--[endif]--></span></span></a> It
was while faced with the forces of the Western Roman Emperor Maxentius on the
Mulvian Bridge over the River Tiber that Constantine saw a flaming cross in the
sky which bore the words “in this sign thou shalt conquer”.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn11" name="_ednref11" style="mso-endnote-id: edn11;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[xi]</span></span><!--[endif]--></span></span></a>
The prophecy proved to be true and he defeated his enemy on that day. This
occurred in 312 CE and, the following year, Constantine signed the Edict of
Milan, which granted religious tolerance to Christians. Constantine went on to
build a new capital at Byzantium, which became known as Constantinople, and
later as Istanbul. Freed from centuries of oppression, Christianity now spread
throughout the empire.<span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;"><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn12" style="mso-endnote-id: edn12;" title="">[xii]</a></span></span><a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn12" title=""><!--[endif]--></a></span></span> <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-GB"><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><span class="MsoEndnoteReference"><br /></span></span></span></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://67.media.tumblr.com/75afb33d796f19132e41c4364eb958aa/tumblr_n64xbfdQJ21t0qed6o1_1280.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="http://67.media.tumblr.com/75afb33d796f19132e41c4364eb958aa/tumblr_n64xbfdQJ21t0qed6o1_1280.jpg" height="220" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Yathrib / Medina</td></tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-GB">5. The Hijrah of the Prophet Muhammad<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-GB">The Prophet Muhammad (c. 570 – 632 CE) was
forty years’ old when he received his first Revelation from the Angel Gabriel. His
teachings proved controversial, as he lived in a largely polytheistic society.
The city’s temple, called the Kaaba, was surrounded by polytheistic idols which
were maintained and protected by the local tribe, called the Quraysh. The
Quraysh felt threatened by Muhammad’s teachings and began to persecute Muhammad
and his followers. The persecution increased to such a point that he had to
leave Mecca and seek refuge in the town of Yathrib (now Medina).<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn13" name="_ednref13" style="mso-endnote-id: edn13;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[xiii]</span></span><!--[endif]--></span></span></a>
This emigration, which occurred in 622 CE, is known as the Hijrah.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn14" name="_ednref14" style="mso-endnote-id: edn14;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[xiv]</span></span><!--[endif]--></span></span></a>
In Medina, Islam was widely embraced by the population and Muhammad established
the first Islamic state.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn15" name="_ednref15" style="mso-endnote-id: edn15;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[xv]</span></span><!--[endif]--></span></span></a>
From Mecca and Medina, the religion then spread throughout Arabia and the world.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/thumb/8/85/Bagdad1258.jpg/300px-Bagdad1258.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://upload.wikimedia.org/wikipedia/commons/thumb/8/85/Bagdad1258.jpg/300px-Bagdad1258.jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The Conquest of Baghdad</td></tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-GB">6. Hulagu Khan’s destruction of Baghdad<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-GB">The Mongol ruler Genghis Khan died in 1227 CE
and, upon his death, his empire was divided into five parts. One of Genghis
Khan’s grandsons, Hulagu Khan (c. 1218 – 1265), was based in Isfahan in Persia.
In 1257 CE, in the winter, Hulagu moved towards Baghdad.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn16" name="_ednref16" style="mso-endnote-id: edn16;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[xvi]</span></span><!--[endif]--></span></span></a>
Baghdad was then the capital of the Abbasid Caliphate, which presided over the
Golden Age of Islam.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn17" name="_ednref17" style="mso-endnote-id: edn17;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[xvii]</span></span><!--[endif]--></span></span></a>
In June of 1258 CE, Baghdad surrendered. The sacking of Baghdad which followed
lasted a week, with up to a million inhabitants being slaughtered.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn18" name="_ednref18" style="mso-endnote-id: edn18;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[xviii]</span></span><!--[endif]--></span></span></a>
The great Golden Age of Islam, which had resulted in tremendous advancements in
science, technology, arts and culture, was brought to a swift end.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn19" name="_ednref19" style="mso-endnote-id: edn19;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[xix]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/9/93/Conquest_of_Constantinople,_Zonaro.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="228" src="https://upload.wikimedia.org/wikipedia/commons/9/93/Conquest_of_Constantinople,_Zonaro.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The Conquest of Constantinople</td></tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-GB">7. The Conquest of Constantinople<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-GB">Constantinople, the city of Constantine the
Great, was the capital of the Eastern Roman Empire, later known as the
Byzantine Empire. In 1453 CE, the Ottomans, a Turkish dynasty, decided to
conquer what was then one of the greatest centres of Christendom. The Ottoman
sultan, Mehmed II, conquered the city on the 29<sup>th</sup> of May 1453.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn20" name="_ednref20" style="mso-endnote-id: edn20;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[xx]</span></span><!--[endif]--></span></span></a> The
conquest of Constantinople led to end of the Byzantine Empire and the beginning
of the Ottoman Empire, which lasted until the early 20<sup>th</sup> century. It
ruled over vast stretches of the Middle East, North Africa and Eastern Europe,
spreading Islam and unifying the Sunni Islamic world.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn21" name="_ednref21" style="mso-endnote-id: edn21;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[xxi]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://historymartinez.files.wordpress.com/2013/01/martin-luther.gif" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://historymartinez.files.wordpress.com/2013/01/martin-luther.gif" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Martin Luther posting the 95 theses</td></tr>
</tbody></table>
<div class="MsoNormal">
<span lang="EN-GB"><o:p><br /></o:p></span></div>
<div class="MsoNormal">
<b><span lang="EN-GB">8. The Posting of the 95 Theses<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-GB">Martin Luther (b. 1483 CE) was a German
monk and theologian who began teaching at the Unversity of Wittenberg in 1512
CE. In 1510 CE, he visited Rome and was incensed by the corruption and abuses
of the clergy there. Angered by what he had seen, on 31 October 1517, he
published his famous 95 theses, which attacked both papal abuses and the
selling of indulgences. From 1519 – 1520, he wrote pamphlets developing his
main theological ideas, teaching that Christians receive salvation through
faith alone and not through works, in contrast to the Roman Catholic dogma that
salvation is through both faith and works.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn22" name="_ednref22" style="mso-endnote-id: edn22;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[xxii]</span></span><!--[endif]--></span></span></a>
His teachings led to the Protestant Reformation and he Christian world has
never been the same since.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-GB"><br /></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYvhV-ZIr7WyiWGgKjcmqo7Hj_ug-zaClRKEBANHAc19QzzoXTqISbLuJBPD_H-K0cpqjSmxINgnbrzWmssjLraQ4cHGKLkJas7ZKUeK38NWLiefIYcA4b1igqulMdNNWV2_S2FJFB1E1Y/s1600/Upper+Room+House+of+the+Bab+Shiraz.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="218" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYvhV-ZIr7WyiWGgKjcmqo7Hj_ug-zaClRKEBANHAc19QzzoXTqISbLuJBPD_H-K0cpqjSmxINgnbrzWmssjLraQ4cHGKLkJas7ZKUeK38NWLiefIYcA4b1igqulMdNNWV2_S2FJFB1E1Y/s1600/Upper+Room+House+of+the+Bab+Shiraz.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The Room in which the Báb made His Declaration in 1844 in Shiraz, Persia</td></tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-GB">9. The Declaration of the Bāb<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-GB">In the middle of the 19<sup>th</sup>
century, a merchant from the city of Shiraz in Iran called Sayyid ‘Alī Mohammad
Shīrāzī (1819 – 1850), announced that he was the Bāb (Arabic for ‘door’ or
‘gate’) to the Promised One, i.e. the Mahdī expected in Islamic prophecies.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn23" name="_ednref23" style="mso-endnote-id: edn23;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[xxiii]</span></span><!--[endif]--></span></span></a>
On the evening of the 22<sup>nd</sup> of May 1844, Sayyid ‘Alī Mohammad made
his famous declaration to Mollā Hosayn that he was, indeed, the Promised One
expected in Islam. Mollā Hosayn and other followers then spread the message of
the Bāb, initiating the Bābī movement in Iran, which later became known as the
Bahā’ī Faith.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn24" name="_ednref24" style="mso-endnote-id: edn24;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[xxiv]</span></span><!--[endif]--></span></span></a> There are currently
over five million Bahā’īs worldwide, living in over 100,000 localities across
the globe. The Bahā’ī Faith is now the second most widespread religion on the
planet.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn25" name="_ednref25" style="mso-endnote-id: edn25;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[xxv]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://s-media-cache-ak0.pinimg.com/236x/54/11/98/541198c1308d0fae8a48a0ae72a5f9e0.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://s-media-cache-ak0.pinimg.com/236x/54/11/98/541198c1308d0fae8a48a0ae72a5f9e0.jpg" width="174" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The Last Caliph</td></tr>
</tbody></table>
<div class="MsoNormal">
<span lang="EN-GB"><o:p><br /></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-GB"><o:p><br /></o:p></span></div>
<div class="MsoNormal">
<b><span lang="EN-GB">10. The abolition of the Caliphate in
1924<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-GB">From the time of the Prophet Muhammad up
until the downfall of the Ottoman Empire, there had always been caliphates
which had maintained some form of unified leadership for the Islamic—or at
least Sunni—world. <span style="mso-spacerun: yes;"> </span>In 1517, the Ottomans
forced the last Abbasid caliph to give up his title, which passed to the
Ottoman ruler, Sultan Selim, the first Ottoman caliph.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn26" name="_ednref26" style="mso-endnote-id: edn26;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[xxvi]</span></span><!--[endif]--></span></span></a>
For several centuries, they ruled over most of the Middle East and North
Africa. However, in the aftermath of World War I, Turkish Nationalists ended
the Ottoman sultanate and, on the 8<sup>th</sup> of March 1924, abolished the
institution of the caliphate.<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_edn27" name="_ednref27" style="mso-endnote-id: edn27;" title=""><span class="MsoEndnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[xxvii]</span></span><!--[endif]--></span></span></a>
This has had great repercussions within the Sunni Islamic world and has led to the modern Middle East that we know today.</span></div>
<div class="MsoNormal">
<span lang="EN-GB"><span style="mso-spacerun: yes;"><br /></span></span></div>
<div class="MsoNormal">
<span lang="EN-GB"><span style="mso-spacerun: yes;"><b>* If you liked this blogpost, please make sure to follow the author on Twitter <a href="https://twitter.com/nicholas19" target="_blank">@Nicholas19 </a></b></span><o:p></o:p></span></div>
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref3" name="_edn3" style="mso-endnote-id: edn3;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[iii]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB"> http://www.newworldencyclopedia.org/entry/Ashoka<o:p></o:p></span></div>
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<a href="https://www.blogger.com/blogger.g?blogID=3210933998341353221#_ednref7" name="_edn7" style="mso-endnote-id: edn7;" title=""><span class="MsoEndnoteReference"><span lang="EN-GB"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span lang="EN-GB" style="font-family: "calibri"; font-size: 12.0pt;">[vii]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB"> https://www.britannica.com/biography/Saint-Paul-the-Apostle<o:p></o:p></span></div>
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Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com0tag:blogger.com,1999:blog-3210933998341353221.post-33634898955543086162016-01-04T11:38:00.000-08:002016-01-05T20:10:41.539-08:00You are (most likely) a descendant of the Prophet Muḥammad<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Times New Roman', serif;">NJ Bridgewater</span></div>
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<b><u><span style="font-family: "Times New Roman","serif";">Introduction<o:p></o:p></span></u></b></div>
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<span style="font-family: "Times New Roman","serif";">If you a Western
European, or a North American or, perhaps, from the Western world in some way,
shape or form, you are most likely a descendant of the <a href="http://klausjames.tripod.com/bahai3muhammad.html" target="_blank">Prophet Muḥammad ibn‘Abdu’llāh</a> (c. 570 – 632 AD), the Revealer of the Qur’ān, the Messenger of God
and Seal of the Prophets (peace and prayers be upon Him and His family and
companions). In my case, He is my 45<sup>th</sup>-great-grandfather (or, in
other words, my great-great-great-great-great-great-great-great-great-great-
great-great-great-great-great-
great-great-great-great-great-great-great-great-great-great-
great-great-great-great-great-great-great-great-great-great-great-great-great-great-great-
great-great-great-great-great-Grandfather, with a capital ‘G’), through a
rather circuitous line via New England settlers, the Plantagenets and the
Spanish royal family). In fact, anyone with any connection to Edward III of
England or to the Spanish Royal Family is also descended through the same
European route to antiquity, including Elizabeth II, Prince Charles, Prince
William and Prince George.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn1" name="_ednref1" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[i]</span></span><!--[endif]--></span></a> Cole,
a Middle East scholar, even goes so far as to call it ‘common knowledge to
anyone interested in genealogy’.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn2" name="_ednref2" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[ii]</span></span><!--[endif]--></span></a> In
an article published in the <i>Guardian</i>
on 24 May 2015 (Sunday), Adam Rutherford<span class="MsoEndnoteReference"> </span> argues that every living European is a
descendant of Charlemagne, the first Holy Roman Emperor.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn3" name="_ednref3" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[iii]</span></span><!--[endif]--></span></a>
While this claim might appear astonishing to the layman, to the enthusiastic
genealogist, it is a matter of common sense. Every human being has two
parents—that is clear enough—and four grandparents. Very few of us, with the
exception of genealogists, consider the generations which must inevitably
precede these forebears. You probably know your parents and most, if not all,
of your grandparents, and most or all of them will still be alive. In my case,
both my parents and one grandparent (my maternal grandmother) are still alive.
I knew three of my grandparents but never knew my paternal grandfather, even
though he did sit me on his lap when I was a toddler. Nevertheless, I know the
names, birth dates and marriage dates of all my grandparents and, for those
that have died, their death dates. Furthermore, I know the names of all of my
great-grandparents—there are 8 of these. It is fairly easy to get that far back
in one’s family tree, at least in countries such as Britain and America where
records of births, marriages and deaths, as well as census records, exist for
the last century. <o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://s-media-cache-ak0.pinimg.com/736x/e2/67/0b/e2670bd605fbd7186b3c802cdce5f751.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://s-media-cache-ak0.pinimg.com/736x/e2/67/0b/e2670bd605fbd7186b3c802cdce5f751.jpg" width="205" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: inherit; font-size: x-small;">The <a href="https://s-media-cache-ak0.pinimg.com/736x/e2/67/0b/e2670bd605fbd7186b3c802cdce5f751.jpg" target="_blank">Genealogy of the Prophet Muhammad</a>in calligraphic form (Arabic) <span style="background-color: white; color: #444444; line-height: 18px; text-align: left;">by İsmaʿil </span></span><br />
<span style="font-family: inherit; font-size: x-small;"><span style="background-color: white; color: #444444; line-height: 18px; text-align: left;">b. İbrahim Bosnavi (d. 1748)</span></span></td></tr>
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<span style="font-family: 'Times New Roman', serif;">When you get beyond
that generation, it gets trickier, and parish records, historical records and
other sources must be consulted. We each have 16 great-great-grandparents,
excluding repetitions where inbreeding has occurred. We then have 32
great-great-great-grandparents, 64 great-great-great-great-grandparents and 128
great-great-great-great-great-grandparents. If we assume that each generation
is roughly 30 years apart and my parents were born in the 1940s/1950s (I was
born 30 – 40 years later), then my grandparents were born in the 1910s,
great-grandparents in the 1880s, great-great-grandparents in the 1850s, and so
on. The 128 5xgreat-grandparents were born around the 1760s, or the middle of
the 18</span><sup style="font-family: 'Times New Roman', serif;">th</sup><span style="font-family: 'Times New Roman', serif;"> century. In other words, there were 128 people born in that
era who were my ancestors. Each one of them lived an individual life, had hopes
and aspirations, challenges and suffering and found a partner or spouse and had
children, passing on their genetic legacy to today. If even one of these people
had not lived, I would also not have been born. Imagine the amazing
coincidences and/or destiny which brought each one of us into being. Let’s
extend this further:</span></div>
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<b><u><span style="font-family: "Times New Roman","serif";">Chart 1: The Number of Ancestors
by Generations<o:p></o:p></span></u></b></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvrjF7dEH_8a-laIsKU2n3HKeDDPiT5C9wR7xgybd7BGWMO9p5UWeiPHB7_SopnsbO1wNfIA0HQdCogFMf5SW72rbkWcZFtMZO_h0HfPNtIDLtv1OCuW_gmap76XGW9RsFkER8llkvHic/s1600/chart_generations.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="265" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvrjF7dEH_8a-laIsKU2n3HKeDDPiT5C9wR7xgybd7BGWMO9p5UWeiPHB7_SopnsbO1wNfIA0HQdCogFMf5SW72rbkWcZFtMZO_h0HfPNtIDLtv1OCuW_gmap76XGW9RsFkER8llkvHic/s320/chart_generations.jpg" width="320" /></a></div>
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<span style="font-family: "Times New Roman","serif";">According to the
chart above, the <a href="http://klausjames.tripod.com/bahai3muhammad.html" target="_blank">Prophet Muhammad (pbuh)</a>, being in the 48<sup>th</sup>
generation (and being my 45<sup>th</sup> great-grandfather), He would have been
one of 140 trillion, 737 billion, 488 million, 355 thousand, 328 potential
ancestors who lived in the 570s of the Common Era. The total population of the
world in 670 AD was roughly 277 million, 700 thousand—far less than one
billion.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn4" name="_ednref4" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[iv]</span></span><!--[endif]--></span></a>
That’s not the population for one continent but for the entire inhabited world.
Of course, people didn’t marry very widely or diversely in the past and usually
within a specific geographical area. As such, there are a huge, absolutely
immense, number of repetitions in genealogy. </span></div>
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<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/thumb/5/55/SamuelLincolnHouse.jpg/225px-SamuelLincolnHouse.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="https://upload.wikimedia.org/wikipedia/commons/thumb/5/55/SamuelLincolnHouse.jpg/225px-SamuelLincolnHouse.jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Samuel Lincoln House, Hingham, Massachusetts</td></tr>
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<span style="font-family: "Times New Roman","serif";">For example, a lot of my New
England ancestors came from Hingham, Massachusetts, and many of the inhabitants
of this town intermarried with their cousins, resulting in significant
inbreeding. It was from this same town that Abraham Lincoln’s ancestors
emerged, including our common ancestors, <a href="https://en.wikipedia.org/wiki/Samuel_Lincoln" target="_blank">Samuel Lincoln</a> (1622 – 1690) and
Martha Lyford. Due to inbreeding, however, President Abraham Lincoln is both my
5<sup>th</sup> cousin, five times removed, a 7<sup>th</sup> cousin, five times
removed and an 8<sup>th</sup> cousin, four and five times removed. Such was the
nature of human relations in the past. In fact, in many villages in rural areas
across the world, including many Arab tribes, cousin marriage is still a common
practice. It has been a common practice throughout history. Nevertheless, the
common consensus is that, if anyone was alive during the 9<sup>th</sup> century
in Europe and you have any European ancestry, you are a descendant of that
person.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn5" name="_ednref5" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[v]</span></span><!--[endif]--></span></a> In
other words, if you are a European or North American of European descent, any
famous king, ruler, duke, or any common peasant and farmer, any beggar on the
street or, indeed, any priest or pope, who left a line of descendants
continuing to the present day, is your ancestor—and that’s a fact. <o:p></o:p></span></div>
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<b><u><span style="font-family: "Times New Roman","serif";">The Link to Europe: The Umayyad Conquest of Spain
(711 – 718 AD)<o:p></o:p></span></u></b></div>
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<tr><td class="tr-caption" style="text-align: center;">Expansion of the Islamic Caliphate</td></tr>
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<span style="font-family: "Times New Roman","serif";">The question then,
remains, how does the <a href="http://klausjames.tripod.com/bahai3muhammad.html" target="_blank">Prophet Muḥammad</a>’s progeny relate to the above? The
simple answer is, through the Umayyad conquest of Spain in the 8<sup>th</sup>
century (711 – 718). If you are descendant of every European who left a line of
descendants continuing to the modern day, you are also a descendant of every
Arab and North African Muslim settler of Spain who left descendants. But let’s
go back to the beginning. The Prophet Muhammad (c. 570 – 632 AD) (pbuh) was the
son of ‘Abdu’llāh, a merchant and senior member of the clan of Hāshim, and
Āminah daughter of Wahb ibn ‘Abd-Manāf. ‘Abdu’llāh, who died two months before
Muhammad’s birth, was the son of ‘Abdu’l-Muṭṭalib, son of Hāshim (the ancestor
of the Hāshimite Clan, including the Abbasid caliphs, the twelve Imāms and the
modern-day ruling dynasties of Morocco and Jordan). Hāshim was the son of
‘Abd-Manāf (Āminah’s grandfather), son of Quṣayy, son of Kilāb, son of Murrah,
son of Ka‘ab, son of Lu’ay, son of Ghālib, son of Fihr, son of Mālik, son of
An-Naḍr (also known as Quraysh, the ancestor of the Quraysh Tribe), son of
Kinānah (ancestor of the Banū Kinānah, the largest Mudhari Adnanite tribe), son
of Mudrikah, son of ’Ilyās, son of Muḍar, son of Nizār, son of Ma‘ad, the son
of ‘Adnān.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn6" name="_ednref6" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[vi]</span></span><!--[endif]--></span></a>
The famous Orientalist, Richard Francis Burton, quoted the well-known saying of
the Prophet Muhammad: “Beyond Adnan none save Allah wotteth and the
genealogists lie”.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn7" name="_ednref7" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[vii]</span></span><!--[endif]--></span></a>
According to Burton, ‘Adnān is sometimes reckoned as being in the eighth
generation from the Prophet Ishmael (pbuh), son of Abraham (upon whom be
peace), through his son, Kedar, though Aṭ-Ṭabarī holds that He is in the
fortieth generation from Ishmael.<span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;"><a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn8" title="">[viii]</a></span></span><a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn8" title=""><!--[endif]--></a></span>
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<tr><td style="text-align: center;"><a href="http://almiskeenah.com/wp-content/uploads/2011/12/prophetic-lineage-tree.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="http://almiskeenah.com/wp-content/uploads/2011/12/prophetic-lineage-tree.jpg" height="400" width="282" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">An Arabic <a href="http://almiskeenah.com/wp-content/uploads/2011/12/prophetic-lineage-tree.jpg" target="_blank">tree tracing the ancestry of Muhammad (pbuh) <br />back to Adam (pbuh)</a>, the Father of Mankind</td></tr>
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<span style="font-family: 'Times New Roman', serif;">That gives a bit of
background on the ancestry of the Prophet and His tribe; this is essential as
the descendants of the Prophet, as well as the Umayyad and Abbasid caliphs, are
all from this tribe. In the year 595 AD, the Prophet Muhammad’s virtuous
character and trustworthiness as a merchant had attracted the attention of a
wealthy widow named <a href="https://en.wikipedia.org/wiki/Khadija_bint_Khuwaylid" target="_blank">Khadījah</a>, the daughter of <a href="https://en.wikipedia.org/wiki/Khuwaylid_ibn_Asad" target="_blank">Khuwaylid ibn Asad</a> (of the Asad
clan of the Quraysh tribe), who was 40 years’ old at the time. Again, we see
that the numerous intermarriages within a tribe, who are all close relatives,
eliminate many of the millions or billions of potential ancestors who existed
in the 48</span><sup style="font-family: 'Times New Roman', serif;">th</sup><span style="font-family: 'Times New Roman', serif;"> generation of our ancestors. This marriage, like every
other union in history, was essential to the existence of His progeny. Had
Muhammad chosen to marry someone else, we simply would not exist—at least I and
the millions of other descendants of Muḥammad would not exist. They had two
sons together—Qāsim and ‘Abdu’llāh, who both died in childhood, and a daughter,
<a href="https://en.wikipedia.org/wiki/Fatimah_bint_Muhammad" target="_blank">Fāṭimah</a>. According to Sunni sources, they had three other daughters together:
Zaynab, Ruqayyah, and Umm Kulthūm. Shī‘ī scholars, such as Abu’l-Qāsim al-Kūfī,
argue that these were either Khadījah’s daughters by a previous marriage or her
sister’s (Halah’s) daughters who were raised by Muhammad and treated as His own
daughters. In any case, the only universally-agreed descendants of the Prophet
are through His daughter, Fāṭimah (605 – 632 AD), known as </span><i style="font-family: 'Times New Roman', serif;">Az-Zahrā’</i><span style="font-family: 'Times New Roman', serif;"> (the ‘Shining One’) and </span><i style="font-family: 'Times New Roman', serif;">Ummu’l-Ḥasanayn</i><span style="font-family: 'Times New Roman', serif;"> (the ‘Mother of the Two Ḥasans’, i.e. Ḥasan and Ḥusayn).
She married <a href="https://en.wikipedia.org/wiki/Ali_ibn_Abi_Talib" target="_blank">‘Alī</a>, the son of Abū-Ṭālib, the son of ‘Abdu’l-Muṭṭalib (the grandfather
of the Prophet). ‘Alī was thus a member of the Hāshimite Clan and a first
cousin of the Prophet, who was his father-in-law. ‘Alī, who later became the
Fourth of the first First Caliphs of Islam (and the first Imām by Shī‘ī
reckoning), married Fāṭimah circa 622/623 AD, and they had two sons: <a href="https://en.wikipedia.org/wiki/Hasan_ibn_Ali" target="_blank">Ḥasan</a> and Ḥusayn,
and two daughters: Zaynab and Umm-Kulthūm (who were named after the
aforementioned aunts of the same name). Zaynab married her cousin, ‘Abdu’llāh
ibn Ja‘far, ‘Alī’s nephew, and had four sons: ‘Alī, Muhammad, ‘Awn and ‘Abbās. Umm-Kulthūm
initially married the second of the first Four Caliphs, ‘Umar ibn al-Khaṭṭāb,
with whom she had a son named Zayd and a daughter named Ruqayyah. After his
death, she married ‘Awn ibn Ja‘far, brother of ‘Abdu’llāh ibn Ja‘far and, after
his death, his brother Muḥammad.</span></div>
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<b><u><span style="font-family: "Times New Roman","serif";">The Descendants of ‘Alī and Fāṭimah<o:p></o:p></span></u></b></div>
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<tr><td class="tr-caption" style="text-align: center;">The name of Imam 'Ali (may God be pleased with him)</td></tr>
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<span style="font-family: "Times New Roman","serif";">The principal
descendants of <a href="https://en.wikipedia.org/wiki/Ali_ibn_Abi_Talib" target="_blank">‘Alī</a> and <a href="https://en.wikipedia.org/wiki/Fatimah" target="_blank">Fāṭimah</a>, however, are those via their two sons <a href="https://en.wikipedia.org/wiki/Hasan_ibn_Ali" target="_blank">Ḥasan</a>
and Ḥusayn, whose tragic lives inspired the formation of Shī‘ism, and who are
the ancestors (in the direct male line) of the Idrisid and Alaouite dynasties
of Morocco, the Hashemite Royal Family of Jordan (1921 – present) and,
formerly, Iraq (1920 – 1958), the Al Qassimi dynasties of Sharjah and Ras
al-Khaimah in the United Arab Emirates (18<sup>th</sup> century – present), as
well as the Fatimid Caliphate of Egypt (909 – 1171 AD), the Twelve Imāms of
Twelver Shī‘ism (632 – 872), the Sharīfs of Mecca (1201 – 1923), the Nizari Ismaili
Imams (799 AD – present), and numerous families of Sayyids, Sharīfs and Ashrafs
scattered throughout the world. <o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="http://rahma.se/wp-content/uploads/2012/10/muhammad-kufi1-300.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="http://rahma.se/wp-content/uploads/2012/10/muhammad-kufi1-300.jpg" height="198" width="200" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The name Muhammad, repeated 4 times, in Kufic script</td></tr>
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<b><span style="font-family: "Times New Roman","serif";">Chart
2:<o:p></o:p></span></b></div>
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<b><span style="font-family: "Times New Roman","serif";">THE
PROPHET MUḤAMMAD [45x Great-Grandfather) to ZAIDA [28x great-grandmother]:<o:p></o:p></span></b></div>
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<span style="font-family: "Times New Roman","serif";">49. The <a href="http://klausjames.tripod.com/bahai3muhammad.html" target="_blank">Prophet Muḥammad</a>
ibn ‘Abdu'llāh (570-632) = <a href="https://en.wikipedia.org/wiki/Khadija_bint_Khuwaylid" target="_blank">Khadījah bint Khuwaylid</a><o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">48. <a href="https://en.wikipedia.org/wiki/Fatimah_bint_Muhammad" target="_blank">Fāṭimah bint Muḥammad</a>
(c. 605 – 632) = <a href="https://en.wikipedia.org/wiki/Ali_ibn_Abi_Talib" target="_blank">‘Alī ib Abī-Ṭālib</a> (601 – 661), 1<sup>st</sup> Imām, 4<sup>th</sup>
Caliph<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">47. <a href="https://en.wikipedia.org/wiki/Hasan_ibn_Ali" target="_blank">Ḥasan ibn ‘Alīib Abī-Ṭālib</a> (625 – 670), 2<sup>nd</sup> Imām of Shī‘ī Islam = Umm-Isḥāq bint Ṭalḥah<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">45. <a href="https://ar.wikipedia.org/wiki/%D8%AD%D8%B3%D9%8A%D9%86_%D8%A8%D9%86_%D8%A7%D9%84%D8%AD%D8%B3%D9%86_%D8%A8%D9%86_%D8%B9%D9%84%D9%8A" target="_blank">Al-Ḥusaynal-Athram ibn Ḥasan</a><o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">44. Zahrā’ (Zohra)
= Abū-Fārisī al-Lakhmī, descendant of the <a href="https://en.wikipedia.org/wiki/Lakhmids" target="_blank">Lakhmid Dynasty</a><o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">43. Na‘īm al-Lakhmī
(or ‘Aṭṭāf)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">42. Na‘īm al-Lakhmī<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">41. ‘Aṭṭāf
al-Lakhmī<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">40. ‘Amr al-Lakhmī<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">39. ’Aslam
al-Lakhmī<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">38. ‘Umar al-Lakhmī<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">37. ‘Abbād al-Lakhmī<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">36. Quraysh
al-‘Abbādī <o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">35. Ismā‘īl
al-‘Abbādī<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">34. <a href="https://en.wikipedia.org/wiki/Abu_al-Qasim_Muhammad_ibn_Abbad" target="_blank">’Abu’l-Qāsim Muḥammadibn Ismā‘īl </a>(984 – 1042), Ruler of Seville, first Abbadid ruler<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">33. <a href="https://en.wikipedia.org/wiki/Abbad_II_al-Mu%27tadid" target="_blank">‘Abbād IIal-Mu‘taḍid</a> (1042 – 1069), Ruler of Seville<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">32. <a href="https://en.wikipedia.org/wiki/Al-Mu%27tamid_ibn_Abbad" target="_blank">Muḥammadal-Mu‘tamid</a> (1069 – 1095), Ruler of Seville, Ruler of Cordoba (from 1071 –
1081)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">31. <a href="https://en.wikipedia.org/wiki/Zaida_of_Seville" target="_blank">Zaida (Isabel)</a>
= <a href="https://en.wikipedia.org/wiki/Alfonso_VI_of_Le%C3%B3n_and_Castile" target="_blank">King Alfonso VI de León y Castile</a> (1040-1109)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">Notable descendants
of ‘Alī and Fāṭimah include <a href="https://en.wikipedia.org/wiki/Ja%27far_al-Sadiq" target="_blank">Imām Ja‘far Aṣ-Ṣādiq</a> (c. 700 – 765), the Sixth
Shī‘ī Imām and Founder of the school of Ja‘fari jurisprudence, <a href="https://en.wikipedia.org/wiki/Al-Hakim_bi-Amr_Allah" target="_blank">Al-Ḥākim bi-’Amri’llāh</a>
(985 – 1021), the Fāṭimid Caliph referred to in Western literature as the “Mad
Caliph” (as he ordered the destruction of the Church of the Holy Sepulchre in
1009 AD), the Sufi saint <a href="https://en.wikipedia.org/wiki/Abdul-Qadir_Gilani" target="_blank">‘Abdu’l-Qādir al-Jīlānī</a> (c. 1077 – 1166 AD), the
founder of the Qadiriyya Order, <a href="https://en.wikipedia.org/wiki/Muhammad_Ahmad" target="_blank">Muhammad Ahmad al-Mahdi</a> (1844 – 1885), who
proclaimed himself the Mahdi on 29 June 1881 and became the Ruler of Sudan in
1885, <a href="https://en.wikipedia.org/wiki/Mirza_Sayyed_Mohammad_Tabatabai" target="_blank">Mirza Sayyid Mohammad Tabatabai </a>(1842 – 1920), a leader of the Iranian
Constitutional movement, <a href="https://en.wikipedia.org/wiki/Idris_of_Libya" target="_blank">King Idris I of Libya</a> (r. 1951 – 1969), <a href="https://en.wikipedia.org/wiki/Aga_Khan_IV" target="_blank">Aga Khan IV</a>
(b. 1936), who is the current Nizari Ismaili Imam, <a href="https://en.wikipedia.org/wiki/Kazim_Rashti" target="_blank">Sayyid Kāẓim Rashtī</a> (1793 –
1843) (the second leader of the Shaykhi School), <a href="http://www.bahai.org/the-bab/" target="_blank">Sayyid ‘Alī-Muḥammad Shīrāzī</a>
(known as ‘<a href="http://www.bahai.org/the-bab/" target="_blank">the Bāb</a>’) (1819 – 1850), who was the Founder of the Bābī Faith, <a href="http://www.iranicaonline.org/articles/darabi-sayyed-yahya" target="_blank">SayyidYaḥyā Dārābī </a>(known as ‘Vaḥīd’) (1811 – 1850), a famous Bābī and their military
leader during the battles of Nayriz, <a href="http://www.peyman.info/cl/Baha'i/Others/ROB/V4/p073-090Ch05.html" target="_blank">Mīrzā Muhammad-Husayn</a> and <a href="http://www.peyman.info/cl/Baha'i/Others/ROB/V4/p073-090Ch05.html" target="_blank">MīrzāMuhammad-Hasan</a> (d. 1879), collectively known as the <i><a href="http://bahaichronicles.org/mirza-muhammad-husayn-and-mirza-muhammad-hasan/" target="_blank">Nūrayn-i-Nayyirayn</a></i> (‘Twin Shining Lights’), who were famous Bahā’ī
martyrs from Esfahan martyred in 1879, and <a href="http://bahaikipedia.org/Shoghi_Effendi" target="_blank">Shoghi Effendi Rabbānī</a> (1897 – 1957),
the Guardian of the <a href="http://bahai.org/" target="_blank">Bahā’ī Faith</a>, as well as the other members of the Afnān
Family who descend from the Bāb’s maternal uncles. The Safavid dynasty of
Persia (r. 1501 – 1736) also claimed descent from Imām Ḥusayn, though the
veracity of their claim is disputed by historians. A dynasty of sayyids did
hold power for a time in northern Iran, the <a href="https://en.wikipedia.org/wiki/Alid_dynasties_of_northern_Iran" target="_blank">Zaydids of Tabaristan</a>, who ruled
over the northern regions of Tabaristan, Daylam and Gilan along the Caspian Sea
from 864 – 900 and 914 – 928 AD while, in Arabia, the <a href="https://en.wikipedia.org/wiki/Banu_Ukhaidhir" target="_blank">Ukhaydhirites</a> ruled Najd
from 862 until the mid-11<sup>th</sup> century and the <a href="https://en.wikipedia.org/wiki/Sulaymanids" target="_blank">Sulaymanids of Yemen</a>
held power from 1063 – 1174. <o:p></o:p></span></div>
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<b><u><span style="font-family: "Times New Roman","serif";">The Lakhmids and the Abbadid Dynasty in Spain<o:p></o:p></span></u></b></div>
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<span style="font-family: "Times New Roman","serif";">Now, let’s take the
line from ‘Alī and Fāṭimah to Europe. The eldest of their two sons, Ḥasan (also
transliterated as Hassan) (625 – 670 AD), is regarded by Shī‘īs as the second
of the Twelve Imāms, in succession to ‘Alī, whom Shī‘īs believe to be the
appointed successor and infallible heir to the Prophet Muḥammad (pbuh). Along with ‘Alī, Fāṭimah and Ḥusayn, he is
regarded as being a member of the <i>Ahl al-Bayt</i>
(the ‘People of the House’), referred to in Qur’ān 33:33. He is known to have
married multiple times and may have had 15 sons and 9 daughters from 6 wives.
His brother, Ḥusayn, is known to have had 6 sons and 4 daughters, though other
sources say 4 sons and 2 daughters. One of Ḥasan’s numerous sons was known as
al-Ḥusayn al-Athram, who only had descendants through his daughters.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn9" name="_ednref9" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[ix]</span></span><!--[endif]--></span></a>
One of these, Fāṭimah, married the aforementioned Imām Ja‘far Aṣ-Ṣādiq, giving
birth to Isma‘īl ibn Ja‘far, the 6<sup>th</sup> Imām according to the Nizari
Ismailis,<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn10" name="_ednref10" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[x]</span></span><!--[endif]--></span></a>
while other daughters include (according to the article on <i>Arabic Wikipedia</i>), Umm-Salmah bint al-Ḥusayn and Umm-Kulthūm bint
al-Ḥusayn the latter of whom married Ismā‘īl ibn ‘Abdu’l-Malik ibn al-Ḥarb ibn
al-Ḥakam and they had four children: Muslimah, Isḥāq, Muḥammad, and al-Ḥusayn.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn11" name="_ednref11" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xi]</span></span><!--[endif]--></span></a> According
to several pedigrees floating around the internet, al-Ḥusayn al-Athram had a
daughter called Zahrā’ (usually spelled as Zohra) who married one Abū-Fārisī,
though the source of that information is unclear. It appears, for instance, in <i>Lineage of the Saints</i> by Brian Starr, p.
277, as well as in Roderick W. Stuart’s <i>Royalty
for Commoners</i>, published in 1998.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn12" name="_ednref12" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xii]</span></span><!--[endif]--></span></a> According to several of the pedigrees, Zahrā’
has a son named Na‘īm al-Lakhmī (i.e. ‘the Lakhmid’) who has also has son named
Na‘īm al-Lakhmī. In Starr’s book, the first Na‘īm is listed as ‘Itaf, the son
of Abu Farisi, son of Abu Abed, son of Qabus, son of Numan, son of Mundhir, son
of Imrulcays, son of Numen, son of Imrulcays, son of Numan, son of Amr (b. c.
338), son of Imrulcays (d. c. 288), son of Amr (d. c. 268).<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn13" name="_ednref13" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xiii]</span></span><!--[endif]--></span></a>
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<span style="font-family: "Times New Roman","serif";">The <a href="https://en.wikipedia.org/wiki/Lakhmids" target="_blank">Lakhmids</a> were
descendants of <a href="https://en.wikipedia.org/wiki/Al-Nu%27man_III_ibn_al-Mundhir" target="_blank">An-Nu‘mān III ibn al-Mundhir</a>, known as ’Abū-Qābūs, a Nestorian
Christian ruler and the last Lakhmid King of Al-Ḥīrah, who succeeded his father
in 580 AD.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn14" name="_ednref14" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xiv]</span></span><!--[endif]--></span></a>
He traced his line to <a href="https://en.wikipedia.org/wiki/%27Amr_ibn_Adi" target="_blank">‘Amr ibn ‘Adī ibn Naṣr ibn Rabī‘ah ibn al-Ḥārith ibnMas‘ūd ibn Mālik ibn Ghanam ibn Namārah ibn Lakhm </a>(d. 295), who reigned as the
first Lakhmid king from 268 – 295 AD. ‘Amr
inherited his kingdom from Jadhīmah, his maternal uncle, the <a href="https://en.wikipedia.org/wiki/Tanukhids" target="_blank">Tanukhid</a> king, who
was killed by Zenobia (240 – c. 275 AD), the Queen of Palmyra.<o:p></o:p></span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: 'Times New Roman', serif; font-size: xx-small; text-align: start;">Muḥammad ibn </span><span style="font-family: 'Times New Roman', serif; font-size: xx-small; text-align: start;">’Abbád </span><span style="font-family: 'Times New Roman', serif; font-size: xx-small; text-align: start;">al-Mu‘tamid</span></td></tr>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Abu_al-Qasim_Muhammad_ibn_Abbad" target="_blank">’Abu’l-Qāsim Muḥammadibn Ismā‘īl</a> (984 – 1042) became the founder of the eponymous <a href="https://en.wikipedia.org/wiki/Abbadid_dynasty" target="_blank">Abbadid Dynasty</a>
(1023 – 1091) and was the first independent Muslim ruler of Seville in
Al-Andalus.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn15" name="_ednref15" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xv]</span></span><!--[endif]--></span></a>
He was appointed to that position by Yaḥyā ibn ‘Alī ibn Ḥamūd al-Mu‘talī (d.
1035), the Ḥamūddid Caliph of Cordoba.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn16" name="_ednref16" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xvi]</span></span><!--[endif]--></span></a>
In 1023, ’Abu’l-Qāsim proclaimed the Taifa of Seville independent from Cordoba,
which then remained under the rule of the Abbadid Dynasty until 1091.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn17" name="_ednref17" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xvii]</span></span><!--[endif]--></span></a>
His pedigree is given in the Arabic
Wikipedia as: ’Abu’l-Qāsim Muḥammad ibn Ismā‘īl ibn Quraysh ibn ‘Abbād ibn
‘Umar ibn ’Aslam ibn ‘Amr ibn ‘Aṭṭāf ibn Na‘īm al-Lakhmī.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn18" name="_ednref18" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xviii]</span></span><!--[endif]--></span></a>
He was succeeded by his son, <a href="https://en.wikipedia.org/wiki/Abbad_II_al-Mu%27tadid" target="_blank">‘Abbād II al-Mu‘taḍid</a> (1042 – 1069), a poet, a
skeptic and a man of treachery who habitually preserved the skulls of his
enemies.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn19" name="_ednref19" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xix]</span></span><!--[endif]--></span></a>
‘Abbād II’s son, <a href="https://en.wikipedia.org/wiki/Al-Mu%27tamid_ibn_Abbad" target="_blank">Muḥammad al-Mu‘tamid</a> (1069 – 1095) was the third and last of
the Abbadids, succeeding, in 1071, to take control of Cordoba, before losing it
permanently in 1081.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn20" name="_ednref20" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xx]</span></span><!--[endif]--></span></a> The
dynasty of the Abbadids has been described in <i>The History of the Mohammaden Dynasties in Spain</i> (p. 36) in the
following terms: “I shall merely remind thee of the princes of the illustrious
dynasty of the Bení ’Abbád, with whom, as God Almighty has said in his Korán,
reside fruit, palm, and pomegranate, under whose reign every day was a solemn festivity,
and who showed a greater passion for literature than was ever shown by the Bení
Hamdán in Aleppo, and who became, together with their sons, relatives and Wizírs,
the centre of eloquence both in prose and in verse, labouring assiduously and
unanimously in the various departments of science; who left behind them
brilliant traces, and everlasting fame, and whose history abounds in generous
actions and noble deeds that will last through succeeding ages, and live for
ever in the memory of man.”<o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="http://3.bp.blogspot.com/-qdF_EIRLW3g/Uubq17YePCI/AAAAAAAAq_Y/RRowfhRLi2k/s1600/Bautismo_Zayda+-+1.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="197" src="http://3.bp.blogspot.com/-qdF_EIRLW3g/Uubq17YePCI/AAAAAAAAq_Y/RRowfhRLi2k/s1600/Bautismo_Zayda+-+1.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Times, Times New Roman, serif; font-size: small;"><span style="background-color: white; color: #660000; font-weight: bold; line-height: 21.56px;"><b>Bautismo de la mora Zaida, </b></span><span style="background-color: white; font-weight: bold; line-height: 21.56px; text-align: left;"><span style="color: #660000;"><b><a href="http://www.joseluisluna.com/Anuario/Anuario.html#1095" style="color: #e34707; text-decoration: none;" target="_blank">José Luis Luna</a></b></span></span></span></td></tr>
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<span style="font-family: "Times New Roman","serif";">Al-Mu‘tamid was the
father-in-law or father of <a href="https://en.wikipedia.org/wiki/Zaida_of_Seville" target="_blank">Zaida</a>, a mistress and possibly wife of <a href="https://en.wikipedia.org/wiki/Alfonso_VI_of_Le%C3%B3n_and_Castile" target="_blank">Alfonso VI</a>
(c. 1040 – 1109), King of León (r. 1065 – 1109) & King of Castile (r. 1072
– 1109).<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn21" name="_ednref21" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xxi]</span></span><!--[endif]--></span></a>
According to Bernard F. Reilly (1988) in <i>The
Kingdom of Leon-Castilla under King Alfonso VI, 1065-1109</i> (Princeton
University Press), p. 234: “The life and even the death of the Muslim princess
Zaida, widow of Fath al-Mamun of Córdoba since March of the previous year, are
problematic. Our best authority, Bishop Pelayo, wrongly makes her the daughter
rather than the daughter-in-law of al-Mutamid of Sevilla but does identify her
as the mother of Alfonso's only son. Her sepulchral inscription, variously
reported, informs that she died in childbirth on either Monday, the 13th of
September, or Thursday, the 13th of September, without reporting the year of
her death. We cannot even be sure that it was the birth of Sancho Alfónsez himself.”<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn22" name="_ednref22" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xxii]</span></span><!--[endif]--></span></a>
According to a book entitled "La familia de los Tellez de Meneses", Zaida’s
tomb still exists and there is an inscription on the tomb which reads: <i>"H.R. Regina Elisabeth, uxor regis
Adefonsi, filia Benabet Regis Sevillae, quae prius Zayda, fuit vocata"</i>.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn23" name="_ednref23" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xxiii]</span></span><!--[endif]--></span></a>
This indicates that her Christian name was Elisabeth or, in Spanish, Isabel and
that she was the daughter of <i>‘Benabet
Regis Sevillae’</i>, i.e. Benabet, King of Seville. Zaida was the mother of
Alfonso VI’s only son (though illegitimate), named Sancho (c. 1093 – 1108), and
possibly the mother of his two daughters: Elvira (d. 1135) and Sancha.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn24" name="_ednref24" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xxiv]</span></span><!--[endif]--></span></a>
Elvira married Roger II of Sicily in 1117, and they had five sons: Roger,
Tancred, Alfonso, William I and Henry, as well as a daughter who died young.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn25" name="_ednref25" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xxv]</span></span><!--[endif]--></span></a>I
would imagine that Benabet is probably Ibn ‘Abbād, making her, in any case, a
descendant of the Abbadid dynasty. <o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">According to Flavio
Rivera Montealegre’s <i>Genealogía de la
familia MONTEALEGRE</i>, p. 237, Sancha, the daughter of Alfonso VI of Castile
and Zaida, married Rodrigo González de Lara, “el Franco”, Señor de Liébana,
Quintanilla, Ventosa, Cisneros y otras villas, y tuvo, además, los Gobiernos de
Toledo, Segovia, Extremadura, Asturias de Santillana y otros.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn26" name="_ednref26" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xxvi]</span></span><!--[endif]--></span></a>
They had a son called Rodrigo Rodríguez de Lara (1123), Ricohombre, Señor de
Peñalva, Quintanilla y Traspinedo.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn27" name="_ednref27" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xxvii]</span></span><!--[endif]--></span></a>
Rodrigo had a daughter named Doña Sancha who married Gonzalo Ruiz de Girón,
Ricohomre del Rey Alfonso VIIII, de Enrique I y de Fernando III. Their
daughter, Doña Maria Gonzalez Giron married Ramiro, Señor de Cifontes.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn28" name="_ednref28" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xxviii]</span></span><!--[endif]--></span></a>
They had a daughter named Aldonza Ramirez, Señora de Alcacines, who married
Gonsalez Fernan.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn29" name="_ednref29" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xxix]</span></span><!--[endif]--></span></a>
Their daughter, Maria de Henestrona, married Juan Garciez de Padilla, Señor de
Villagera, who fathered <a href="https://en.wikipedia.org/wiki/Mar%C3%ADa_de_Padilla" target="_blank">Maria Juana de Padilla</a> (c. 1334-1361), who married <a href="https://en.wikipedia.org/wiki/Peter_of_Castile" target="_blank">PedroI “the Cruel” Alfonsez</a>, King of Castile (1334-1369).<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn30" name="_ednref30" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xxx]</span></span><!--[endif]--></span></a>
Their daughter, Princess <a href="https://en.wikipedia.org/wiki/Isabella_of_Castile,_Duchess_of_York" target="_blank">Isabella</a> (1355 – 1392), was married to Prince Edmund
of Langley, 1<sup>st</sup> Duke of York, (d. 1402), who was the son of Edward
III, King of England. Here are the generations from Zaida to my 11x
great-grandmother, Susan Clinton, Lady Fynes:<o:p></o:p></span></div>
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<tr><td class="tr-caption" style="text-align: center;">Isabel de Castile y Leon, wife of Edmund, Duke of York</td></tr>
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<b><span style="font-family: "Times New Roman","serif";">Chart
3<o:p></o:p></span></b></div>
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<b><span style="font-family: "Times New Roman","serif";">ZAIDA
[28x great-grandmother] to SUSAN CLINTON, Lady Fynes [11x great-grandmother]:<o:p></o:p></span></b></div>
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<span style="font-family: "Times New Roman","serif";">31. <a href="https://en.wikipedia.org/wiki/Zaida_of_Seville" target="_blank">Zaida (Isabella)</a> = King Alfonso VI de León y Castile (1040-1109)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">30. Sancha de
Castile = Rodrigo Gonzales (“El Franco”), Conde de Liebana de Lara<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">29. Rodrigo
Rodriguez de Lara (b. 1123) = Garcia de Azarga<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">28. Sancha
Rodriguez de Lara = Gonsalo Ruis II Giron (d. 1234)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">27. Aldonza
Gonzales Giron = Ramiro, Señor de Cifontes<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">26. Aldonza
Ramirez, Señora de Alcacines = Gonsalez Fernan<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">25. Maria de
Henestrona = Juan Garciez de Padilla, Señor de Villagera<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">24. <a href="https://en.wikipedia.org/wiki/Mar%C3%ADa_de_Padilla" target="_blank">Maria Juana dePadilla</a> (c. 1334-1361) = Pedro I “the Cruel”, King of Castile (1334-1369)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">23.<a href="https://en.wikipedia.org/wiki/Isabella_of_Castile,_Duchess_of_York" target="_blank"> Isabel de Castile y León</a> (c. 1355-1392) = <a href="https://en.wikipedia.org/wiki/Edmund_of_Langley,_1st_Duke_of_York" target="_blank">Edmund Plantagenet,</a> Duke of York (d. 1402)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">22.<a href="https://en.wikipedia.org/wiki/Richard_of_Conisburgh,_3rd_Earl_of_Cambridge" target="_blank"> Richard Plantagenet</a>, 3rd Earl of Cambridge (1376-1415) = Anne de Mortimer<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">21. <a href="https://en.wikipedia.org/wiki/Richard_of_York,_3rd_Duke_of_York" target="_blank">Richard Plantagenet</a>, 3rd Duke of York (1411-1460) = Cecilly Neville<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">20. <a href="https://en.wikipedia.org/wiki/George_Plantagenet,_1st_Duke_of_Clarence" target="_blank">George Plantagenet</a>, 1st Duke of Clarence (1449-1477/8) = Isabel Neville<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">19. <a href="https://en.wikipedia.org/wiki/Margaret_Pole,_Countess_of_Salisbury" target="_blank">Margaret Plantagenet</a>, 8th Countess of Salisbury (c. 1469-1541) = Sir Richard Pole<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">18. <a href="https://en.wikipedia.org/wiki/Henry_Pole,_1st_Baron_Montagu" target="_blank">Henry Pole,</a>
Lord Montagu (1492-1539) = Jane Neville, 4 x g-granddaughter of King Edward III<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">17. <a href="http://www.tudorplace.com.ar/Bios/CatherinePole(CHuntingdon).htm" target="_blank">Catherine Pole</a>,
Countess of Huntingdon (1511-1576) = Francis Hastings, 2nd Earl of Huntingdon <o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">16. <a href="http://www.tudorplace.com.ar/HASTINGS2.htm#Catherine HASTINGS (C. Lincoln)" target="_blank">Lady Catherine Hastings</a> (1542-1576) = Henry Clinton, 2nd Earl of Lincoln, 10th Lord Clinton<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">15. <a href="https://en.wikipedia.org/wiki/Thomas_Clinton,_3rd_Earl_of_Lincoln" target="_blank">Thomas Clinton</a>,
3rd Earl of Lincoln (1571—1619) = Elizabeth Knyvett<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">14. Susan Clinton
(b. c. 1602) [11x great-grandmother]<o:p></o:p></span></div>
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<tr><td class="tr-caption" style="text-align: center;">Edward Fiennes de Clinton, 1st Earl of Lincoln</td></tr>
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<b><u><span style="font-family: "Times New Roman","serif";">The Plantagent Link to New England<o:p></o:p></span></u></b></div>
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<span style="font-family: "Times New Roman","serif";">According to “John
Humfrey Massachusetts magistrate : did he marry the daughter of the third Earl
of Lincoln!” by Elroy McKendree Avery (1844-1935),
published in 1912: “George Plahtagenet,
Duke of Clarence, married and had a daughter, Margaret, Countess of Salisbury,
who married Sir Richard Pole, K. G., and had a son, Henry Pole, Baron Montacato,
who married Lady Neville, and his daughter, Catharine Pole, married Francis Hastings, second Earl of
Huntingdon, and had a daughter, Catherine Hastings, who married Henry Clinton,
second Earl of Lincoln. Thomas Clinton, third Earl of Lincoln, their son,
married and had a daughter, Susan
Clinton, who married Gen. John Humphrey, sword bearer of the Court of Justice
of Trial of Charles I., and afterward Lieutenant Governor of Massachusetts.”<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn31" name="_ednref31" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xxxi]</span></span><!--[endif]--></span></a>
This then needs to be connected with the next generation. According to the same
source: ““James Savage speaks-" of the arrival of John Humphrey at Boston in 1634, and says that "with him,
besides his wife, Susan, daughter of the
illustrious Thomas Clinton, third Earl of Lincoln, and some children, Ann,
Dorcas, and Sarah, he brought money, goods and cattle, for the Colony."<span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;"><a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn32" title="">[xxxii]</a></span></span><a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn32" title=""><!--[endif]--></a></span>
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<tr><td class="tr-caption" style="text-align: center;"><a href="http://media-2.web.britannica.com/eb-media/38/168038-004-79498575.jpg" target="_blank">The Plantagent Royal Family Tree</a></td></tr>
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<span style="font-family: "Times New Roman","serif";">His children are
mentioned in the following source: ““At the time of his departure for England,
it seems at least some of John Humphrey’s children remained in Massachusetts in
the care of others. Besides Anne,
Dorcas, Sarah and possibly John, previously mentioned, there were the following
baptized at Salem: Theophilus (having his name from his uncle, the 4th Earl of
Lincoln), 1637; Thomas, 1638; Joseph, 1640 and Lydia, 25 1641. Savage adds
mysteriously: “Perhaps he had another daughter who lost her reason… Perhaps,
sooner or later, all but the one married [Anne] went to England; at least the
father never came again.” According to
Lewis “they were much censured for leaving their children, but their intention
of visiting the Bahamas, and the approaching inclemency of the season, rendered
it imprudent to take them, and they undoubtedly intended to return, or send for
them.”” <o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">This Thomas
Humphreys, born in 1638, is my 10x great-grandfather. According to Lincoln’s <i>History of Hingham</i>: “Thomas (prob. s. of
John and Susan, who came over in 1634), was at Dover, 1660; and is believed to
have been the person of that name baptized in Hingham by Rev. Peter Hobart,
July 19, 1660, being then an adult. ... it seems more than prob. that he may
have been the Thomas Humphrey who afts. resided at Pemaquid; and this view is
strengthened by the traditions which have been disseminated by the older
members of the family. By the will of his father in law, George Lane, it
appears that the sons of Thomas and Hannah Humphrey were George, William,
Ebenezer, and Joseph.” This George Humphreys, born 1665/6, is my 9x
great-grandfather, who went on to marry Elizabeth Carver, having at least 8
children, including my 8x great-grandfather, Hannah Humphreys (b. 1698), who
married Simon Joy (d. 1789), and had a son named Nehemiah Joy (1726 – 1802), my
7x great-grandfather.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn33" name="_ednref33" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xxxiii]</span></span><!--[endif]--></span></a>
Now, we’re really reaching modern times—the dawn of the 19<sup>th</sup>
century. Nehemiah married Miriam Turner and had seven children, including my 6x
great-grandmother, Lydia Joy (1748 – 1828).<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn34" name="_ednref34" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xxxiv]</span></span><!--[endif]--></span></a>
Lydia married Jacob Loud in 1772 and had a daughter named Polly Loud, my 5x
great-grandmother in 1781. According to the <i>Hudson-Mohawk
Genealogical and Family Memoirs: Thomas</i>, Polly Loud married Captain Andrew
Thomas on June 10, 1801 in Weymouth, Massachusetts.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn35" name="_ednref35" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xxxv]</span></span><!--[endif]--></span></a>
They had 12 children, including Nancy Thomas (1805 – 1905), my
great-great-great-great-grandmother.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn36" name="_ednref36" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xxxvi]</span></span><!--[endif]--></span></a>
Nancy Thomas married Ensign Warren Shaw (1792 – 1870) and had a daughter named
Belinda Shaw (b. 1830), my great-great-great-grandmother.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn37" name="_ednref37" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xxxvii]</span></span><!--[endif]--></span></a> She married Quincy Adams Tirrell, who was
born in 1818, and they had a daughter named Mary Blanchard Tirrell (1855-1951),
my great-great-grandmother.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn38" name="_ednref38" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xxxviii]</span></span><!--[endif]--></span></a>
Now that we’ve reached the twentieth century, I’ll stop there. Suffice it to
say, four more generations later I appear on the scene. <o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="http://klausjames.tripod.com/marytirrell.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="http://klausjames.tripod.com/marytirrell.jpg" height="320" width="259" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Mary Blanchard Tirrell, my great-great-grandmother</td></tr>
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4<o:p></o:p></span></b></div>
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<b><span style="font-family: "Times New Roman","serif";">SUSAN
CLINTON [11x great-grandmother] to MARY TIRRELL [2x great-grandmother]:</span></b><span style="font-family: "Times New Roman","serif";"><o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">14. Susan Clinton
(b. c. 1602) = John Humphreys (they emigrated to America)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">13. Thomas Humphreys
(b. 1638) = Hannah Lane (b. 1639)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">12. George Humphreys
(b. 1665/6) = Elizabeth Carver (b. 1662/3)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">11. Hannah
Humphreys (b. 1698) = Simon Joy<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">10. Nehemiah Joy (1726
- 1802) = Miriam Turner<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">9. Lydia Joy
(1748-1828) = Jacob Loud<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">8. Polly Loud
(1781-1833) = Captain Andrew Thomas<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">7. Nancy Thomas
(1805-1905) = Ensign Warren Shaw<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">6. Belinda Shaw =
Quincy Adams Tirrell<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">5. Mary Blanchard
Tirrell (1855-1951) <o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">4, 3, 2, 1.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">The point of the
article above is not to definitely establish a line of descent from the Prophet
Muḥammad to the present generation. There are some historical discrepancies,
such as the enigmatic Zahra or Zohra who married into the Lakhmid line, and the
identity of Isabel or Zaida, who married Alfonso VI of Castile. Rather, it is
to show what such a line would look like or does look like, depending on its
accuracy. The fact remains: anyone alive in Europe in the 9<sup>th</sup>
century who has descendants alive today is an ancestor of every European alive
today. That is a fact which cannot be disputed. As such, if the Abbadids, a
branch of the Lakhmids, had any descendants at all whose lines survive to the
present day, then we are descended from that royal family. Furthermore, if
there was even one descendant of the Prophet Muḥammad in Al-Andalus in Spain
whose line of descent continues to the present day, then we are all descended
from that individual and, hence, descendants of the Prophet. Yes, the actual
amount of genes we possess from any one person in that era is rather small yet,
if even one of them had not lived, we would not have been born. <o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://jafrianews.files.wordpress.com/2012/11/holy-shrine-of-holy-prophet-muhammad-pbuh.jpg?w=670" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="222" src="https://jafrianews.files.wordpress.com/2012/11/holy-shrine-of-holy-prophet-muhammad-pbuh.jpg?w=670" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">A painting of the Holy Tomb of the Prophet Muhammad in Medina</td></tr>
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<b><u><span style="font-family: "Times New Roman","serif";">Other Descendants of the Prophet in Al-Andalus<o:p></o:p></span></u></b></div>
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<span style="font-family: "Times New Roman","serif";">Examples of other
descendants of the Prophet in Spain include <a href="https://en.wikipedia.org/wiki/Dihyah_Kalbi" target="_blank">Ibn Diḥyah al-Kalbī </a>(1150 – 1235),
born as ‘Umar ibn al-Ḥasan ibn Muḥammad ibn al-Jamīl ibn Faraḥ ibn Khalaf ibn
Qumis ibn Mazlal ibn Malal ibn Badr ibn Diḥyah ibn Farwah, who was a Moorish
scholar of Arabic and Islamic studies who descended from the Prophet on his
mother’s side.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn39" name="_ednref39" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xxxix]</span></span><!--[endif]--></span></a>
He was born in Valencia and died in Cairo, Egypt. Likewise, the aforementioned Yaḥyā
ibn ‘Alī ibn Ḥammūd, who appointed my ancestor, ’Abu’l-Qāsim Muḥammad ibn
Ismā‘īl, as the ruler of Seville, was also a descendant of the Prophet.
According to <i>The History of the
Mohammedan Dynasties in Spain extracted from Nafhu-t-Tíb min
Ghosni-l-Andalusi-r-Rattíb wa Táríkh Lisánu-d-Dín Ibni-l-Khattíb</i> by Ahmed
Ibn Mohammed Al-Makkarí, Vol. II, Translated by Pascual de Gayangos (1843), p.
238: “On his taking possession of the throne, Yahya assumed the surname of
Al-mu’tali (the exalted). Being proud of his noble origin, since he was
descended on his father’s side from ‘Alí [Ibn Abí Tálib], and his mother also
was a descendant of Fátimah, the daughter of the Prophet, Yahya began to treat
the great men of his court with utter disregard, never admitting them to his
presence, and passing his time in the society of low and contemptible men...”
The <a href="https://en.wikipedia.org/wiki/Hammudid_dynasty" target="_blank">Hammudids</a> were descendants of the Idrisid dynasty through <a href="https://en.wikipedia.org/wiki/Idris_I_of_Morocco" target="_blank">’Idrīs ibn ‘Abdu’llāh</a>,
who founded the Kingdom of Morocco, which he ruled from 788 – 791.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn40" name="_ednref40" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xl]</span></span><!--[endif]--></span></a> Al-Makkarí
refers to the <a href="https://en.wikipedia.org/wiki/Idrisid_dynasty" target="_blank">Idrisids</a> thus (p. 395): “...the sovereigns of the house of Idrís,
who reigned in Mauritania from one hundred and seventy to three hundred and
seventy five of the Hijra, and who were the descendants of ‘Alí Ibn Abí Tálib”.
Being a great-grandson of Imām Ḥasan, ’Idrīs was a descendant of the Prophet Muḥammad.
If his descendants left any continuous lines in Spain, we all may be connected
to that line, one way or another. <o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiemqN-Nq2Q703or3hvf5YR-21krJewJZ2vYRNr9NfF9iWTU_PfH_LnGTlH8AjWiGErkjkyAqVl9lUBjDH8elH_H1WCoQ8ueTNbkyByZDF4dL4LmJ_90y9MyVI7CT8MzKtysAE9pHFOo2Q/s1600/Prophets+Lineage.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiemqN-Nq2Q703or3hvf5YR-21krJewJZ2vYRNr9NfF9iWTU_PfH_LnGTlH8AjWiGErkjkyAqVl9lUBjDH8elH_H1WCoQ8ueTNbkyByZDF4dL4LmJ_90y9MyVI7CT8MzKtysAE9pHFOo2Q/s1600/Prophets+Lineage.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiemqN-Nq2Q703or3hvf5YR-21krJewJZ2vYRNr9NfF9iWTU_PfH_LnGTlH8AjWiGErkjkyAqVl9lUBjDH8elH_H1WCoQ8ueTNbkyByZDF4dL4LmJ_90y9MyVI7CT8MzKtysAE9pHFOo2Q/s1600/Prophets+Lineage.JPG" target="_blank">The Early Muslim Leaders from the Quraysh Tribe</a></td></tr>
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<b><u><span style="font-family: "Times New Roman","serif";">Another Link to the Quraysh Tribe: The Umayyad
Connection<o:p></o:p></span></u></b></div>
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<tr><td class="tr-caption" style="text-align: center;">The Umayyad Caliphate: Map</td></tr>
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<span style="font-family: 'Times New Roman', serif;">The above line [charts 2, 3 & 4] from
the Prophet Muḥammad through Ḥasan and then Zaida, via the Spanish royal line,
is somewhat tenuous. However, another connection to the Quraysh tribe, to which
the Prophet belonged, can be found in the Spanish link to the Umayyad
Caliphate. The Umayyad Caliphate is one of three caliphates, besides that of
‘Alī himself, which descend from the Quraysh tribe, the other two being the
Abbasids and the Fatimids, both of which belong to the Hashimite clan. The
<a href="https://en.wikipedia.org/wiki/Umayyad" target="_blank">Umayyad</a>s, however, come from another clan within the tribe. Both the Prophet Muḥammad
and the Umayyads (as well as the Abbasids) descend from ‘Abd-Manāf. Muḥammad (pbuh)
was the son of ‘Abdu’llāh, who was the son of ‘Abdu’l-Muttalib, son of Hāshim,
son of ‘Abd-Manāf. The Umayyads descend from <a href="https://en.wikipedia.org/wiki/Umayya_ibn_Abd_Shams" target="_blank">’Umayyah</a>, son of <a href="https://en.wikipedia.org/wiki/Abd_Shams_ibn_Abd_Manaf" target="_blank">‘Abd-Shams</a>, son
of <a href="https://en.wikipedia.org/wiki/Abd_Manaf_ibn_Qusai" target="_blank">‘Abd-Manāf</a>. Before the Prophet Muḥammad passed away in 632 AD, He gave
indications that authority should pass to His son-in-law and cousin, ‘Alī ibn
’Abī-Ṭālib.</span><a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn41" name="_ednref41" style="font-family: 'Times New Roman', serif;" title=""><span class="MsoEndnoteReference"><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xli]</span></span></span></a><span style="font-family: 'Times New Roman', serif;">
However, after His death, the senior members of the Muslim community elected
’Abū-Bakr as the first Caliph, followed by ‘Umar and, eventually, <a href="https://en.wikipedia.org/wiki/Uthman" target="_blank">‘Uthmān</a>, who
was a member of the Umayyad clan. When ‘Uthmān was assassinated in 656, ‘Alī
was elected as the fourth caliph. <a href="https://en.wikipedia.org/wiki/Muawiyah_I" target="_blank">Mu‘āwiyah I</a> ibn ’Abī-Sufyān, Governor of
Syria and a member of the Umayyad Clan, rebelled against ‘Alī, leading to the
First Fitnah (i.e. Civil War) in the community. When ‘Alī was assassinated by the Kharijites in 661,
Mu‘āwiyah (602 – 680), who was a son of ’Abū-Sufyān, the avowed enemy of the
Prophet up until just before the conquest of Mecca, became the first Caliph
from the Umayyad Dynasty. Before passing on, he selected his son, Yazīd (647 –
683), as his successor, thus founding a hereditary dynasty. He was succeeded by
his son, Mu‘āwiyah II (664 – 684) who abdicated in 684 and was succeeded by
Marwān I ibn <a href="https://en.wikipedia.org/wiki/Al-Hakam_ibn_Abi_al-%27As" target="_blank">al-Ḥakam</a> ibn <a href="https://en.wikipedia.org/wiki/Abu_al-%27As_ibn_Umayyah" target="_blank">’Abu’l-‘Āṣ</a> ibn Umayyah (623 – 685), from another
branch of the clan. The former Umayyads were known as the Sufyanids while
Marwān and his descendants are known as the Marwanids. It is from these that
the line descends to Europe and, via the Spanish royals and, again, the
Plantagenets, to New England.</span></div>
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<tr><td class="tr-caption" style="text-align: center;">The Caliphate of Cordoba in Iberia</td></tr>
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<span style="font-family: "Times New Roman","serif";">Marwān was
succeeded by his son, ‘Abdu’l-Malik ibn Marwān (646 – 705), the 5<sup>th</sup>
Umayyad caliph. He, in turn, was succeeded by his son, Al-Walīd I (668 – 715),
who ruled as caliph from 705 – 715. <a href="https://en.wikipedia.org/wiki/Musa_ibn_Musa_ibn_Qasi" target="_blank">Mūsā ibn Mūsā al-Qasawī</a> (c. 790 – 862) was
the leader of the Muwallad Banū Qasī clan and ruler of a semi-autonomous
principality in the upper Ebro valley of northern Iberia.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn42" name="_ednref42" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xlii]</span></span><!--[endif]--></span></a>
The Banū Qasī descend from a Hispano-Roman or Visigothic nobleman named
Cassius, who converted to Islam in 714 as the <i>mawali </i>(‘client’) of Umayyads, shortly after the Umayyad Conquest
of Spain.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn43" name="_ednref43" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xliii]</span></span><!--[endif]--></span></a>
He travelled with the Muslim conqueror of the Iberian Peninsula, Mūsā ibn
Nusayr, to Damascus, where he paid homage to Caliph Al-Walīd I.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn44" name="_ednref44" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xliv]</span></span><!--[endif]--></span></a>
There, he married Mūsā ibn Nusayr’s granddaughter, ‘Āṣimah (or ‘Ā’ishah) bint
‘Abdu’l-‘Azīz (b.c. 713/717), who was the daughter of ‘Abdu’l-‘Azīz ibn Mūsā
and Egilona (also called Ailo or Ayluna), the last Visigoth queen of Spain.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn45" name="_ednref45" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xlv]</span></span><!--[endif]--></span></a>
‘Abdu’l-‘Azīz ibn Mūsā ibn Nusayr was the second <i>wali</i> of Al-Andalus (r. 714 – 716).<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn46" name="_ednref46" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xlvi]</span></span><!--[endif]--></span></a>
According to the "Family tree of Uthman" article on <i>Wikipedia</i>, Marwan I and his wife/cousin,
Aisha bint Uthman, had a daughter (unnamed) who married Musa bin Nusayr,
thus eventually connecting the Banū Qasī with the Umayyad dynasty in the
subsequent generations. ‘Ā’ishah bint ‘Uthmān was the daughter of ‘Uthmān ibn ‘Affān
(c. 574 - 656), the third Caliph of Islam, succeeding ‘Umar ibn al-Khaṭṭāb and
preceding ‘Alī ibn ’Abī-Ṭālib.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn47" name="_ednref47" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xlvii]</span></span><!--[endif]--></span></a>
Her mother was Ramlah bint Shaybah the daughter of Shaybah ibn Rabī‘ah ibn ‘Abd-Shams,
a champion of the pagan Meccan army who was killed by ‘Alī at the Battle of
Badr.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn48" name="_ednref48" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xlviii]</span></span><!--[endif]--></span></a>
Fortún ibn Qasī was also thus a descendant both of the Umayyad caliph Marwān I
and the third Caliph ‘Uthmān. According to Ibn Hazm, Count Cassius had four sons: Fortún, Abu-Tawr,
Abu-Salama, Yunus and Yahya. The Banū Qasī descend from the eldest son, Fortún.
The Count ruled an area comprising Tudela, Tarazona, Borja and, probably, Ejea.
Fortún’s son, Mūsā ibn Fortún ibn Qasī, gained notice in 788 when he put down a
rebellion of the Banū Ḥusayn on behalf of Emir Hishām I of Cordoba.<o:p></o:p></span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: 'Times New Roman', serif; font-size: xx-small; text-align: start;">Mūsā ibn Mūsā al-Qasawī</span></td></tr>
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<span style="font-family: "Times New Roman","serif";">Íñigo Arista of
Pamplona (c. 790 – 851/852) was the first Basque King of Pamplona. His family
was connected with the Banū Qasī clan by virtue of Íñigo’s mother being also
the mother of his half-brother, Mūsā ibn Mūsā al-Qasawī, and he is believed to
have married a woman named Urraca, possibly a granddaughter of Mūsā ibn Mūsā
al-Qasawī. This is gleaned from the fact that one of their sons was given the
name Fortún, a common name within the Banū Qasī clan.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn49" name="_ednref49" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[xlix]</span></span><!--[endif]--></span></a>
Urraca may have been the daughter of one of the sons of Mūsā, who included Lubb
(Lope), Mutarrif and Fortún. Mūsā also had at least two daughters: Auria and
another daughter, called “the most beautiful girl in Al-Andalus”.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn50" name="_ednref50" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[l]</span></span><!--[endif]--></span></a>
Other sources state that it was King Íñigo Arista of Pamplona’s son, <a href="https://en.wikipedia.org/wiki/Fort%C3%BAn_Garc%C3%A9s_of_Pamplona" target="_blank">Fortún Garcés of Pamplona </a>(d. 922), King of Pamplona, who married Auria (or Awriyah)
bint Lubb, the daughter of Lubb ibn Mūsā al-Qasawī. They had five children: Íñigo
Fortúnez, Aznar Fortúnez, Velasco Fortúnez, Lope Fortúnez, and Onneca Fortúnez.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn51" name="_ednref51" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[li]</span></span><!--[endif]--></span></a>
In 862/863, Onneca Fortúnez was married off to ‘Abdu’llāh ibn Muḥammad (844 –
912), an Umayyad and the seventh Emir of Cordoba (r. 888 – 912). Íñigo Fortúnez
married Sancha Garcés of the Jiménez dynasty. In about 880, Onneca Fortúnez
abandoned her Muslim family and returned with her father to Pamplona where she
married her first cousin, Aznar Sánchez de Laron. Together, they had a son and
two daughters: Sancho, Toda and Sancha. Both Toda and Sancha became queens
consort of Pamplona, with the eldest, Toda Aznárez, marrying Sancho I Garcéz,
King of Pamplona, with whom she had six children, including García Sánchez I,
King of Pamplona from 925 – 970 and Urraca Sánchez, queen-consort of León from
931 – 951.<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn52" name="_ednref52" title=""><span class="MsoEndnoteReference"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[lii]</span></span><!--[endif]--></span></a> The line of Toda Aznárez then descends
through seven generations to Alfonso VI of Castile (who appears earlier in this
article as the husband of Zaida, the purported descendant of the Prophet). Here’s
the line:<o:p></o:p></span></div>
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<b><span style="font-family: "Times New Roman","serif";">‘ABD-MANĀF
[50x great-grandfather] to ALFONSO VI [30x great-grandfather]:<o:p></o:p></span></b></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Abd_Manaf_ibn_Qusai" target="_blank"> ‘Abd-Manāf</a>, the father of Hāshim and
great-great-grandfather of the Prophet Muḥammad (pbuh)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Abd_Shams_ibn_Abd_Manaf" target="_blank">‘Abd-Shams</a> ibn
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Umayya_ibn_Abd_Shams" target="_blank">’Umayyah</a> ibn ‘Abd-Shams<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Abu_al-%27As_ibn_Umayyah" target="_blank">’Abu’l-‘Āṣ</a> ibn ’Umayyah<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Al-Hakam_ibn_Abi_al-%27As" target="_blank">Al-Ḥakam</a> ibn
’Abu’l-‘Āṣ<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Marwan_I" target="_blank">Marwān I</a> ibn al-Ḥakam
(623 – 685), Caliph of Islam = ‘Ā’ishah bint <a href="https://en.wikipedia.org/wiki/Uthman" target="_blank">‘Uthmān</a>, dau. Caliph ‘Uthmān<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Family_tree_of_Uthman" target="_blank">Daughter (unnamed)</a>
= <a href="https://en.wikipedia.org/wiki/Musa_bin_Nusayr" target="_blank">Mūsā ibn Nusayr</a>, conqueror of Iberia (640 – 716) <o:p></o:p></span></div>
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716) = <a href="https://en.wikipedia.org/wiki/Egilona" target="_blank">Egilona (Ailo/Ayluna)</a><o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">‘Āṣimah (or
‘Ā’ishah) bint ‘Abdu’l-‘Azīz (b.c. 713/717) = <a href="https://es.wikipedia.org/wiki/Fort%C3%BAn_ibn_Qasi" target="_blank">Fortún ibn Qasī</a>, son of Count
Cassius<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://es.wikipedia.org/wiki/Musa_ibn_Fort%C3%BAn" target="_blank">Mūsā ibn Fortūn ibn Qasī</a><o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Musa_ibn_Musa_ibn_Qasi" target="_blank">Mūsā ibn Mūsā al-Qasawī</a> (c. 790 – 862), ruler of the upper Ebro valley<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://ar.wikipedia.org/wiki/%D9%84%D8%A8_%D8%A8%D9%86_%D9%85%D9%88%D8%B3%D9%89" target="_blank">Lope (Lubb) ibn Mūsāal-Qasawī</a><o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Auria" target="_blank">Oria (Auria /Aurea)</a> = <a href="https://es.wikipedia.org/wiki/Fort%C3%BAn_Garc%C3%A9s" target="_blank">Fortún Garcés</a> “the Monk” de Pamplona (d. c. 903)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Onneca_Fort%C3%BAnez" target="_blank">Iñiga Fortúnez</a> (b. c.
847) = Aznar Sanchez de Larron<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Toda_of_Pamplona" target="_blank">Toda Aznárez </a>de
Larron = <a href="https://en.wikipedia.org/wiki/Sancho_I_of_Pamplona" target="_blank">Sancho I García de Navarre </a>(b. c. 885)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Ferdinand_I_of_Le%C3%B3n" target="_blank">Ferdinand</a>, King of
Castile (r. 1037-1065) = Heiress of León<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Alfonso_VI_of_Le%C3%B3n_and_Castile" target="_blank">Alfonso VI</a>, King of
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<span style="font-family: "Times New Roman","serif";">The line then
descends from Alfonso VI through his daughter, Theresa, to Princess Leonor of
Castile, the wife of Edward I Plantagenet, King of England. From here, it descends
through the de Courtenay line, then through the Drake family, to Quincy Adams
Tirrell, the husband of Belinda Burrell Shaw (mentioned earlier), who was a
descendant of Alfonso VI and Zaida. The two lines thus join together in their
daughter, Mary Blanchard Tirrell (b. 1855), my great-great-grandmother.<o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/thumb/5/5a/AlfonsoVI_of_Castile.jpg/220px-AlfonsoVI_of_Castile.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://upload.wikimedia.org/wikipedia/commons/thumb/5/5a/AlfonsoVI_of_Castile.jpg/220px-AlfonsoVI_of_Castile.jpg" width="207" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Alfonso VI of Castile (30x great-grandfather)</td></tr>
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<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/thumb/1/1d/ThomasGrenville(d.1513)Bideford.jpg/300px-ThomasGrenville(d.1513)Bideford.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://upload.wikimedia.org/wikipedia/commons/thumb/1/1d/ThomasGrenville(d.1513)Bideford.jpg/300px-ThomasGrenville(d.1513)Bideford.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><a href="https://en.wikipedia.org/wiki/Thomas_Grenville_(died_1513)#/media/File:ThomasGrenville(d.1513)Bideford.jpg" target="_blank">Effigy of Sir Thomas Grenville</a> (1449-1513)</td></tr>
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<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/6/63/DrakeBrassFilleighDrawing.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="302" src="https://upload.wikimedia.org/wikipedia/commons/6/63/DrakeBrassFilleighDrawing.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><a href="https://en.wikipedia.org/wiki/Bernard_Drake" target="_blank">Sir Bernard Drake</a> (1528-1586), sea captain</td></tr>
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<tr><td style="text-align: center;"><a href="http://www.wikitree.com/photo.php/thumb/0/07/Grenville-29.jpg/300px-Grenville-29.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="http://www.wikitree.com/photo.php/thumb/0/07/Grenville-29.jpg/300px-Grenville-29.jpg" height="320" width="185" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The <a href="http://www.wikitree.com/photo.php/thumb/0/07/Grenville-29.jpg/300px-Grenville-29.jpg" target="_blank">Grenville Family Tree</a></td></tr>
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6</span></b></div>
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<b><span style="font-family: "Times New Roman","serif";">ALFONSO
VI [30x great-grandfather] to MARY B. TIRRELL [2x great-grandmother]:</span></b><span style="font-family: "Times New Roman","serif";"><o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Alfonso_VI_of_Le%C3%B3n_and_Castile" target="_blank">Alfonso VI</a>, King of
Castile and León (r. 1072-1109) = Ximena Nunez de Guzman<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Theresa,_Countess_of_Portugal" target="_blank">Theresa of Castileand León</a> = Henry of Burgundy, Count of Portugal<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Afonso_I_of_Portugal" target="_blank">Affonso I “TheConqueror” Henriquez</a>, 1st King of Portugal = Matilde, dau. Amadeo III of Savoy<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Urraca_of_Portugal" target="_blank">Urraca</a>, Princess of
Portugal = Fernando II, King of León (1137-1188)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Alfonso_IX_of_Le%C3%B3n" target="_blank">Alfonso IX</a>, King of
Castile & León (1171-1230) = Princess Berengaria of Castile<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Ferdinand_III_of_Castile" target="_blank">Fernando III de Castile y León</a> (1201-1252) = Jeanne de Dammartin de Ponthieu<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Eleanor_of_Castile" target="_blank">Princess Leonor de Castile</a> (1244-1290) = Edward I “Longshanks”, King of England (1239-1307)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Elizabeth_of_Rhuddlan" target="_blank">Princess Elizabeth Plantagenet</a> (1282-1316) = Humphrey VIII de Bohun (1275-1321)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Margaret_de_Bohun,_Countess_of_Devon" target="_blank">Margaret de Bohun</a>
(1311-1391) = Hugh de Courtenay, Earl of Devon (1303-1377)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="http://www.findagrave.com/cgi-bin/fg.cgi?page=gr&GRid=42525261" target="_blank">Edward Courtenay</a>
(1329-1364) = Emmeline Dawnay (1328-1368)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Sir_Hugh_Courtenay_of_Haccombe_and_Bampton" target="_blank">Sir Hugh Courtenay</a>
(1360-1425) = Maud Beaumont (1356-1467)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="http://www.thepeerage.com/p422.htm#i4215" target="_blank">Margaret Courtenay</a>
(b. 1381) = Theobald Granville (1367-1381)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="http://www.thepeerage.com/p14870.htm#i148696" target="_blank">William Granville</a>
(1395-1450) = Philippa Bonville (b. 1405)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="http://www.thepeerage.com/p14870.htm#i148699" target="_blank">Sir Thomas Granville</a>
(1417-1483) = Elizabeth Gorges (b. 1421)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Thomas_Grenville_(died_1513)" target="_blank">Sir Thomas Grenville</a>
(1449-1513) = Isabella Gilbert (b. 1445)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="http://www.thepeerage.com/p14871.htm#i148706" target="_blank">Sir Roger Grenville</a>
(1477-1524) = Margaret Whitleigh (Whitley) (b. 1474)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="https://en.wikipedia.org/wiki/Bernard_Drake" target="_blank">Sir Bernard Drake</a>
(1528-1586) = Gertrude Fortescue (1538-1601)<o:p></o:p></span></div>
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= Dorothy Button (1568-1631)<o:p></o:p></span></div>
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1596) = Margaret Westover (1599-1635)<o:p></o:p></span></div>
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(1687-1754) = Ebenezer Vinson (1684-1764)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";"><a href="http://www.findagrave.com/cgi-bin/fg.cgi?page=gr&GSln=Vinson&GSiman=1&GSst=21&GRid=137806251&" target="_blank">Mary Vinson</a>
(1713-1754) = Captain Thomas Pratt (1704-1754)<o:p></o:p></span></div>
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(1742-1835) = Jonathan Derby (b. 1743)<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif";">Quincy Adams
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<span style="font-family: "Times New Roman","serif";">Mary Blanchard
Tirrell (1855-1951) [great-great-grandmother]</span></div>
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<b><u><span style="font-family: "Times New Roman","serif";">Conclusion<o:p></o:p></span></u></b></div>
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<tr><td style="text-align: center;"><a href="https://upload.wikimedia.org/wikipedia/commons/c/ce/Mosque_of_Cordoba_Spain.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="215" src="https://upload.wikimedia.org/wikipedia/commons/c/ce/Mosque_of_Cordoba_Spain.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The Prayer Hall of the Great Mosque of Cordoba</td></tr>
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<span style="font-family: "Times New Roman","serif";">From the above, I
hope you have gleaned how descent from famous figures and Prophets in antiquity
is not only plausible but inevitable, that descent from the <a href="http://klausjames.tripod.com/bahai3muhammad.html" target="_blank">Prophet Muḥammad</a> (pbuh)
is extremely common and very likely for those of European extraction, that
every European of the 9<sup>th</sup> century whose descendants are alive today
is the common ancestor of all Europeans, and that we all hail from a mix of
nations, tribes and ethnicities. There is no one person who can claim to be
completely and thoroughly European. We all have connections, in the distant
past, to Africa, the Middle East and Asia. Furthermore, we should reflect on
the incredible legacy of our ancestors, who lived and strived in order that we
may live and strive in this generation. If even one of these ancestors had not
lived, pursued their dreams, found a partner or partners and had issue, we
would not now exist. Europeans owe a great debt to the Islamic Golden Age for
the expansion of science, philosophy and ideas which led to the rise of the
Renaissance in Europe. This is part of the spiritual <a href="https://archive.org/details/legacyofislam032426mbp" target="_blank">legacy of Islam</a>—a legacy
which continues to affect us to this day. <o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://i.warosu.org/data/tg/img/0394/23/1429395722259.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="315" src="https://i.warosu.org/data/tg/img/0394/23/1429395722259.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The Glorious Qur'an, in <a href="https://i.warosu.org/data/tg/img/0394/23/1429395722259.jpg" target="_blank">beautiful calligraphy</a></td></tr>
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<span style="font-family: 'Times New Roman', serif;">And if we are,
indeed, descendants of the Prophet of Islam, should we not at least reflect—even
a little—on the great book which He brought into this world, i.e. the Qur’ān? After
all, the Qur’ān gives a strong message about the importance of family. Qur’ān 42:23
reads, for example: </span><b style="font-family: 'Times New Roman', serif;">“Say: ‘No reward do
I ask of you for this except the love of those near of kin.’ And if any one
earns any good, We shall give him an increase of good in respect thereof: for God
is Oft-Forgiving, Most Ready to appreciate (service).”<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn53" name="_ednref53" title=""><span class="MsoEndnoteReference"><span class="MsoEndnoteReference"><b><span style="font-size: 11pt; line-height: 115%;">[liii]</span></b></span></span></a></b><span style="font-family: 'Times New Roman', serif;">
Likewise, before He passed away, the Prophet told His followers that He had
given them two legacies, the Qur’ān and His family. The family, in its
narrowest sense, refers to His direct, male-line heirs (thus excluding the
millions of descendants through female lines, such as myself and many
Europeans). He is reported to have said: “I am about to answer the call (of
death). Verily, I leave behind two precious things (</span><i style="font-family: 'Times New Roman', serif;">thaqalayn</i><span style="font-family: 'Times New Roman', serif;">) amongst you: the Book of God and my </span><i style="font-family: 'Times New Roman', serif;">Ahl al-Bayt</i><span style="font-family: 'Times New Roman', serif;">. Verily, the two will never separate until they come
back to me by the side of the Pond.”</span><a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn54" name="_ednref54" style="font-family: 'Times New Roman', serif;" title=""><span class="MsoEndnoteReference"><span class="MsoEndnoteReference"><span style="font-size: 11pt; line-height: 115%;">[liv]</span></span></span></a><span style="font-family: 'Times New Roman', serif;">
The </span><i style="font-family: 'Times New Roman', serif;">Ahl al-Bayt </i><span style="font-family: 'Times New Roman', serif;">(‘People of the House’)
specifically refers to ‘Alī, Fāṭimah and their two sons: Ḥasan and Ḥusayn, as
well as the direct male-line descendants of that House. However, in its widest
sense, ‘family’ embraces all one’s descendants and we are, although </span><i style="font-family: 'Times New Roman', serif;">not</i><span style="font-family: 'Times New Roman', serif;"> members of the </span><i style="font-family: 'Times New Roman', serif;">Ahl al-Bayt</i><span style="font-family: 'Times New Roman', serif;">, nevertheless part of the wider family of His
descendants. I will leave you with these words from the Qur’ān (38:29): </span><b style="font-family: 'Times New Roman', serif;">“(Here is) a Book which We have sent down
unto thee, full of blessings, that they may mediate on its Signs, and that men
of understanding may receive admonition.”<span class="MsoEndnoteReference"><span class="MsoEndnoteReference"><b><span style="font-size: 11pt; line-height: 115%;"><a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_edn55" name="_ednref55" title="">[lv]</a></span></b></span></span></b></div>
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<tr><td style="text-align: center;"><a href="http://designyoutrust.com/wp-content/uploads/2012/08/Arabian-Desert-1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="http://designyoutrust.com/wp-content/uploads/2012/08/Arabian-Desert-1.jpg" height="212" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><a href="http://designyoutrust.com/wp-content/uploads/2012/08/Arabian-Desert-1.jpg" target="_blank">View of the Arabian Desert</a></td></tr>
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<span style="font-family: "Times New Roman","serif";">For more
information on the Qur’ān, you may wish to read the following blog posts I have
written: <a href="http://nicholasjames19.blogspot.com/2015/12/is-allah-arabic-word-for-god.html" target="_blank">“Is Allah the Arabic Word for God”</a>, <a href="http://nicholasjames19.blogspot.com/2015/11/the-qurans-arguments-for-belief-in-god.html" target="_blank">“The Qur’ān’s Arguments for Belief in God”</a>, and <a href="http://nicholasjames19.blogspot.com/2015/09/5-reasons-quran-and-us-constitution-can.html" target="_blank">“5 Reasons the Qur’ān and US Constitution Can Co-Exist”</a>. I have
also written a short summary of the life of the Prophet Muḥammad, on a separate
website, entitled: <a href="http://klausjames.tripod.com/bahai3muhammad.html" target="_blank">“Founders of the Divine Religions, Section 8: MUHAMMAD”</a>,
which I wrote back in 2004. A clear and easy, free-to-download translation of
the Qur’an by Talal Itani can be found at <a href="http://clearquran.com/">ClearQuran.com</a> or at <a href="http://quranful.com/">Quranful.com</a>.
For those who wish to delve into the Qur’an in a more scholarly way, the <a href="http://corpus.quran.com/" target="_blank">QuranicArabic Corpus</a> is recommended.<o:p></o:p></span></div>
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<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref1" name="_edn1" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[i]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> AFP (2013) French expert links UK royal baby to
Muhammad, <i>The Local</i>, 06 Jul 2013.
URL: http://www.thelocal.fr/20130706/uk-royal-baby-related-to-muhammad-french-expert
(accessed 03/01/2016).<o:p></o:p></span></div>
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<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref2" name="_edn2" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[ii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> Juan Cole (2008) Burke’s Peerage: Queen Elizabeth II
Descended from the Prophet Muhammad, <i>Informed
Comment</i>, Feb. 28, 2008. URL:
http://www.juancole.com/2008/02/burkes-peerage-queen-elizabeth-ii.html (accessed
03/01/2016).<o:p></o:p></span></div>
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<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref3" name="_edn3" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[iii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> Adam Rutherford (2015) “So you’re related to
Charlemagne? You and every other living European...”, <i>The Guardian</i>, 24 May 2015. URL:
http://www.theguardian.com/science/commentisfree/2015/may/24/business-genetic-ancestry-charlemagne-adam-rutherford
(accessed 03/01/2015)<o:p></o:p></span></div>
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<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref4" name="_edn4" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[iv]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> Source:
http://www.scottmanning.com/archives/World%20Population%20Estimates%20Interpolated%20and%20Averaged.pdf
(accessed 03/01/2016).<o:p></o:p></span></div>
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<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref5" name="_edn5" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[v]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> Rutherford (2015).<o:p></o:p></span></div>
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<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref6" name="_edn6" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[vi]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> https://en.wikipedia.org/wiki/Family_tree_of_Muhammad
(accessed 03/01/2015).<o:p></o:p></span></div>
</div>
<div id="edn7">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref7" name="_edn7" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[vii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> Pilgrimage, ii. 344.<o:p></o:p></span></div>
</div>
<div id="edn8">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref8" name="_edn8" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[viii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> Burton.<o:p></o:p></span></div>
</div>
<div id="edn9">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref9" name="_edn9" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[ix]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> Wilferd Madelung (1997), <i>The Succession to Muhammad: A Study of the Early Caliphate</i>
(Cambridge: Cambridge University Press), p. 384.<o:p></o:p></span></div>
</div>
<div id="edn10">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref10" name="_edn10" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[x]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See:
https://en.wikipedia.org/wiki/Family_tree_of_Husayn_ibn_Ali (accessed
03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn11">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref11" name="_edn11" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xi]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See:
https://ar.wikipedia.org/wiki/%D8%AD%D8%B3%D9%8A%D9%86_%D8%A8%D9%86_%D8%A7%D9%84%D8%AD%D8%B3%D9%86_%D8%A8%D9%86_%D8%B9%D9%84%D9%8A
(accessed 03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn12">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref12" name="_edn12" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See:
http://archiver.rootsweb.ancestry.com/th/read/PLANTAGENET-DESCENDANTS-PROJECT/2002-07/1027484026
(accessed 03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn13">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref13" name="_edn13" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xiii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> Starr, p. 228.<o:p></o:p></span></div>
</div>
<div id="edn14">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref14" name="_edn14" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xiv]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See:
https://en.wikipedia.org/wiki/Al-Nu%27man_III_ibn_al-Mundhir (accessed
03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn15">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref15" name="_edn15" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xv]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> Source:
https://en.wikipedia.org/wiki/Abu_al-Qasim_Muhammad_ibn_Abbad ;
https://ar.wikipedia.org/wiki/%D8%A3%D8%A8%D9%88_%D8%A7%D9%84%D9%82%D8%A7%D8%B3%D9%85_%D8%A8%D9%86_%D8%B9%D8%A8%D8%A7%D8%AF
(accessed 03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn16">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref16" name="_edn16" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xvi]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> Source:
https://en.wikipedia.org/wiki/Yahya_ibn_Ali_ibn_Hammud_al-Mu%27tali (accessed
03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn17">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref17" name="_edn17" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xvii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> Source: https://en.wikipedia.org/wiki/Taifa_of_Seville
(accessed 03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn18">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref18" name="_edn18" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xviii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See:
https://ar.wikipedia.org/wiki/%D8%A3%D8%A8%D9%88_%D8%A7%D9%84%D9%82%D8%A7%D8%B3%D9%85_%D8%A8%D9%86_%D8%B9%D8%A8%D8%A7%D8%AF
(accessed 03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn19">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref19" name="_edn19" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xix]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: https://en.wikipedia.org/wiki/Abbadid_dynasty (accessed
03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn20">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref20" name="_edn20" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xx]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: https://en.wikipedia.org/wiki/Abbadid_dynasty
(accessed 03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn21">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref21" name="_edn21" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xxi]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See:
https://en.wikipedia.org/wiki/Al-Mu%27tamid_ibn_Abbad (accessed 03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn22">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref22" name="_edn22" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xxii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> Source:
http://archiver.rootsweb.ancestry.com/th/read/PLANTAGENET-DESCENDANTS-PROJECT/2002-07/1027484026
(accessed 03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn23">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref23" name="_edn23" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xxiii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See:
http://archiver.rootsweb.ancestry.com/th/read/GEN-MEDIEVAL/2001-06/0992615842
(accessed 03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn24">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref24" name="_edn24" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xxiv]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: https://en.wikipedia.org/wiki/Zaida_of_Seville
(accessed 03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn25">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref25" name="_edn25" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xxv]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: https://en.wikipedia.org/wiki/Elvira_of_Castile,_Queen_of_Sicily
(accessed 03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn26">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref26" name="_edn26" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xxvi]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> Montealegre, p. 237.<o:p></o:p></span></div>
</div>
<div id="edn27">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref27" name="_edn27" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xxvii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> Montealegre, p. 237.<o:p></o:p></span></div>
</div>
<div id="edn28">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref28" name="_edn28" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xxviii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See:
http://www.hull.ac.uk/php/cssbct/cgi-bin/gedlkup.php/n=royal?royal11076
(accessed 03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn29">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref29" name="_edn29" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xxix]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: http://www.hull.ac.uk/php/cssbct/cgi-bin/gedlkup.php/n=royal?royal11076
(accessed 03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn30">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref30" name="_edn30" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xxx]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See:
http://www.hull.ac.uk/php/cssbct/cgi-bin/gedlkup.php/n=royal?royal11078
(accessed 03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn31">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref31" name="_edn31" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xxxi]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> Source:
https://archive.org/details/johnhumfreymassa00aver (accessed 03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn32">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref32" name="_edn32" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xxxii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See:
https://archive.org/stream/johnhumfreymassa00aver/johnhumfreymassa00aver_djvu.txt
(accessed 03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn33">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref33" name="_edn33" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xxxiii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See:
http://aleph0.clarku.edu/~djoyce/gen/report/rr08/rr08_423.html#P19183 (accessed
03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn34">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref34" name="_edn34" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xxxiv]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: http://www.ancestry.com/genealogy/records/miriam-turner_41896509
(accessed 03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn35">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref35" name="_edn35" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xxxv]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> Source:
http://www.schenectadyhistory.org/families/hmgfm/thomas-1.html (accessed
03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn36">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref36" name="_edn36" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xxxvi]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> Source:
http://www.schenectadyhistory.org/families/hmgfm/thomas-1.html (accessed
03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn37">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref37" name="_edn37" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xxxvii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> Source: http://www.geni.com/people/Belinda-Tirrell-Shaw/6000000007720276228
(accessed 03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn38">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref38" name="_edn38" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xxxviii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> Source:
http://www.geni.com/people/Quincy-Adams-Tirrell/6000000007720196385 (accessed
03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn39">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref39" name="_edn39" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xxxix]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: https://en.wikipedia.org/wiki/Ibn_Dihya_al-Kalby
(accessed 03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn40">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref40" name="_edn40" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xl]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: https://en.wikipedia.org/wiki/Idris_I_of_Morocco
(accessed 03/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn41">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref41" name="_edn41" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xli]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: https://en.wikipedia.org/wiki/The_event_of_Ghadir_Khumm
(accessed 04/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn42">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref42" name="_edn42" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xlii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: https://en.wikipedia.org/wiki/Musa_ibn_Musa_ibn_Qasi
(accessed 04/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn43">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref43" name="_edn43" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xliii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: https://en.wikipedia.org/wiki/Banu_Qasi (accessed
04/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn44">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref44" name="_edn44" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xliv]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: https://es.wikipedia.org/wiki/Fort%C3%BAn_ibn_Qasi (accessed
04/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn45">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref45" name="_edn45" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xlv]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: https://es.wikipedia.org/wiki/Egilona (accessed
04/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn46">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref46" name="_edn46" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xlvi]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: https://es.wikipedia.org/wiki/Abd_al-Aziz_ibn_Musa (accessed
04/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn47">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref47" name="_edn47" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xlvii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: https://en.wikipedia.org/wiki/Family_tree_of_Uthman
(accessed 04/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn48">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref48" name="_edn48" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xlviii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: https://en.wikipedia.org/wiki/Shaybah_ibn_Rabi%27ah
(accessed 04/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn49">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref49" name="_edn49" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[xlix]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: https://en.wikipedia.org/wiki/Garc%C3%ADa_%C3%8D%C3%B1iguez_of_Pamplona
(accessed 04/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn50">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref50" name="_edn50" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[l]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: https://en.wikipedia.org/wiki/Musa_ibn_Musa_ibn_Qasi
(accessed 04/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn51">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref51" name="_edn51" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[li]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: https://en.wikipedia.org/wiki/Auria (accessed
04/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn52">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref52" name="_edn52" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[lii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: https://en.wikipedia.org/wiki/Onneca_Fort%C3%BAnez#Marriage_to_Aznar_S.C3.A1nchez_de_Laron
(accessed 04/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn53">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref53" name="_edn53" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[liii]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: http://corpus.quran.com/translation.jsp?chapter=42&verse=23
(accessed 04/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn54">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref54" name="_edn54" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[liv]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> Source: Muslim, al-Sahih, (English translation), book
031, numbers 5920-3. See: <br />
<u><span style="background: white;">http://www.al-islam.org/<wbr style="color: #1155cc; font-family: 'Times New Roman'; font-size: 16px; text-align: justify;"></wbr>nutshell/beliefs/1.htm </span></u>(accessed
04/01/2016).<o:p></o:p></span></div>
</div>
<div id="edn55">
<div class="MsoEndnoteText">
<a href="file:///C:/Users/Mama%20babu/Documents/Nicholas_KSA_Dammam/descendantsofmuhammad_NJB_2016_article.docx#_ednref55" name="_edn55" title=""><span class="MsoEndnoteReference"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.0pt; mso-themecolor: text1;"><!--[if !supportFootnotes]--><span class="MsoEndnoteReference"><span style="font-size: 8pt; line-height: 115%;">[lv]</span></span><!--[endif]--></span></span></a><span style="font-family: 'Times New Roman', serif; font-size: 8pt;"> See: <a href="http://corpus.quran.com/translation.jsp?chapter=38&verse=29"><span style="color: black; mso-themecolor: text1;">http://corpus.quran.com/translation.jsp?chapter=38&verse=29</span></a>
(accessed 04/01/2016).</span></div>
</div>
</div>
Nicholas19http://www.blogger.com/profile/13037747564955702542noreply@blogger.com2