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butcheraxelsen67-blog · 5 years

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Holochain WalletHolochain is being located instead of the blockchain, providing coders a framework with regard to creating decentralized applications (dApps). One huge change to help make it possible for that is a switch via the data reliant blockchain to an agent-centric system. Holochain�s method avoids preserving a global comprehensive agreement, making use of an realtor process in which each realtor keeping a private fork, and that is certainly saved and managed around some sort of limited manner around the blockchain with a spread hash table. This stays away from scalability problems that possess plagued blockchain solutions. This also allows any dApps hosted with Holochain to be able to do far more along with less resource than required for blockchains. In this Holochain review, we will get an specific look on the project, technology plus token prospects. Exactly why Holochain is Different The standard blockchain performs by way of holding data by using cryptographic hashes on a spread network. Each node about of which network maintains a new full copy of the blockchain and the international consensus to be able to verify the market and keep it is integrity undamaged. Holochain Wallet is very one feature involving blockchain technological innovation that offers been a good durability connected with the emerging technology. Holochain Benefits Holochain Benefits. Resource: Holochain Web page There happen to be weak points that come having the blockchain system. 1 that has been hurting blockchain programmers is scalability conditions that are created simply by requiring every single node around the network to be able to validate the entire network. Because the amount of data enhances on the blockchain, the idea will become increasingly restrictive for purchase throughput on the blockchain. This is precisely why some cryptocurrencies have experienced these long transaction times, and such high network fees. Title got about because the particular process used by Holochain appears the construction of a hologram. In the hologram a coherent 3D pattern is definitely created by a new individual interaction of light beams, and in the Holochain the system creates a coherent whole in a equivalent manner, putting individual elements together to form a new whole. In addition , the technology uses of utilizing holistic patterns since part of its usefulness. The Public Portion Blockchain This Holochain system really does away with scalability problems by simply not demanding each one client or realtor upon the network to continue to keep a good continually updated report from the entire public blockchain. As an alternative, each node will keep its blockchain which interacts with typically the node�s one of a kind cryptographic key. Visualize typically the entire public blockchain since a river, and each and every client is comparable to a small stream that will feeds into the river. In the event that a node will go off-line it produces the pay of the public string, but the public cycle goes on forward, without staying impacted by way of the loss of one of its nodes. Node Data Seen by the General public Living space Instead of making each one node keeps its unique clone of all typically the data in the entire blockchain, the Holochain middle chain keeps a set of principles to examine the files on every node�s blockchain. The fact that confirmation occurs occurs over a sent out hash table. Holochain Client Buildings Node Architecture from Holochain This means of which every time a node goes off the internet their data is not necessarily missing to the open public blockchain. As an alternative a confined copy is retained together with verified according to the list of rules. As you can read within the COMMON QUESTIONS section of the Holochain website, the developers compare and contrast the technique to this approach that a lifestyle organism shops information throughout DNA or maybe the technique that dialects are kept by populations of persons. �Where is the Uk language stashed? � the particular Holochain builders ask around the GUIDELINES. �Every speaker carries that. A lot more diverse parts of expertise or subjection to different slang or maybe specialized vocabularies. Not anyone has a complete copy, neither is anyone�s version exactly the same as anybody else, If you disappeared 50 % of the English language audio speakers, it would certainly not degrade the language much. � How Scalable is Holochain? The question of how numerous transactions for every second Holochain can handle ought to be appeared at differently than the way in which we look from scalability in traditional blockchains. Typically the quick answer to typically the question is that scalability is unlimited on Holochain. That�s somewhat basic, together with honestly the thought connected with transactions per second does not apply to Holochain a consequence of to its inherent characteristics. Rather than keeping a worldwide consensus of data in the blockchain, Holochain makes use of a distributed hash desk to keep a file of the primary type in addition to abilities of data that every single individual node contributes. The particular developers have used a great analogy of a dance floor to better describe. An individual can look in a dance floor and quickly know who is bouncing entracte and that is usually dancing hip-hop. How a lot of dancers might be dancing in the same time? Like many as may fit on the dance flooring. It is very obvious that there�s no reason to use a dependable centralized thirdparty to maintain track of the dancers and what style of move they are undertaking. �So, Holochain Wallet as a great app framework does certainly not offer any limit regarding transactions per second since there is not any place where all orders have to go by means of, � the developers authored. He or she proceeded to state It is like inquiring, �How many words might humanity speak per minute? � It�s an unimportant question. With every man being given birth to, that amount increases. Same with regard to Holochain. What Dapp�s Use Holochain? Holochain would be some sort of very good fit for any dApps that need a major number of individual advices in which each individual possesses access to a limited backup of all the advices. The immediate use case place forth by way of Holochain can be social media programs, nonetheless they�ve also suggested that Holochain will work well in peer-to-peer programs, supply string management, reputational cryptocurrencies or even loyalty programs, collective thinking ability projects and more. All these tasks make a good fit with regard to Holochain due to the fact of it has the agent-centric nature. You can also see a thorough overview of the particular types of apps you may develop on the holohackers map. Holochain Apps Quite a few Programs on Holochain Github Previously Holochain would definitely not work nicely with any sort of private or perhaps private datasets however, considering each individual node prints a new shared distributed hash family table. Holochain is also definitely not suited for any application of which hosts large data, or maybe for running data positivist-oriented dApps, like many cryptocurrencies. The vision implemented by Holograph postulates the fact that there are no real truths on the open public blockchain, only the particular person perspective placed by every single node which can be brought together to form a larger picture. This has been compared to a blockchain perspective of the idea of relativity. Holochain Words Help Holochain was published in Go, and that specific programming language was muscle development for its similarity for you to C and its lessen of use. The code base is fully free and can be reviewed at the Holochain GitHub. When developing dApps intended for Holochain Wallet are free to be able to use the two Lisp together with JavaScript and there can be also assist for front-end languages for instance CSS, HTML and JavaScript. The Holochain builders possess stated that will Holochain is flexible inside regards to handling new dialects, so there can be a new good possibility of which assistance for additional languages will be additional throughout the future. Holochain is usually a Green Solution Simply by now we all know how much energy is required by simply Proof of Work blockchains such as Bitcoin. Holochain says to get some sort of green solution to enviroment dangerous blockchains. Because systems on Holochain don�t retail outlet plus validate the entire blockchain there is only some sort of small percent of band width used in contrast with traditional blockchains. Moreover, there are no mining part to Holochain, so the electric power used is minimum, genuinely no more than would be used by this node computers inside their typical operations. With the electrical power requirements of PoW blockchains constantly on the go up, this environmentally friendly tackle seems more effective. The Holochain Team The developers right behind Holochain have a vast level of experience. Typically the co-founders both have 34 many years of programming experience. Arthur Brock, who is the Chief Builder behind Holochain has been a deal coder since 1984, dealing with AI systems and while an internet alternative currency program developer since 2001. Holochain Crew Holochain Team Eric Harris-Braun is the Executive Engineer right behind Holochain. This individual has in addition been a good contract coder since 1984, a full time coder considering that 1988, a designer of peer-to-peer communication applications (glassbead. com) for a lot of years, a good full-stack net developer, as well since possessing experience in system layout, construction design, etc. Holochain Token (HOT) Holochain finished some sort of month extended ICO on April twenty eight, 2018 during which many people raised a bit more than 30, 000 ETH value roughly $20 million on the time. There were being 133, 214, 575, 156 SIZZLING tokens minted with regard to the ICO. As connected with late This summer 2018 the price of HOT is up for you to $0. 000825, giving that a market capitalization associated with nearly $110 thousand, in addition to making it the 86th largest coin by promote cap. Immediately following this ICO the token possessed exchanged as high because $0. 002 with regard to a more than 1, 000% gain in a few days. The price quickly deflated above the subsequent two months, but in the prior several days (July 24 � July 25, 2018) value roughly doubled soon after the SIZZLING token seemed to be listed on the Binance exchange. Binanace HOT Register at Binance and Order VERY HOT Tokens The VERY HOT token is definitely a ERC-20 token that could be stored within any ERC-20 appropriate pocket, such as MetaMask, MyEtherWallet, or perhaps one of this components billfolds. Eventually this ERC-20 tokens will become able to be substituted for Holofuel. Those interested in acquiring some HOT ought to know that it can�t always be purchased together with volvo foreign currencies, so initially you might need to obtain many BTC or ETH. Once you have the BTC or ETH you can purchase HOT at Binance, Fatbtc, Hotbit, IDEX or maybe LATOKEN. Bottom line We�ve already been told that will Bitcoin together with blockchain happen to be the future technologies, although this might not possibly be fully true. Blockchain engineering is in fact nearly 10 many years aged already, and top rated cryptocurrencies do little a great deal more than copy our present corrupt financial system in the quasi-decentralized fashion. Bitcoin will be meant for stocking price, and has likewise become some thing of a good casino intended for traders. Holochain can be a technique involving value creation and area engagement that is designed to help you get to a post-monetary world based on neighborhood, personal contributions, merit, and support to other individuals. That was designed to grant the two data and personal ethics. It�s not selected if Holochain will be successful, but that is ready to use, and developers can presently begin building the software many people feel can aid change all of our society plus our world. Some good examples of Holochain dApps can certainly be found here and if you are interested around developing your own dApp with Holochain you may get started off here. Shareholders have done perfectly currently with the token viewing a 500% increase from the ICO, and that had been during a bear marketplace inside crpytocurrencies. Once Bitcoin and even various other cryptocurrencies start soaring all over again the VERY HOT token may see important upside.

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fmm85 · 4 years

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did in Davos earlier this year, we can assume he means cash is not as attractive for portfolios as other assets. He expanded further on this in a question-and-answer session on Reddit earlier this month, pointing out its “costly negative return.”

You’re reading Crypto Long & Short, a newsletter that looks closely at the forces driving cryptocurrency markets. Authored by CoinDesk’s head of research, Noelle Acheson, it goes out every Sunday and offers a recap of the week – with insights and analysis – from a professional investor’s point of view. You can subscribe here.

This warrants further clarification, as the actual yield on cash is a complex subject. The cash under your mattress does not earn any interest and has a theoretical storage cost. (Even if there’s no direct outlay, there’s the cost of a lack of solid rest due to bumpy sleep surfaces.) And there’s the opportunity cost – just think of all the potential returns you’re forgoing by not investing in stocks or bonds (oh wait…).

The cash in your bank account is also unlikely to produce meaningful income. And we now have the very real possibility that banks will start to apply negative rates to cash holdings, as part of a mandated strategy to stimulate spending.

(Note that I’m not saying I agree with this rationale, just that it’s often trotted out. There’s an opportunity cost to not having cash around as well. And many renowned investors are flush with cash, preferring to have “dry powder” for when opportunities arise.)

A bigger-picture way to look at cash returns is the real yield, which incorporates inflation. We are already seeing a dip in inflation as spending plummets due to lockdowns, but once economies re-open and the stimulus checks are used to purchase everyday items made relatively scarce by supply chain constraints, inflation is likely to edge or even surge upwards.

This will push real yields on cash well into negative territory. Then, cash will indeed be “trash.” But at least its negative territory will be stable.

Let’s look at the yield outlook for government bonds. Even before the Federal Reserve abruptly cut its benchmark rate to 0 percent last month, U.S. bond yields were heading down across all maturities. Other government debt either carries a negative return or default and currency risk.

Corporate bonds offer higher yields, but a wave of defaults is more likely now than at any time in recent history. They don’t call it a risk premium for nothing.

Stock yields, which have recently been even higher than bonds, are likely to head sharply down as dividends are cut across the board.

Two assets that aren’t looking at lower yields? Gold and bitcoin.

Both are “real assets” in that they don’t have any income. Which means there’s no income to cut. Their value may go down as well as up but it will do so because of consensus market forces, not political interference or centralized decisions.

This adds a new nuance to the use of the word “real.” Both gold and bitcoin can be influenced by political priorities and economic measures, but their intrinsic value cannot. And both gold and bitcoin are relatively liquid instruments with sophisticated derivatives markets.

True, both are held in multi-asset portfolios valued in fiat currencies, and both largely depend on fiat currencies for their utility, for now. But of the two, only bitcoin can operate efficiently outside the fiat rails. Only bitcoin can be exchanged for other assets without going through a fiat conversion.

For now, this feature is limited to crypto exchanges that let you buy other crypto assets with bitcoin. It’s a start, and as traditional and crypto capital markets gingerly approach each other it’s likely to spread.

Admittedly, that will take time; meanwhile, the point is this: Unlike cash and securities, bitcoin is not vulnerable to centralized decisions on asset yields, and it can be used in a way similar to cash in asset purchases. It is the only quasi-cash equivalent that is resilient to the likely politicization of finance that results from the current ructions in markets and the broader economy.

Cash may be dissed by some who believe that yields should be a fundamental investment consideration; but everything in the investment world is relative. We could see attention start to coalesce around a potential alternative – not to cash itself, but to the role it plays in asset allocations. Bitcoin is by no means a cash substitute, at least not yet. It will, however, become an increasingly intriguing alternative for some of cash’s applications.

Market metrics

Markets were all over the place this week, with bitcoin dropping 8 percent between Monday and Thursday, only to rebound by almost 9 percent by Friday.

The S&P 500 was also volatile, clocking in a second weekly gain in a row for the first time since February, in spite of yet another staggering jump in unemployment claims, the worst retail sales data since 1992, the worst New York state manufacturing data since WWII and a relentless climb in COVID-19 casualties. Maybe expectations are just so bad that the actual news comes as a relief. Or maybe reality doesn’t matter anymore. I don’t know.

Not to be left out, gold is also doing weird things, with the spread between the spot and futures price widening to its highest level in 40 years. The spot price reached its highest point in seven years, which is confusing given the strong performance of the main equity index. I really need to dig deeper into what the problem is, if any, with physical delivery.

Digital currencies

It was an intense week for significant (albeit unsurprising) developments in global stablecoins. The Facebook-backed Libra Project has pivoted from a multi-currency-backed global token to a wallet and blockchain for single currency stablecoins as well as a multi-currency stablecoin-backed stablecoin (not a typo).

The idea of a “digital dollar” to facilitate stimulus payments has been reintroduced in the latest stimulus bill.

And my colleagues Wolfie Zhao and David Pan went deep into the Chinese national blockchain platform with global ambitions that could significantly impact the digital currency plans of central banks around the world.

Our chief content officer, Michael Casey, has launched a newsletter focused on the impact of these and other developments on our financial system. It’s called “Money Reimagined,” and it comes out on Fridays – you can subscribe here, and read the latest issue here.

(Nothing in this newsletter should be considered investment advice. The author holds a small amount of bitcoin and ether.)

CHAIN LINKS

Renaissance Technologies’ flagship Medallion fund is considering adding cash-settled bitcoin futures to its holdings, according to a recent filing. TAKEAWAY: On the surface this may seem like a big deal: One of the world’s largest and best-known hedge funds (the Medallion fund has nearly $10 billion AUM and is up 24 percent so far this year) believes bitcoin is worthy of investment. But, digging a bit deeper, it’s not that at all. Renaissance is a quant firm, which means it does not pay attention to underlying stories. It cares about correlations. Bitcoin exposure does not mean the managers see bitcoin as a revolutionary idea worth betting on; it’s a number. Still, we should keep an eye on bitcoin futures volumes on the CME.

Silicon Valley venture firm Andreessen Horowitz is aiming to raise $450 million for a second cryptocurrency fund, according to the Financial Times. Its first crypto fund raised $350 million in 2018. TAKEAWAY: This is a pretty sizable vote of confidence in the sector’s potential, and not just through venture support for promising crypto-related companies. The investment may end up having an impact on the market itself – last year the firm registered all employees as financial advisers, enabling the fund to invest directly in crypto assets.

(You also might want to check out the company’s explanation of how crypto business models are different from web business models. TL;DR: It’s not just the network effect that gives value, it’s also the ability to reward participation and redistribute economic value to participants in the network, creating a virtuous circle of increasing participation and value.)

Researchers at the Kansas City Federal Reserve published a paper about bitcoin’s correlation with bonds and equities, with some unexpected results. TAKEAWAY: This study is particularly interesting in that it differs from studies that look at overall correlations over time. This one isolates times of financial stress, when you arguably most need a safe haven, and it finds that during these times bitcoin acts more like a risk asset and has positive (yes, positive) correlations with the S&P 500.

Source: Bloomberg, via Kansas City Federal Reserve

Marcel Burger gives us a good overview of the evolution and current state of the crypto derivatives market, and explains why settling in BTC while quoting in USD turns the P&L from linear to non-linear. TAKEAWAY: Yet another peculiarity of trading in the crypto market. Outside of the FX markets, most traders won’t be used to this risk shift. This could be one of the reasons that BitMEX’s liquidation engine gets so much exercise. (For more detail, see also our “Crypto Derivatives” report.)

TradeStation is now offering crypto trading via an agreement with institutional-grade crypto exchange ErisX. TAKEAWAY: This in itself isn’t really news – TradeStation has been offering crypto trading for almost a year now, through its subsidiary TradeStation Crypto. What is surprising is the legacy financial firm (founded in 1982) is continuing to invest in crypto market infrastructure, even after the disruptions of March. Just being offered on TradeStation is not enough to boost investor interest in crypto assets – many investors will still be wary of the volatility and relative lack of liquidity. But the additional exposure, getting in front of its sizable client base, won’t hurt. The platform is even promoting crypto asset trading on its home page.

According to analytics firm Glassnode, the amount of bitcoin held on exchanges is at its lowest level since June 2019. TAKEAWAY: This could imply investors are moving their holdings off-exchange into custody, a sign selling pressure might be easing. In theory, you hold your bitcoins on an exchange if you are likely to want to trade them. If you’re planning on holding them for a while, you’ll probably move them to a safer storage.

Source: glassnode.com

Grayscale Investments* released their Q1 figures, revealing over $500 million in new investment, with almost 90 percent coming from institutional investors. TAKEAWAY: The growth is impressive, but it is unclear how much of the increase comes from contributions in kind – a popular trade amongst professional investors is to exchange bitcoin for shares in the Bitcoin Trust and sell after the lockup period, pocketing the premium the trust traditionally commands in the market. The relative reliability of this return means that not all of the inflow growth is from institutional investors excited by the potential of the cryptocurrency market. *Grayscale Investments is a wholly owned subsidiary of CoinDesk’s parent, DCG.

Greenidge Generation, an upstate New York power plant using proprietary facilities to mine bitcoin, has sold up to 30 percent of its computing power to institutional buyers. TAKEAWAY: This came out last week after I had finished the newsletter, but is worth flagging anyway because I am convinced we will see more traditional companies adapting their current installations to generate additional income through cryptocurrency mining. Keep an eye on other electricity generators and also on the oil and gas industry, where a lot of energy currently goes to waste and could be monetized through mining rigs. This would be very good news for the sector, as it would further decentralize the infrastructure and embed cryptocurrency in more mainstream business settings.

Shares of cryptocurrency mining firm Hut 8 Mining Corp. (HUT) rose 32 percent on the Toronto Stock Exchange on Friday, on volume nearly eight times the daily average. TAKEAWAY: I don’t know what’s going on, but for perspective the shares are now back to where they were a month ago. The few listed shares with strong crypto exposure are worth keeping a close eye on not just as investment opportunities but also for what they teach us about sector economics. Mining companies are vulnerable to a sharp drop in revenue post-halving, but also stand to benefit from price upside.

Leah Callon-Butler describes how COVID-19 highlights a potential crypto-shaped lifeline for citizens of the Philippines, and how traditional finance organizations are getting involved. TAKEAWAY: For much of the world, the potential of bitcoin is not as an investment asset – it’s used as a payment method. This duality should produce some intriguing growth patterns over the coming years as both narratives move forward.

After the spike resulting from the mid-March crash, the volatility of the S&P 500 has stayed high, while that of bitcoin has fallen. TAKEAWAY: This is true of the 30-day volatility, but even so, bitcoin’s volatility is still higher than that of the S&P; longer term, the difference is even more apparent.

Open interest in bitcoin futures on the CME have rebounded since the March crash. TAKEAWAY: The levels are still low, and are not yet accompanied by noticeably higher trading volumes. They do, however, indicate a gentle recovery of investor confidence that the sharp volatility of mid-March is unlikely to return in the short term.

Source: Skew.com

Google searches for “Bitcoin halving” are shooting up. TAKEAWAY: Not a surprise, but it is indicative of an uptick in mainstream interest in bitcoin and, since we’re still a few weeks away, is likely to trend much higher (going by what happened in the last halving in 2016).

Source: Google Trends

Crypto Long & Short is CoinDesk’s weekly newsletter with insights, news and analysis tailored for the professional investor. Subscribe here.

Disclosure strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

The post Crypto Long & Short: The Battle of the Yields appeared first on Future Money Matters.

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kennethherrerablog · 5 years

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Credit Cards: Helping People Go Into Debt Since 1946

You either love them or you hate them, but the fact remains that they are a major part of the present world. Buy now and pay later has become the motto for modern-day culture, thanks in part to that little piece of plastic 7 out of 10 people carry with them at all times.

Credit Cards. They are what they are.

Fast forward only a few years and I failed at simple 5th grade math. I was part of the majority of Americans who carried a balance, paid 24.99% interest at all times, and made only the minimum payment.

Don’t worry Mom & Dad, I am just building my FICO score!

A few years later, we were successful in racking up $52k of debt and ended up going broke in a blink of an eye. Was it the credit cards fault? Hell no! Was it the bank’s fault? Absolutely not. It was simple: I sucked at using credit cards.

I am right on the edge of being a Millennial (1983), and for most of us it is almost impossible to even imagine life without the Internet, The Simpsons, Starbucks, and you guessed it- the credit card.

I have always said that we lack financial literacy education as a entire society (not just Millennials), and that includes learning about how this whole credit card thing was started. Credit cards are a way of life for most people today. Don’t believe me?

The Fun Facts

72% of adults have a credit card

37% of College Students has a credit card

There are enough credit cards to span the Earth 3.5 times

Credit card companies spend roughly $80 to acquire you as their customer and on average that customer returns $120/year to the credit card company

Credit card interest rates are actually illegal in most states (most states don’t allow the high interest rates that credit cards charge at a state level, however the Marquette Ruling allows for credit card companies to offer high interest rates across state lines, just as long as the bank is located in the state without the interest rate cap. This is why you’re credit card processing center is located in either South Dakota, Nevada, or Delaware).

The average person using a credit card carries 3.7 credit cards in their wallet

As of December 2018 there was $1.04 Trillion of Outstanding Credit Card Debt

The average credit debt in 2018 is $5,331

The Credit Card Timeline

So, how did we get here?

I’m glad you asked ??

1946 – The Charge-it Card

John Biggins, a banker from Brooklyn, NY, came up with the idea of the “Charge-it” card. This card allowed a consumer to pay a merchant by using the card. The merchant would then take the sales slip to Biggins’ bank and the bank would collect payment from the consumer. However, the “Charge-it” card could only be used locally in Brooklyn and the customer had to be a member of John Biggins’ bank.

1950 – Grab a Meal with the Diners Club Card

Frank McNamara is having dinner at a restaurant in NYC and realizes he forgot his wallet when the bill comes. He comes up with an idea for a closed loop system where consumers could use a form of a credit card to pay the restaurant, the restaurant would then invoice the bank, and the bank would collect payment from the consumer at the end of the month. He named it the “Diners Club Card” and it was solely used for upscale restaurants inside NYC. The card was made of cardboard in the initial days and soon moved to a celluloid paper base. However, poor Frank thought his idea was just a fad, and sold his idea for a whopping $200k, or equivalent to $1.6 million in today’s dollars. Oops.

1951 – The First Bank Credit Card

New York’s Franklin National Bank issues the first actual Bank Credit Card. This credit card allowed only it’s account holders to use the credit card with merchants who had partnered with the bank, still limiting where the credit card would actually be accepted.

1955 – Diners Club Still Leads the Way

The Diners Club Card grows to 200,000 members and branches out to restaurants and others services in more than a dozen countries. Frank McNamara, the creator of the Diner Club Card, no longer holds the rights to the card and doesn’t enjoy it’s growth from local only to an internationally used product.

1958 – Introducing the American Express Purple Card

American Express joins the credit card industry with their Purple Charge Card that was solely used for travel and entertainment purposes. They were also the first to move to a plastic card, similar to what we have today.

1958 – Bank of America creates the BankAmericard

A California bank called “Bank of America” launches its first revolving credit card product to consumers and labels it the BankAmericard. This product was launched in Fresno, CA and 60,000 unsolicited offers were sent out through the mail to the people of Fresno. This would be the first time ever unsolicited credit card offers are “dropped” into the mailboxes like they still are today. In 1976, BankAmericard would later become known as VISA.

1966 – “For Everything Else, there’s MasterCharge”

Up until this point, each bank would have to issue their own credit card to their consumers. Multiple California banks decided to work together and formed the Interbank Card Association (ICA). This allowed multiple banks to transfer funds and work together in an “open-loop” system, versus the closed loop of the earlier days. ICA later changed their name to MasterCharge, and then became what we know them as today: MasterCard.

1970 – The Magnetic Strip

American Express issues the first credit card with the magnetic strip. Although the technology was available, it wasn’t widely used until a decade later in 1980 when VISA and MasterCard both added magnetic strips to their cards. The magnetic strip would take the account holder’s information, contact the bank to determine sufficient funds were available, and report back an “Approved” or “Declined” status all within a few seconds.

1973 – The Speed of Technology

Credit cards finally become automated. Before this time, the merchant would have to contact the bank, the bank would have an employee look up the record of the account holder, and then the bank would notify the merchant if the employee had available credit. This process would often take up to 5 minutes, however the use of automation sped this up to less than 1 minute per transaction. Today, the transactions are almost instantaneous.

1976 – “VISA…It’s Everywhere You Want to Be”

After Bank of America gave up full control of the the BankAmericard card to other banks across the world, it became apparent that the need for a open-loop system similar to their competitor MasterCard. The BankAmericard group formed the name, VISA.

1986 – DISCOVER a new kind of Credit Card

Sears realizes they can increase profits by selling more than “stuff” inside their stores and launches it’s own credit card program. Their credit card would soon be called the Discover Card. They are also the first to offer a “cash back” rewards program. The very first ad glimpse of Discover Card appearedin this Superbowl XXI commerical below.

Watch the Commercial

youtube

1987 – American Express Gives In

American Express offers up their first credit card product where you don’t have to pay it off on full, joining the other credit card issuers around the world offering revolving debt.

1989 – Free Airline Miles

Citi Bank partners with American Airlines to offer the first Credit Card Travel Rewards Program. This opens up the floodgates to an era of the credit card rewards program. People are now using their credit cards for two reasons: to buy stuff they cannot afford and earn the free airline miles. However, Consumer Reports estimate that only 22% of the credit card airline miles are ever redeemed.

2004 – Would You Like to SuperSize that Swipe?

Credit cards become widely accepted at McDonalds, and other fast-food restaurants soon follow suit. The following year it is estimated that American families spend $420 million per week on fast food using their credit cards. Ironically, McDonalds reports back that people will spend 47% more at their restaurants when using plastic versus cash.

2014 – security…..SECURITY!

The United States starts accepting the “smart card”, which is a tiny circuit board inside the credit card that holds all the same information as the magnetic stripe. The main difference is the chip has a “rolling code”, meaning the data is scrambled after each use, thus making it much more secure.

The Future of Credit Cards

Many believe our smartphones will actually replace the credit cards that have been carried inside our wallets since 1946. Others believe that our biometric thumbprints may be used as our form of payment instead of the soon-to-be outdated credit card. Whatever it may be, I think we can all agree that credit cards have come a long way from the initial pieces of cardboard that could only be used locally and through one single bank in Brooklyn.

Money Peach on Credit Cards

After paying off our $52k of debt in 2011, creating a fully funded emergency fund, and building wealth, we decided we would go through life without a credit card…and we did this for 7 years. Yes, 7 years without a credit card (and we actually survived)!

Today, we do use credit cards but we use them just like a debit card – we NEVER carry a balance.

And we use a free app to do this all for us called Debitize.

Debitize works by linking to both your credit card and your checking account. Every time you swipe your credit card, money is moved from your checking account and into a holding account at Debitize. Once a week, your balance is paid off in full. You can learn more about Debitize here.

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As always, I first want to thank you for reading this blog because this means you are reaching for awesome with your money! I will keep putting content out there for anyone to gobble up and implement right away, however if you could help me out by sharing this post on your favorite social media platforms, it would mean the world to me! Just click on any of the social share buttons at the top or bottom of this post and you’ll be giving me a virtual fist bump, high-five, and a pat on the back. Thank you again and again!

-Chris Peach

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darcyfarber · 5 years

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Credit Cards: Helping People Go Into Debt Since 1946

Credit Cards. They are what they are.

Don’t worry Mom & Dad, I am just building my FICO score!

The Fun Facts

72% of adults have a credit card

37% of College Students has a credit card

There are enough credit cards to span the Earth 3.5 times

Credit card companies spend roughly $80 to acquire you as their customer and on average that customer returns $120/year to the credit card company

The average person using a credit card carries 3.7 credit cards in their wallet

As of December 2018 there was $1.04 Trillion of Outstanding Credit Card Debt

The average credit debt in 2018 is $5,331

The Credit Card Timeline

So, how did we get here?

I’m glad you asked ??

1946 – The Charge-it Card

1950 – Grab a Meal with the Diners Club Card

1951 – The First Bank Credit Card

1955 – Diners Club Still Leads the Way

1958 – Introducing the American Express Purple Card

1958 – Bank of America creates the BankAmericard

1966 – “For Everything Else, there’s MasterCharge”

1970 – The Magnetic Strip

1973 – The Speed of Technology

1976 – “VISA…It’s Everywhere You Want to Be”

1986 – DISCOVER a new kind of Credit Card

Watch the Commercial

youtube

1987 – American Express Gives In

American Express offers up their first credit card product where you don’t have to pay it off on full, joining the other credit card issuers around the world offering revolving debt.

1989 – Free Airline Miles

2004 – Would You Like to SuperSize that Swipe?

2014 – security…..SECURITY!

The Future of Credit Cards

Money Peach on Credit Cards

Today, we do use credit cards but we use them just like a debit card – we NEVER carry a balance.

And we use a free app to do this all for us called Debitize.

If you Like it, Please Share It!

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-Chris Peach

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bitcoinegoldrush · 6 years

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The Satoshi Revolution – Chapter 5: Privacy, Anonymity, and Pseudonymity (Part 1)

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The Satoshi Revolution: A Revolution of Rising Expectations. Section 2 : The Moral Imperative of Privacy Chapter 5: Implementing Crypto Privacy by Wendy McElroy

Privacy, Anonymity, and Pseudonymity (Chapter 5, Part 1)

It is often said that there is a tradeoff between privacy and security…. Security is defined as the state of being free from danger or threat. One threat is assault. How is one made free from assault by being assaulted at an airport?…. How is one made free from the threat of being harassed or charged with a crime by the State by the State’s knowing every move you make, every statement you make, and every financial transaction you make? I say that your security is going DOWN, not up. The State can fend off terrorists by the ordinary methods of policing if it had a mind to. It doesn’t. It prefers to expand into a totalitarian monster. — Mike Rozeff

Privacy will determine the future of cryptocurrencies. Will they continue to enhance individual freedom, or will they become a government tool of social control?

Privacy is a human need, which is why the battle over its control is so intense. Constant surveillance makes it difficult or impossible for individuals to forge intimate family and romantic bonds, to create, to vote their conscience, to sexually explore, to discover who they are politically and religiously, to experiment with drugs, or to dissent without danger. Personal privacy is also the greatest barrier to government power, which rests on government knowledge.

“Only criminals need to fear government surveillance” is a common response to the defense of privacy. But every peaceful person is a criminal with something to hide. Why? They have exceeded the speed limit, taken an illegal drug, smuggled cheap booze or cigarettes across a border, made “unauthorized” additions to a house, fibbed to a customs official, understated their income on a tax form, or violated one of the tens of thousands of other laws that criminalize harmless behavior. Government makes criminals of us all. As Ayn Rand explained, “The only power any government has is the power to crack down on criminals. Well, when there aren’t enough criminals, one makes them. One declares so many things to be a crime that it becomes impossible for men to live without breaking laws.” Thus, all individuals are under control.

The assault on privacy also harms society as a whole. Consider freedom of speech. I remember being in a restaurant when a relative went on a post-9/11 rant about how the U.S. was beginning to feel like Cuba, from which he escaped. His wife tried to silence him, declaring in an adamant whisper, “You can’t say those things in public.” She was nervous as she glanced around to see who could have heard. Surveillance and informants make people reluctant to express opinions that could be used against them in a legal or political manner. Property can be seized, families destroyed, and prison ensue. Why would anyone speak out if his children could lose a parent as a result?

The killing of free speech is one of many political repercussions of destroying privacy. Privacy is a key characteristic that distinguishes a totalitarian, Kafka-esque society from a free one. Can you shut your front door and be safe from invasion? Everyone agrees that criminals should not break through your locks and treat your body and possessions as their own. Why are government agents entitled to do the same thing? They are nothing more than the for-hire workers of an employer whose authority comes because enough people give the employer a thumbs up to invade and steal. They are criminals sanctioned by consensus.

Until recently, many incursions on privacy have been prevented for no other reason than they were difficult to enforce. And, then, technology arrived. Even with its notorious incompetence, government is now able to surveil as never before, and many people have grown afraid or complacent, as the mass frisking at airports proves.

The government assault on privacy benefits from a Big Lie: namely, privacy is now impossible because government surveillance is omnipotent, omniscient. Resistance is futile. Privacy is so last century. Balderdash. First of all, technology has always empowered the individual more than it has the government. Second, there is a world of difference between “difficult” and “impossible.” Privacy is certainly more difficult in the 21st century, which only means it takes work. Individuals need to assert actively what they once could take for granted in order to end the ongoing rape of their data.

What Should You Do?

No one answer exists. How to handle personal information is up to the lifestyle and goals of each individual.

Before answering, however, some distinctions are useful: privacy versus anonymity, for example. Privacy is the ability to keep personal data or activities to yourself; you close the door while using the washroom, for example; the activity is not shameful but neither is it for the world to see. Anonymity is when your activities are transparent to the world but the fact that you are the one acting is not. Rick Falkvinge, founder of the first Pirate Party, elaborated, “The typical example would be if you want to blow the whistle on abuse of power or other forms of crime in your organization without risking career and social standing in that group, which is why we typically have strong laws that protect sources of the free press. You could also post such data anonymously online through a VPN, the TOR anonymizing network, or both. This is the analog equivalent of the anonymous tip-off letter, which has been seen as a staple diet in our checks and balances.”

Another distinction: there are two types of data — private and public. If data is private – for example, if it is kept behind closed doors or within a limited circle of personal transmissions–then it can remain private. If data is publicly displayed, however, the practical ability to control it is lost. If I discuss my sex life on a public bus, for example, I have no business denouncing a blabby eavesdropper who passes on my experiences. Unfortunately, a great deal of personal data becomes public through no fault of the person it describes. Government vigorously mines information on everyone from birth, and well-meaning parents register children for everything from medical care to government entitlements.

Happily, cryptocurrency transfers are the data under discussion; they combine the best aspects of private and public data. They are protected by encryption and anonymity or pseudonymity, while remaining transparent. This is a new expression of data that needs to be protected in new ways, both from government and from malicious hackers.

The most effective tactics may well be technological, but this article does not address them. The tactics change constantly and quickly in response to government or hacking threats. And, frankly, although some tactics are simple, like spreading assets over a number of wallets, understanding other tactics requires a technological sophistication that I do not possess.

Instead, the article points to variations on privacy strategies that have been used for decades, if not for centuries. Pick and choose, but it may be best to use them all because the regulatory wolves are circling. Here is a sampling:

Obfuscate or “hide in plain sight.” One way for a person to preserve privacy is to be so inconspicuous or subtle that he is almost unnoticeable. Blend in, or become invisible. Sometimes obfuscation involves participating in so much noise that an eavesdropper cannot distinguish your signal from any other. An example might be sending only modest payments across the blockchain so the transactions join with hundreds of thousands of similar others, all of which are of scant interest because of the small amounts. Other times, obfuscation means masking activity through mixers or tumblers that further anonymize transactions. The anonymization carries a risk, however. It can constitute a red flag to eavesdroppers.

Avoid Centralized Exchanges and Other Data Sharing Centers. If a person wants government to have his financial data, then he should just mail it in an envelope to the government. Of course, signing up with an exchange, like Coinbase, saves a stamp. Centralized exchanges are now an arm of the government. Moreover, they carry their own risks, including bankruptcy or other reasons for withholding funds. Nevertheless, there are good reasons for using exchanges; they permit futures trading and other Wall Street niceties, for example. But decentralized exchanges are preferable; exchanges outside the U.S. or other crypto-hostile nations are preferable, as are ones that do claim jurisdiction over private keys. Even then, wealth should be moved in and out as quickly as possible, without allowing the third party to control it for longer than necessary.

Find Discreet Ways to Cash Out. The crypto veteran Kai Sedgwick wrote,

“Bitcoin transactions are semi-anonymous: every transaction on the blockchain is broadcast publicly and visible for all eternity, but the owner of each wallet is unknown. Tying addresses to real-world identities is now relatively easy for the powers-that-be, because everyone has to cash out somewhere, and that usually involves linking bitcoin addresses to bank accounts.” Don’t. As much as possible, deal with people one-on-one. Seek venues that exchange crypto for gift cards to stores you regularly use, such as grocery stores. Be inventive in avoiding the banks and centralized exchanges; they are the “trusted third parties” that Bitcoin was designed to obsolete.

Use a Privacy Currency. Dozens and dozens of private currencies exist, with several being solid. Although most of them use different techniques to preserve privacy, anonymity is a theme. The founder of Zcash explained the philosophy behind that particular privacy currency. “We believe that privacy strengthens social ties and social institutions, protects societies against their enemies, and helps societies to be more peaceful and more prosperous…. A robust tradition of privacy is a common feature in rich and peaceful societies, and a lack of privacy is often found in struggling and failing societies.”

Zip It on Public Forums. Public forums, like Facebook or Twitter, are monitored and mined by government and corporations. They are collection points for data, even if a person tries to post anonymously. If social media is necessary for professional reasons, then use it to the bare minimum. Never post anything on social media that you wouldn’t put on the front page of the New York Times, and that includes crypto forums.

Be Careful in Writing Down Information. Do not write down your private keys, for example, without having a secure, undisclosed place to store them.

Conclusion

The government is coming for crypto, which means it is coming for users. Its front line attack will be an attempt to eliminate privacy; it realizes privacy is the backbone of cryptocurrency as a freedom tool, even when users do not. Now it the time for heightened vigilance. To paraphrase the comedienne Lily Tomlin, “No matter how paranoid I get, it is never enough to keep up.”

[To be continued next week.]

Reprints of this article should credit bitcoin.com and include a link back to the original links to all previous chapters

Wendy McElroy has agreed to ”live-publish” her new book The Satoshi Revolution exclusively with Bitcoin.com. Every Saturday you’ll find another installment in a series of posts planned to conclude after about 18 months. Altogether they’ll make up her new book ”The Satoshi Revolution”. Read it here first.

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The post The Satoshi Revolution – Chapter 5: Privacy, Anonymity, and Pseudonymity (Part 1) appeared first on Bitcoin E-Gold Rush.

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undertheaethier · 6 years

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GoV Ch. 5: Honor Among Troublemakers

The next morning, I was awoken by another knock at the door. I sat up, bleary and panicking a little. “Uh? What? Yes?” I asked, slowly remembering where I was. “Excuse me, miss,” said a voice through the door--Trisha. “Officer Shadowlark has requested your presence downstairs in an hour. Would you like breakfast?” Out of instinct, I looked at my watch. It said it was a little after nine-thirty, but when I remembered I was in a different realm of existence, I figured it could really be any time. At the very least, the fact that Trisha was still offering me breakfast was hopeful.

“Uh, yes, please, thank you, Trisha,” I said, trying to grumble loud enough for her to hear.

“You’re welcome. I’ll be right back. And I’ll bring you some clothes.”

Clothes. Right. The only clothing I had to my name here was my t-shirt, jeans, and underwear from yesterday. In the dresser, I’d found a simple slip like a nightgown, which had been several sizes too large for me, but was comfortable anyway. I wondered what fae clothing was like. All I’d seen were Tarrow and Veryn’s uniforms and those of the servants, and I hadn’t been paying too much attention to what the council members had worn. Well, I hoped it went well with pink. I ran my hands through my hair, hoping a comb could be arranged, too.

When Trisha came back, I’d really only managed enough energy to swing my legs off of the bed, but I went to the door to help her in. She brought another tray like she had the night before, and promised she’d take the old one away when she left, and under her other arm she had a canvas bag full of clothes and toiletries.

Trisha graciously offered to comb out my hair while I ate, which was slightly unpleasant as there were tears in my eyes from the pain of the tangles while I tried to enjoy the fae equivalent of a pancake, which was large and thick like its main ingredient was baking powder. It was sweet even without syrup, and came with a copious amount of fruits, some of which I knew and others which I just had to bravely ingest. Again, I found everything perfectly delicious, except for the juice served alongside it, which I found a little too bitter. I still didn’t complain.

Trisha took out some of the toiletries to explain them to me, though really, they weren’t so different than what I was used to: there was deodorant, a toothbrush and toothpaste, mouthwash, a comb and a brush, a plain lotion, a tool which Trisha identified as a flosser, and nail clippers. She then left me to get dressed, taking the trays of dishes with her, and I found myself surprised at the clothing she had brought me. The Council had said something about training with the group Veryn was leading. I assumed that meant learning all the roguish qualities they expected Veryn to have inherited from Senya Shadowlark, the kind I would need to sneak around potentially dangerous areas undetected. The clothing I’d been given didn’t really put off a feeling of roguishness. In fact, they were pretty human, and not, like, Mission: Impossible human, but I don’t have class until two and it’s only an intro course so I’m wearing this kind of human.

She’d given me a pair of dark brown leggings, sturdy due to the thickness of the leather-like material, and a light yellow tunic that came halfway down my thighs, as well as a pair of flat, plain brown shoes like one might wear to brunch, not to a magical tree-finding quest. The underwear supplied was not much different from that I was used to, except that the bra they gave me was exquisite. I didn’t know why human bras were so much more uncomfortable than fae ones, but even if I ever got the chance to go back to Earth, I might have turned it down, just to be able to stay close to these angelically wireless but supportive garments.

When dressed completely, I was very comfortable, almost too much. I kept my hair down, but kept a hair band on my wrist just in case I needed a more adventurous hairstyle later.

I think it was the normalcy of the hair band that reminded me of something I’d overlooked: I still had some of my human things with me! Some very good, sort of vital things! I raced to the desk chair and took my purse from it, dumping it out on the bed. I was supposed to meet Veryn in about twenty minutes. That was enough time to take inventory.

Inside, I had what I’d intentionally packed yesterday for my trip over to the house: my wallet (useless now, I supposed), a notebook and pens (cool), a phone charger (excellent!), and some cheap sunglasses (okay). Going through the pockets and pouches on the inside, I also found a pair of earbuds, some Chapstick, a small package of tissues, some additional hair bands and clips, and a few tampons. (That issue was potentially a disaster, but I supposed I would cross that bridge when I got to it.)

Then there was a mirror. It was a compact mirror, fairly small, only a little bigger than the size of my palm, set in something like plastic but sturdier, with a multicolored floral design that looked like it was made of real jewels. The surface of the mirror was slightly tinged blue. I’d never seen it before, and certainly not in my bag. Where had it come from? I didn’t usually carry a mirror. But the mirror had found its way to me, I guessed the least I could do was keep it. I put it back in the bag.

I also added my half-dead cell phone, which didn’t have any service whatsoever but still functioned as a music device and a camera, among other things.

Feeling much more prepared than I had been a moment earlier, I slung my purse over my shoulder, and started my trek downstairs, a little surprised but mostly relieved that no one attempted to stop me: I was freer than I’d assumed I would be.

Down in the foyer, Veryn was just entering the building. Unlike yesterday, he wasn’t in his uniform, but wore something similar to what I did: a plain green shirt over a pair of pants that were tucked into boots. He still looked more action-packed than I did, but I tried not to be bitter about it.

“Good morning,” I said, as he came up to me.

“Good morning,” he returned, his sterner tone and expression back in place. “You’re on time.”

“You didn’t think I would be?” I asked.

“I understand that the first night in a new realm may be overwhelming for some,” he responded.

I was actually a little touched by his concern, but I told him drily, “Wow, Veryn, is that actual empathy you’re showing? I’m honored you would bestow it upon me.”

Veryn seemed put off by the jibe, but in a similar tone he replied, “Don’t get too used to it.”

“I’ll try,” I said. I looked around him, expecting to see his partner walking up behind him, but saw no one else enter the building. “Where’s Tarrow?” I asked.

Veryn raised an eyebrow. “At the office.”

“Oh. You’re not recruiting him for the team, then?” I asked, trying not to seem disappointed, though perhaps I was.

Veryn hesitated. “No. I feel he’s best serving his purpose if he stays at work. Our force isn’t usually very busy, but lacking an officer, it’s probably best if I don’t take away another one.” This answer felt evasive.

“So, what did you want to meet about this morning?” I asked.

“I have the team assembled,” said Veryn, sounding as though this was obvious.

I lifted my eyebrows. “Really? That fast?”

“I told you I had some people in mind,” he reminded me. “Fortunately for us, they have nothing else better to do.”

“Then, we’re meeting them now?”

“Soon,” Veryn agreed. “First, we have to get one of them out of jail.”

My eyes widened. “Uh. Jail?”

“The Council said I could recruit whomever I wanted. I intend to do the job the Council has put before me, but I don’t have to do it exactly the way they want me to.”

A few of the questions I’d had for him the night before rose back up in my mind: Why are you so against doing this job? What’s your deal with Tarrow? Do you really think this is only a waste of time, or do you have some other reason for not wanting to go look for the magic tree? But he’d refused to answer personal questions. So I asked none of them.

“Okay, cool. I can handle a little rebelliousness,” I said, still trying to make fun of him without being too rude. “Where’s the jail?”

“In the basement,” he replied.

Oh, good. “Uh...alright. Lead the way?”

Veryn nodded, and led me down another hallway we hadn’t explored yesterday, in a different direction away from the courtroom.

“Did you get the books I sent?” Veryn asked.

“Oh! Yes, I did, thank you so much. I’m learning a lot,” I said, truthfully. By the time I’d gone to bed last night, I felt like I basically understood Elvish grammar, and though I was having trouble remembering all of the pronouns and the different endings they took in different cases, I felt like I had a decent grasp on the concepts of the language. “Let’s see if I can remember anything useful...uh. Ema xeka sabes Emrys. Uh, Arahm sabes ra zélinn carsis.”

My name is Emrys. Elvish is a beautiful language.

Veryn had the decency to look impressed. “That’s...very good, for a first try,” he said, sounding genuine. “Make that first sound in xeka a little harsher, less like a z.”

I took a note of the advice in my mind. “Thank you. But for today, for communicating with everyone, I think I’ll just take a potion.”

Veryn stopped walking and looked at me, blinking.

“What?” I asked.

“You’d...agree to take a potion?” he sounded almost suspiciously surprised.

My eyebrows came together in confusion. “Well, yeah? It’s the easiest way, isn’t it? If the language potions can allow you to understand what someone else is saying, no matter the language, then if I took one, too, you wouldn’t need to use the mouthpieces, right?”

“Well...yes,” said Veryn slowly. “It’s just. Humans rarely trust the potions. Not one human in the world actually uses them. Admittedly, it’s the level of trust than we probably deserve, considering the harshness with which they’re treated by the Council.”

“You disagree with the system of servitude?” I asked, now surprised myself.

Veryn looked conflicted. “I…don’t know. It works, and the humans are taken care of, always treated respectfully. I just know, if it were me, I wouldn’t be entirely grateful.” He started walking again, and I continued to follow.

At the end of the hallway was a door, flanked by guards. Veryn removed his mouthpiece and spoke to them in Elvish, and though they looked at me warily, they allowed us entrance. Behind the door was a staircase leading down, and we began our descent.

As we walked, Veryn reached into his pocket and took out a small vial, only the size of a nail polish bottle, and handed it back to me. I took it, looking at it curiously. Inside the thick glass, a dark purple liquid sloshed around.

“Is this the language potion?” I asked.

“Yes. The guards wouldn’t have liked to see you with it, but if you’re going to talk with our friend, you’ll need it.”

“How long will it last?”

“Depends on your metabolism, but probably about six to eight hours.”

I could understand why some other humans wouldn’t trust it. Being handed a vial of a dark, unknown liquid was in fact rather intimidating, and I began second-guessing myself as to whether I wanted to take it. But I’d already promised Veryn my trust, and I wanted to allow people like Veryn and Tarrow to stop using the mouthpieces that so warped their voices.

So, I uncorked the vial, and knocked it back like a shot. Not that I knew what that was like. Underaged drinking was very bad and I had definitely, certainly never done it. Excessively. It was horrifically bitter, but somehow also sour, and made my mouth pucker. It was like drinking plum- and lemon-flavored black coffee. However, the aftertaste wasn’t all that bad, just mutedly rich and sweet.

“Uh, okay. Am I speaking Elvish?” I asked.

Veryn looked over his shoulder at me with a wry smirk. “No,” he said. “But I hear it as Elvish, yes.” He had taken his mouthpiece off, and as I had been with Tarrow, I was frankly astonished to hear what Veryn’s voice actually sounded like. It was low and warm and slightly rough, but not in a bad way.

“Okay, good. Wait, what do I sound like, speaking Elvish?”

Veryn shrugged. “Okay. What do I sound like speaking English?”

A little miffed at his answer, I replied in the same tone, “Okay.”

The basement jail wasn’t nearly as bad as I had been expecting. I’d been picturing a dark red light illuminating a sort of dungeon, with chains hanging from the walls, and puddles of unidentifiable liquid on a cobblestone floor. Instead, what I saw was almost annoyingly modern.

The jail floor was lit with the same bright, glowing lights as the rest of the rooms and buildings. The floor was light gray tile, maybe stone or marble, and the walls were white and light blue. There was a reception desk, where another elf sat, wearing a similar uniform to Veryn’s and Tarrow’s.

“Officer Shadowlark?” he asked, looking at the both of us.

“Yes. I’m here to secure the release of inmate 24901,” Veryn replied. “I believe you received my custody transfer application last night.”

The guard looked down at something on the desk that reminded me of an electronic tablet. He scrolled downward and read something, then looked at Veryn incredulously. “Yes...but did you actually verify this with the Council?”

Veryn whipped out a device from his pocket that looked like a small remote control, ovular and with a couple of buttons. He pressed one, and the voice of the satyr council member, Raiar Roal, came out of a speaker inside: “You will be free to choose who accompanies you--you have our permission to recruit anyone you feel will be helpful, as long as you do not employ too many individuals.” Veryn pressed the button again and the recording stopped. “That’s what I’m considering verification in this case.”

The guard sighed. “I mean...I guess it’s legal, but…” He looked at Veryn almost desperately. “Are you sure?”

“I am,” said Veryn. “Don’t worry, I can handle her.”

Uh--did he mean me? No, he couldn’t have meant me.

The guard looked at Veryn with something like pity. “Okay, man, if that’s what you wanna do…” He stood up, taking with him a small device that he slipped onto the end of one of his blue fingers. “Follow me.” He walked around the desk and past us to another door, and pressed his covered finger onto a pad beside it. There was a soft chime, and I heard the door unlock. The guard pushed it open and held it for us as we followed.

This was where the actual prisoners were kept. Instead of bars, there was something like glass, but it looked thicker, running along the length of the room, separating it into cells. Some were larger than others, and contained furniture like tables, chairs, and desks, but most were relatively small, with a hidden alcove toward the back of each that held a toilet and a sink. Each cell only held one prisoner, with one bed and one dresser per cell. The prisoners were diverse, of every specie I had seen thus far, and there didn’t seem to be designation by sex, either, as although I could only guess at gender in most cases, I saw relatively feminine and masculine fae in roughly equal numbers. They all wore bright green uniforms, sort of like jumpsuits.

“We’re on lockdown for a security check,” the guard explained. “Normally, they get a little more freedom than this. But one of ‘em tried to tunnel out last week. Didn’t know his magic was that strong until he was halfway through the floor.”

He took us down a hallway of cells, and brought us to the last one. Inside sat whom I was guessing was a female dryad. Her skin appeared rough and lined, mostly dark brown with patterns of other shades. Her hair was two-tone, a dark green and a brown that was almost black, and it had been twisted into a large braided bun at the back of her head. Her nose was large and defined her face, and her dark green eyes sparkled. Her body was unlike the dryad on the Council, who had been twig-like. This dryad was much stockier, curvier, with what I supposed was muscle lining her arms and legs. All in all, I found her pretty, though there was a distinct feeling of danger hovering around her. I knew that if she punched me in the face, I would definitely cry.

She looked up as we came nearer, and her eyes skipped over me to land on Veryn, and widened. Then she looked at the guard. “What’s going on?” Her voice was muffled by the partition of her cell. I glanced to Veryn, and found his face apathetic.

“You’ve been summoned for service by an officer of the Witness Retrieval Force, on business from the Council,” the guard explained. He tapped on the glass with his device-covered finger, and a screen with a pad appeared on the surface. He tapped in a very long sequence, and the screen disappeared. The glass making up the front of the cell lifted into the ceiling, until there was nothing separating her from us. “Your term of service is currently undefined, but considering the length of your sentence…” The guard raised an eyebrow. “I think it’s probably in your best interest to go with them.”

The dryad looked between us again, then stood. She opened the top drawer of her dresser and pulled out a large bag, then spent less than thirty seconds throwing her belongings in the other drawers and on the bed into it. She didn’t appear to have much: just some other clothes, a couple of books, some papers, and toiletries. She stood again, and nodded at us. “Ready,” she said.

Veryn merely replied, “Good.”

The guard again led us out, and wished us a good day, still eyeing us with a mixture of pity and dubiousness. As soon as we were back in the corridor with the stairwell up, the dryad woman dropped her bag on the ground and forced Veryn to turn around and look at her. She grinned, and punched him in the arm. “Veryn! What in the pit? What’s all this about?”

Veryn smiled, too, though not as exuberantly. “It’s nice to see you, too, Yana. I’d like you to meet someone. This is Emrys Spencer. Emrys, this is Yana Sirinal.”

Yana held out a hand to me, and it was such a human gesture that I thought nothing of it when I took her hand to shake it, but instead she just maintained the hold for a moment, and then let go. Her eyes were gleaming with interest as they bore into mine.

“Well, hello, Emrys Spencer. What are you doing so far from home?”

“Oh, I was taken here against my will,” I shrugged.

“So the usual way,” Yana said, laughing. She nodded. “Okay, okay, so...what are we doing here? I knew you cared about me, Veryn, but I really didn’t see you breaking me out of the basement.”

Veryn’s smile was gone. “I’ll...explain when we get upstairs. There’s a lot to talk about.” He started leading us up the stairs again.

“I’ll say,” agreed Yana. “The guard said this was Council business?”

“Unfortunately,” Veryn confirmed.

“And how is a human involved?” she asked. Then she turned to look at me, appearing genuinely anxious. “Oh, no offense, just--it’s unusual,” she said.

“None taken,” I assured her. Things felt unusual from my perspective, too.

“Just watch your sprouts, alright? I’ll explain in a minute,” said Veryn. “I’d like to meet up with the others first so we don’t have to do this all over again.”

“Fine, fine…”

The guards at the top didn’t stop us when we went back through, and Veryn led us back down the hallway to the foyer, and then up to the first floor. “These are the meeting rooms,” he explained to me. “It’s usually for visiting dignitaries and other government business, but since you both are experiencing a house-arrest type of situation, I managed to borrow one.”

I felt Yana look at me curiously again.

Veryn opened the third door on the left, and we interrupted what appeared to be a paper airplane fight, except that the paper objects were shaped like dragons, and they were actively chasing someone around the room without anyone throwing them. Some were even breathing actual fire, singing their brothers’ paper wings as they flew.

“Oh, come on, can’t you two act like you’re more than a century old for five minutes?” Yana asked, catching a stray dragon and crumpling it, but she was smiling.

The person who’d been moving threw themselves behind a couch, and there was a moment’s hesitation. Then two heads poked up from behind a couch on the far side of the room. “Yana!” two voices said in unison.

“Holy pit--Veryn, this was your surprise?” asked one of them.

“What, am I not a good enough surprise?” asked Yana. “There’s more, anyway.” She stepped into the room and looked to me to gesture me in after her, so I followed, Veryn at my back.

Two fae stood up from behind the couch. They both appeared to be male, though the one on the left was rather androgynous, and they both had foreign and interesting features.

The fae on the left was clearly a naiad, now that I knew that those were a thing here, with a light blue complexion and longish, wavy dark blue hair. He had what appeared to be gills in his neck, above the collar of the plain white long-sleeved shirt he wore. The irises of his eyes were yellow. When he smiled, his teeth were slightly pointed, like Yuqua’s. He had a charming look about him, something confident and respectable.

The fae on the right was a little taller than his friend, and had an interesting color palette, with pale whitish-grayish skin, and shaggy rust-red hair that had been sloppily brushed out of the way of his face in the front, where it was a little shorter. His irises were black, blending in with his pupil, and they reflected the light in the room like they were made of obsidian. I could see scars on his arms where the sleeves of his black shirt had been pushed up to his elbows, and there was a bandage on his left wrist. He kept looking between Yana and I, with more of a smirk than a smile on his face. Something about his whole appearance, including these injuries, gave me a hint of a rebellious, scrappy personality.

“And who is this?” asked the naiad, coming forward. Without hesitation, he took my hand, bowed a little, and kissed the back of it. Instead of feeling flattered, I felt uncomfortable. I took my hand back as soon as it could be seen as polite.

“This is Emrys Spencer,” said Veryn for me. “She’s joining us on our...escapade.”

Both of the new fae raised their eyebrows. “Really? Interesting,” said the naiad.

“Hm,” said the other with the red hair. “She’s pretty hot, for a human.” I felt self-conscious and exposed, like a specimen under a microscope, and I resisted the urge to take a step backward.

Veryn gave him a look. “She can understand you, asshole.”

Red flooded the fae’s cheeks, turning his pale face pink. “Oh. Uh, sorry.”

“Emrys, this is Tirin Creekborn and Kovit Wyrliss,” said Veryn, gesturing to the naiad and then to the other. “Don’t worry, you don’t have to like everyone in the group,” he added, still glowering at Kovit. “Kovit’s education didn’t exactly include manners. Tirin’s, either, for that matter.”

“Veryn, you’re cruel,” said Tirin.

“Wait, does that mean she took a potion?” asked Yana, eyebrows scrunched up.

“Yes. She offered,” Veryn confirmed.

All three of the others looked at me with expressions I couldn’t decipher.

“Huh,” said Kovit. “Weird. Cool. I don’t think I’ve ever heard of a human taking one voluntarily.”

“Yeah, well...no side effects yet,” I quipped weakly. “As soon as I learn Elvish, I won’t need them anymore, anyway.”

No one answered that immediately, but the looks of confusion and surprise continued.

“She’s coming along,” Veryn said encouragingly. I was grateful for his intervention. “Alright, let’s get this over with. I need to tell you all how you’re going to die.”

Yana laughed and shoved past him, walking to the large conference table in the room. She did a half-turn and offered me her hand, and it was unexpected, but I took it, and she led me along with her. She guided me to the seat immediately to the left of the head of the table and took the one next to it. Veryn took the head, and Kovit and Tirin took the seats next to him. Kovit looked around the room at the paper dragons still flying around, and with a wave of his hand, he brought them to the ground, smouldering but still.

“So, three criminals, a Witness Retrieval Force officer and a human walk into the courthouse,” said Kovit. “What’s the punchline?”

Three criminals?

“They go find a magical tree,” I said.

Tirin and Kovit both smirked, but Yana looked grave, and Veryn’s expression was much closer to hers than theirs.

“Uh, Veryn…?” Yana asked, an implied request for confirmation.

Veryn nodded. “Yeah. That’s about it. You know all the talk about regions losing magic? All the children born without the ability to control it, the lands dying, and so on?”

“Well, everyone’s trying to keep it hushed,” said Tirin. “Local politicians are even buying secrecy in some cases, trying to keep environmental and social groups from making a fuss.”

“Even the Church of Winds is involved,” added Kovit, tone and expression much more serious. “They think it’s an apocalyptic omen. They’re usually wrong, but…” He shrugged. “It’s gotta happen sometime, right?”

“I don’t think we have to worry about the superstitions of the church this time,” said Veryn. “But maybe just as strange, the Council thinks it’s a second Îrystarré.”

There was a moment of silence. Then Tirin smirked again, and Yana chuckled. “What?” she asked, disbelieving and amused.

Veryn just nodded. “It’s easy to see why they’d think that. According to all the stories, it’s the same sorts of things that were happening in Ravana-quon-Xeriae with the Sunleaves before.”

“Okay, except I think somebody would have noticed if there were a giant tree leaking magic by now,” said Yana. “The government does so much more surveillance now, has so many more informants. How would we not know if someone had planted a second Îrystarré?”

“Someone must have hidden it very well,” responded Veryn.

“No hiding places exist like that,” scoffed Kovit. “I mean...actually, I do know of a few. And provinces where it’s easier to get around government and private surveillance. And what kinds of spells you’d need to disable the people or cameras waiting to catch you. But still, Yana’s right, there’s too much going on nowadays. Everybody’s involved everywhere. Where would you be able to hide something like that?”

There was a moment of silence. I had no idea what to say, whether I had anything to contribute. I knew nothing of the political or social atmosphere of this realm. I’d been recruited for this not because I was skilled or knowledgeable, but because I was plain and unmagical.

Veryn spoke up. “I...have an idea. But you’re not going to like it.”

Tirin raised a thick blue eyebrow. “What?” he asked.

“The Hinacarai.”

The other three immediately groaned. Kovit laughed, and Tirin put his head back in exasperation.

Yana gave him a withering look. “Pit of the seed, Veryn, you’ve got to be joking.”

“Uh--sorry,” I said. “What’s the Hinacarai?”

“A story,” answered Kovit. “A story for kids that they tell at bedtime, like all the demon legends.”

Demon legends were bedtime stories?

“And a conspiracy,” added Tirin. “To make the Council think they’re not safe.”

“I’m going to assume you already know about the Sunleaves and their first tree. Basically,” said Yana, looking like she was about to give me a much less vague explanation. “When the Sunleaves fell, most of them were either dead or incarcerated. The old estates and strongholds were occupied or destroyed. The guy most in charge at the time, Maris Sunleaf, ruled the clan with his brother and sister, and their families. In the ambush, all three siblings died, as well as their spouses, and most of their children. Maris had four kids, and only one of them, the youngest daughter, lived. She was a very young child, and with some counseling, she became a pretty healthy member of society. Never tried politics though, of course.” Yana chuckled.

“When she was an adult, a rumor started circulating that the Sunleaves had had another stronghold. A castle, built somewhere where it was meant to never be found. They said it was the main residence for the core family, including Maris’ children and some of his nieces and nephews, and where the Sunleaves’ real treasure was kept. But no one’s ever been able to prove it was even real, let alone where it was, and Maris’ daughter always said that it was untrue. She said she couldn’t recall ever living in a castle, and that their family was almost never in one place. Her brothers would be off fighting or leading or researching, and her aunts and uncles had political matters to attend to.”

“So the whole story falls apart,” concluded Tirin. “There was only one witness from the core of the family to vouch for the rumor, and she didn’t think any part of it was true.” He shrugged, and then looked at Veryn. “The Hinacarai isn’t real.”

Veryn shrugged, too. “I have someone looking into it.”

Kovit snorted. “Who? The Planter?”

I didn’t know who the Planter was, but it seemed to be a rather ridiculous idea to the others.

“No.” Veryn looked nervously at Yana. “Saelihn Dinveer.”

Yana went from amused to furious in a quarter of a second. “Are you serious,” she nearly whispered. “Veryn--you can’t be serious.”

“Dude,” said Tirin, who looked upset, too. “That’s...not cool.”

“What? We’re still friends with her,” said Kovit to Tirin. “Right?” Yana glanced at them in irritation, then went back to glowering at Veryn.

“Well, yeah, but if he was going to invite Yana in on this, he definitely should have consulted with her about Saelihn beforehand,” said Tirin.

I wanted to ask who Saelihn Dinveer was, but the suddenly stifling tension kept me quiet.

“To say the least,” spit Yana. “How could you bring her in on this without telling me?”

“Because I knew you wouldn’t leave the basement if I did,” Veryn replied.

“You’re damn right, I wouldn’t have,” agreed Yana. “In fact, I’m out.” She stood up, rattling her chair, and headed for the door. “Sorry, guys, it was real while it lasted.”

“Yana, please,” said Tirin.

“You can’t leave,” said Veryn authoritatively. Even I was surprised with the command I heard in the statement.

Yana turned around, her hand on the doorknob. “Excuse me?” she asked.

“You’re under service to the Council in the custody of the Witness Retrieval Force. The prison will not take you back until you’ve fulfilled your service, as per the terms of your release.”

A chill settled over the room so quickly I almost shuddered. That was...manipulative. He’d worded his application for her release specifically so that she wouldn’t be able to leave his service, hadn’t he? Whoever Saelihn was, he’d known it would bother Yana to have her on the team, but had decided that he would force her to stay on board with the law.

“Veryn,” Yana said, her voice like a knife being slowly drawn. “I know that we’ve never been particularly close. I know we’ve had a rough time. All of us. But I consider you a friend.”

Veryn bowed his head, as if to reciprocate the sentiment.

“So for you to do this, knowing how it would make me feel...you’re a dick.”

“She’s good at what she does,” Veryn said quietly.

“Yeah! She is! Because I taught her! Everything else she knows was just genetics giving her a hand up, but she is who she is, she knows what she knows, because of me,” said Yana, sharp and angry again. “Not only did you screw me over, you made sure I couldn’t leave. Do you realize how horrible that is? Do you realize what kind of a person that makes you?”

Veryn seemed to consider the question. Tirin and Kovit were watching the argument like a tennis match, their eyes wide and maybe scared.

“I’m sorry,” Veryn finally said. His words held weight. “I knew it would be painful for you. I still stand by my decision to bring Saelihn in. We need her to get as much information and find out as much as she can before we make any big decisions that could get us killed. But I admit, I should have spoken to you about it first. I should have prioritized your feelings.” He took a breath. “If you don’t want to be a part of this…you can go. I’ll arrange for Tarrow to assign you to social service.”

“Ugh,” said Kovit disgustedly. “Tarrow.”

Yana’s eyes didn’t leave Veryn’s. Another moment of silence passed, and she let out a quiet sigh before coming back to her seat at the table. “I’ll still help. But only because you’re giving me this choice. I want you to know that if you’d insisted, I would already be helping out at a daycare somewhere.”

“What are you going to do about Saelihn?” asked Tirin.

Yana looked at him. “I don’t know. Grow up, I guess. It’s probably time I’m able to face her without being a child about it.”

Veryn put his hand face up on the table, and Yana put hers on top of it, in a kind of lazy handshake, or a casual embrace. They held eye contact.

“Thank you,” Veryn finally said. “If this ends up being what the Council thinks it is, then I’ll feel a lot better with you along.”

Yana huffed a laugh. “You that scared, Shadowlark?”

He rolled his eyes. “Yes.”

Yana retrieved her hand and sat back in her chair. “Alright. Fine. So we’re trying to find a magical tree on a mythical estate. What’s your plan?”

“The Council’s given me a week before I meet with them to propose our plan to find the Îrystarré,” said Veryn. “In that time, I want you to work with Emrys. The Council thinks that the Sunleaves, or whoever is behind this, will be preparing for a magical attack, just like always. They wanted a human because they have no magic.”

“Only literally speaking,” added Tirin. “You’re pretty magical if you ask me,” he said, winking at me. I looked away.

“I think we should just try for some basic skills,” continued Veryn, ignoring Tirin’s comment. “She’ll need to be able to sneak onto the estate, or perhaps into the castle, and she may need to fight guards.”

“Whoa, wait, like--actual fighting? Like--guns and knives fighting?” I asked.

Veryn looked confused. “Well, of course not guns. What civilized society allows its citizenry to have military-grade weaponry?”

I chose not to answer that question. “...Knives, then?”

He gave me a deadpan expression. “Yes, Emrys. Knives.”

I...wasn’t sure I was prepared to fight with actual weapons. To engage in combat with another being who would also have weapons. And especially to potentially take a life. Could I kill anyone? I tried to sort out a few scenarios. Protecting my family, were they still alive. Protecting myself from potential attackers. Protecting a large group of pedestrians.

I was a little startled when my instincts told me that yes, I would kill for those things. For protection of myself and others. Shit, bring on the knives then.

“No problem,” said Yana. “We’ll do some basic exercise stuff to get her up to speed and we’ll try to work through some practical scenarios. I don’t know how much we can get done in a week, but we’ll give it a shot. Won’t we, Emrys?”

I nodded at her. “Of course.”

“Good,” said Veryn. “There’s a gym at the law enforcement office I think you’ll be able to use. Nobody else around there does, really. I think we should meet here every day, about this early. Any disagreements?”

“This is kind of early for me,” said Kovit. “Maybe like mid-afternoon meetings--”

“You’re really going to have to turn your disaster of a sleep schedule around if you’re going to be a meaningful member of this party, Kovit,” said Tirin.

Kovit groaned. “Okay. Whatever. Any spells in particular you want me to try to learn, or prepare?” he asked Veryn.

“Nothing in particular,” said Veryn. “After all, I chose each of you for your skillset, not because I like you.”

All three made noises of protest. Veryn smirked a little.

“So I expect you to just do what you do. I guess if you need instruction, Kovit, work on any magic you think may be helpful in disarming traps, stunning or manipulating guards, maybe finding the damn tree…”

“That’d be great,” agreed Yana.

“Tirin, just make sure you’ve got enough medical supplies to supplement your own magic,” Veryn continued. “And Yana, just try to help Emrys the best you can, and keep yourself on top of your game.”

“I never fall lower than the top of my game,” she said cockily.

“I’ll be checking in with Saelihn daily, if she can manage it, and I’ll let you all know about anything she finds out.”

“Where’d you send her?” asked Tirin.

“The affected areas are mostly the three provinces of Arenbaj, Seranar, and Quonaritarres,” Veryn answered. “Saelihn is mostly asking around those three, but she’s investigating anywhere that the Sunleaves once had a stronghold or seat of power, especially Ravana-quon-Xeriae. Someone may know something they just haven’t shared yet, and she may be able to convince them, or someone may know about the castle without knowing the relevance.”

“Then are we done here? Emrys and I have some work to get in today,” said Yana.

Veryn looked torn between concern and amusement. “Yes, you can go. Kovit, I’d actually like to talk to you about the Church of Winds situation before you leave.”

“Sure,” Kovit said, looking not at Veryn, but at Yana and I.

“Alright, see you ‘round, losers.” Yana stood and looked at me. “You good to go?”

“Uh--yes. Probably,” I told her. I gathered up my purse and stood with her, and she began walking out quickly with a backward wave.

“If you’re right about this,” I heard Tirin say to Veryn as we left, “we’re doomed.”

#a grove of vengeance #story #fantasy #fiction

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kennethherrerablog · 5 years

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Credit Cards: Helping People Go Into Debt Since 1946

Credit Cards. They are what they are.

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The average credit debt in 2018 is $5,331

The Credit Card Timeline

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-Chris Peach

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