BITCOIN BEYOND BULLISH!! Twitter CEO Adds Bitcoin To BIO | Andrew Yang on Cryptocurrency | XRP Moves

 

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Bitcoin is now a part of Jack Dorsey's Bio. The founder of Twitter shows his bullish sentiment about the most popular cryptocurrency after twitter added the Bitcoin Emoji to its hashtag yesterday. The acceptance and use of bitcoin amongst merchants have increased significantly and a huge amount of Bitcoin moves and also XRP is unlocked.

US Presidential hopeful Andrew Yang has disclosed that enacting transparent regulation for the crypto industry is the best option for the United States. Cryptocurrency regulations are necessary. Yang disclosed this view in an interview with Bloomberg, stating that the crypto space requires clear and straightforward regulations. Further adding that the crypto space will continue to thrive regardless of whether regulation exists. As the government cannot stop people from investing and believing in cryptocurrencies.

References
Twitter CEO is completely bullish on BTC, adds Bitcoin to his description

$932,917,215 in Bitcoin (BTC) on the Move As Ripple Unlocks 500,000,000 XRP

$932,917,215 in Bitcoin (BTC) on the Move As Ripple Unlocks 500,000,000 XRP

Bitcoin Usage Among Merchants Is Up, According to Data From Coinbase and BitPay
https://finance.yahoo.com/news/bitcoin-usage-among-merchants-according-090000037.html

Cryptocurrency and Bitcoin Regulation? Andrew Yang Says YES

Crypto Regulation? Andrew Yang Says YES


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BITCOIN BEYOND BULLISH!! Twitter CEO Adds Bitcoin To BIO | Andrew Yang on Cryptocurrency | XRP Moves

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15 comments

  1. *** TLDR at the bottom of this comment ***
    Andrew Yang’s stance is that automation is coming. It is coming faster and for more types of jobs, all at once, than we have ever seen in the past. People have looked towards the past for example of similar types of revolutions, but those examples typically focus on one industry which changed over a long period of time. Right now we are looking at every aspect of our economy and society experiencing some or a lot of automation. This automation is happening faster than how these jobs can be replaced by new ones, leaving a net loss of jobs in its wake.

    I’ve worked as a software developer for over 15 years. I’ve built systems that have done away with a number of positions in the organization. Many times you have people that are doing the jobs of two or three people, and you just want to make things easier for them or standardize things for a more reliable process. Eliminating paying jobs is not always the goal, but unfortunately many times end up being the results of automation.

    These automations are not going to stop coming and the number of jobs being automated will continue to increase over time, eliminating more and more jobs.

    Just look at the self-service kiosks everywhere (supermarkets, retail stores, McDonald’s). One attendant can tend to 12 kiosks at a time. People buy almost everything these days online on Amazon, or Walmart and have it delivered to the stores. Amazon’s warehouses are mostly run by robots that bring merchandise to a few human workers for packing. Everything from stocking to preping for delivery are completely automated with computers and machines at the Amazon warehouse.

    Robots and automation are not coming, they are already here. Don’t fool yourself into thinking that they will be Terminator type androids. Netflix automated away the movie rental shops, and now automatically and accurately suggests things you might like to watch. Automobile assembly lines are almost completely comprised of robot arms which weld and bolt down all the components together.

    Regarding Andrew Yang’s proposal of a VAT (Value Added Tax) and UBI/FD (Universal Basic Income or Freedom Dividend):
    Let’s start by saying that Andrew Yang’s plans are not to slow down progress or automation. His plans are meant as a way of collecting money from the big spenders in our society and the companies that stand to benefit the most from all this automation. A VAT would be a federal sales tax similar to the ones implemented by each state. The funds that are collected by the VAT are then distributed to everyone in the society, 18 yrs. and older. By exempting food and living essentials from the VAT the poor, who spend their money on just getting by each day, will pay less into the VAT fund and would get the most value out of their money. Those who buy expensive or luxury goods pay more into the VAT fund. The FD will be intentionally set just below the poverty line as a way of encouraging people to continue looking for other forms of income. Anyone who spends more than $60k per year on luxury goods would be putting more into the VAT fund than what they get from the FD. About 90% of Americans would not be even close to spending that kind of money on luxury goods, so they would have a net gain from the FD. The FD is cash so it is up to the individual to figure out what to do with it. Spend it, save it, give it away. It will be your money and would be equivalent to everyone getting a $6 per hour raise. What would you do with a raise?

    With all that in mind, let’s play with some numbers:
    Let’s say you want to buy a toaster oven that currently cost $100 retail. Local sales tax doesn’t factor into this since it will stay at the state level, so we’ll ignore it to simplify this example. This toaster oven cost the manufacturer, let’s call them GE, about $30 to manufacture (that’s for labor and materials). They sell the toaster wholesale to stores at about $50 and make $20 profit, the store make about $30 after its expenses (staff, transportation, etc.). The breakdown is this GE spends $30 to make $20 in profits per toaster oven, the retail store spends $70 to make $30 in profits per toaster oven. I’ve worked in retail and manufacturing. Trust me this is very similar to how it works.

    At a 10% VAT the cost of materials for GE will be an extra $2 (I said $30 which we can break down into $20 on materials and $10 on labor). Once the VAT and FD are implemented GE will start selling the toaster ovens for $52 wholesale. The store will buy the $52 toaster oven and will have to also pay the VAT. The toaster oven will cost the retail store $55. If competition is stiff the store might just eat the extra $5 (make a profit of $25 instead of $30) or raise the price to $105 (continue profiting $30). Similarly GE might eat the $2 increase, but who are we kidding? When you buy the toaster oven (a luxury good) you will have to pay the VAT at that point as well. That’s 10% of $105, if the store passes it extra cost to you, for a total of about $115. Your cost for the same toaster oven will go up by $15. $1,000 / month will cover the increase in cost for 67 toaster ovens a month, which is 800 toaster ovens in one year. If you were going to buy 800 toaster at $100 that would cost you $80,000 in today’s system. After the VAT this would cost you $92,000. This is a simplified example so the numbers don’t match my original $60k per year statement, but the effects are the same. Some things would go up more than 15% at the store and others would be more like 1% or no change at all.

    In any case, for most Americans the FD would pay for the cost of the VAT and would leave them with extra cash in their pockets. Most people, about 80% of Americans, live paycheck to paycheck. Meaning that they don’t have the finances to go on vacation or buy luxury goods. And yes, for a lot of American a $100 toaster oven is a luxury. Many Americans don’t have the money to pay rent or fix their car or pay for medicine or even food. In Andrew’s plan food, clothing and even toilet paper (living essentials) would be exempt from the VAT at the retail store, but the manufacturers would still have to pay the VAT when they purchase their materials, so a roll of toilet paper might go from $1 to $1.01 (1% or not at all). The poorest among us would use their FD to buy things that would not be affected much by the VAT and will have the full buying power of the FD, $12k per year, while those of us that have some expendable money each year for trips, TVs and other luxury goods would have a little extra buying power from the FD. The FD might give us an extra $2K to $8K in buying power per year. People that have over $60k of expendable money will break even or end up putting money back into the VAT fund. The more someone spends on luxury goods the more they put into the VAT. If you buy a $1M yacht, at today’s prices, you will have to pay $1,200K for that yacht after the VAT is put in place. That’s an extra 200K (the VAT applied during manufacturing and at the final purchase of the yacht) that goes into the VAT fund.

    The reason to make the FD universal is so that of the 200K this person paid extra for their yacht they would get $12k back and the other $188K would get distributed. Everyone gets the FD and the amount people pay into it varies based on how you use your money. Corporations have to pay the VAT when they buy goods and services, but don’t get the FD. They would have to decide whether to eat the extra cost to stay competitive or pass the cost to their consumers. Individuals can blow the extra money or save it or use it wisely. It’s up to each person to figure out what would improve their lives.

    Our current system creates bureaucracies around the programs and money that are set aside, and people have to meet requirements in order to receive assistance. This creates a disincentive for people to work or volunteer once they start receiving federal assistance. The FD would require less of a bureaucracy, which means less overhead cost, and would allow people to go out and work part-time or volunteer instead of living with the fear that they will be kicked off the programs currently in place.

    If you’ve gotten to this point, thank you. That was about 1,500 words. I tried to edit it down but I couldn’t figure out how to do that while leaving the information in a digestible way. All that, and I haven’t touched on how Term Limits (for Congress and the Supreme Court) and Democracy Dollars would allow us to take the government back. That would also secure the VAT & FD from being repealed.

    Healthcare for all… Data as a property right… Let’s distribute the swamp (look that one up)… Revenue Day (look that one up to)… Oh! Time Banking. Did I mention Time Banking? No?… Nope, nope, nope. I’m stopping this now.

    TLDR:
    The VAT collects money every time goods are exchanged (people and companies pay into the VAT) . The FD distributes those funds equally to every US citizen starting at age 18. If you spend less than $60K a year on luxury goods you will have more money in your pocket to do with as you please. It’s your money, spend, save or give it away, It’s up to you.

    This isn’t Andrew’s only policy. All his other policies are interconnected in an effort to make us think of living a good life instead of being a member of the rat race that is currently our existence. Read the full posting to see how it all works.

    #YangGang #Yang2020 #AmericaNeedsYang #YangWillWin

  2. Sandy DL thank you for such a thoughtful and detailed response! You make some excellent points. i’ll do my best to feature your comment the next time this subject comes up. Cheers

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