Walter Gay, November (1885) A fundamental belief of the modern world, which explains a lot of our anxiety around failure, is that we are what we earn. When we say this, we mean something very particular: not just that it’s nice to have a lot of money but that our income is the source of information, crucial, decisive information, about our character, our intelligence, our moral fibre: in short, money is the key indicator of our worth in human and not just financial terms. The more money we make, the more we deserve to exist. By extension, it feels impossible to imagine … Continue reading You Are Not What You Earn
As the world economy struggles to overcome a recession, a woman takes a smoke break outside the New York Stock Exchange in the heart of New York’s financial district on Wall Street on April 8, 2009 in New York City. (Photo by Jeff Hutchens/Edit by Getty I by DEREK BERES Inspirational quotes about choosing to focus on the important things in life—family, friends, loved ones, health—are not hard to find. Plug any number of hashtags into Instagram and a list of empowering memes informs you that money is not the be-all or end-all of existence. Of course, we’re humans. The hashtag … Continue reading The stress around money is damaging to our health. How do we stop it?
John Carreyrou talks to Nautilus about the lessons of a $1 billion fraud. BY MICHAEL SEGAL Silicon Valley has a term for startups that reach the $1 billion valuation mark: unicorns. The term is instructive. It suggests not only that hugely successful startups are rare, but also that there’s something unreal about them. There’s no recent Valley startup that satisfies both dimensions better than Theranos. Founded by a 19-year-old Stanford dropout, Elizabeth Holmes, who went on to become the world’s youngest self-made female billionaire, it raised nearly a billion dollars from investors and was valued at $10 billion at its … Continue reading Does Theranos Mark the Peak of the Silicon Valley Bubble?
Image credit: Hill Street Studios/Eric Raptosh/Getty Images by PHILIP PERRY It’s part of the American ethos, hard work pays off. We believe we live in a meritocracy, where anyone with the gumption, grit, and determination can make it, no matter what obstacles lie in their way. But with income inequality at an all-time high in the US and most other developed countries, people are starting to question whether or not meritocracy exists at all. A 2015 Harvard Institute of Politics poll found that 48% of millennials believe the American dream is dead. A growing number of them are even feeling sunnier about socialism, which is … Continue reading Mathematics confirms rich people aren’t smart—they’re lucky
image edited by Fernando Kaskais WRITTEN BY Dan Robitzski At this point, mining Bitcoin requires such intensive, specific hardware that the only way for most people to get in on the crypto game is to simply purchase the coin via an exchange. But that doesn’t mean mining has slowed down. Rather, the opposite has been happening, giving environmentalists (and anyone but the most adamant cryptobros) cause for concern. Between cooling fans, manufacturing hardware, and the outrageous, ever-rising energy costs needed to operate a bitcoin mining rig, the world’s Bitcoin network is expected to use as much as 7.67 gigawatts of … Continue reading Bitcoin Is Going To Use As Much Electricity As Austria By The Year’s End
by Phillip Schneider, Staff Writer Waking Times Since the founding of the country, religion of some type has always played an active role in the lives of a majority of Americans. Although religious faith is on a long-term downward trend while secularism is on the rise, about 70.6% of Americans still identified as Christian in 2014, while 5.9% had “Non-Christian faiths” such as Judaism or Islam, according to Pew Research Center. These numbers mean that over one in four Americans believe in some form of non-atheistic religion. Much research has been done into the community impact of religion. Sometimes, religion is used as … Continue reading U.S. RELIGIOUS GROUPS GENERATE MORE MONEY THAN MICROSOFT AND APPLE COMBINED
A troubling option for women in need (Kamenetskiy Konstantin/Drima Film) by ROBBY BERMAN The older rich man and his much younger girlfriend. The relationship between the two is rarely stated explicitly, but the arrangement is this: the older man receives companionship (of what kind?) in exchange for compensation. Morally, it’s an interesting transaction. Though both parties engage in what’s nominally a romance, there’s an undeniable exploitation of a young person needing money by someone older who can provide it. He’s her “sugar daddy”. She’s his “sugar baby”. This isn’t just history — the phenomenon is very much going strong in … Continue reading Where in the world sugar daddies thrive, why, and what’s being done about it