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Jack Dorsey is resigning from Twitter to spend more time with his other company, Square. In some ways, the choice between Twitter and Square is a straight choice between political clout and profit. Square, a payments platform co-founded by Dorsey in 2009, is worth almost three times Twitters current value at about $97bn (73bn). But Square will never be credited with the equivalent of the Twitter revolution, or make headlines by banning a former president.

Venture capital is pouring money into cryptocurrencies and payment platforms. Twitter, by contrast, having only started to become profitable since 2018, has always been more notable for its political impact than its commercial pull. However, Twitter, like the wider social industry of which it is a part, may be experiencing the limits of its growth. In terms of commercial reach, Twitter is no competition for industry giants such as Facebook, YouTube, WhatsApp, Instagram and TikTok, which each have well over a billion users. But even Facebook and Instagram are slowing down.

Generation Z is turning off the major platforms. Downloads of Facebook and Instagram have been declining, according to a Bank of America report published in 2019. Both Twitter and Facebook have been losing ground with businesses due to this demographic shift in demand. By capitalising on the rise of video-sharing, TikTok has captured a much younger audience than Facebook or Twitter. Some businesses are also abandoning social media entirely, from fashion house Bottega Veneta, to Tesla, Lush and JD Wetherspoon.

It makes sense that investors are looking for the next big thing from tech, and that social media bosses would be searching for ways to profit from the cryptocurrency bubble. Before he left, Dorsey had been trying to expand Twitter into offering crypto-based payments and non-fungible token services. His replacement as CEO, Parag Agrawal, was tasked with developing Twitters crypto strategy, and it seems likely that Twitter will continue to plough that field.

Twitter is not the only social media firm attempting to exploit such opportunities. Facebooks parent company, Meta, has been trying to launch a cryptocurrency that could be sent worldwide via Facebook products, so far to no avail. This move makes more sense for a platform like Facebook, given that it has always offered a patchwork of services, such as video, photo, fan pages, gaming, buying and selling, and so on, compared with Twitters straightforward microblogging service.

However, this isnt just about profitability. It is about the economic power of belief. Dorsey is also a cryptocurrency fanatic. A particular champion of bitcoin, he claims it will one day unite a deeply divided country behind it, and eventually become the worlds single currency. Square accepts payments on its cash app from bitcoin, but no other cryptocurrency. Recently, Square released a white paper for a decentralised bitcoin exchange platform that would appear to freeze out competing cryptocurrencies.

Dorsey is also a doom-monger about fiat currencies those issued by governments. Hyperinflation, he oracularly warns, is going to change everything. Its happening. This is baseless. Recent inflationary pressures due to the increased costs of production and transit caused by Covid and extreme weather patterns are real. But there is no hyperinflation in the global economy. Given Dorseys profile and potential impact on investors, it could be considered a reckless thing to say; but it also reflects the strange ideology of all bitcoin enthusiasts.

According to its devotees, bitcoin is a deflationary force that routes around the inefficiencies and tyrannies of central banks and fiat currencies. It is deflationary because it is designed to mimic the supply of a real-world commodity, gold. This means that the number of coins that it is possible to mine is restricted: the supply will eventually hit a ceiling with 21m bitcoins. So even though, as the Peoples Bank of China recently noted, the digital coin is not backed up by any real value, it operates as its own virtual gold standard. Moreover, bitcoins apologists say, decentralised blockchain technology cuts out all middle men, a principle that can be deployed in gaming, finance and social networks. It makes transactions cheaper and faster and keeps efficient records without the oversight of a big state.

The advantage of this upstart libertarian ideology is that it chimes directly with the commercial interests of bitcoin investors. Currently, one bitcoin will trade for 42,973. But it wouldnt be worth a dime if enough investors hadnt decided to treat it as though it were gold. It is a hyperstition: a fiction that makes itself true because enough people believe in it. All currencies rely on what Michel de Certeau called a secret network of believers. We all must believe, not only in the value of the currency we exchange, but that others believe in it too. We look to a higher power, typically the central bank, to guarantee this belief. In the case of cryptocurrencies, the tech itself is supposed to eliminate the need for all these elaborate systems. This is typical of the California ideology, which blends the values of the libertarian right with the countercultural ethos of some of the internets pioneers.

Yet, far from driving any great disruption, the value of cryptocurrencies is mainly a byproduct of developments in fiat currencies. The latter benefited from a glut of spare investment capital caused by the institutionalisation of quantitative easing. The crypto boom since Covid has therefore been made possible by central banks sending money supply through the roof. Ironically, the cryptocurrencies have benefited from precisely the sort of central bank policies that the libertarian right tends to complain about.

Dorseys belief in a single global cryptocurrency is not likely to happen. And, as the economist Yanis Varoufakis has pointed out, it would actually be disastrous if bitcoin did replace fiat currencies. The bitcoin community would have no incentive to expand the money supply in the event of a crisis. That scenario would benefit the rich holders of the coin, such as tech monopolists, investment bankers and energy oligarchs, while wrecking the lives of everyone else.

Nonetheless, we would be fools to underestimate belief backed up by spare investment capital. Since at least 2017, when a bitcoin was trading at less than $1,000 (750), there have been a glut of articles explaining why the bitcoin bubble is unsustainable. But, far from falling apart, it continues to surge. Even after Elon Musk dropped the coin earlier this year, and China banned traders from offering bitcoin prices, its tradeable value climbed. The total value of cryptocurrencies today is close to $3tn. With Amazon looking to accept payment in bitcoins, there is space for further growth. Dorseys messianic belief in the power of crypto will probably be rewarded with profit for some time, in a way that the hype around Twitter never was.

If we underestimate the economic value of belief, we will underestimate how large the bubble can grow.

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Jack Dorseys ditched Twitter for bitcoin. Has the social media bubble burst? - The Guardian

by Steven Woskow | Nov 30, 2021

We dont need the global village; we need a globe of villages. And when I sayneedhere I dont mean it in an ethical, or moral, or aesthetic sense. I mean it in the most practical sense: in order to survive we must re-localize. The global village idea is a...

by Steven Woskow | Nov 29, 2021

From their state most people demand at least protection of life, liberty and property. In exchange, they are willing to pay for it. So why not put the relationship between citizen and state on a purely contractual basis? Such a Citizen Contract would offer much...

by Tony DiGerolamo | Nov 28, 2021

Will you eat the bugs? Visit other comics (and not bugs) at the Webcomic Factory.

by Sheldon Richman | Nov 23, 2021

I discussed my Libertarian Institute book Coming to Palestineon the podcast The Enrags (a project under the auspices of the Center for a Stateless Society).

by Scott Shearin | Nov 22, 2021

Every government in human history has eventually collapsed. Even Plato recognized this inevitability and theorized the average State lifespan was around 300 years. Must it be this way? Is it avoidable? Sadly, I dont believe so. There is no resolution for the Paradox...

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Libertarian Foreign Policy, News & Education | The ...

GREENFIELD A small number of Libertarians in Hancock County are making plans to ramp up the Libertarian Partys local presence, with the objective of winning races or at least increasing the profile of the third-party alternative.

The Hancock County Libertarian Party recently held a meeting to elect officers, and Luke Lomax became its new chairman. Lomax also serves as the 6th District representative on the Libertarian Partys state committee, and he said theres an opportunity in Republican-dominated Hancock County for Libertarians to make inroads.

Were very much looking forward to the opportunity to present a third option on that ballot, or a second option, Lomax said.

Two Libertarian candidates plan to run in upcoming elections Nathan Luke for Hancock County Council in 2022, and Larry Silver for mayor of Greenfield in 2023. Lomax said there will also be Libertarians on the ballot in 2022 running for attorney general of Indiana and for the U.S. Senate.

Weve kind of been working to revive the party on the local and state level, Lomax said.

Theyre hoping to capitalize on the performance of the party in Indianas 2020 election for governor, when Libertarian candidate Donald Rainwater won 11.4% of the vote. Thats well above what its presidential candidate, Jo Jorgenson, scored on either the state or national level. Many Rainwater voters, including some in Hancock County, said they cast their votes in protest of Gov. Eric Holcombs COVID-19 policies, such as lockdowns and mask mandates, which they felt were overly restrictive.

Lomax said the Hancock County Libertarian Party currently has about 18 active members, but he doesnt think the small size will prevent the party from continuing to grow or from helping its candidates mount campaigns.

Theres some county affiliates out there that are doing some really great stuff with half of the people that weve got, he said.

In general, Libertarians favor a smaller role for government, lower taxes and less regulation. Spending is a major concern for Larry Silver, the first candidate to declare that hell be running for mayor when Chuck Fewell retires in 2023.

Luke, who operates a pinball machine company and lives in Greenfield, is waiting for the process of county council redistricting to be completed before he formally declares which seat he will be running for, Lomax said. Districts 2 and 3, currently held by Republicans Mary Noe and Jim Shelby, will be up for a vote.

As Silver campaigns for the mayoral position, he said he hopes to emphasize that Greenfields tax rates for citizens could be lower if the city spent less.

Im going to keep highlighting the fact that the citys wasting too much money, Silver said.

Silver criticized the city government for maintaining a $1.5 million rainy day fund, intended to fulfill unexpected financial needs. If there is money left over from an annual budget, he said, the city should return the balance to the citizens.

Government truly is a nonprofit, so there shouldnt be any surplus at the end of the year, he said.

He also said the city spends too much money on parks, and on its mayor. If Silver were in the mayors office, he said, he would cut the offices salary from around $89,000 to about $55,000, and eliminate the offices travel budget.

Silver said the largest part of his campaign will involve talking to citizens by going from door to door and appearing at public events. He said hes optimistic that the Libertarian Party, and his bid for the mayors office, will find support in Greenfield.

We have a lot of volunteers on board, and we have quite a bit of support from the state party, Silver said.

See more here:
Libertarians will expand local election efforts - Greenfield Daily Reporter

Our beloved Reason Roundtable listeners did not hold back: per Reasontradition, they sent in questions (and one limerick) and editors Katherine Mangu-Ward, Peter Suderman, Nick Gillespie, and Matt Welch have now given their answers. This is all in the spirit of Reason's annual webathon, in which we try to persuade you to make a tax-deductible donation to the nonprofit foundation that publishes our work. In fact, an anonymous, generous donor offered to match the next $100,000 you give us! Or, bid now to win the first-ever Reason NFT, if that's more your thing.

What did the editors do as soon as they were vaccinated? Which fictional characters best represent them? Are there new Reasonpodcast shows on the horizon? Can Peter really segue almost anything into a Marvel reference? (Spoiler: Yes.) Cocktails, American literature, relationship advice (it is cuffing season after all) and more all right here on this special video podcast. Want to not just hear but also see the collective groan in response to the phrase "2024 election"? Check out the video version here.

You definitely, maybe, possibly will be a better, smarter, more interesting, and maybe freshly date-able person after consuming this podcast. So please give us some money so we can do this all again next year, okay? Okay.

Cheers and libertarian love,

The Reason Roundtable

Audio production by Ian KeyserAssistant production by Regan TaylorMusic: "Angeline," by The Brothers Steve

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You Asked, We Gave You Libertarian Solutions, Star Trek Characters and...Dating Advice? - Reason

In this February 26, 2007 file photograph, Charles Koch, head of Koch Industries, talks passionately about his new book on Market Based Management.

Bo Rader | Tribune News Service | Getty Images

The libertarian political advocacy group Americans for Prosperity, which is backed by billionaire industrialist Charles Koch, has been rocked by an alleged extramarital affair involving a departing leader, as well as an exodus of key donors while the organization undergoes major changes.

CNBC also has learned that Arlington, Virginia-based Americans for Prosperity, which has more than 3 million volunteers spread across 35 states, recently quietly settled a lawsuit alleging gender discrimination and retaliation in the group's North Carolina branch.

In response to this story, the group's spokesman Bill Riggs told CNBC that they found an "amicable resolution" in the lawsuit and defended the organization's workplace environment as "respectful, rewarding, and inclusive."

This week, Tim Phillips announced he was resigning as president of Americans for Prosperity after 15 years at the helm, citing what he called "challenging personal matters."

Phillips is said to have had what's described as an extramarital affair with a Virginia-based Republican official, according to multiple people familiar with the matter. These people declined to be named in order to speak freely about a private matter.

Claims of the affair came after Americans for Prosperity announced it had conducted an internal investigation into Phillips.

The group would not confirm or deny to CNBC what it had uncovered during the probe of Phillips. Instead, it provided the same statements that it to the Washington Examiner, which first reported Phillips was quitting.

Phillips said in a statement provided by the group: "This morning, I announced my resignation as president of Americans for Prosperity in order to focus on some challenging personal matters that require my full attention. It is difficult to leave this organization, but doing so now is in everyone's best interest."

Phillips did not return repeated requests for comment from CNBC.

"While the underlying issues were personal in nature,it was a matter of integrity that violated our principles," said a person within AFP who is familiar with the matter.

"AFP's internal investigation did not uncover any financial malfeasance. This was a personal issue and did not, to our knowledge, impact anyone else internally at AFP," the person said.

This person chose to speak on the condition of anonymity in order to openly discuss broad themes of what Phillips allegedly did.

With Phillips gone, there remain only two board members listed on the 501(c)(4) nonprofit group's website, including Mark Holden, who is listed as chairman. The group's CEO, Emily Seidel, is also a member of the board. AFP's 2020 990 tax disclosure lists at least six board members prior to the resignations.

In an internal announcement late last year, which has gone previously unreported, the organization said that two board members resigned from AFP's board. Frayda Levy, one of the board members who resigned, had been listed as the board's chair on previous tax disclosure forms. Jim Miller, who has ties to the Koch-backed Citizens for a Sound Economy, also resigned from the AFP board.

The announcement said that Levy would continue as a donor partner and active participant in AFP's New Jersey branch. Those leaving the board were moving on to have an active role on a formal advisory committee.

Several major donors have stepped away from the group as it has adjusted its political messaging during the administration of former President Donald Trump.

AFP has been backed by Koch and Republican-leaning donors for more than 15 years.

Its 990 tax filing for 2020 shows the group raised just over $58 million that year and had net assets of about $3 million by the end of it. AFP, like other similar nonprofits, does not publicly disclose the names of its donors. It finished 2020 with more than $64 million in revenue compared with about $54 million it received in 2019.

The Stand Together Chamber of Commerce, another Koch-backed group, disclosed in its 2020 990 form that it donated $40 million to Americans for Prosperity.

The group's spokesman told CNBC that AFP is gearing up for the upcoming 2022 elections.

"AFP has grown into a world-class organization with hundreds of staff across 35 state chapters with more donors and more resources than we've ever had before. In 2020, AFP and AFP Action engaged in and won more races than ever before, and we fully expect to exceed those numbers in 2022," Riggs said in an emailed statement.

During former President Barack Obama's administration, the group ran ads targeting the Affordable Care Act, his signature health care law that became known as Obamacare.

The group also saw major victories under Trump, including reformations to the tax code and the appointment of three Supreme Court Justices whom AFP openly supported.

But AFP also clashed with Trump when it came to trade issues such as the implementation of tariffs that the then-president imposed.

And since the start of Trump's administration in 2017, AFP has publicly said it is open to working with Democrats as well as Republicans.

However, during the 2020 election, the group's related but separate super PAC largely backed GOP contenders at the federal level, according to data from the nonpartisan Center for Responsive Politics. This year, it supported Glenn Youngkin in his victory over Democrat Terry McAuliffe in the Virginia gubernatorial race.

Some donors who have previously supported Koch-backed entities have signaled that they are not interested in supporting AFP or Koch-linked groups in the future.

Wealthy businesspeople such as Randy Kendrick, Diane Hendricks, David Humphreys, Bob Luddy and Chris Rufer have suggested to allies that they have no immediate plans to contribute to a Koch-backed group, according to a person briefed on the matter.

Kendrick could not be reached for comment.

The other donors did not respond to emails seeking comment.

AFP's controversies aren't limited to the departure of Phillips and some donors.

Last year, former AFP official Anna Beavon Gravely sued the group in North Carolina state court for gender discrimination, retaliation and wrongful discharge.

A spokesman for AFP said that the two parties settled the lawsuit amicably.

"We reached an amicable resolution in each matter. AFP is committed to a respectful, rewarding, and inclusive work environment," Riggs said.

Gravely claimed that she did not get a promotion to North Carolina state director in 2018 despite her clear qualifications for the job, which was given to a man with less experience, according to a copy of the complaint obtained by CNBC.

Gravely was eventually fired by the same man who got the job she was gunning for, the suit says.

The complaint takes aim at Phillip Joffrion, who was once a regional director at AFP. The group's public 990 form from 2016 lists Joffrion and says he was paid just over $125,000 that year. He is not listed on subsequent forms.

Joffrion, the suit says, was the authorized hiring manager for jobs that included the group's North Carolina state director post, the job that Gravely hoped to secure permanently after filling it in an acting capacity.

Gravely "was made aware of the existence of prior complaints sounding in gender discrimination and/or sexual harassment," the suit says.

The complaint highlighted a 2017 dinner during which Joffrion allegedly ridiculed Gravely for having a "rigid" personality and critiqued her for being too "process-focused."

Joffrion later told Gravely that one of the reasons she did not get the job was because of a concern related to her humility, according to the lawsuit.

The lawsuit also refers to a separate class-action lawsuit filed against the organization for workplace discrimination.

It is unclear where that purported other suit was filed. The now-former AFP official who is said to be part of that complaint is based in Arkansas.

Shortly after Gravely's lawsuit was filed, AFP moved to have the complaint transferred to North Carolina federal court.

After the case was transferred there, AFP said in a court filing that the group "specifically denies that [Gravely] was subjected to any discriminatory or retaliatory conduct."

Court filings show that Gravely dismissed her lawsuit, with the consent of AFP, dismissed her lawsuit "with prejudice" in late September.

Such dismissals, which bar a plaintiff from refiling the same kind of suit against a defendant, are routinely done in cases where the parties have reached an out-of-court settlement of claims.

Gravely declined to comment to CNBC. Her attorney did not return a request for comment.

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Influential Koch network rocked by an alleged affair scandal, donor departures and a discrimination lawsuit - CNBC