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Duel on Syrtis

“Choose a job you love and you'll never have to work a day in your life” Confucius.” The trade of  trader,  which was until very recently exclusively reserved for the most brilliant students from prestigious training courses such as polytechnic, central, or HEC, is now accessible to everyone for the following reasons: The launch of CFDs. The development of online brokerages. The purpose of this article is to introduce you to the different training courses available to you if you want to become a trader in 2022, with or without a diploma. Before Jumping into the article i suggest you read my last article about . Becoming a Private Home Trader with few useful tips What you will learn by reading this article: What is a Trader? The Different Trader Profiles. Training to Become a Trader by Following Academic Paths. How to Become a Trader without a Diploma What is a Trader? Adored or hated, the trader rarely leaves people indifferent, because this profession is often associated with prestige and social and financial success. The trader is indeed often associated in the collective imagination, with the supercharged golden boy, who earns millions of euros, sniffs coke rails, and assiduously frequents prostitutes. The media or many films like The Wolf of Wall on Wall Street have fueled mistaken beliefs about traders. The trader is a profession that fascinates and fuels heated debates when stock market crashes occur because he then becomes the perfect scapegoat, someone who is driven only by greed and stripped of all moral values. But the reality is quite different …… There are several categories of traders with very specific skills, knowing that the most well-known trader, in the eyes of the general public, is an employee or an independent private investor, who buys and sells financial assets, to achieve only profits. Values rise or fall, and he works on behalf of his clients or the financial institution for which he works, where applicable on his account. Unlike the fund manager who buys securities with a long-term horizon, the trader is a speculator who makes bullish or bearish bets on stocks, bonds, currencies, commodities, cryptocurrencies, rates or derivatives such as warrants, turbos, options, CFDs depending on their specialization and trading style (scalping, day trader or swing trader). The scalper is a speculator who compulsively, if not frantically, buys and sells various securities, derivatives, rates, commodities, or cryptocurrencies. The scalper on the foreign exchange or currency market, also called Forex, only wants to scavenge a few pips or points, for buying or selling, by keeping his positions for a few seconds or only a few minutes. Scalping is a trading style reserved for the most seasoned traders because it is a very stressful and very tiring activity that requires maximum concentration and composure at all times when the trader is working with effects very lever important. It is not uncommon to see traders with trading volumes that can reach up to 500 orders per day. The day trader is a speculator who buys or sells various financial assets with a lower transaction volume than the scalper and whose main common point is to close all his positions before the markets close. The swing trader is a market operator who works with different financial instruments (stocks, bonds, rates, commodities, forex) and whose objective is to surf a new bullish or bearish wave while maintaining his positions over several days, see weeks or months depending on the trend of the financial asset. The scalper, day trader, or swing trader works only with stock charts, which represent the price of the financial instrument, and mostly uses technical and chart analysis to make buy or sell decisions. 20th-Century Trader Versus 21st-Century Trader When employed, the trader works in a corporate and investment bank, a hedge fund (non-listed investment fund), a broker who offers investment services, an insurance company, or on behalf of a multinational listed on the stock exchange such as Total or EDF who need traders to carry out hedging operations on the foreign exchange market (FOREX). The twentieth-century trader who vociferated on the floors no longer exists because of advances in information technology, not to mention the development of information and communication technologies with the rise of the Internet. The Brongniart Palace, which was founded in 1808 at the request of Napoleon I, was the seat of the Paris Stock Exchange from 1826 until 1998. The development of information technology spelled the end of quotations and auction transactions which ceased in 1987 to be replaced by electronic exchanges. Discretionary trading was the unique and only form of trading, before the arrival of microcomputers and the massive development of trading algorithms, which gave birth to systematic trading, where all trading operations are fully automated with speeds of transactions calculated in microseconds! We are thus witnessing a paradigm shift, with the new era of systemic trading in the 21st century, as traders are now replaced by trading algorithms and engineers whose main task is to ensure that the algorithms work properly. Corporate and investment bank Goldman Sachs, which employed 600 equity traders in 2000, drastically reduced its payroll, as it only employed 2 equity traders in 2017. The 598 traders who were let go were replaced by 200 IT engineers. The Different Trader Profiles Below are the main profiles of traders with specific skills: Owner traders who speculate with corporate and investment bank equity are the most well-known traders in the eyes of the general public. The job is very profitable when the objectives are achieved with bonuses that can reach several million dollars. Arbitrageurs traders unlike speculator traders do not take risks in the financial markets, because their job is to buy a share that is listed on several stock exchanges at the lowest price, to resell the title at the highest, according to offers offered by other stock exchanges. Market makers are traders who quote unregulated derivatives such as warrants, turbos, or CFDs. They are remunerated (variable part) according to the margin generated. Traders who carry out hedging transactions execute the orders of their clients who wish to protect themselves from a fall in prices within the framework of their professional activities as is the case with farmers or wheat traders for example who buy wheat futures contracts to protect themselves from a drop in the price of their crops. Sales traders are salespeople whose objectives are as follows: Open as many customers as possible. Increase the transaction volumes of corporate and investment banking, hedge fund, or stock brokerage clients. Investment traders within a corporate and investment bank have the role of participating in the IPOs of companies. They also participate in bond issues. The traders of the Republic are civil servants who work at the Ministry of the Economy and Finance, within the France Trésor agency, which manages the debt service and whose mission is to borrow money at the best price, from institutional investors to finance the operating expenses of the state. The Pompidou Giscard law of January 2, 1974, was a turning point in the history of the Republic because it prohibited the French government from borrowing money from the Banque de France, and thus forced the state to seek funding from French and foreign commercial banks, which charge interest rates based on the country's credit rating and the rate set by central banks. Article 123 of the Lisbon Treaty (which cancels and replaces the old article of the Maastricht Treaty) is unequivocal, as it clearly states the prohibition for all member states to borrow money from their bank. central. They are thus forced to borrow liquidity from the following major international commercial banks: Goldman Sachs Citigroup Bank of America JP Morgan UBS BNP Paribas Societe Generale Natixis Agricultural credit Deutsche Bank #The typical day of a salaried trader Below is a typical day for an owner trader working in a corporate and investment bank trading room: From 7:00 a.m. to 9:00 a.m. The days of an owner trader in a corporate and investment bank (BFI) are very long and begin at 7:00 a.m. with the evolution of the Asian market (the SSE Composite Index, the Nikkei 225) and the analysis of the closing of the American stock markets (S&P 500, Dow Jones, Nasdaq) which closed at 10 p.m. the day before. The trader will also consult the macroeconomic agenda, the calendar for the publication of company results, and the financial and economic news of the day. He will then analyze the market trend thanks to the technical / chartist analysis and build a trading plan to finally prepare his 1st orders for the opening of the main European markets (CAC 40, DAX, the FTSE 100, the EURO STOXX 50). 9:00 a.m. to 5:30 p.m. A trader's hectic day begins at 9:00 a.m. with the opening of the European stock exchanges and ends at 5:30 p.m. knowing that us exchanges open at 3:30 p.m. with a pre-opening at 3:00 p.m. From 5:30 p.m. to 10:00 p.m. At the close of European markets at 5.30 p.m., the trader takes stock of his transactions. He monitors the evolution of the US markets, analyzes the impact of macroeconomic statistics on the index trend, and will keep an eye on how institutional investors are reacting following the traditional publication of corporate results. Training Courses to Become a Trader in 2021 There are several training courses to become a trader in 2021 as you will see below. The trader profiles that are retained by the CIBs (financing and investment banks) and financial institutions are quite specific because they favor candidates with mathematical profiles who are graduates  with specializations in finance markets, such institutions like The Polytechnic School, The Central School, etc. The Academic Path If you are brilliant in mathematics, it will be necessary to orient yourself towards scientific training, to obtain a scientific baccalaureate S with honors at least, then to do the preparatory classes in math sup, math spé and then prepare for the competitive examinations of the engineering schools. Contrary to what you can read on the Internet, you will never become a trader in a prestigious financial institution, (with a few exceptions which can be counted on the finger of one hand), if you have not followed a high school engineer or a business school such as HEC. The classic third cycles (DESS, MASTER) offered by universities or second-tier business schools, make it possible to integrate administrative positions at most in the back office and middle office of the trading rooms. Applicants should be bilingual in English knowing that fluency in other foreign languages is highly appreciated if you wish to pursue a career in foreign countries. Below are the qualities you are looking for if you want to become a profitable trader: Discipline. Concentration. Stress resistance. Humility. Responsiveness. A mind of steel. In terms of development prospects, a trader can become in the medium term responsible for a small team of a "desk" of traders and in the long term in charge of a trading room. The Main Financial Cities to Work as a Trader The are: top 10 financial cities to work as a trader Boston, Massachusetts, USA Chicago, Illinois, USA Dubai, United Arab Emirate Frankfurt, Germany Hong Kong, China London, England New York, New York, USA San Francisco, California, USA Tokyo, Japan Zurich, Switzerland The salary of a novice trader consists of a fixed and a variable remuneration according to the result and the performances which have been fixed by the manager. The bonuses of the New York traders on Wall Street peaked in 2017 with $ 24.5 billion collected according to Thomas DiNapoli, Controller of the State of New York. The sums are enough to make you dizzy ......! The corporate and investment bank, Deutsche Bank, however in difficulty, is not left out with the payment of 2 billion euros in bonuses in 2017. What are the advantages and disadvantages of being an employee trader of a bank or a financial institution? ✔ The status of the employee. ✔ The bonuses are very high and unlimited depending on the performance achieved by the traders. Advantages : ✔ The working days are very long from 7 a.m. until sometimes midnight. ✔ Stress is very important. ✔ The competition is very tough between traders. ✔ The prospects for development remain limited. The inconveniences : The profession of trader is threatened by the development of artificial intelligence and systematic trading as we could see with the abolished positions at Goldman Sachs. How to Become a Profitable Trader without a Degree? Fortunately, there are alternatives, if you want to become a trader, without having to follow the training offered in major engineering schools. If you did not graduate from a major engineering or business school or if you simply do not have a diploma, today it is possible to become a freelance trader from your home for the following reasons: The launch of CFDs. Online trading. Online brokers. Online trading training. Trading, which was once the prerogative of professionals, is now widely accessible to the general public, since November 1, 2007, following the European Mifid directive (Market in Financial Instruments Directive), which democratized access to trading. by authorizing, among other things, the launch of CFDs. CFDs are unregulated financial instruments that allow retail investors to trade in various markets that were once reserved only for professionals such as stock indices (CAC 40, DAX, S&P 500, DOW JONES, NASDAQ, etc.), the currency market or forex, commodities, rates but also cryptocurrencies and stocks. CFDs are derivative products that are very successful because they allow individuals to speculate up or down in financial markets around the world with a low initial investment. It is possible to learn the basics of trading for free if you are new to the following training course to learn to trade for free. You can also buy books, ebooks or follow private training in person or remotely. It is possible to become a profitable freelance trader without graduating from a major engineering school by following the best online trading training. Below are the Main Advantages if You Want to Become an Independent Trader. The ability to earn a comfortable second income and thereby increase your net worth by spending just 30 minutes a day. The freedom to work where you want if you want to make a   living from trading. Below are the Main Drawbacks if You Want to Become a Freelance Trader. Isolation if you want to become a trader to earn a living from trading. Addiction to trading if you only scalp the financial markets. The delicate management of emotions if you are new to trading. Do you have to be a genius to become a trader or do you just have to take the training? Does success in trading require innate qualities or is it possible to learn to trade, is this a question that has often been asked by many professionals? It pitted the brilliant commodities trader Richard Denis against his partner William Eckhardt. According to Richard Denis, you don't have to have any gifts or innate qualities to be successful in trading, because you just have to learn and follow rules to win on the stock market. His partner William Eckhardt took the opposite view, arguing that it takes talent to become a profitable trader. “We are going to breed traders like we do turtle breeding in Singapore”. Richard Dennis. It is in his terms that Richard Denis decided to launch the crazy bet of recruiting ordinary people, via classified ads in the newspapers, to teach them in two weeks the rules of trading. The successful applicants formed a group that had been called the  “turtles”  and achieved the feat of earning $ 175 million over 5 years with an average performance of 80% per year. Curtis M. Faith who was the youngest and brightest trader of the 19-year-old group wrote a book  “The Strategy of the Turtles”  which describes precisely the trading strategies that had been employed by the traders. Numerous studies and research in psychology have shown that expertise in a field does not come from innate qualities but only through work and learning. According to Tom Baldwin, a legendary self-dictating trader who successfully speculated our treasury bonds, T bonds, on the Chicago floor,  there is  no need to graduate from a major engineering school  to become  profitable in a purse  because according to him: The smarter you are, the worse off you will be. The more you know, the worse it will be for you. The greatest traders in the history of the stock market are not geniuses in mathematics who graduated from engineering schools and employees in financial institutions but simply ordinary self-taught people who started with very little capital. The Greatest Independent Traders of the 20th and 21st Century Jesse Livermore who came from a very modest background is a legend on Wall Street because he amassed a fortune that had reached nearly $ 100 Million starting from zero. He learned the rules of speculation when he was committed. He was a “killer” in the art of speculation and is considered to this day by his peers as the most brilliant speculator. Jesse Livermore was first a day trader before becoming a successful swing equity trader. He used the “break out” as a trading system and did not hesitate to strengthen his positions up or down when the market proved him right. Nicolas Darvas was a professional dancer who successfully speculated in the equity markets, amassing a fortune of $ 2 million in 1960 in just 18 months. Time Magazine paid tribute to him by offering him his cover. He was also a talented swing trader who only speculated on the upside of New York Stock Exchange stocks. Like Jesse Livermore, Nicolas Darvas was a trend follower who also used breakout as a trading system to trade stocks. He only speculated on the stock market when the market was bullish, not hesitating to stay away from the stock market for several months when the conditions were not met to initiate a trade. He also pyramided his positions like Jesse Livermore, to make even more money, when the market confirmed his trading plan. Tom Baldwin is a living legend on the Chicago Board of Trade (CBOT) floor as he was the only independent trader to create movement in the US T Bond market, according to the Wall Street Journal. After working as a “meatpacker” in Ohio, he decided to quit his job, on the advice of a friend, to start a career as a freelance trader on the CBOT floor in the absence of training. financial markets. He started in 1982 with a capital of only $ 25,000 to become a millionaire in the space of 1 year! Dan Zanger is another US proprietary trader who holds the world record for equity returns because he achieved the feat of turning an initial capital of $ 11,000 into $ 18 million in just 18 months or a return of 164,000. %! Dan Zanger is also a swing equity trader like Jesse Livermore and Nicolas Darvas and uses the same “break out” trading system. Sylvain Duport is a French swing trader whose performances make you dizzy ……. Because he distinguished himself in 2004, during a trading competition called “Capital trophies” (sponsored by the broker Cortal Consors) and in which he recorded a performance of 500% by finishing 1st in the competition in just 1 month! But he did not stop there, far from it! He repeated the feat with a performance of 3000% on his stock market portfolio to finish at 8000% 1 year later!

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The New EU Attack on Bitcoin.

Violent people are hell bent on destroying the usefulness of the internet. They stoop to using force to protect their broken business models. They are immoral, and doomed simultaneously. John Matonis has on his blog. In it, he logically goes through some of the issues surrounding Bitcoin. It is well worth reading. One section however, spurred this post. It’s the part about ideas on ‘virtual goods’: an excellent post ‘Monetary Future’ Vili Lehdonvirta’s I am worried that Bitcoin is a step too far as it leaves no possibility for even democratic governments to enforce their laws. This is a topic I would love to debate with the community and hear opposing views. I think the end result could be a better understanding for me, but also a better understanding for the Bitcoin community on how to live in harmony with democratic authority. Absolutely astonishing. A Towards or away from exactly? We Democratic authority, to us, is inherently illegitimate, evil, immoral and completely unjustifiable. There are people who are attracted to Bitcoin As for it being a step too far, we must bear in mind that no one is forcing anyone to use Bitcoin. You decide on your own to use it, and if it succeeds or fails, you take the benefit or profit or losses respectively. Violent Statists are of course, vehemently opposed to free trade, voluntary exchange and liberty. ‘step too far’? what do not want to live in harmony with “democratic authority”. precisely because it is beyond the control of “democratic authority”. Bitcoin is to the Statist as sunrise is to Dracula. Matonis chimes in with… For the most part, I respect Vili Lehdonvirta’s academic work on virtual goods ownership, but he harbors confused thoughts on the broader acceptance of bitcoin through dilution of its most beneficial properties, because he mistakenly extends the notion of virtual goods legal recognition to virtual currency legal recognition. Fascinating. The Statists from the legal profession class are described by Murray Rothbard in as follows: ‘For a New Liberty’ We see clearly why the State needs the intellectuals; but why do the intellectuals need the State? Put simply, the intellectual’s livelihood in the free market is generally none too secure; for the intellectual, like everyone else on the market, must depend on the values and choices of the masses of his fellow men, and it is characteristic of these masses that they are generally uninterested in intellectual concerns. The State, on the other hand, is willing to offer the intellectuals a warm, secure, and permanent berth in its apparatus, a secure income, and the panoply of prestige. […] since the early origins of the State, its rulers have always turned, as a necessary bolster to their rule, to an alliance with society’s class of intellectuals. The masses do not create their own abstract ideas, or indeed think through these ideas independently; they follow passively the ideas adopted and promulgated by the body of intellectuals, who become the effective “opinion moulders” in society. And since it is precisely a moulding of opinion on behalf of the rulers that the State almost desperately needs, this forms a firm basis for the age-old alliance of the intellectuals and the ruling classes of the State. The alliance is based on a quid pro quo: on the one hand, the intellectuals spread among the masses the idea that the State and its rulers are wise, good, sometimes divine, and at the very least inevitable and better than any conceivable alternatives. In return for this panoply of ideology, the State incorporates the intellectuals as part of the ruling elite, granting them power, status, prestige, and material security. Furthermore, intellectuals are needed to staff the bureaucracy and to “plan” the economy and society. […] In all societies, public opinion is determined by the intellectual classes, the opinion moulders of society. For most people neither originate nor disseminate ideas and concepts; on the contrary, they tend to adopt those ideas promulgated by the professional intellectual classes, the professional dealers in ideas. Now, throughout history, as we shall see further below, despots and ruling elites of States have had far more need of the services of intellectuals than have peaceful citizens in a free society. […] For States have always needed opinion-moulding intellectuals to con the public into believing that its rule is wise, good, and inevitable; into believing that the “emperor has clothes.” Until the modern world, such intellectuals were inevitably churchmen (or witch doctors), the guardians of religion. It was a cozy alliance, this age-old partnership between Church and State; the Church informed its deluded charges that the king ruled by divine command and therefore must be obeyed; in return, the king funneled numerous tax revenues into the coffers of the Church. Hence, the great importance for the libertarian classical liberals of their success at separating Church and State. For a New Liberty The whole idea of ‘Digital Goods’ is a , created by Statist professionals in order to gain a foothold in the emerging digital economy that threatens to disrupt their authority and completely replace the old world economy in many areas, specifically the delivery of films, books and music, and now through Bitcoin, the process of moving money around the globe. fallacy The fallacious notion of ‘Digital Goods’ is pyramided on the idea that copyright (an artificial concept of the State) is legitimate and logical. As is the case with copyright, the idea of Digital Goods conflates the correct idea of with a false right in , which can be infinitely copied, transmitted and transformed without loss. property rights in real-world physical goods intangible pure information An idea can have a human originator, but once that idea is conveyed to another man, it resides in the mind of that man. The only way that you can prevent that second man, the receiver, from using this idea is to initiate force against him. On this basis alone copyright as a legitimate idea falls, since it violates . I will leave it to you to . I also strongly recommend that you read ‘ ‘. the non aggression axiom explore the rest of this idea at your leisure Against Intellectual Monopoly Bitcoin is an extraordinary and important innovation. It is the first system where a ‘Digital Good’ cannot be double spent. That means Bitcoins can be duplicated perfectly an infinite number of times, but they cannot be spent more than one transaction at a time between two people. Bitcoins retain all the qualities of information (near zero cost transmission, infinite transformability, infinite lossless replicability), but the Bitcoin ecosystem changes them into something that has some of the qualities of physical property, whilst retaining all of the advantages of pure information. You can actually own a Bitcoin secure in the knowledge that even though everyone can read your Bitcoin, make copies of it, and see it in the Block Chain, You can copy Bitcoins ad infinitum, but inside the system is the only place where they have value or more accurately, utility. Bitcoin is the first instance of a digital representation that has some of the scarcity properties of a physical good. they cannot steal it from you and spend it. Interestingly, this idea if transposed onto a music file, picture or film, could not work to prevent people using (double spending) those things, because there is no inherent value in owning a digital copy of a music file, film or book. Imagine that instead of digital signatures, the Bitcoin block chain was used to control signed MP3 files. You could then have an ecosystem where unique copies of tracks (unique in that they were digitally signed, could not be forged and ownership was verifiable) could circulate for payment. The problem with this is that in this scenario music has two uses, one when it is stored in a file, and another when it is played in a music player, as well as being a string of numbers stored somewhere. There is also the ‘problem’ of the intent of music creators being that the same music is available to many people all at once. Bitcoins do not have any use other than to confirm that they are owned by someone. This is why they can be used to transmit money over the internet. A digression, but interesting nonetheless, because this is the sort of thinking the large media companies should be doing or paying to have done for them, if they want to survive in any form over the next decade. Apart from the revolutionary and singular case of Bitcoin in the Bitcoin ecosystem, all digital representations of ideas have zero intrinsic value, because they can be copied at a cost that approaches zero. In fact, the more copies there are, the lower the cost of obtaining a copy becomes because there are more storage locations to get them from and the cost of your time to search for them decreases. On some level, the law industry understands this, as they put pressure on Google to remove search results that point to files they claim contain ‘intellectual property’ belonging to their clients. Digital technology has changed the way the world handles information forever. Trying to superimpose the outmoded, ridiculous and erroneous 19th century ways of thinking about property and business on people living today is a fruitless and anti-human endeavour. What’s more, it does not make everyone more honest and make business more efficient. Look at the dispute resolution mechanisms in eBay and Amazon, and you get a glimpse of how the free market works to protect everyone and benefit everyone. The State does not poke its snotty nose into the dispute resolution systems of these online services and the vast majority of transactions happen without any problems, and where there are problems, they are resolved within the mechanisms of the services to everyone’s satisfaction. Just as the buggy whip makers, the lake ice industry and all superseded industries were eliminated by progress, the notion that music, books and any work that can be digitised should remain scarce, by force, is an astonishingly evil idea. The difference in people today as compared to those living in the age of the horse and cart it seems, is that this generation of men is not sufficiently agile, and a subset of them is unwilling to pivot and change business models to deal with the new reality. This is probably due to the very rapid pace of change, and the fact that there appears to be no future whatsoever for the people in the business of hoarding and supplying scarce information distributed in physical containers. They are squeezing this model for every drop of blood they can get before it becomes untenable to ask for money in exchange for physical discs or files. Ill informed and self interested cronies and Statists are trying to keep man in horses and carts when the internal combustion engine car is in the garage of every home. It simply doesn’t make any sense on any level, is immoral, and the only reason why they can get away with it is they have an agent with the monopoly of violence to back them up: the State. In absentia of this force, no one would listen to the Statists, the MPAA/RIAA, the luddites, the lawyers, or the buggy whip manufacturers. Since they offer nothing of value, they would simply be ignored. I predict that there will come a time when none of these people are taken seriously, and they are all ignored and sidelined. The world simply will not be held down to the level of Stone Age Man to suit the needs of a vanishingly small number of venal, violent and ignorant men and their blinkered apologists. The dispute resolution systems that are an emergent property of sites like Amazon and eBay will spread out into the real world, making the State and its proponents redundant. It would be a fascinating project to try and separate these arbitration services and generalise them so that the public could use them instead of the courts of the State. The fact of the matter is that lawyers have no right to tell anyone how to voluntarily exchange goods and under what terms those goods are to be exchanged. Their role is to arbitrate in disputes where both parties agree to be subject to the rules of the arbitrator, and nothing more. Because the vast majority of humans can exchange without disputes, they must create conflict in this area to maintain their social status and incomes, with the help of the State. This is why lawyers support the fallacious idea of copyright, and why they want to extend this sickness to Bitcoin, and all areas online. The Statists refuse to accept reality, or cannot understand it, or understand it and actively fight to control it with violence. Lawyers especially have the most to gain from keeping the immoral, illogical and absurd copyright laws in force. Or they? do The fact of the matter is that once copyright laws are removed from all statute books, the amount of work for lawyers will not decrease, but will in fact increase, as creative people adapt to the new business models. For example, no one has the right to steal a physical disk from anyone. If a musical work is created and stored in a fixed medium, and the right to be the first to sell it is sold to someone, a person who steals that disc and releases what is stored on it could be held liable for the damage caused to both contracting parties. A disc of an unreleased highly anticipated pre-sold masterpiece would have an agreed value that is set out in a contract, and a value in pre-sales. Once it is leaked by theft and no one will pay for it, losses have been imposed upon the creative party, since exclusivity has been broken by the thief. In this scenario, damages are not calculated by how many copies are in the wild but by the fact that a physical disc has been stolen, its contents leaked and sales potential has been destroyed through cancellations. This is of course, completely separate from a work that is released on a disc, sold to a person, and that person making a copy for whatever reason. This is , for reasons laid out clearly in . entirely legitimate Against Intellectual Monopoly This scenario is the same as someone breaking into a jewellery store and stealing a diamond necklace. Once that necklace has been stolen, it cannot be sold to someone else. The scenario of a pre-release disc being stolen and released is even worse, because the irreplaceable, unique first use opportunity has been destroyed forever. This is the true nature of the damage and theft done to both parties by this sort of act; the value of such a theft can be estimated and a valid moral claim made against a thief. Once again, this has nothing to do with the _subsequent_copies made by people who got a hold of the data by whatever means. I use the example of the theft of a necklace deliberately, because it is used by the copyright monopoly to justify everyone being forbidden from making copies of what they own. Note how I am separating what you have legitimately purchased from the the act of copying destruction of potential by an unauthorised pre-release of a stolen disc. There are many other circumstances where fault can be placed in this scenario. For example, if one party fails to maintain security and this is the cause of the leak, someone is at fault and has to pay. This can be laid out explicitly in a contract. These byzantine details are the job of lawyers to sort out, set terms for and organise. It is for lawyers to define these agreements, fix the agreed penalties, pursue the wrong doers in case of a breach of information. This would be a huge amount of complex work, worth an enormous amount of money. Lawyers are of a world without copyright. major beneficiaries Of course, once a suite of music or book or other information is released, it can be copied ad infinitum, but then the next thrill is the thing that is valuable, and the public has an insatiable appetite for the new; this is just one possible model for the creative to explore, and of course, since they the creative, its up to them to think of new ways of approaching the market in a reality where every idea can be copied and can spread world-wide in a matter of hours, if you hit exactly the right note. are The ignorant, imagination-less Statists want to prevent this astonishing world of the super abundance business model from fully emerging. They are doing everything they can to wreck the exponential growth of tools, contracts and technology that will unarguably benefit the entire planet, for the sake of a handful of ignorant, comfortable, computer illiterates. Unfortunately for them, the harder they push against the internet, the stronger it becomes. Every service they have tried to cripple has either resulted in that service strengthening or spawning new services. Bulletin Board Systems, IRC DCC channels, Napster, Gnutella, Bittorrent are all examples in chronological order of how software outpaces the luddites, and of course, that list excludes the peripheral discoveries like MP3 that fuel the creation of new services. This is a battle that they cannot win and which they win, because they have no case or moral foundation . should not whatsoever Two Madelines, and a hot chocolate ⤵

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