Back in 1980s, Yosemite National Park was having a serious problem with bears: They would wander into campgrounds and break into the garbage bins. This put both bears and people at risk.
So the Park Service started installing armored garbage cans that were tricky to open—you had to swing a latch, align two bits of a handle, that sort of thing. But it turns out it's actually quite tricky to get the design of these cans just right. Make it too complex, and people can't get them open to put away their garbage in the first place.
Said one park ranger, "There is considerable overlap between the intelligence of the smartest bears and the dumbest tourists." People are lazy and impatient. Bears lack some intelligence, but they have all the time in the world. Make the garbage cans too hard to open, and people will get annoyed. Make it more accessible, and the smartest bears with nothing better to do will be able to get in too.
Back in 1980s, Yosemite National Park was having a serious problem with bears: They would wander into campgrounds and break into the garbage bins. This put both bears and people at risk.
So the Park Service started installing armored garbage cans that were tricky to open—you had to swing a latch, align two bits of a handle, that sort of thing. But it turns out it's actually quite tricky to get the design of these cans just right. Make it too complex, and people can't get them open to put away their garbage in the first place.
Said one park ranger, "There is considerable overlap between the intelligence of the smartest bears and the dumbest tourists." People are lazy and impatient. Bears lack some intelligence, but they have all the time in the world. Make the garbage cans too hard to open, and people will get annoyed. Make it more accessible, and the smartest bears with nothing better to do will be able to get in too.
“To the extent it is used I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering,” the former Fed chairwoman said. Yellen’s comments have been cited as a reason for bitcoin’s recent losses. However, Yellen’s assessment of bitcoin as a inefficient medium of exchange is an important point and one that has already been raised in the past by bitcoin bulls. Using a volatile asset in exchange for goods and services makes little sense if the asset can tumble 10% in a day, or surge 80% over the course of a two months as bitcoin has done in 2021, critics argue. To put a finer point on it, over the past 12 months bitcoin has registered 8 corrections, defined as a decline from a recent peak of at least 10% but not more than 20%, and two bear markets, which are defined as falls of 20% or more, according to Dow Jones Market Data.
The SSE was the first modern stock exchange to open in China, with trading commencing in 1990. It has now grown to become the largest stock exchange in Asia and the third-largest in the world by market capitalization, which stood at RMB 50.6 trillion (US$7.8 trillion) as of September 2021. Stocks (both A-shares and B-shares), bonds, funds, and derivatives are traded on the exchange. The SEE has two trading boards, the Main Board and the Science and Technology Innovation Board, the latter more commonly known as the STAR Market. The Main Board mainly hosts large, well-established Chinese companies and lists both A-shares and B-shares.
