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OfflineSugabearcrisp
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Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing
    #27160751 - 01/21/21 06:09 AM (3 years, 2 months ago)

Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing
Harry Robertson

Jan. 20, 2021, 06:54 AM
Treasury secretary nominee Janet Yellen suggested the Joe Biden administration could be tough on Bitcoin and cryptocurrencies after huge price rises.

Janet Yellen on Tuesday expressed concern about cryptocurrencies like Bitcoin, whose price has surged.
Andrew Harnik/ASSOCIATED PRESS
Janet Yellen on Tuesday suggested lawmakers "curtail" the use of Bitcoin amid terrorism concerns.
Yellen said cryptocurrency transactions were used "mainly for illicit financing."
It was the latest sign that lawmakers and regulators could get tough on Bitcoin and Ethereum.

Janet Yellen, President-elect Joe Biden's nominee for treasury secretary, suggested on Tuesday that lawmakers "curtail" the use of cryptocurrencies such as bitcoin over concerns that they are "mainly" used for illegal activities.
There has been a surge in interest in bitcoin; its price has soared by about 300% in the past year. Bitcoin was down 7.59%, to $34,183.57, on Wednesday, while Ethereum was down 9.74%, to $1,259.97, after hitting an all-time high of more than $1,430 on Tuesday.
Yellen's comments suggested the incoming Biden administration could be hostile to cryptocurrencies and ramp up regulation. Watchdogs around the world, from the European Central Bank to the UK's financial regulator, have recently expressed concerns about cryptocurrencies like Bitcoin.


Sen. Maggie Hassan asked Yellen during her confirmation hearing on Tuesday about the dangers of terrorists using cryptocurrencies.

"You're absolutely right that the technologies to accomplish this change over time, and we need to make sure that our methods for dealing with these matters, with terrorist financing, change along with changing technology," Yellen said.
"Cryptocurrencies are a particular concern. I think many are used - at least in a transaction sense - mainly for illicit financing.


"And I think we really need to examine ways in which we can curtail their use and make sure that money laundering doesn't occur through those channels."
Yellen's comments echoed those of ECB President Christine Lagarde, who said last week that Bitcoin had been used for some "totally reprehensible money-laundering activity."
Major investors have expressed similar worries. Warren Buffet said last year that "Bitcoin has been used to move around a fair amount of money illegally." He said investors should "go short suitcases," as criminals would no longer need them to carry cash.
Cryptocurrencies are digital currencies that have no physical form and are not controlled by a centralized authority such as a central bank. This means they are largely unregulated and untraceable, making them appealing to criminals.
Read more:GOLDMAN SACHS: Buy these 25 stocks best positioned to juice profits in 2021 as stimulus and vaccine progress spur economic growth
But their advocates say the lack of central control makes them attractive in other ways. For example, they argue that Bitcoin can protect against the debasement of national currencies when central banks launch huge stimulus programs.
Bitcoin bulls are hugely excited by the recent jump in the cryptocurrency's price.

"The king of crypto is the base layer for an emerging alternative financial system," said Paolo Ardoino, the chief technology officer at the crypto exchange Bitfinex.
"Bitcoin is providing a solid foundation for a staggering array of projects, some of which will fundamentally change the nature of money by the end of the decade," Ardoino added. Bitcoin products include funds and options.
Regulators have urged caution. Earlier this month, the UK's Financial Conduct Authority said that people who invest in cryptocurrencies like Bitcoin and Ethereum could well "lose all their money."

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Invisibledurian_2008
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Re: Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing [Re: Sugabearcrisp] * 1
    #27161072 - 01/21/21 10:05 AM (3 years, 2 months ago)

I imagine a cheesy, plastic, children's play set, in which there is a red barn, cow, pasture, and wishing well. Do you own any of these things, in freehold, in your free country? Basic shelter and the elemental means of production.

Capital is actually something tangible.

It does not originate in a Yellenist-Marxist 5th Plank lending monopoly.

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Invisibledurian_2008
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Re: Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing [Re: durian_2008]
    #27161107 - 01/21/21 10:22 AM (3 years, 2 months ago)

In one iteration of a republic, called timocracy, social status was determined by your ability to feed your constituency.

No slumlord financier was allowed to starve the 'surplus laborers', like a mad cat lady. These people have been called the industrial army. Using sanitized language -- those reserved for menial labor.

Artificial shortage is a design feature of the official, monetary system.

You can cooperate, do as you are told, and fail, under present leadership.

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InvisibleBarnaby
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Re: Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing [Re: Sugabearcrisp]
    #27161196 - 01/21/21 11:23 AM (3 years, 2 months ago)

Well no shit.  Banking cartels forever and offshore accounts!

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Offlinesuperreggie
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Re: Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing [Re: durian_2008]
    #27161888 - 01/21/21 04:20 PM (3 years, 2 months ago)

And how is the US dollar more tangible than Bitcoin?

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OfflineSugabearcrisp
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Re: Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing [Re: superreggie] * 2
    #27162041 - 01/21/21 05:49 PM (3 years, 2 months ago)

Quote:

superreggie said:
And how is the US dollar more tangible than Bitcoin?



It is backed by nuclear arms

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Offlineelementblazin
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Re: Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing [Re: superreggie]
    #27162436 - 01/21/21 09:28 PM (3 years, 2 months ago)

Quote:

superreggie said:
And how is the US dollar more tangible than Bitcoin?




First let me begin by saying I'm a crypto investor, and a Bitcoin lover since 2011. I also invest in stocks, stock slices, and even real solid Silver (.999 and .9999 purity Bullion mainly, but some coins and "art bars" and other artful/fun pieces more meant for collecting than investing.

BUT Bitcoin first of all, isn't physically tangible for one. Can you actually look at, and FEEL a Bitcoin ( or any BTC cryptocurrency ) by holding it in your hand? No. Not physically tangible therefore.

Secondly, not tangible because the USD stays at a relatively fixed rate, BESIDES inflation, but that's with any currency over long time periods and heavy use in communities.
Bitcoin prices are CONSTANTLY fluctuating, meaning you could spend $500 USD worth of cash on bitcoin one day, and come back a few months later and the market price on it went down so much that you now only own about $50. It's possible, and sadly happens.

Thirdly, its all digital, and with the recent shutdown of the largest DNM currently *No Name Shall Be Used, RULEBOOK* but a quick google search shows what I'm saying if you type something about feds and seizing darknet markets (DNM's), there tends to ALWAYS be a fair amount (Pretty damn large) of crypto up in the air, whether it's a raid, or an Exit Scam. With an exit scam your crypto will go to the admin of the DNM and with a raid the feds (FBI and DEA included U.S. wise, although this raid was mainly Euro) get to pull all the crypto from the wallets, processing orders, etc. Anything not tied down.

*R.I.P. to a recent $200 of my bitcoin on an UNRELATED subject :wink:*


--------------------
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A minus sign (-) means I took it more than 20 minutes ago, but it's still active.

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OfflineNature Boy
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Re: Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing [Re: elementblazin]
    #27162909 - 01/22/21 06:11 AM (3 years, 2 months ago)

Fucking bitch ought to shut her trap and quit spouting lies.  BTC dropped 10% yesterday (recovering now) and she should know better than to trash a market with stupid, casual comments. Luckily she is only "nominated" at this point - but due consideration should be given to disqualifying her for speaking out of turn.  STFU, bitch!

:megapsycrankey:


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All submitted posts under this user name are works of pure fiction or outright lies.  Any information, statement, or assertion contained therein should be considered pure unadulterated bullshit.  Note well:  Sorry, but I do not answer PM's unless you are a long-time trusted friend.  If you have a question, ask it in the appropriate thread.

                                                                               

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OfflinePeterPumpkinEater
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Re: Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing [Re: Nature Boy]
    #27162923 - 01/22/21 06:20 AM (3 years, 2 months ago)

Janet Yellen's mentality is defunct in the new world order. The fiat dollar is inflating to an infinite shit-bomb, while bitcoin is and always will remain finite and de-inflationary as it becomes more pricey to obtain. My question about bitcoin really is, what will happen when all the coins are mined? Will people still run their mining rigs to support the currency? Because what will they profit then, once all the coins are mined? If someone can explain this I'd really be a happy chappy.


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Offlineviraldrome
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Re: Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing [Re: PeterPumpkinEater]
    #27163045 - 01/22/21 08:07 AM (3 years, 2 months ago)

Quote:

PeterPumpkinEater said:
My question about bitcoin really is, what will happen when all the coins are mined? Will people still run their mining rigs to support the currency? Because what will they profit then, once all the coins are mined? If someone can explain this I'd really be a happy chappy.




Miners confirm transactions on blockchain and get a percent. They will run the network after the last coin has been mined.

So many better coins than BTC but it looks like it will always be king. I only use crypto to buy drugs the only investing i do is sometimes wait a few weeks after getting coins to see if value goes up and I can get more drugs for free. It's 50/50 the price will drop and you get less drugs.


--------------------
Lysergamides I have tried so far: 1P-LSD, 1cP-LSD, ALD-52, AL-LAD, LSZ, ETH-LAD, MIPLA, EIPLA, 1cP-AL-LAD

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OfflineHikeadellic
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Re: Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing [Re: viraldrome]
    #27163072 - 01/22/21 08:42 AM (3 years, 2 months ago)

Look into the Point of Stake system that eth is moving to to get a better idea of what might happen after all coins are mined

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OfflineYokal
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Re: Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing [Re: Hikeadellic]
    #27163234 - 01/22/21 10:27 AM (3 years, 2 months ago)

It's fine, you lose some pennies it's all a game.

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OfflineNature Boy
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Re: Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing [Re: PeterPumpkinEater]
    #27163345 - 01/22/21 11:17 AM (3 years, 2 months ago)

Quote:

PeterPumpkinEater said:
Janet Yellen's mentality is defunct in the new world order. The fiat dollar is inflating to an infinite shit-bomb, while bitcoin is and always will remain finite and de-inflationary as it becomes more pricey to obtain.



:whathesaid:

Quote:

My question about bitcoin really is, what will happen when all the coins are mined? Will people still run their mining rigs to support the currency? Because what will they profit then, once all the coins are mined? If someone can explain this I'd really be a happy chappy.




Mathematically, that won't happen until 2150, so I wouldn't worry about it.  After that, there will simply be a finite amount of coins, (just like stamps or ancient coins, works of art by Rembrandt) and their market value will be simply what another person is willing to pay.  If there are more buyers wanting to buy the price will go up and vice versa.

Mining rigs have nothing to do with the value of bitcoin.  Their purpose is to generate a unique transactional blockchain hash that guarantees that no coin or fraction of a coin can ever be spent TWICE, like a counterfeit $100 bill in fiat money. The hash is considered a "solution" to a transaction, and the finder of the solution (miner) gets a tiny, tiny reward for the "proof of work" solution for the unique hash they generate.


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All submitted posts under this user name are works of pure fiction or outright lies.  Any information, statement, or assertion contained therein should be considered pure unadulterated bullshit.  Note well:  Sorry, but I do not answer PM's unless you are a long-time trusted friend.  If you have a question, ask it in the appropriate thread.

                                                                               

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OfflineNature Boy
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Re: Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing [Re: Hikeadellic]
    #27163365 - 01/22/21 11:27 AM (3 years, 2 months ago)

Quote:

Hikeadellic said:
Look into the Point of Stake system that eth is moving to to get a better idea of what might happen after all coins are mined




Again...not accurate.  While ETH and BTC move together around 82% of the time PRESENTLY (the congruence is dropping slowly over time) ALTCOINS like ETH are very different than BTC, and people conflate the two all the time. 

ETH is the native cryptocurrency of the Ethereum platform. It is the most actively used blockchain used by the developers of paid Apps and as more and more App developers use Etherium platform software beneath their Apps to get paid, Etherium's divergence from the past relationship with BTC's (aka "price-association") will continue to diminish.

I do not own a single BTC... and won't unless it drops below 20K per coin.  I have a shit-ton of ETH however, and buying on the dumps and selling on the pumps have made me excellent money over the past couple of months.


--------------------
All submitted posts under this user name are works of pure fiction or outright lies.  Any information, statement, or assertion contained therein should be considered pure unadulterated bullshit.  Note well:  Sorry, but I do not answer PM's unless you are a long-time trusted friend.  If you have a question, ask it in the appropriate thread.

                                                                               

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InvisibleHolybullshit
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Re: Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing [Re: Nature Boy]
    #27163779 - 01/22/21 03:14 PM (3 years, 2 months ago)

Quote:

Mining rigs have nothing to do with the value of bitcoin.  Their purpose is to generate a unique transactional blockchain hash that guarantees that no coin or fraction of a coin can ever be spent TWICE, like a counterfeit $100 bill in fiat money. The hash is considered a "solution" to a transaction, and the finder of the solution (miner) gets a tiny, tiny reward for the "proof of work" solution for the unique hash they generate.




He was asking what powers the blockchain if all the bitcoins were to be mined, and therefore people would have no more incentive to mine and all rigs are shutdown.

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Offlineviraldrome
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Re: Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing [Re: Hikeadellic]
    #27164475 - 01/22/21 08:50 PM (3 years, 2 months ago)

Quote:

Hikeadellic said:
Look into the Point of Stake system that eth is moving to to get a better idea of what might happen after all coins are mined




PoS is proof of stake.



https://en.wikipedia.org/wiki/Proof_of_stake


--------------------
Lysergamides I have tried so far: 1P-LSD, 1cP-LSD, ALD-52, AL-LAD, LSZ, ETH-LAD, MIPLA, EIPLA, 1cP-AL-LAD

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OfflineFailboat
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Re: Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing [Re: superreggie]
    #27164924 - 01/23/21 06:16 AM (3 years, 2 months ago)

Quote:

superreggie said:
And how is the US dollar more tangible than Bitcoin?



Because its physical material, not digital information.

I know where my cash is, and I can always choose to touch it.

Silver has value on lot, might be better than my portfolio:lol

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InvisibleHolybullshit
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Re: Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing [Re: Failboat]
    #27165073 - 01/23/21 08:50 AM (3 years, 2 months ago)

But there aren't enough paper dollars to account for how many dollars exist on paper. You could store your bitcoins in a hardware wallet and touch it with your hands as well. In fact, theoretically, you could store every bitcoin in a hardware wallet...you can't say the same thing about the US dollar and paper bills.

Not that this means anything, Yellen never even used the word tangible...it has absolutely nothing to do with the debate other than Durian throwing in a reference in his fruitcake of a post that reads like it was written by AI.

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OfflineNature Boy
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Re: Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing [Re: Holybullshit]
    #27165121 - 01/23/21 09:24 AM (3 years, 2 months ago)

Quote:

Holybullshit said:
He was asking what powers the blockchain if all the bitcoins were to be mined, and therefore people would have no more incentive to mine and all rigs are shutdown.




I thought I addressed this by analogy, but since my message seems to have fallen short, let me add the following:

#1:  There already is no incentive (or a LOT, LOT less) to mine bitcoin.  If you want, I can hook you up with a YT video that explains it.  Mining BTC is no longer financially viable unless you have $200,000 or MORE to invest in hardware, and that hardware needs to be located in a region where electricity is at 5 cents or less per kilowatt-hour.  That is why mining farms exist and graphics cards (which have a high hash rate) got so uber-expensive.

#2:  In 2020, BTC HALVED the amount of reward it would pay for a successful solution of a block.  HALF!!  This was offset partially by the increase in value of the coins.  The reward is set to halve AGAIN in the not-too distant future.

When there are no more coins to mine (or being mined)...so what???  There are no more Rembrandts being painted, either.  Scarcity makes them MORE valuable...and it certainly does NOT mean BTC will ever have no value, for the exact same reason.


--------------------
All submitted posts under this user name are works of pure fiction or outright lies.  Any information, statement, or assertion contained therein should be considered pure unadulterated bullshit.  Note well:  Sorry, but I do not answer PM's unless you are a long-time trusted friend.  If you have a question, ask it in the appropriate thread.

                                                                               

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Invisibledurian_2008
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Re: Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing [Re: Failboat]
    #27165295 - 01/23/21 11:38 AM (3 years, 2 months ago)

I'm not saying how the money system necessarily has to work.

We may go back to an older model or figure out a better model, entirely.

My understanding is that capital is tangible, and we are not technically capitalist.

For example:
https://www.tapatalk.com/groups/catholicreformation/the-ten-planks-of-the-communist-manifesto-t12589.html#:~:text=The%20Ten%20Planks%20of%20The%20Communist%20Manifesto%201,all%20rights%20of%20inheritance.%20...%20More%20items...

The pivotal justification for a Central Bank was to control booms and busts. In investment, though, you avert risk by spreading your bets, not by putting all your eggs in one basket.

Further, Freddie Mac vs. Fanny Mae type-of dialectics are wasteful makework -- not especially invigorating, in any way I can put my finger on. :shrug:

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