What's the story behind the large-denomination bills that the government used to issue? Inthe federal government overhauled its system of printing banknotes. However, the Treasury also issued larger denominations. His name might not be as familiar as those of the presidents featured on the other big bills, but once upon a time Chase was a big wheel in American politics. Chase, a midth century politician, served as Chief Justice of the United States, spent stints as Ohio's governor and senator, and was Lincoln's first Secretary of the Treasury.
He Who face is on the 500 dollar bill in the right place at the right time. When the federal government started issuing greenback notes inChase, as Secretary of the "Who face is on the 500 dollar bill," was in charge of designing and popularizing the new currency.
Believe it or not, it wasn't just to save space in fatcats' wallets. When the Treasury started printing these giant bills, their main purpose was making transfer payments between banks and other financial institutions. Once transfer technology became safer and more secure, there really wasn't much need for the big bills anymore.
The Bureau of Engraving and Printing only made these notes during a three-week stretch during December and January They were only used for official transactions between Federal Reserve Banks, and the Treasurer of the United States only issued them to Fed banks that had an equal amount of gold in the Treasury.
The note featured a picture of Woodrow Wilson. It's not like the Bureau of Engraving and Printing had to stop the presses, either; the bills hadn't seen an actual print run since When the Treasury discontinued the bills, they rapidly fell out of circulation. Although the Treasury is no longer issuing these bills, according to the Fed they're still legal tender. Who face is on the 500 dollar bill wouldn't be the smartest move, though. Most of the high-denomination bills that are left in circulation are in collectors' safes, and at auction the bills tend to fetch prices that far exceed their face values.
If you put it in your safety deposit box, your bill will be safe. Deposit the historical loot into your checking account, though, and it's bad news for the bill. You'll get the cash deposited in your account, but since the order to stop distributing these bills, Fed banks have been pulling the notes from circulation and destroying them whenever they are received.
Of course, there are other potential pitfalls to depositing a big bill, like blowing your cover when you're on the lam. Last February, three teenagers in Texas Township, Michigan, swiped one of their parents' safes and drove to Birmingham, Alabama, with their booty. The police nabbed the thieves after a call from a suspicious teller.
Nope, but that doesn't mean that people haven't tried to make one. Police quickly arrested her. It's hard to say what's more ludicrous: As long as you don't try to spend it or deposit it, you're in the clear. However, since the bill changes hands less frequently than other denominations, it's not printed as often, either.
Since the inception of the medium, television has always been seen as a cheaper yet more marketable alternative to film. Some of the most beloved series in television history have had massive budgets and, surprisingly, so have some of the worst.
While this certainly demonstrates Disney's faith in the project, it also makes the show, which is still in the early stages of pre-production, one of the most expensive series ever produced for television. Here are 10 other series that share that descriptor.
Come on, you knew HBO's smash fantasy epic was going to top this list. Virtually everything is shot in exotic locations, it costs a lot to make those dragons look realistic, and actors who weren't household names in the show's beginning certainly are now and command a higher salary because of it. But the company isn't likely to fold anytime in the near future, in no small part because of shows like The Crown.
Quentin Tarantino even directed an episode. The series hit its peak between andwhen NBC seemed happy to essentially hand producers a blank check. Netflix's whole business model is based on its appeal to niche audiences, which can be remarkably successful or an unmitigated disaster. It was intended to have a second part, but Netflix canceled it after no immediate return was seen. By the end of its run, Friends had become a generation-defining show—and its cast knew it.
Just a few weeks later, Netflix happily renewed the series for a second season with the same basic budget, which ultimately ended up being its last. But its initial success is also regularly cited as the reason we have shows like Game of Thrones.
Apparently, the Wachowskis insisted on filming everything on location, meaning they had to pay for long-term filming permits in nine different metropolitan areas around the world. And what about the other equally mysterious cryptocurrencies, which have been called everything from the future of money to a pyramid scheme? What is all this fuss about? One of the most popular metaphors for how cryptocurrencies work involves the Pacific island of Yap. According to NPRthe residents long ago learned of a distant island with large limestone deposits.
The islanders brought back large discs of rock which they eventually turned into a form of currency—not for every day purchases, but for major outlays. These rocks could weigh as much as a car, so when they changed hands they were rarely actually moved. The islanders dealt with this conundrum by having an oral transaction history, so everyone knew that the rock was not lost. It did have a new owner. In fact, you could argue that they had a kind of public ledger, because everyone knew how many rocks everyone had.
Disagreements rarely arose because of the distributed nature of that information. This is akin to one of the most important elements of cryptocurrency: At its core, the blockchain is just a ledger distributed across a network of computers, which are called nodes. This gets sent to all of the relevant computers—like the Yap islanders telling everyone about the change of ownership of a rock. The block is added to the Who face is on the 500 dollar bill alongside a code called a hash.
The hash is essentially a digital fingerprint generated by complex mathematics. As Reuters explains, any change to the input creates a new hash. By way of example, they explained that the extremely long novel War and Peace might have a hash like:.
By itself, this is not necessarily secure. But every new block also contains the previous hash as a kind of error check. If someone goes in to retroactively change a transaction say, by deleting that comma in War and Peacethat block's hash gets updated to a new code. But the next Who face is on the 500 dollar bill will have a different hash code on record from the previous block it will be looking for the old hash, the one beginning with a—but seeing the new hash, the one starting withso in theory the nefarious action will be discovered.
There are potential ways to cheat this system.
But cryptocurrencies and blockchains are not synonymous. Similarly to how the internet and world wide web are not synonymous, blockchain is a technology chiefly used for cryptocurrencies, though this may not always be the case. The crypto in cryptocurrency is a reference to the cryptography used to ensure that the transactions are secure. But there are key differences—including that, traditionally, money is issued by the government or some powerful institution.
Cryptocurrencies are created by algorithms. Another important distinction is how ownership is traced. There are more nuanced differences. Because the blockchain ledger has to be transparent, all transactions are publicleading to many suggestions for how to best manage privacy expectations.