The Future of Remote Work, According To 6 Experts

Whether you’re a remote work booster or a skeptic, there are lots of unanswered questions about what happens next for remote work, especially as Covid-19 restrictions continue to fade and as fears of a recession loom.

How many people are going to work remotely in the future, and will that change in an economic downturn? Will remote work affect their chances of promotion? What does it mean for where people live and the offices they used to work in? Does this have any effect on the majority of people who don’t get to work remotely? If employees don’t have to work in person to be effective, couldn’t their jobs be outsourced?

It turns out there’s a dangerous line between arguing for remote work and arguing yourself out of a job. And since remote work makes employees less visible, they will have to find other ways to let higher-ups know they exist or risk being passed over for pay raises. Remote work will also have long-lasting effects on the built environment, requiring office owners to renovate and allowing employees the potential for a higher quality of living. Finally, what happens during a recession largely depends on whether your company decides to save money by reducing real estate or laying off the employees they never met.

One thing that’s clear is that remote work is not going away. There are, however, a number of ways to make it better and more commonplace, and to ensure that it doesn’t harm you more than it helps.

To get a better idea of what could be coming, we asked some of the most informed remote work thinkers — people who study economics, human resources, and real estate — to make sense of what to expect in the future of remote work. Their answers, edited for length and clarity, are below.

Five years from now, what percentage of the US population will work remotely?

Johnny Taylor Jr., president and CEO of the Society for Human Resource Management: I think that number will never exceed 30 percent fully remote. What percentage will have some remote work? Probably 60 to 65 percent. There are some roles that will never be remote. But even in retail, employers are trying to figure out how to give that worker population some ability to work remotely. One retail company I talked with is going to make it so that the people who work in the store five days a week now do one day a week in customer service remotely.

Nicholas Bloom, economics professor at Stanford University, co-founder of WFH Research: Currently, 10 percent of the US workforce are fully remote and 35 percent are hybrid remote. In five years, I think both numbers will be pretty similar. Pushing this up is continued technological improvements in working-from-home technology. Pushing this down is the pandemic ebbing from memory.

Julie Whelan, global head of occupier research at Coldwell Banker Richard Ellis: The last few years has proven that people are able to work remotely. Now, we are trying to mix a combination of in-person and remote work — that is where the challenges shine. I am not convinced we will see a large jump in fully remote work; I think jobs that are fully remote will always remain the minority.

What has to change for more people to be able to work remotely?

Matthew Kahn, economics professor at the University of Southern California and author of Going Remote: How the Flexible Work Economy Can Improve Our Lives and Our Cities: Firms must have clear performance metrics — ideally ones that can be verified using quantitative data, so that remote workers understand in real time how they are performing. Firms must also figure out how to configure “virtual watercooler” interactions so that remote workers are less likely to feel like they are out of the loop.

Arpit Gupta, assistant professor of finance at New York University Stern School of Business: Companies need to have better ways to onboard new workers and get them involved in corporate culture. They also need to improve remote workers’ ability to connect with different parts of the organization and create better ways to manage new idea generation and creativity. Finally, they need to ensure improved promotion prospects for purely remote workers and the ability to go completely remotely from one firm to another.

Bloom: The main driver of working from home is whether it makes business sense for the organization, and if employees are happy doing this. This is driven by technology and the job task. Over time the technology is slowly improving to support working from home. I have been working on this topic for almost 20 years, and the changes over that period have been incredible.

Twenty years ago, working from home meant telephone calls and emailing or mailing small files. Now it’s all video calls and the cloud. Within 10 years, I predict new major technologies will arise to make this far better. In terms of job tasks, these are also changing to support working from home. For example, my neighbor is a doctor and pre-pandemic was in the office every day, but now sees patients remotely two days a week, as her job tasks now include televisits.

Taylor: We as management have to get comfortable with a total paradigm shift. We constantly say, “That can’t happen.” And the fact of the matter is we have to be willing to challenge our notions of what can’t happen and say, “Can it?” We’re in this dynamic stage where we’re determining whether or not it works. So the question, “Can you work remotely?” is really not the question. Is it possible? Yes, during the pandemic we proved that it’s possible. The question is, will there be trade-offs?

How might remote work affect jobs that aren’t remote?

Gupta: Changing consumption patterns will create more demand for goods and services — and the people who provide them — in the suburbs and remote-friendly destinations, relative to office central business districts in current metropolitan areas.

Bloom: Many non-remote jobs interact with remote workers. Think of retail and food service workers in city centers. If office employees move to remote work, these service workers have to change their location of work, too.

Taylor: More jobs might become partially remote. For a nurse, we’ll give them three days in the hospital and two days as a tele-nurse. So we are thinking a sharing of responsibilities to get to hybrid, even in those roles that absolutely, at the end of the day, largely have to be in person.

Will remote workers find it harder to advance than their in-person colleagues?

Taylor: Yes, point-blank. More than two-thirds of supervisors (67 percent) consider remote workers more easily replaceable than onsite workers, and 62 percent believe fully remote work is detrimental to employees’ career objectives. Managers acknowledged that when they are looking to give an assignment, they oftentimes forget the remote worker. Proximity matters.

Something that is of particular importance to me as an African American is, for years, we argued that we weren’t able to build relationships with the majority community. We didn’t have access to them and therefore visibility. Well, you really lose access and visibility if you’re at home and they’re in the office.

“Working remotely significantly reduces your opportunities to build relationships with people who can influence your career”

I’ve heard this argument that office culture is a white male-dominated relic of the past. That might be. But as long as those white males are in the office making decisions about who is going to be promoted, then you are very likely putting yourself at a disadvantage. It’s not a question of, is that right or wrong, fair or not. It’s just what it is. Working remotely significantly reduces your opportunities to build relationships with people who can influence your career.

Whelan: There is a risk that those people who get more face time are naturally at an advantage to advance faster than others. However, if an organization truly supports flexible work, then behavior around promotions and compensation gains needs to be discussed early, observed closely, and action should be taken if desired outcomes are not met. Just because people may work remotely some of the time — or all of the time, depending on company policy — that doesn’t mean they cannot be visible. So it is incumbent on everyone, including the employee themselves, to make sure people remain visible, front-of-mind, and reviewed based on job performance despite a remote status.

Kahn: The answer to this key question hinges on whether a given firm promotes based on a type of nepotism or based on objective value added to the firm’s core goals. Face-to-face interaction does build up trust and friendship. If bosses play favorites, then the remote workers will have a disadvantage in getting promoted. Those bosses who seek to promote based on a meritocratic criteria will emphasize the value of the quality of face-to-face interactions over the quantity of face-to-face interaction at work. Such an emphasis of quality over quantity of face-to-face interaction will alleviate concerns that remote workers are second-class citizens, as they may visit the headquarters just a few days a month.

Those firms that figure out these new work configurations will have an edge in attracting and retaining a more diverse workforce.

Bloom: Fully remote workers may find slow career progression, particularly those who are early in their careers. As individuals advance in their careers, however, personal mentoring becomes somewhat less important. It is also worth noting most remote workers in the US are not fully remote. They are mostly hybrid, coming into the office for three days a week on average, and as such, they get a good dose of personal interaction. So, yes, fully remote workers may face some career advancement costs, but hybrid workers likely will face little or no costs.

What’s going to happen to all the offices?

Whelan: Offices will still exist — they will just evolve. The most sought-after locations, the most desirable amenities, and the most productive space design will continue to morph as population migration and work patterns settle into a new place. The workplace today is anywhere you have a mobile device and an internet connection. But the physical office as a place to gather, innovate, and connect cannot easily be replaced.

Bloom: In the short run, not much. The reason is scheduling. Most firms are either letting employees choose their working-from-home days, which typically means Monday and Friday, or are scheduling teams or the whole firm to come in on the same days, often Tuesday, Wednesday, and Thursday. As such, they cannot cut space. Nobody sublets an office on Monday and Friday.

In the longer run, clever scheduling software, like Kadence, will organize teams and working groups to come in on different days: Say the industrials team is in the office on Monday and Tuesday, and the residential team on Wednesday and Thursday. But from talking to hundreds of firms, this is probably some years away from being a major reality. Until that time, office demand will be soft but won’t see major drops.

If you want to look for big impacts on real estate, then focus on city center retail. With office workers working from home about 50 percent of days, retail expenditure in central New York, San Francisco, and other big cities has collapsed, and that retail spending, jobs, and space is moving out to the suburbs.

Kahn: In high-quality-of-life cities, these commercial buildings will be converted into housing as well as schools and centers for our population’s aging senior citizens.

Taylor: There is no question that we’re going to have less demand for the traditional office space. Will it go away? No.

To what extent will remote work affect where people live?

Daryl Fairweather, chief economist at Redfin: Remote work is already affecting where people live. A record nearly one-third of homebuyers looked to relocate out of their home metro in the second quarter of 2022. That’s up from roughly 26 percent before the pandemic. Many people who have the flexibility to move have been doing so during the pandemic, often taking their higher housing budgets with them and, in turn, contributing to higher home prices in the places they’re moving. Nowhere is this more pronounced than in popular Sunbelt cities like Phoenix, Miami, and Austin, which have seen a surge of in-migration from more expensive coastal metros like NYC, San Francisco, and Seattle.

Taylor: We are absolutely seeing people move further away. Hell, I’ve even seen people who have to be in-office two days a week say, “Hey, I live in a totally different city, and I can commute in.” So I can live in Atlanta, work in Washington, DC, buy a plane ticket for those two days, get a hotel, and the math says it’s actually cheaper and better for me to live where I want to live and commute — even if the company doesn’t pay for it, because I don’t have to pay for housing in DC.

Kahn: In expensive superstar cities, working-from-home workers will be more likely to move to the suburban fringe, where land is cheaper and the homes are newer. Remote workers will also seek out beautiful areas that offer them the leisure opportunities they desire. Real estate prices in Santa Barbara, California, have boomed since March 2020 due to its beauty and its proximity to Los Angeles. Perhaps surprisingly, medium-size cities such as Baltimore will gain. Located along the Amtrak Corridor, Baltimore offers easy access to Washington, DC, New York City, and Philadelphia and features much lower housing prices.

How will it affect pay?

Fairweather: Some companies are localizing pay for their workers who relocate and work remotely, but plenty are letting remote workers keep their high salaries. The biggest winners will be coastal workers who move to more affordable places and maintain their salary. They’ll find their money goes much further, not just for housing but for other goods and services.

The biggest losers are people already living in popular migration destinations who may not have the option to move somewhere less expensive, and whose salaries may not go as far as they once did, thanks to both higher inflation and rising home prices in their area. However, some people living in popular migration destinations may be happy that their home values have increased and their local businesses have more high-earning customers.

Bloom: Working from home is a perk, so it means any individual firm offering hybrid-WFH can pay about 5 to 10 percent less. But, of course, there are also general equilibrium effects in that firms compete for talent in a labor market. If every firm offers working from home, no individual firm can cut pay without losing employees.

Will remote work cause companies to hire more contractors or more people outside the US?

Taylor: An employee came to me, and she made a really, really compelling case: “Johnny, I don’t need to come into the office.” She literally gave me a three-page memo making the case for why she could work remotely. And I smiled and said, “Be careful what you pray for. In the process of saying, ‘I don’t need to interact with other people, I’m an individual contributor,’ you’ve literally made the case that your job can be outsourced. And now I don’t have to cover your pension plan, I don’t have to deal with a salary increase every year, I don’t have to do any of that.” And guess what? I did exactly that. I outsourced that role.

Let’s face it, most of us could have a fully contracted environment, but what we want is a culture, people who have a long-term commitment. We want to build leadership; we need management. And we do that by having consistent relationships and getting to develop our people, so there’s a lot of upside to employing people internally and reasons that we don’t outsource. But there’s a lot of space between not doing it and doing a little bit.

Gupta: Yes, to both outside contractors and outside the US employees. But these workers will be more integrated into existing job functions and teams, rather than outsourcing entire processes.

Kahn: This offshoring is a serious possibility. Those firms that require some monthly face-to-face interaction at the corporate headquarters will be less likely to engage in offshoring.

Bloom: This is already happening, from what firms tell me. Anti-immigration policies initiated by Trump have accelerated this process by reducing the ability of foreign workers to migrate to the US. So dozens of firms have said if they can’t get workers to their jobs in the US, they will move their jobs abroad. Working from home has shown how easy it is to have fully remote employees and teams, and in an era of tight domestic labor markets with restricted immigration, moving jobs overseas is one common solution (the other being automation).

But I should point out currently that this is probably good for most US citizens. US labor markets are incredibly tight, generating painful inflation and shortages of goods and services. Try taking a flight, booking a restaurant meal, or hiring a contractor. It is extremely hard, as there is too much demand for labor right now. So having some foreign workers fill that gap in is good news. Of course, if the US hits a hard recession and unemployment rises drastically, that benefit will be less clear.

What will happen to remote work in a recession?

Gupta: I actually suspect remote work will increase. While firms have bargaining power against employees, they mostly want to cut costs like real estate leases, pushing people remote.

Firms are also less interested in onboarding new employees into corporate culture and long-term innovation — two important use cases for the office. It’s more about keeping things going, which can be handled by existing workers at home.

Kahn: Scenario 1: The boss has discretion over who to fire and is more likely to fire the remote worker, because the boss doesn’t really know this worker and hasn’t built up a friendship with the worker.

Scenario 2: Since remote workers do not bear a fixed daily cost of commuting to the office, such workers can more easily reduce their hours to meet the firm’s new demand for labor. In this case, remote workers may be less likely to be fired.

Taylor: Reversing this — putting this genie back in the bottle — is not going to happen. What I think is more likely to happen during a recession is that productivity will become even more important. And so then you will see employers looking really, really hard at the data because they’re going to have to make choices between employee A and employee B. And so employees who are more productive and more efficient are the people who are going to make it through.

Fairweather: Historically, recessions have lasted longer because it takes time for workers to move to job opportunities. If a salesperson in Cleveland lost her job, she may have had to move to San Francisco to find another sales job. But with remote work, you can do a sales job from anywhere. Hopefully this recession is shorter than historical recessions because of remote work.

Source: The future of remote work, according to 6 experts – Vox

Related contents:

As call centers move to remote work, smaller firms find opportunities Bizjournals

17:32
15:34
Career Corner | No looking back on remote work Eureka Times-Standard, California
22:46 Sat, 23 JulWhite House Joe Biden Politics

13:32Inflation Business (US) Economy

More Remote Working Apps:

https://quintexcapital.com/?ref=arminham     Quintex Capital

https://www.genesis-mining.com/a/2535466   Genesis Mining

 http://www.bevtraders.com/?ref=arminham   BevTraders

https://www.litefinance.com/?uid=929237543  LiteTrading

https://alpariforex.org/fa/registration/?cpa_partner_id=13687690   Alpari Forex Trading

https://dealcheck.io?fp_ref=armin16   Dealcheck Real Estate Evaluator

https://jvz8.com/c/202927/369164  prime stocks

 https://jvz1.com/c/202927/373449  forrk   

https://jvz3.com/c/202927/194909  keysearch  

 https://jvz4.com/c/202927/296191  gluten free   

https://jvz1.com/c/202927/286851  diet fitness diabetes  

https://jvz8.com/c/202927/213027  writing job  

 https://jvz6.com/c/202927/108695  postradamus

https://jvz1.com/c/202927/372094  stoodaio

 https://jvz4.com/c/202927/358049  profile mate  

 https://jvz6.com/c/202927/279944  senuke  

 https://jvz8.com/c/202927/54245   asin   

https://jvz8.com/c/202927/370227  appimize

 https://jvz8.com/c/202927/376524  super backdrop

 https://jvz6.com/c/202927/302715  audiencetoolkit

 https://jvz1.com/c/202927/375487  4brandcommercial

https://jvz2.com/c/202927/375358  talkingfaces

 https://jvz6.com/c/202927/375706  socifeed

 https://jvz2.com/c/202927/184902  gaming jobs

 https://jvz6.com/c/202927/88118   backlinkindexer

 https://jvz1.com/c/202927/376361  powrsuite  

https://jvz3.com/c/202927/370472  tubeserp  

https://jvz4.com/c/202927/343405  PR Rage  

https://jvz6.com/c/202927/371547  design beast  

https://jvz3.com/c/202927/376879  commission smasher

 https://jvz2.com/c/202927/376925  MT4Code System

https://jvz6.com/c/202927/375959  viral dash

https://jvz1.com/c/202927/376527  coursova

 https://jvz4.com/c/202927/144349  fanpage

https://jvz1.com/c/202927/376877  forex expert  

https://jvz6.com/c/202927/374258  appointomatic

https://jvz2.com/c/202927/377003  woocommerce

https://jvz6.com/c/202927/377005  domainname

 https://jvz8.com/c/202927/376842  maxslides

https://jvz8.com/c/202927/376381  ada leadz

https://jvz2.com/c/202927/333637  eyeslick

https://jvz1.com/c/202927/376986  creaitecontentcreator

https://jvz4.com/c/202927/376095  vidcentric

https://jvz1.com/c/202927/374965  studioninja

https://jvz6.com/c/202927/374934  marketingblocks

https://jvz3.com/c/202927/372682  clipsreel  

https://jvz2.com/c/202927/372916  VideoEnginePro

https://jvz1.com/c/202927/144577  BarclaysForexExpert

https://jvz8.com/c/202927/370806  Clientfinda

https://jvz3.com/c/202927/375550  Talkingfaces

https://jvz1.com/c/202927/370769  IMSyndicator

https://jvz6.com/c/202927/283867  SqribbleEbook

https://jvz8.com/c/202927/376524  superbackdrop

https://jvz8.com/c/202927/376849  VirtualReel

https://jvz2.com/c/202927/369837  MarketPresso

https://jvz1.com/c/202927/342854  voiceBuddy

https://jvz6.com/c/202927/377211  tubeTargeter

https://jvz6.com/c/202927/377557  InstantWebsiteBundle

https://jvz6.com/c/202927/368736  soronity

https://jvz2.com/c/202927/337292  DFY Suite 3.0 Agency+ information

https://jvz8.com/c/202927/291061  VideoRobot Enterprise

https://jvz8.com/c/202927/327447  Klippyo Kreators

https://jvz8.com/c/202927/324615  ChatterPal Commercial

https://jvz8.com/c/202927/299907  WP GDPR Fix Elite Unltd Sites

https://jvz8.com/c/202927/328172  EngagerMate

https://jvz3.com/c/202927/342585  VidSnatcher Commercial

https://jvz3.com/c/202927/292919  myMailIt

https://jvz3.com/c/202927/320972  Storymate Luxury Edition

https://jvz2.com/c/202927/320466  iTraffic X – Platinum Edition

https://jvz2.com/c/202927/330783  Content Gorilla One-time

https://jvz2.com/c/202927/301402  Push Button Traffic 3.0 – Brand New

https://jvz2.com/c/202927/321987  SociCake Commercial

https://jvz2.com/c/202927/289944  The Internet Marketing

 https://jvz2.com/c/202927/297271  Designa Suite License

https://jvz2.com/c/202927/310335  XFUNNELS FE Commercial 

https://jvz2.com/c/202927/291955  ShopABot

https://jvz2.com/c/202927/312692  Inboxr

https://jvz2.com/c/202927/343635  MediaCloudPro 2.0 – Agency

 https://jvz2.com/c/202927/353558  MyTrafficJacker 2.0 Pro+

https://jvz2.com/c/202927/365061  AIWA Commercial

https://jvz2.com/c/202927/357201  Toon Video Maker Premium

https://jvz2.com/c/202927/351754  Steven Alvey’s Signature Series

https://jvz2.com/c/202927/344541  Fade To Black

https://jvz2.com/c/202927/290487  Adsense Machine

https://jvz2.com/c/202927/315596  Diddly Pay’s DLCM DFY Club

https://jvz2.com/c/202927/355249  CourseReel Professional

https://jvz2.com/c/202927/309649  SociJam System

https://jvz2.com/c/202927/263380  360Apps Certification

 https://jvz2.com/c/202927/359468  LocalAgencyBox

https://jvz2.com/c/202927/377557  Instant Website Bundle

https://jvz2.com/c/202927/377194  GMB Magic Content

https://jvz2.com/c/202927/376962  PlayerNeos VR

https://jvz8.com/c/202927/381812/  BrandElevate Bundle information

https://jvz4.com/c/202927/381807/ BrandElevate Ultimate

https://jvz2.com/c/202927/381556/ WowBackgraounds Plus

https://jvz4.com/c/202927/381689/  Your3DPal Ultimate

https://jvz2.com/c/202927/380877/  BigAudio Club Fast Pass

https://jvz3.com/c/202927/379998/ Podcast Masterclass

https://jvz3.com/c/202927/366537/  VideoGameSuite Exclusive

https://jvz8.com/c/202927/381148/ AffiliateMatic

https://jvzoo.com/c/202927/381179  YTSuite Advanced

https://jvz1.com/c/202927/381749/  Xinemax 2.0 Commercial

https://jvzoo.com/c/202927/382455  Living An Intentional Life

https://jvzoo.com/c/202927/381812  BrandElevate Bundle

https://jvzoo.com/c/202927/381935 Ezy MultiStores

https://jvz2.com/c/202927/381194/  DFY Suite 4.0 Agency

https://jvzoo.com/c/202927/381761  ReVideo

https://jvz4.com/c/202927/381976/  AppOwls Bundle

https://jvz8.com/c/202927/381950/  TrafficForU

https://jvz3.com/c/202927/381615/  WOW Backgrounds 2.0

https://jvz4.com/c/202927/381560   ALL-in-One HD Stock Bundle

https://jvz6.com/c/202927/382326/   Viddeyo Bundle

https://jvz8.com/c/202927/381617/  The Forex Joustar

https://jvz3.com/c/202927/383751/ ADA Web Accessibility Compliance 

https://jvz3.com/c/202927/383942/  10 Bold Actions In Positive Life & Work

https://jvz3.com/c/202927/383706/  Adtivate Agency

https://jvz1.com/c/202927/384099/   My Passive Income Blueprints

https://jvz3.com/c/202927/329145/  Content Tool Kit

https://jvz6.com/c/202927/382663/    ReviewReel

https://jvz3.com/c/202927/383940/    QR Verse Bundle

https://jvz4.com/c/202927/379307/    VIADZ Ad Template

https://jvz2.com/c/202927/383051/    EngageYard Ad Creator

https://jvz4.com/c/202927/381011/   Videevolve

https://jvz4.com/c/202927/383751/  Local Leader Bundle

https://jvz8.com/c/202927/383119/   Tonai Voice Content

https://jvz2.com/c/202927/383848/   Vocalic Commercial

https://jvz3.com/c/202927/383483/  Dropshiply Store Creator

https://jvz6.com/c/202927/384025/  Levidio Royal Podcasting

https://jvz6.com/c/202927/383094/  Develop Self Empowerment

https://jvz1.com/c/202927/379223/   Hostley Domain Creator

https://jvz6.com/c/202927/383447/   Mech Forex Robot

https://jvz4.com/c/202927/383177/   Motion Kingdom Studio

https://jvz8.com/c/202927/144577/   Forex Blizz Trading

https://jvz3.com/c/202927/382851/  AdRaven

https://jvz2.com/c/202927/383307/   Animaxime V2

https://jvz8.com/c/202927/375692/  Promovidz Promotion Videos

https://jvz3.com/c/202927/381148/  AffiliateMatic

https://jvz4.com/c/202927/379051/  CanvaKitz Business Templates

https://jvz1.com/c/202927/383113/  Agencyscale Business Agency

https://jvz3.com/c/202927/347847/  Pitchdeck Professional Presentations

https://jvz2.com/c/202927/381179/   YTSuite YouTube Ads Campaigns

.

 

How eBay Turned The Internet Into a Marketplace

The story of the modern web is often told through the stories of Google, Facebook, Amazon. But eBay was the first conqueror. One weekend in September 1995, a software engineer made a website. It wasn’t his first. At 28, Pierre Omidyar had followed the standard accelerated trajectory of Silicon Valley: he had learned to code in seventh grade, and was on track to becoming a millionaire before the age of 30, after having his startup bought by Microsoft. Now he worked for a company that made software for handheld computers, which were widely expected to be the next big thing.

But in his spare time, he liked to tinker with side projects on the internet. The idea for this particular project would be simple: a website where people could buy and sell. Buying and selling was still a relatively new idea online. In May 1995, Bill Gates had circulated a memo at Microsoft announcing that the internet was the company’s top priority. In July, a former investment banker named Jeff Bezos launched an online storefront called Amazon.com, which claimed to be “Earth’s biggest bookstore”. The following month, Netscape, creator of the most popular web browser, held its initial public offering (IPO).

By the end of the first day of trading, the company was worth almost $3bn – despite being unprofitable. Wall Street was paying attention. The dot-com bubble was starting to inflate. If the internet of 1995 inspired dreams of a lucrative future, the reality ran far behind. The internet may have been attracting millions of newcomers – there were nearly 45 million users in 1995, up 76% from the year before – but it wasn’t particularly user-friendly. Finding content was tricky: you could wander from one site to another by following the tissue of hyperlinks that connected them, or page through the handmade directory produced by Yahoo!, the preferred web portal before the rise of the modern search engine.

And there wasn’t much content to find: only 23,500 websites existed in 1995, compared to more than 17m five years later. Most of the sites that did exist were hideous and barely usable. But the smallness and slowness of the early web also lent it a certain charm. People were excited to be there, despite there being relatively little for them to do. They made homepages simply to say hello, to post pictures of their pets, to share their enthusiasm for Star Trek. They wanted to connect. Omidyar was fond of this form of online life. He had been a devoted user of the internet since his undergraduate days, and a participant in its various communities. He now observed the rising flood of dot-com money with some concern.

The corporations clambering on to the internet saw people as nothing more than “wallets and eyeballs”, he later told a journalist. Their efforts at commercialisation weren’t just crude and uncool, they also promoted a zombie-like passivity – look here, click here, enter your credit card number here – that threatened the participatory nature of the internet he knew. “I wanted to do something different,” Omidyar later recalled, “to give the individual the power to be a producer as well as a consumer.” This was the motivation for the website he built in September 1995. He called it AuctionWeb. Anyone could put up something for sale, anyone could place a bid, and the item went to the highest bidder. It would be a perfect market, just like you might find in an economics textbook.

Through the miracle of competition, supply and demand would meet to discover the true price of a commodity. One precondition of perfect markets is that everyone has access to the same information, and this is exactly what AuctionWeb promised. Everything was there for all to see. The site grew quickly. By its second week, the items listed for sale included a Yamaha motorcycle, a Superman lunchbox and an autographed Michael Jackson poster. By February 1996, traffic had grown brisk enough that Omidyar’s web hosting company increased his monthly fee, which led him to start taking a cut of the transactions to cover his expenses. Almost immediately, he was turning a profit. The side project had become a business.

But the perfect market turned out to be less than perfect. Disputes broke out between buyers and sellers, and Omidyar was frequently called upon to adjudicate. He didn’t want to have to play referee, so he came up with a way to help users work it out themselves: a forum. People would leave feedback on one another, creating a kind of scoring system. “Give praise where it is due,” he said in a letter posted to the site, “make complaints where appropriate.” The dishonest would be driven out, and the honest would be rewarded – but only if users did their part. “This grand hope depends on your active participation,” he wrote.

The value of AuctionWeb would rely on the contributions of its users. The more they contributed, the more useful the site would be. The market would be a community, a place made by its members. They would become both consumers and producers, as Omidyar hoped, and among the things they produced would be the content that filled the site. By the summer of 1996, AuctionWeb was generating $10,000 a month. Omidyar decided to quit his day job and devote himself to it full-time. He had started out as a critic of the e-commerce craze and had ended up with a successful e-commerce company. In 1997, he renamed it eBay. Ebay was one of the first big internet companies. It became profitable early, grew into a giant of the dot-com era, survived the implosion of the dot-com bubble, and still ranks among the largest e-commerce firms in the world.

But what makes eBay particularly interesting is how, in its earliest incarnation, it anticipated many of the key features that would later define the phenomenon commonly known as the “platform”. Ebay wasn’t just a place where collectors waged late-night bidding wars over rare Beanie Babies. In retrospect, it also turned out to be a critical hinge in the history of the internet. Omidyar’s site pioneered the basic elements that would later enable Google, Facebook and the other tech giants to unlock the profit potential of the internet by “platformising” it.

None of the metaphors we use to think about the internet are perfect, but “platform” is among the worst. The term originally had a specific technical meaning: it meant something that developers build applications on top of, such as an operating system. But the word has since come to refer to various kinds of software that run online, particularly those deployed by the largest tech firms. The scholar Tarleton Gillespie has argued that this shift in the use of the word “platform” is strategic. By calling their services “platforms”, companies such as Google can project an aura of openness and neutrality. They can present themselves as playing a supporting role, merely facilitating the interactions of others.

Their control over the spaces of our digital life, and their active role in ordering such spaces, is obscured. “Platform” isn’t just imprecise. It’s designed to mystify rather than clarify. A more useful metaphor for understanding the internet, one that has guided its architects from the beginning, is the stack. A stack is a set of layers piled on top of one another. Think of a house: you have the basement, the first floor, the second floor and so on, all the way up to the roof. The things that you do further up in a house often depend on systems located further down. If you take a shower, a water heater in the basement warms up the cold water being piped into your house and then pipes it up to your bathroom.

The internet also has a basement, and its basement also consists largely of pipes. These pipes carry data, and everything you do further up the stack depends on these pipes working properly. Towards the top of the stack is where the sites and apps live. This is where we experience the internet, through the pixels of our screens, in emails or tweets or streams. The best way to understand what happens on these sites and apps – on what tech companies call “platforms” – is to understand them as part of the broader story of the internet’s privatisation.

The internet started out in the 1970s as an experimental technology created by US military researchers. In the 80s, it grew into a government-owned computer network used primarily by academics. Then, in the 90s, privatisation began. The privatisation of the internet was a process, not an event. It did not involve a simple transfer of ownership from the public sector to the private, but rather a more complex movement whereby corporations programmed the profit motive into every level of the network. A system built by scientists for research was renovated for the purpose of profit maximisation. This took hardware, software, legislation, entrepreneurship. It took decades. And it touched all of the internet’s many pieces.

The process of privatization started with the pipes, and then worked its way up the stack. In April 1995, only five months before Omidyar made the website that would become eBay, the government allowed the private sector to take over control of the network’s plumbing. Households and businesses were eager to get online, and telecoms companies made money by helping them access the internet. But getting people online was a small fraction of the system’s total profit potential. What really got investors’ capital flowing was the possibility of making money from what people did online. In other words, the next step was figuring out how to maximize profit in the upper floors, where people actually use the internet. The real money lay not in monetizing access, but in monetizing activity.

This is what Omidyar did so effectively when he created a place where people wanted to buy and sell goods online, and took a cut of their transactions. The dot-com boom began with Netscape’s explosive IPO in August 1995. Over the following years, tens of thousands of startups were founded and hundreds of billions of dollars were invested in them. Venture capital entered a manic state: the total amount of US venture-capital investment increased more than 1,200% from 1995 to 2000. Hundreds of dot-com companies went public and promptly soared in value: at their peak, technology stocks were worth more than $5tn.

When eBay went public in 1998, it was valued at more than $2bn on the first day of trading; the continued ascent of its stock price over the next year made Omidyar a billionaire. Yet most of the startups that attracted huge investment during these years didn’t actually make money. For all the hype, profits largely failed to materialize, and in 2000 the bubble burst. From March to September, the 280 stocks in the Bloomberg US Internet Index lost almost $1.7tn. “It’s rare to see an industry evaporate as quickly and completely,” a CNN journalist remarked. The following year brought more bad news. The dot-com era was dead.

Today, the era is typically remembered as an episode of collective insanity – as an exercise in what Alan Greenspan, during his contemporaneous tenure as chair of the Federal Reserve, famously called “irrational exuberance”. Pets.com, a startup that sold pet supplies online, became the best-known symbol of the period’s stupidity, and a touchstone for retrospectives ever since. Never profitable, the company spent heavily on advertising, including a Super Bowl spot; it raised $82.5m in its IPO in February 2000 and imploded nine months later.

Arrogance, greed, magical thinking and bad business decisions all contributed to the failure of the dot-com experiment. Yet none of these were decisive. The real problem was structural. While their investors and executives probably wouldn’t have understood it in these terms, dot-com companies were trying to advance the next stage of the internet’s privatisation – namely, by pushing the privatization of the internet up the stack. But the computational systems that could make such a push feasible were not yet in place. Companies still struggled to turn a profit from user activity.

In his analysis of capitalist development, Karl Marx drew a distinction between the “formal” and “real” subsumption of labour by capital. In formal subsumption, an existing labour process remains intact, but is now performed on a capitalist basis. A peasant who used to grow his own food becomes a wage labourer on somebody else’s farm. The way he works the land stays the same. In real subsumption, by contrast, the labour process is revolutionised to meet the requirements of capital. Formerly, capital inherited a process; now, it remakes the process. Our agricultural worker becomes integrated into the industrialised apparatus of the modern factory farm.

The way he works completely changes: his daily rhythms bear little resemblance to those of his peasant predecessors. And the new arrangement is more profitable for the farm’s owner, having been explicitly organised with that end in mind. This is a useful lens for thinking about the evolution of the internet, and for understanding why the dot-coms didn’t succeed. The internet of the mid-to-late 1990s was under private ownership, but it had not yet been optimised for profit. It retained too much of its old shape as a system designed for researchers, and this shape wasn’t conducive to the new demands being placed on it. Formal subsumption had been achieved, in other words, but real subsumption remained elusive.

Accomplishing the latter would involve technical, social and economic developments that made it possible to construct new kinds of systems. These systems are the digital equivalents of the modern factory farm. They represent the long-sought solution to the problem that consumed and ultimately defeated the dot-com entrepreneurs: how to push privatisation up the stack. And eBay offered the first glimpse of what that solution looked like.Ebay enlisted its users in its own creation. They were the ones posting items for sale and placing bids and writing feedback on one another in the forum. Without their contributions, the site would cease to exist.

Omidyar was tapping into a tradition by setting up eBay in this way. In 1971, a programmer named Ray Tomlinson invented email. This was before the internet existed: Tomlinson was using its precursor, Arpanet, a cutting-edge network that the Pentagon created to link computers across the country. Email became wildly popular on Arpanet: just two years after its invention, a study found that it made up three-quarters of all network traffic. As the internet grew through the 1980s, email found an even wider reach. The ability to exchange messages instantaneously with someone far away was immensely appealing; it made new kinds of collaboration and conversation possible, particularly through the mailing lists that formed the first online communities.

Email was more than just a useful tool. It helped humanize the internet, making a cold assemblage of cables and computers feel inhabited. The internet was somewhere you could catch up with friends and get into acrimonious arguments with strangers. It was somewhere to talk about politics or science fiction or the best way to implement a protocol. Other people were the main attraction. Even the world wide web was made with community in mind. “I designed it for a social effect – to help people work together,” its creator, Tim Berners-Lee, would later write.

Community is what Omidyar liked best about the internet, and what he feared the dot-com gold rush would kill. He wasn’t alone in this: one could find dissidents railing against the forces of commercialisation on radical mailing lists. But Omidyar was no anti-capitalist. He was a libertarian: he believed in the liberating power of the market. He didn’t oppose commercialisation as such, just the particular form it was taking. The companies opening cheesy digital storefronts and plastering the web with banner ads were doing commercialisation poorly. They were treating their users as customers. They didn’t understand that the internet was a social medium.

Ebay, by contrast, would be firmly rooted in this fact. From its first days as AuctionWeb, the site described itself as a community, and this self-definition became integral to its identity and to its operation. For Omidyar, the point wasn’t to defend the community from the market but rather to recast the community as a market – to fuse the two. No less a figure than Bill Gates saw the future of the internet in precisely these terms. In 1995, the same year that Omidyar launched AuctionWeb, Gates co-authored a book called The Road Ahead. In it, the Microsoft CEO laid out his vision for the internet as “the ultimate market”: “It will be where we social animals will sell, trade, invest, haggle, pick stuff up, argue, meet new people, and hang out.

Think of the hustle and bustle of the New York Stock Exchange or a farmers’ market or of a bookstore full of people looking for fascinating stories and information. All manner of human activity takes place, from billion-dollar deals to flirtations.” Here, social relationships have merged so completely with market relationships as to become indistinguishable. The internet is the instrument of this union; it brings people together, but under the sign of capital. Gates believed his dream was at least a decade from being realised. Yet by the time his book came out, AuctionWeb was already making progress toward achieving it.

Combining the community with the market was a lucrative innovation. The interactions that occurred in the guise of the former greatly enhanced the financial value of the latter. Under the banner of community, AuctionWeb’s buyers and sellers were encouraged to perform unpaid activities that made the site more useful, such as rating one another in the feedback forum or sharing advice on shipping. And the more people participated, the more attractive a destination it became. More people using AuctionWeb meant more items listed for sale, more buyers bidding in auctions, more feedback posted to the forum – in short, a more valuable site.

This phenomenon – the more users something has, the more valuable it becomes – is what economists call network effects. On the web, accommodating growth was fairly easy: increasing one’s hosting capacity was a simpler and cheaper proposition than the brick-and-mortar equivalent. And doing so was well worth it because, at a certain size, network effects locked in advantages that were hard for a competitor to overcome. A second, related strength was the site’s role as a middleman. In an era when many dot-coms were selling goods directly – Pets.com paid a fortune on postage to ship pet food to people’s doors – Omidyar’s company connected buyers and sellers instead, and pushed the cost of postage on to them.

This enabled it to profit from users’ transactions while remaining extremely lean. It had no inventory, no warehouses – just a website. But AuctionWeb was not only a middleman. It was also a legislator and an architect, writing the rules for how people could interact and designing the spaces where they did so. This wasn’t in Omidyar’s plan. He initially wanted a market run by its members, an ideal formed by his libertarian beliefs. His creation of the feedback forum likely reflected an ideological investment in the idea that markets were essentially self-organising, as much as his personal interest in no longer having to mediate various disputes.

Contrary to libertarian assumptions, however, the market couldn’t function without the site’s ability to exercise a certain kind of sovereignty. The feedback forum is a good example: users started manipulating it, leaving praise for their friends and sending mobs of malicious reviewers after their enemies. The company would be compelled to intervene again and again. It did so not only to manage the market but also to expand it by attracting more buyers and sellers through new categories of goods and by expanding into new countries – an imperative that shareholders imposed after eBay went public in 1998.

“Despite its initial reluctance, the company stepped increasingly into a governance role,” writes the sociologist Keyvan Kashkooli, in his study of eBay’s evolution. Increasing profitability required managing people’s behaviour, whether through the code that steered them through the site or the user agreements that governed their activities on it. Thanks to network effects, and its status as both middleman and sovereign, eBay easily turned a profit. When the crash of 2000–01 hit, it survived with few bruises. And in the aftermath of the crash, as an embattled industry, under pressure from investors, tried to reinvent itself, the ideas that it came up with had much in common with those that had formed the basis for eBay’s early success.

For the most part, eBay’s influence was neither conscious nor direct. But the affinities were unmistakable. Omidyar’s community market of the mid-1990s was a window into the future. By later standards it was fairly primitive, existing as it did within the confines of an internet not yet remodelled for the purpose of profit maximisation. But the systems that would accomplish that remodelling, that more total privatisation of the internet, would do so by elaborating the basic patterns that Omidyar had applied. These systems would be called platforms, but what they resembled most were shopping malls.

The first modern shopping mall was built in Edina, Minnesota, in 1956. Its architect, Victor Gruen, was a Jewish socialist from Vienna who had fled the Nazis and disliked American car culture. He wanted to lure midcentury suburbanites out of their Fords and into a place that recalled the “rich public social life” of a great European city. He hoped to offer them not only shops but libraries and cinemas and community centres. Above all, his mall would be a space for interaction: an “outlet for that primary human instinct to mingle with other humans”. Unlike in a city, however, this mingling would take place within a controlled setting. The chaos of urban life would be displaced by the discipline of rational design.

As Gruen’s invention caught on, the grander parts of his vision fell away. But the idea of an engineered environment that paired commerce with a public square remained. Gruen’s legacy would be a kind of capitalist terrarium, nicely captured by what urban planners call a “privately owned public space”. The systems that dominate life at the upper end of the stack are best understood, to borrow an insight from the scholar Jathan Sadowski, as shopping malls. The shopping malls of the internet – Google, Facebook, Amazon – are nothing if not privately owned public spaces. Calling themselves platforms, they are in fact corporate enclosures, with a wide range of interactions transpiring inside of them.

Just like in a real mall, some of these interactions are commercial, such as buying clothes from a merchant, while others are social, such as hanging out with friends. But what distinguishes the online mall from the real mall is that within the former, everything one does makes data. Your clicks, chats, posts, searches – every move, however small, leaves a digital trace. And these traces present an opportunity to create a completely new set of arrangements. Real malls are in the rental business: the owner charges tenants rent, essentially taking a slice of their revenues. Online malls can make money more or less the same way, as eBay demonstrated early on, by taking a cut of the transactions they facilitate.

But, as Sadowski points out, online malls are also able to capture another kind of rent: data rent. They can collect and make money from those digital traces generated by the activities that occur within them. And since they control every square inch of the enclosure, and because modifying the enclosure is simply a matter of deploying new code, they can introduce architectural changes in order to cause those activities to generate more traces, or traces of different kinds. These traces turn out to be very valuable. So valuable, in fact, that amassing and analysing them have become the primary functions of the online mall. Like Omidyar’s community market, the online mall facilitates interactions, writes the rules for those interactions, and benefits from having more people interacting with one another.

But in the online mall, these interactions are recorded, interpreted and converted into money in a range of ways. Data can help sell targeted advertising. It can help build algorithmic management systems that siphon more profit out of each worker. It can help train machine learning models in order to develop and refine automated services like chatbots, which can in turn reduce labour costs and open new revenue streams. Data can also sustain faith among investors that a tech company is worth a ton of money, simply because it has a ton of data. This is what distinguishes online malls from their precursors: they are above all designed for making, and making use of, data. Data is their organizing principle and essential ingredient.

Data is sometimes compared to oil, but a better analogy might be coal. Coal was the fuel that powered the steam engine. It propelled the capitalist reorganization of manufacturing from an artisanal to an industrial basis, from the workshop to the factory, in the 19th century. Data has played a comparable role. It has propelled the capitalist reorganization of the internet, banishing the remnants of the research network and perfecting the profit engine. Very little of this vastly complex machinery could be foreseen from the vantage point of 1995.

But the arrival of AuctionWeb represented a large step toward making it possible. The story of the modern internet is often told through the stories of Google, Facebook, Amazon and the other giants that have come to conquer our online life.  But their conquests were preceded and prefigured by another, one that started as a side project and stumbled into success by coming up with the basic blueprint for making a lot of money on the internet.

By

Source: ‘Wallets and eyeballs’: how eBay turned the internet into a marketplace | eBay | The Guardian

More contents:

eBay, Inc. 2021 Annual Report (Form 10-K)”. U.S. Securities and Exchange Commission.

Global Trade: 1. Finding International Items On eBay”

Skype and PayPal – A Different Set of Rules”.

PayPal Spinoff Day Has Arrived — What Does It Mean for Investors?”.

The Perfect Store.

How did eBay start?”

The perfect store

The eBay Business Model”

The Myths of Innovation

Ebay Enters The NFT Space, Launches First NFT Collection

“EBay Founder Pierre Omidyar Steps Down From Board”.

“Brand New: eBay Settles for Lowest Bid”

eBay selling fees”.

Ebay’s history – know your roots!”.

eBay Guides – Tickets Buying Guide”.

Taxes and import charges”.

eBay Inc. – eBay Inc. Outlines Global Business Strategy”

The brand that auctioned the www: eBay

More Remote Working Apps:

https://quintexcapital.com/?ref=arminham     Quintex Capital

https://www.genesis-mining.com/a/2535466   Genesis Mining

 http://www.bevtraders.com/?ref=arminham   BevTraders

https://www.litefinance.com/?uid=929237543  LiteTrading

https://jvz8.com/c/202927/369164  prime stocks

  https://jvz3.com/c/202927/361015  content gorilla

  https://jvz8.com/c/202927/366443  stock rush  

 https://jvz1.com/c/202927/373449  forrk   

https://jvz3.com/c/202927/194909  keysearch  

 https://jvz4.com/c/202927/296191  gluten free   

https://jvz1.com/c/202927/286851  diet fitness diabetes  

https://jvz8.com/c/202927/213027  writing job  

 https://jvz6.com/c/202927/108695  postradamus

https://jvz1.com/c/202927/372094  stoodaio

 https://jvz4.com/c/202927/358049  profile mate  

 https://jvz6.com/c/202927/279944  senuke  

 https://jvz8.com/c/202927/54245   asin   

https://jvz8.com/c/202927/370227  appimize

 https://jvz8.com/c/202927/376524  super backdrop

 https://jvz6.com/c/202927/302715  audiencetoolkit

 https://jvz1.com/c/202927/375487  4brandcommercial

https://jvz2.com/c/202927/375358  talkingfaces

 https://jvz6.com/c/202927/375706  socifeed

 https://jvz2.com/c/202927/184902  gaming jobs

 https://jvz6.com/c/202927/88118   backlinkindexer

 https://jvz1.com/c/202927/376361  powrsuite  

https://jvz3.com/c/202927/370472  tubeserp  

https://jvz4.com/c/202927/343405  PR Rage  

https://jvz6.com/c/202927/371547  design beast  

https://jvz3.com/c/202927/376879  commission smasher

 https://jvz2.com/c/202927/376925  MT4Code System

https://jvz6.com/c/202927/375959  viral dash

https://jvz1.com/c/202927/376527  coursova

 https://jvz4.com/c/202927/144349  fanpage

https://jvz1.com/c/202927/376877  forex expert  

https://jvz6.com/c/202927/374258  appointomatic

https://jvz2.com/c/202927/377003  woocommerce

https://jvz6.com/c/202927/377005  domainname

 https://jvz8.com/c/202927/376842  maxslides

https://jvz8.com/c/202927/376381  ada leadz

https://jvz2.com/c/202927/333637  eyeslick

https://jvz1.com/c/202927/376986  creaitecontentcreator

https://jvz4.com/c/202927/376095  vidcentric

https://jvz1.com/c/202927/374965  studioninja

https://jvz6.com/c/202927/374934  marketingblocks

https://jvz3.com/c/202927/372682  clipsreel  

https://jvz2.com/c/202927/372916  VideoEnginePro

https://jvz1.com/c/202927/144577  BarclaysForexExpert

https://jvz8.com/c/202927/370806  Clientfinda

https://jvz3.com/c/202927/375550  Talkingfaces

https://jvz1.com/c/202927/370769  IMSyndicator

https://jvz6.com/c/202927/283867  SqribbleEbook

https://jvz8.com/c/202927/376524  superbackdrop

https://jvz8.com/c/202927/376849  VirtualReel

https://jvz2.com/c/202927/369837  MarketPresso

https://jvz1.com/c/202927/342854  voiceBuddy

https://jvz6.com/c/202927/377211  tubeTargeter

https://jvz6.com/c/202927/377557  InstantWebsiteBundle

https://jvz6.com/c/202927/368736  soronity

https://jvz2.com/c/202927/337292  DFY Suite 3.0 Agency+ information

https://jvz8.com/c/202927/291061  VideoRobot Enterprise

https://jvz8.com/c/202927/327447  Klippyo Kreators

https://jvz8.com/c/202927/324615  ChatterPal Commercial

https://jvz8.com/c/202927/299907  WP GDPR Fix Elite Unltd Sites

https://jvz8.com/c/202927/328172  EngagerMate

https://jvz3.com/c/202927/342585  VidSnatcher Commercial

https://jvz3.com/c/202927/292919  myMailIt

https://jvz3.com/c/202927/320972  Storymate Luxury Edition

https://jvz2.com/c/202927/320466  iTraffic X – Platinum Edition

https://jvz2.com/c/202927/330783  Content Gorilla One-time

https://jvz2.com/c/202927/301402  Push Button Traffic 3.0 – Brand New

https://jvz2.com/c/202927/321987  SociCake Commercial

https://jvz2.com/c/202927/289944  The Internet Marketing

 https://jvz2.com/c/202927/297271  Designa Suite License

https://jvz2.com/c/202927/310335  XFUNNELS FE Commercial 

https://jvz2.com/c/202927/291955  ShopABot

https://jvz2.com/c/202927/312692  Inboxr

https://jvz2.com/c/202927/343635  MediaCloudPro 2.0 – Agency

 https://jvz2.com/c/202927/353558  MyTrafficJacker 2.0 Pro+

https://jvz2.com/c/202927/365061  AIWA Commercial

https://jvz2.com/c/202927/357201  Toon Video Maker Premium

https://jvz2.com/c/202927/351754  Steven Alvey’s Signature Series

https://jvz2.com/c/202927/344541  Fade To Black

https://jvz2.com/c/202927/290487  Adsense Machine

https://jvz2.com/c/202927/315596  Diddly Pay’s DLCM DFY Club

https://jvz2.com/c/202927/355249  CourseReel Professional

https://jvz2.com/c/202927/309649  SociJam System

https://jvz2.com/c/202927/263380  360Apps Certification

 https://jvz2.com/c/202927/359468  LocalAgencyBox

https://jvz2.com/c/202927/377557  Instant Website Bundle

https://jvz2.com/c/202927/377194  GMB Magic Content

https://jvz2.com/c/202927/376962  PlayerNeos VR

https://jvz8.com/c/202927/381812/  BrandElevate Bundle information

https://jvz4.com/c/202927/381807/ BrandElevate Ultimate

https://jvz2.com/c/202927/381556/ WowBackgraounds Plus

https://jvz4.com/c/202927/381689/  Your3DPal Ultimate

https://jvz2.com/c/202927/380877/  BigAudio Club Fast Pass

https://jvz3.com/c/202927/379998/ Podcast Masterclass

https://jvz3.com/c/202927/366537/  VideoGameSuite Exclusive

https://jvz8.com/c/202927/381148/ AffiliateMatic

https://jvzoo.com/c/202927/381179  YTSuite Advanced

https://jvz1.com/c/202927/381749/  Xinemax 2.0 Commercial

https://jvzoo.com/c/202927/382455  Living An Intentional Life

https://jvzoo.com/c/202927/381812  BrandElevate Bundle

https://jvzoo.com/c/202927/381935 Ezy MultiStores

https://jvz2.com/c/202927/381194/  DFY Suite 4.0 Agency

https://jvzoo.com/c/202927/381761  ReVideo

https://jvz4.com/c/202927/381976/  AppOwls Bundle

https://jvz8.com/c/202927/381950/  TrafficForU

https://jvz3.com/c/202927/381615/  WOW Backgrounds 2.0

https://jvz4.com/c/202927/381560   ALL-in-One HD Stock Bundle

https://jvz6.com/c/202927/382326/   Viddeyo Bundle

https://jvz8.com/c/202927/381617/  The Forex Joustar

 

 

Three Reasons To Stay In a Volatile Market and Not Cash Out

August is traditionally a slow month in the markets, with low trading volumes and fewer headlines. A trade war between the world’s top two economies changes a lot.

After a rough week of stock-market volatility (^VIX) – the Dow had its worst one-day percentage drop of the year on Monday – the major U.S. indices are finally in the green. This is thanks in part to positive news out of China regarding its yuan and a better-than-expected trading report (China saw a 3.3% rise in exports compared with a year earlier).

Investors quickly turned to safe havens such as gold (GC=F) and bitcoin (BTC-USD).

While waiting for the next move in the U.S.-China trade dispute, investors might be tempted to cash out before tensions rise higher – and risk more damage to their portfolios. With so much concern over growth around the globe, here’s why one chief investment officer says it’s best not to cash out of stocks.

Reason #1: Tax concerns

“You shouldn’t be in the market at all then. Don’t ever go all in on cash,” Kim Forest, CIO of Bokeh Capital told Yahoo Finance. “If it’s a taxable account, you’re going to have to pay taxes on those stocks that have gains. That’s a big consideration.”

Reason #2: Predicting the future

“People are horrible at market timing. Nobody really knows the future,” Forest said. “You might think that having that cash is going to save you. But that cash is supposed to grow over time. If you’re in the market, you have to just get used to that asset value going up and down with the market.”

Reason #3: Keeping faith

Stocks go up over the long run: “You just have to believe that in time there’s going to be growth; and the growth is going to show up in those stocks and that is going to show in your portfolio,” Forest said.

A Fidelity report from earlier this year is a good example of why holding on is in most long-term investors’ interest: The investment giant examined the 1.64 million portfolios that were around at the end of March 2009, around the low point of the Great Recession, and that are still around today. In the decade between Q1 2009 and 2019, the average 401(k) balance, which had been $52,600, grew 466% to $297,700 – or an 18.93% increase per year.

By:

Source: Three reasons to stay in a volatile market and not cash out

How to plan for the worst and stay invested

Consider these 3 elements: emergencies, protection, and growth potential.

Consider thinking about the investment portion of your financial plan in terms of 3 categories: emergencies, protection, and growth potential.

Understanding how your emergency fund, insurance, and your investment strategies work together can help keep you on track toward your goals.

One of the key factors to success in long-term investing is the ability to stick with it through good markets and bad. A full emergency fund and adequate insurance coverage can give you peace of mind when the market gets rocky.

1. Emergency fund

It makes sense for everyone to have some money set aside for the unexpected. While 3 to 6 months’ worth of essential expenses is a good starting point, it’s important to decide how big your emergency fund should be so that you can sleep at night. Saving 3 to 6 months’ worth of essential expenses is a big goal to aim for so if that seems out of reach, $1,000 or enough to cover 1 month of essential expenses is a manageable milestone to aim for while working to save more.

2. Protection
Protection is a critical piece of a financial plan. It includes foundational pieces like life insurance, protecting your income in case of a disability, and basic estate planning. It also includes protecting part of your money from stock market risk. For instance, if you have goals that are less than 5 years away, your investment strategy should reflect that, with less exposure to stocks than you might have for goals that are 20 years away. You may not want any stock market investments for a goal that close.

As your life and financial situation scale up in complexity, often as you get older and hopefully become more financially comfortable, the layers of protection you may want could extend to long-term care insurance and tax-efficient inheritance strategies.

3. Growth
Once you’ve accounted for your emergency fund and protected certain aspects of your life, the growth portion of your plan is where you would put your diversified investment strategy. This component is generally the largest piece of your plan.

 

April Retail Sales Rise 0.9%, Even as Consumers Confront Sky-High Inflation

Americans ramped up their spending at retail stores in April, a sign that consumers are still weathering the inflationary storm even as prices continue to hover near a 40-year high.

Retail sales, a measure of how much consumers spent on a number of everyday goods, including cars, food and gasoline, rose 0.9% in April from the prior month, the Commerce Department said Tuesday. That was in line with expectations from Refinitiv economists, but it marked a noted slowdown from the upwardly revised 1.4% gain in March.

The so-called core retail sales, which exclude automobiles, gasoline, building materials and food services and are most closely correlated with the consumer spending aspect of the nation’s gross domestic product, rose 1% in April.

People walk through a shopping area in Manhattan on June 7, 2021, in New York City. (Angela Weiss/AFP via Getty Images / Getty Images)

The April advance – which is not adjusted for inflation, meaning that consumers may be spending the same but getting less bang for their buck – was led by a burst in spending at bars and restaurants as well as on vehicles, clothing, furniture and electronics.

Receipts at gas stations actually dropped last month as prices at the pump briefly fell from highs recorded in March. However, gas prices have since notched a new record, climbing to a national average of $4.52 per gallon, up from $3.04 one year ago.

“American consumers continued to spend more at retail stores in April, despite inflation as lower gasoline prices helped to boost spending on discretionary items,” said Tuan Nguyen, a U.S. economist at RSM. “But it won’t last long as gasoline prices reached a record high in May.”

Signage displays fuel prices at a Shell gas station in San Francisco, California, on March 7, 2022.  (David Paul Morris/Bloomberg via Getty Images / Getty Images)

There are other signs that inflation is beginning to weigh on consumers: Walmart reported earlier Tuesday that its profit took a beating in the first quarter of the year as the company grappled with soaring prices for everyday goods like food and fuel and higher costs from snarled supply chains.

The data comes as consumers face the worst inflation spike in decades The government reported last week that the consumer price index climbed 8.3% in April from the previous year, close to a four-decade high. The reading was much higher than economists expected and underscores that inflationary pressures in the economy remain strong.

Rising inflation is eating away at strong wage gains that American workers have seen in recent months: Real average hourly earnings decreased 0.1% in April from the previous month, as the inflation increase eroded the 0.3% total wage gain, according to the Labor Department. On an annual basis, real earnings actually dropped 2.6% in April.

Source: April retail sales rise 0.9%, even as consumers confront sky-high inflation | Fox Business

.

More contents:

More Remote Working Apps:

https://quintexcapital.com/?ref=arminham     Quintex Capital

https://www.genesis-mining.com/a/2535466   Genesis Mining

 http://www.bevtraders.com/?ref=arminham   BevTraders

https://www.litefinance.com/?uid=929237543  LiteTrading

https://jvz8.com/c/202927/369164  prime stocks

  https://jvz3.com/c/202927/361015  content gorilla

  https://jvz8.com/c/202927/366443  stock rush  

 https://jvz1.com/c/202927/373449  forrk   

https://jvz3.com/c/202927/194909  keysearch  

 https://jvz4.com/c/202927/296191  gluten free   

https://jvz1.com/c/202927/286851  diet fitness diabetes  

https://jvz8.com/c/202927/213027  writing job  

 https://jvz6.com/c/202927/108695  postradamus

https://jvz1.com/c/202927/372094  stoodaio

 https://jvz4.com/c/202927/358049  profile mate  

 https://jvz6.com/c/202927/279944  senuke  

 https://jvz8.com/c/202927/54245   asin   

https://jvz8.com/c/202927/370227  appimize

 https://jvz8.com/c/202927/376524  super backdrop

 https://jvz6.com/c/202927/302715  audiencetoolkit

 https://jvz1.com/c/202927/375487  4brandcommercial

https://jvz2.com/c/202927/375358  talkingfaces

 https://jvz6.com/c/202927/375706  socifeed

 https://jvz2.com/c/202927/184902  gaming jobs

 https://jvz6.com/c/202927/88118   backlink indexer  https://jvz1.com/c/202927/376361  powrsuite  

https://jvz3.com/c/202927/370472  tubeserp  

https://jvz4.com/c/202927/343405  PR Rage  

https://jvz6.com/c/202927/371547  design beast  

https://jvz3.com/c/202927/376879  commission smasher

 https://jvz2.com/c/202927/376925  MT4Code System

https://jvz6.com/c/202927/375959  viral dash

https://jvz1.com/c/202927/376527  coursova

 https://jvz4.com/c/202927/144349  fanpage

https://jvz1.com/c/202927/376877  forex expert  

https://jvz6.com/c/202927/374258  appointomatic

https://jvz2.com/c/202927/377003  woocommerce

https://jvz6.com/c/202927/377005  domainname

 https://jvz8.com/c/202927/376842  maxslides

https://jvz8.com/c/202927/376381  ada leadz

https://jvz2.com/c/202927/333637  eyeslick

https://jvz1.com/c/202927/376986  creaitecontentcreator

https://jvz4.com/c/202927/376095  vidcentric

https://jvz1.com/c/202927/374965  studioninja

https://jvz6.com/c/202927/374934  marketingblocks https://jvz3.com/c/202927/372682  clipsreel  

https://jvz2.com/c/202927/372916  VideoEnginePro

https://jvz1.com/c/202927/144577  BarclaysForexExpert

https://jvz8.com/c/202927/370806  Clientfinda

https://jvz3.com/c/202927/375550  Talkingfaces

https://jvz1.com/c/202927/370769  IMSyndicator

https://jvz6.com/c/202927/283867  SqribbleEbook

https://jvz8.com/c/202927/376524  superbackdrop

https://jvz8.com/c/202927/376849  VirtualReel

https://jvz2.com/c/202927/369837  MarketPresso

https://jvz1.com/c/202927/342854  voiceBuddy

https://jvz6.com/c/202927/377211  tubeTargeter

https://jvz6.com/c/202927/377557  InstantWebsiteBundle

https://jvz6.com/c/202927/368736  soronity

https://jvz2.com/c/202927/337292  DFY Suite 3.0 Agency+ information

https://jvz8.com/c/202927/291061  VideoRobot Enterprise

https://jvz8.com/c/202927/327447  Klippyo Kreators

https://jvz8.com/c/202927/324615  ChatterPal Commercial

https://jvz8.com/c/202927/299907  WP GDPR Fix Elite Unltd Sites

https://jvz8.com/c/202927/328172  EngagerMate

https://jvz3.com/c/202927/342585  VidSnatcher Commercial

https://jvz3.com/c/202927/292919  myMailIt

https://jvz3.com/c/202927/320972  Storymate Luxury Edition

https://jvz2.com/c/202927/320466  iTraffic X – Platinum Edition

https://jvz2.com/c/202927/330783  Content Gorilla One-time

https://jvz2.com/c/202927/301402  Push Button Traffic 3.0 – Brand New

https://jvz2.com/c/202927/321987  SociCake Commercial https://jvz2.com/c/202927/289944  The Internet Marketing

 https://jvz2.com/c/202927/297271  Designa Suite License

https://jvz2.com/c/202927/310335  XFUNNELS FE Commercial 

https://jvz2.com/c/202927/291955  ShopABot

https://jvz2.com/c/202927/312692  Inboxr

https://jvz2.com/c/202927/343635  MediaCloudPro 2.0 – Agency

 https://jvz2.com/c/202927/353558  MyTrafficJacker 2.0 Pro+

https://jvz2.com/c/202927/365061  AIWA Commercial

https://jvz2.com/c/202927/357201  Toon Video Maker Premium

https://jvz2.com/c/202927/351754  Steven Alvey’s Signature Series

https://jvz2.com/c/202927/344541  Fade To Black

https://jvz2.com/c/202927/290487  Adsense Machine

https://jvz2.com/c/202927/315596  Diddly Pay’s DLCM DFY Club

https://jvz2.com/c/202927/355249  CourseReel Professional

https://jvz2.com/c/202927/309649  SociJam System

https://jvz2.com/c/202927/263380  360Apps Certification

 https://jvz2.com/c/202927/359468  LocalAgencyBox

https://jvz2.com/c/202927/377557  Instant Website Bundle

https://jvz2.com/c/202927/377194  GMB Magic Content

https://jvz2.com/c/202927/376962  PlayerNeos VR

How a Few Thoughtless Words About Privacy Led To Huge Political and Economic Headaches

 
 

One of the most surprising developments in recent years is how privacy – something that by definition is about small, intimate things – has become a major global force in the spheres of economics and politics. Perhaps the clearest demonstration of that transformation involves data flows across the Atlantic, and the Austrian lawyer and activist Max Schrems.

As the New York Times reported in 2015, Schrems was a 24-year-old student studying at the Santa Clara School of Law in California, when lawyers from Silicon Valley came to talk to students about their companies’ approach to privacy. Schrems was “taken aback” when he heard them say that they didn’t take Europe’s privacy laws very seriously, since companies rarely faced any significant penalties for breaking them.

What was probably just an off-the-cuff remark by a lawyer touched Schrems, an Austrian national, personally. It spurred him to investigate how Facebook dealt with EU data protection laws. In particular, Schrems asked to see all the data the company had collected from him, as he was entitled to do under EU privacy laws.

He was surprised to see that Facebook had retained information that he had deleted, including highly personal matters. Schrems filed various complaints with the Irish Data Protection Commission, which regulates Facebook in the EU because Facebook’s European headquarters are located in Ireland.

The revelation by Edward Snowden in 2013 that the US National Security Agency could access the personal data of EU citizens, thanks to the Prism program, led to another privacy complaint by Schrems, which concerned the transfer of his personal data from the EU to the US.

Under the 1995 EU Data Protection Directive, which preceded today’s better-known General Data Protection Regulation (GDPR), that was only permitted if the receiving country offered “an adequate level of protection of the data”. Schrems claimed that Snowden’s leaks revealed that the US did not offer the necessary level of protection.

The Court of Justice of the European Union (CJEU), the EU’s highest court, agreed with him, and ruled that the Safe Harbor framework agreed between the US and the EU to legalise the transfer of personal data was invalid. That ruling made the transfers to the US of personal data concerning EU citizens much harder, since companies could not depend on the Safe Harbor framework.

To remedy the situation, a replacement for the Safe Harbor scheme was agreed between the US and the EU. However, as PIA blog reported in 2020 the Privacy Shield was also sunk by the CJEU, largely on the same grounds as before.

Since then, the US and EU have been working hard to come up with a third framework to allow the smooth transfer of EU personal data in a way that is legal under the GDPR. Businesses on both sides of the Atlantic were becoming seriously concerned about the delay. The US Chamber of Commerce of Commerce and BusinessEurope issued a joint statement on the topic, which includes the following:

We call on the European Commission and on the U.S. Administration to swiftly conclude a robust new framework for data transfers, addressing the problems which led to the invalidation of the Privacy Shield, and upholding our shared transatlantic values of privacy and security.

Finalizing a new agreement will not only provide a legal mechanism that is accessible to small and medium-sized businesses but also will remove growing uncertainty around the role of standard contractual clauses, which are relied upon for the bulk of cross-border data flows. We are confident that a new agreement is within reach that can provide long-term legal certainty and will in turn yield increased innovation, cooperation, and growth across the transatlantic economy.

Indeed, the President of the EU Commission, Ursula von der Leyen, has just announced that the EU and US have “found an agreement in principle on a new framework for transatlantic data flows.” However, there are few details yet. In particular, it is not clear whether it can deal with the fallout of an important recent judgment handed down by the US Supreme Court. An opinion piece in The Hill explains:

The U.S. Supreme Court’s decision this month in FBI v. Fazaga, a case challenging FBI surveillance, will make it significantly harder for people to pursue surveillance cases, and for U.S. and European Union (EU) negotiators to secure a lasting agreement for transatlantic transfers of private data.

The justices gave the U.S. government more latitude to invoke “state secrets” in spying cases. But ironically, that victory undercuts the Biden administration’s efforts to show that the United States has sufficiently strong privacy protections to sustain a new Privacy Shield agreement — unless Congress steps in now.

The future “Trans-Atlantic Data Privacy Framework” has “a new multi-layer redress mechanism”, and specifies that “intelligence collection may be undertaken only where necessary to advance legitimate national security objectives, and must not disproportionately impact the protection of individual privacy and civil liberties”.

However, without full details of how those will work in practice, it’s impossible to say whether it is likely that the CJEU would rule that the new framework is invalid, as it did for the other two. Max Schrems has already indicated that he or others will bring a legal challenge if the new framework seems to offer insufficient safeguards.

Without a valid framework, companies will be forced to come up with expensive and messy ad hoc solutions that will act as a significant obstacle to the frictionless flow of personal data across the Atlantic. And all because of a few words said by a lawyer in front of one particular student.

By: Glyn Moody

Source: How a Few Thoughtless Words about Privacy Led to Huge Political and Economic Headaches for the US and EU political and economic headache

.

Critics:

By: Cameron F. Kerry

Recent congressional hearings and data breaches have prompted more legislators and business leaders to say the time for broad federal privacy legislation has come. Cameron Kerry presents the case for adoption of a baseline framework to protect consumer privacy in the U.S.

Most recent proposals for privacy legislation aim at slices of the issues this explosion presents. The Equifax breach produced legislation aimed at data brokers. Responses to the role of Facebook and Twitter in public debate have focused on political ad disclosure, what to do about bots, or limits to online tracking for ads.

Most state legislation has targeted specific topics like use of data from ed-tech products, access to social media accounts by employers, and privacy protections from drones and license-plate readers. Facebook’s simplification and expansion of its privacy controls and recent federal privacy bills in reaction to events focus on increasing transparency and consumer choice. So does the newly enacted California Privacy Act.

Our existing laws developed as a series of responses to specific concerns, a checkerboard of federal and state laws, common law jurisprudence, and public and private enforcement that has built up over more than a century.

It began with the famous Harvard Law Review article by (later) Justice Louis Brandeis and his law partner Samuel Warren in 1890 that provided a foundation for case law and state statutes for much of the 20th Century, much of which addressed the impact of mass media on individuals who wanted, as Warren and Brandeis put it, “to be let alone.”

The advent of mainframe computers saw the first data privacy laws adopted in 1974 to address the power of information in the hands of big institutions like banks and government: the federal Fair Credit Reporting Act that gives us access to information on credit reports and the Privacy Act that governs federal agencies.

Today, our checkerboard of privacy and data security laws covers data that concerns people the most. These include health data, genetic information, student records and information pertaining to children in general, financial information, and electronic communications (with differing rules for telecommunications carriers, cable providers, and emails).

.

More Remote Working Apps:

https://quintexcapital.com/?ref=arminham     Quintex Capital   https://www.genesis-mining.com/a/2535466   Genesis Mining   http://www.bevtraders.com/?ref=arminham   BevTraders   https://jvz8.com/c/202927/369164  prime stocks   https://jvz3.com/c/202927/361015  content gorilla   https://jvz8.com/c/202927/366443  stock rush   https://jvz1.com/c/202927/373449  forrk   https://jvz3.com/c/202927/194909  keysearch   https://jvz4.com/c/202927/296191  gluten free   https://jvz1.com/c/202927/286851  diet fitness diabetes  https://jvz8.com/c/202927/213027  writing job   https://jvz6.com/c/202927/108695  postradamus https://jvz1.com/c/202927/372094  stoodaio  https://jvz4.com/c/202927/358049  profile mate   https://jvz6.com/c/202927/279944  senuke   https://jvz8.com/c/202927/54245   asin   https://jvz8.com/c/202927/370227  appimize  https://jvz8.com/c/202927/376524  super backdrop  https://jvz6.com/c/202927/302715  audiencetoolkit  https://jvz1.com/c/202927/375487  4brandcommercial https://jvz2.com/c/202927/375358  talkingfaces  https://jvz6.com/c/202927/375706  socifeed  https://jvz2.com/c/202927/184902  gaming jobs  https://jvz6.com/c/202927/88118   backlink indexer  https://jvz1.com/c/202927/376361  powrsuite  https://jvz3.com/c/202927/370472  tubeserp  https://jvz4.com/c/202927/343405  PR Rage  https://jvz6.com/c/202927/371547  design beast  https://jvz3.com/c/202927/376879  commission smasher  https://jvz2.com/c/202927/376925  MT4Code System https://jvz6.com/c/202927/375959  viral dash https://jvz1.com/c/202927/376527  coursova  https://jvz4.com/c/202927/144349  fanpage https://jvz1.com/c/202927/376877  forex expert  https://jvz6.com/c/202927/374258  appointomatic https://jvz2.com/c/202927/377003  woocommerce https://jvz6.com/c/202927/377005  domainname marketing https://jvz8.com/c/202927/376842  maxslides https://jvz8.com/c/202927/376381  ada leadz https://jvz2.com/c/202927/333637  eyeslick https://jvz1.com/c/202927/376986  creaite contentcreator https://jvz4.com/c/202927/376095  vidcentric https://jvz1.com/c/202927/374965  studioninja https://jvz6.com/c/202927/374934  marketingblocks https://jvz3.com/c/202927/372682  clipsreel  https://jvz2.com/c/202927/372916  VideoEnginePro https://jvz1.com/c/202927/144577  BarclaysForexExpert https://jvz8.com/c/202927/370806  Clientfinda https://jvz3.com/c/202927/375550  Talkingfaces https://jvz1.com/c/202927/370769  IMSyndicator https://jvz6.com/c/202927/283867  SqribbleEbook https://jvz8.com/c/202927/376524  superbackdrop https://jvz8.com/c/202927/376849  VirtualReel https://jvz2.com/c/202927/369837  MarketPresso https://jvz1.com/c/202927/342854  voiceBuddy https://jvz6.com/c/202927/377211  tubeTargeter https://jvz6.com/c/202927/377557  InstantWebsiteBundle https://jvz6.com/c/202927/368736  soronity https://jvz2.com/c/202927/337292  DFY Suite 3.0 Agency+ information https://jvz8.com/c/202927/291061  VideoRobot Enterprise https://jvz8.com/c/202927/327447  Klippyo Kreators https://jvz8.com/c/202927/324615  ChatterPal Commercial https://jvz8.com/c/202927/299907  WP GDPR Fix Elite Unltd Sites https://jvz8.com/c/202927/328172  EngagerMate https://jvz3.com/c/202927/342585  VidSnatcher Commercial https://jvz3.com/c/202927/292919  myMailIt https://jvz3.com/c/202927/320972  Storymate Luxury Edition https://jvz2.com/c/202927/320466  iTraffic X – Platinum Edition https://jvz2.com/c/202927/330783  Content Gorilla One-time https://jvz2.com/c/202927/301402  Push Button Traffic 3.0 – Brand New https://jvz2.com/c/202927/321987  SociCake Commercial https://jvz2.com/c/202927/289944  The Internet Marketing Newsletter PLR Monthly Membership https://jvz2.com/c/202927/297271  Designa Suite License https://jvz2.com/c/202927/310335  XFUNNELS FE Commercial Drag-n-Drop Page Editor https://jvz2.com/c/202927/291955  ShopABot https://jvz2.com/c/202927/312692  Inboxr https://jvz2.com/c/202927/343635  MediaCloudPro 2.0 – Agency Rights https://jvz2.com/c/202927/353558  MyTrafficJacker 2.0 Pro+ https://jvz2.com/c/202927/365061  AIWA Commercial https://jvz2.com/c/202927/357201  Toon Video Maker Premium https://jvz2.com/c/202927/351754  Steven Alvey’s Signature Series 3rd Installment https://jvz2.com/c/202927/344541  Fade To Black https://jvz2.com/c/202927/290487  Adsense Machine https://jvz2.com/c/202927/315596  Diddly Pay’s DLCM DFY Club https://jvz2.com/c/202927/355249  CourseReel Professional https://jvz2.com/c/202927/309649  SociJam System https://jvz2.com/c/202927/263380  360Apps Certification Masterclass https://jvz2.com/c/202927/359468  LocalAgencyBox https://jvz2.com/c/202927/377557  Instant Website Bundle https://jvz2.com/c/202927/377194  GMB Magic Content https://jvz2.com/c/202927/376962  PlayerNeos VR

%d bloggers like this: