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By Staff Reporters
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Mark Cuban, the billionaire entrepreneur, has been facing a torrent of criticism for several days linked to a partnership forged with a crypto firm. Indeed, Cuban, an evangelist of the crypto industry in which he has invested, signed an agreement linking his NBA team, the Dallas Mavericks, to the crypto lender Voyager Digital last October. The contract, signed on October 28, is for five years and has a mission to promote cryptocurrencies by making coins more accessible through educational and digital programs.
Beleaguered crypto lender Celsius Network operated as a classic “Ponzi scheme,” the former head of the company’s key investment strategy alleged in a lawsuit, claiming the company used customer deposits to cover huge liabilities caused by reckless mismanagement.
The closely watched criminal trial of three former JPMorgan Chase & Co employees just commenced, with a prosecutor saying they “ripped off” the precious metals futures market with fake orders and defense attorneys saying the orders were genuine. The bank’s former global precious metals desk head Michael Nowak, precious metals trader Gregg Smith and salesperson Jeffrey Ruffo are charged with racketeering and conspiracy in the U.S. Justice Department’s most aggressive case to date targeting the manipulative trading tactic known as spoofing.
Finally, job payrolls grew by 372,000 in June, according to the Labor Department, easing fears over a potential recession while clearing the way for another round of interest rate hikes by the Federal Reserve later this month and beyond.
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Filed under: Ethics, Funding Basics, Glossary Terms, Investing, LifeStyle | Tagged: Celsius Network, crypto, Cuban, Job Payrolls, jobs, JPMorgan, JPMorgan Chase, payrolls, spoofing | Leave a comment »
By Staff Reporters
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As reported by CoinDesk, Meta [Facebook] is ending its three-year experiment with crypto this month. The company will shut down its crypto wallet, Novi, in September, but will prevent customers from adding any more funds to it later in July.
July 4th is the 10th anniversary of the discovery of the Higgs boson, also known as God’s particle. After a search of more than 40 years, the particle was discovered in experiments on the Large Hadron Collider (LHC) at European Organization for Nuclear Research (CERN) near Geneva, Switzerland on July 4, 2012. Considered one of the most important scientific discoveries of the modern era, the Higgs boson provides evidence for the Standard Model of Physics, which describes how various particles make the universe.
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HAPPY INDEPENDENCE DAY
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Filed under: Alerts Sign-Up, Ethics, Investing, LifeStyle, Research & Development | Tagged: coindesk, crypto, Facebook, god particle, higgs boson, Meta, novi | Leave a comment »
By Staff Reporters
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Bitcoin’s energy hunger, which has alarmed environmentalists and consumer advocates concerned about pollution and utility prices, comes from the process of mining new tokens. Bitcoin miners earn new tokens by validating transactions through an inherently energy-inefficient process, using specialized machines to solve complex puzzles. All that computing by all those machines has led to an energy appetite rivaling that of entire nations. Bitcoin’s annualized energy consumption has fallen from about 204 terawatt-hours (TWh) per year on June 11th to around 132 TWh per year on June 23rd. But even though its electricity use has plunged, it’s still very high — roughly equivalent to the amount of electricity Argentina uses in a single year.
Editor’s Note: Incidentally, colleague Mike Burry MD, the Scion Asset Management boss has also compared the crypto boom to the dot-com and housing bubbles, and cautioned that retail buyers of meme stocks and crypto are barreling towards the “mother of all crashes.” – DE Marcinko
Markets: Finally, and according to preliminary data, the S&P 500 gained 116.98 points, or 3.08%, to end at 3,912.71 points, while the NASDAQ Composite gained 380.21 points, or 3.38%, to 11,612.40. The Dow Jones Industrial Average rose 839.93 points, or 2.70%, to 31,505.59.
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Filed under: Alerts Sign-Up, Glossary Terms, Investing, LifeStyle | Tagged: bitcoin electricity, bitcoin's energy, crypto, crypto energy, DJIA, Dow Jones Industrial Average, markets, Mike Burry MD, NASDAQ, S&P | Leave a comment »
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The rate of inflation rose again in May, remaining at 40-year highs, the Office for National Statistics revealed. The rate of Consumer Prices Index [CPI] inflation rose slightly to 9.1 per cent in May from 9 per cent in April, according to the ONS. The increase matches what analysts had expected. And, supply constraints, exacerbated by Russia’s war in Ukraine account for about half of the surge in US inflation, with demand currently making up a third of the increase, according to new research from the Federal Reserve Bank of San Francisco.
US gasoline futures are about 13% below the record high seen earlier this month and pump prices have dropped for more than seven days straight — the biggest run of losses since April — after rising to a fresh peak early last week, as recession concerns grip the market. Oil prices have tumbled toward $100 a barrel as traders fear that sharply higher interest rates would slow down economic growth and lead to demand destruction. The AAA reports that the average price of a gallon of regular gas slipped 6 cents since last week, to $4.955.
U.S. online trading firms specializing in crypto were hit hard after BinanceUS, an arm of the word’s biggest digital currency exchange, eliminated its bitcion spot trading fees. BinanceUS will now allow its users to trade bitcoin, the biggest cryptocurrency, against assets such as the U.S. dollar, tether, and other dollar-backed stablecoins for free, eliminating its prior levy of 0.1% on transaction valued at less than $50,000.00.
Altria’s big tumble—the tobacco company owns a 35% stake in Juul, and a WSJ report suggested the FDA could order Juul to yank its products off the market imminently.
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Filed under: Alerts Sign-Up, Drugs and Pharma, Investing, LifeStyle | Tagged: Altria, crypto, gas, gasoline, inflation, Juul, oil, online crypto trading firms | Leave a comment »
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Filed under: Alerts Sign-Up, Investing | Tagged: brent, Cathie Wood, crypto, gas, IRS, IRS backlog, oil, rents, stock markets, US rent | Leave a comment »
By Staff Reporters
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Blake Lemoine, an engineer for Google’s responsible AI organization, described an AI system that he has been working on since last fall as sentient, with a perception of, and ability to express thoughts and feelings that was equivalent to a human child. He was promptly suspended.
Earnings Are Under Threat. Companies from Target to Microsoft have warned their results will be lower than expected, while analysts have trimmed earnings forecasts across industries. Investors will get further clarity next month when companies begin reporting results for the second quarter.
The S&P is in a historic slump having fallen in nine out of the past 10 weeks for just the third time since 1980. And cryptocurrencies, which trade 24/7, tumbled following another red-hot inflation report.
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Filed under: Breaking News, Interviews, Investing, LifeStyle | Tagged: AI, artificial intelligence, Blake Lemoine, corporate earnings, crypto, cryptocurrency, DJIA, Googlem Sentient Google, Lemoine, S&P, Sentient, stock earnings | Leave a comment »
By Staff Reporters
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Global venture capital investment was a healthy $39 billion in May, according to Crunchbase. But, the figure declined for the second month in a row, reaching the lowest point since December 2020. In monthly terms, VC investments declined by nearly 16%. In yearly terms, it fell by 20%.
Nobel laureate and economist Robert Shiller said the US has a good chance of entering a recession. He told Bloomberg the odds of a recession in the next few years are 50%, which is “much higher than normal.” Shiller predicted in 2005 that the housing bubble would burst and also warned a new one may be forming. And, Ray Dalio said the FMOC will cut interest rates to combat stagflation in a recent Market Insider interview. “We are in a tighttening mode … the pain of that will become great.”
Additionally, former EY Global Chairman and CEO Mark Weinberger warned that inflation will not go down in the near future, causing the economy to “turn for the worse.”
Gemini, a crypto exchange and custodian founded by Cameron and Tyler Winklevoss faced a loss in February in the form of a $36 million breach. And now the company is being sued over its alleged failure to protect its customers.
The Stock Markets have been a bit dull recently. The S&P 500 has been directionless trading within a roughly 100-point range for the past two weeks. The only energy in the market seems to belong to Exxon Mobil which notched a record close; first since 2014.
CITE: https://www.r2library.com/Resource/Title/0826102549
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ORDER: https://tinyurl.com/2p8eu4k8
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Filed under: Alerts Sign-Up, Funding Basics, iMBA, Inc., Information Technology, Investing, Risk Management | Tagged: crypto, Dalio, Exxon Mobil, Shiller, stock markets, VC funding, venture capitalists, Weinberger, Winklevoss | Leave a comment »
By Staff Reporters
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US roaring consumer demand has caused an increase in the price of goods and services, otherwise known as inflation. But with inflation at a 40-year high this year, Americans are finding their monthly income isn’t going as far as it used to. In April, the personal savings rate in the US ticked down to a 14-year low of 4.4%, according to the latest figures from the Commerce Department. That’s half the rate it was in December, and roughly a third of where it was the year before. And, many households are already in negative savings territory, meaning they are increasingly tapping into their savings to cover purchases each month.
CITE: https://www.r2library.com/Resource/Title/082610254
And Oil prices moved higher as a production increase by OPEC+ countries was viewed as potentially too little to offset the absence of Russian supply, while US crude inventories declined sharply. West Texas Intermediate moved 1.249% higher to $116.70, while Brent crude, the international benchmark, jumped about 1% to $117.47
Finally, The Social Network twins are laying off 10% of the workforce at Gemini, the crypto exchange they own. Tyler and Cameron Winklevoss said that the industry has entered a “contraction phase that is settling into a period of stasis”—which is another way of saying that the total value of digital assets has plunged by about $2 trillion from its peak last November.
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Filed under: Alerts Sign-Up, Experts Invited, Financial Planning, Glossary Terms, Health Economics, Investing | Tagged: crude oil, crypto, oil, OPEC, personal saving rates, savings rate, Winklevoss | Leave a comment »
By Staff Reporters
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Since the year began, the iconic Dow Jones Industrial Average entered correction territory with a decline of greater than 10%, while the S&P 500 (very briefly, on an intra-day basis) and NASDAQ Composite both pushed into a bear market. The latter has endured a peak-to-trough drop of as much as 31% in six months.
Oil prices rose to a two-month high over the holiday weekend, while the average cost of a gallon of gas in the US hit a record of $4.62.
Americans say it takes exactly $2.2 million in net worth to be considered “wealthy,” according to a new Charles Schwab study. The figure is up slightly from 2021, when it sat at $1.9 million, but down from a pre-pandemic “wealthy” high of $2.6 million in 2019. The average net worth it takes to be “financially comfortable” sat at $774,000 in 2022 and is up from $624,000 in 2021, but down from a pre-pandemic high of $1.4 million in 2018.
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Filed under: Alerts Sign-Up, Experts Invited, Financial Planning, Investing | Tagged: crypto, DJIA, luna, NASDAQ, net worth, oil, oil prices, personal wealth, S&P, Schwab, Terra, Wealth | Leave a comment »
By Staff Reporters
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Filed under: Breaking News, Glossary Terms, Investing | Tagged: blockchain, crypto, ether, euro, recession, recession risk, Vitalik Buterin | Leave a comment »
By Staff Reporters
“Market top”= when investor behavior became so irrational, so carefree, that it couldn’t possibly defy gravity forever.
CITE: https://www.r2library.com/Resource/Title/082610254
What are the warning signs?
Here were a few floating around the internet this week, according to Neal Freyman:
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Filed under: Alerts Sign-Up, Ethics, Experts Invited, Glossary Terms, Health Economics, Investing | Tagged: CNBC, crypto, dodgecoin, elon musk, market top, Neal Freyman, NFT, stock market top | Leave a comment »
By Staff Reporters
It’s Friday the 13th
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The IRS destroyed data for an estimated 30 million filers in March 2021, according to the Treasury Inspector General for Tax Administration. The decision, prompted by a backlog of paper filings, has sparked anger in the tax community. “It just further damages the IRS’ reputation in the business community and in the public,” said Larry Harris, director of tax services at Parsec Financial.
More than $200 billion has been wiped off the cryptocurrency market today alone, as investors are sent into a panic. Ethereum, the world’s second largest digital currency plummeted by 20% in the space of 24 hours. Bitcoin, the original cryptocurrency started in 2009, dropped by 9%, but overall it is down 50% since its all time high in November. Chaos on the market has seen other currencies such as Shiba Inu and Dogecoin losing 30% and 25%, respectively. Meanwhile Terra Luna, which was among the top 10 most valuable cryptocurrencies had 98% of its value wiped out overnight, falling to below one dollar per coin.
Immediately after becoming the interim CEO of Starbucks (NASDAQ: SBUX), Howard Schultz suspended the company’s share-repurchase program. “This decision will allow us to invest more into our people and our stores — the only way to create long-term value for all stakeholders,” he said in a press release.
Snowflake, Meta, Microsoft and Uber — are all down from 20% to as much as 60% year to date. The technology stock sector, especially unprofitable firms and richly valued software names, have been hit the hardest as of late. The NASDAQ Composite slid more than 13% in April, dropping almost 30% from its all-time high.
CITE: https://www.r2library.com/Resource/Title/082610254
President Biden, anticipating the milestone of one million American lives lost to Covid-19, said in a formal statement on Thursday that the United States must stay committed to fighting a virus that has “forever changed” the country.
Finally, Microsoft founder Bill Gates said on Tuesday that he tested positive for COVID-19 and is experiencing mild symptoms. In a series of tweets, the billionaire shared that he was “lucky to be vaccinated” and will be isolating until he’s healthy again.
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Filed under: Alerts Sign-Up, Glossary Terms, Health Economics, Health Insurance, Investing, Taxation | Tagged: Bill Gates, covid, crypto, Howard Schultz, IRS, microsoft, MSFT, Starbucks, tax, tech stocks, Uber | Leave a comment »
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By Michel Accad, MD
Michel Accad MD Practices internal medicine and cardiology in San Francisco
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In a recent article on the Mises Institute’s Power and Market blog, Kyle Ward appealed to the subjective theory of value to castigate Peter Schiff for his notorious skepticism of Bitcoin:
READ: http://alertandoriented.com/the-subjective-theory-of-bitcoin/
CITE: https://www.r2library.com/Resource/Title/082610254
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Filed under: Experts Invited, Glossary Terms, Health Economics, Industry Indignation Index, Investing | Tagged: Bitcoin, crypto, crypto-currency, Kyle Ward, MICHEL ACCAD MD, Peter Schiff | 2 Comments »
Types with Guide
By Staff Reporters
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According to Investopedia, a stablecoin is a class of cryptocurrencies that attempt to offer price stability and are backed by a reserve asset. Stablecoins have gained traction as they attempt to offer the best of both worlds—the instant processing and security or privacy of payments of cryptocurrencies, and the volatility-free stable valuations of fiat currencies.
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Stablecoins are cryptocurrencies where the price is designed to be pegged to a cryptocurrency, fiat money, or to exchange-traded commodities (such as precious metals or industrial metals).
CITE: https://www.r2library.com/Resource/Title/082610254
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Filed under: Health Economics, Funding Basics, Investing, Alternative Investments, Glossary Terms | Tagged: fiat currency, Stablecoins, crypto, stablecoin, What Really is a STABLECOIN? | Leave a comment »
By Staff Reporters
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Almost every major online retailer reporting earnings with signs of a decline:
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Filed under: Breaking News, Glossary Terms, Investing | Tagged: crypto, DJIA, Etsy, FOMC, inflation, Investing, markets, Meta, NASDAQ, online retailers, S&P, shopify, stock markets, Wayfair | Leave a comment »
On the Non-Fungible Token Market
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By Vitaliy Katseneson CFA
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| I was interviewed on PBS Newshour about the insanity that is happening in the NFT (non-fungible token) market. You can watch it here. If you read my “I Kid You Not Crazy” article, then you know everything I have to say about NFTs and cryptocurrency. I can sum up my thoughts on NFTs in one sentence: NFTs, just like cryptocurrencies, are a technology of the future, but a speculative bubble induced by excess global liquidity in the present. I encourage you to watch this eight-minute video – PBS did a great job. |
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Filed under: "Ask-an-Advisor", Alternative Investments, Experts Invited, Investing, Videos | Tagged: crypto, crypto-currency, NFTs, Non Fungible Tokens, PBS, Vitaliy N. Katsenelson | Leave a comment »
Virtual Currency – Real Taxation
By Staff Reporters
The IRS treats virtual currencies as property, which means they’re taxed similarly to stocks. If all you did was purchase cryptocurrency with U.S. dollars, and those assets have been sitting untouched in an exchange or your cryptocurrency wallet, you shouldn’t need to worry about reporting to the IRS.
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Reporting is required when certain events come into play, most commonly:
A critical distinction to make is that triggering a taxable event doesn’t necessarily mean you’ll owe taxes, said Andrew Gordon, an Illinois-based certified public accountant and tax attorney. Just because you have to report a transaction doesn’t mean you’ll end up owing the IRS for it.
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Filed under: Accounting, Glossary Terms, Investing, Taxation | Tagged: Andrew Gordon, crypto, crypto tax, crypto trades, crypto wallet, cryptocurrency, cryptocurrency tax, IRS, virtual currency | 2 Comments »
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By Staff Reporters
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The Crypto Bowl and the Dot Com Bowl?
By Staff Reporters
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CRYPTO CURRENCY: Tonight, about 117 million people will watch celebrities pitch cryptocurrency on the Super Bowl. In what’s being dubbed the “Crypto Bowl,” a batch of crypto exchanges including FTX, Coinbase, and Crypto.com, will air Super Bowl commercials at a cost of up to $7 million per 30-second spot. The game is even being held at a stadium named after SoFi, a company that offers crypto trading.\
This isn’t the first time startups from an emerging industry have used the Super Bowl to introduce themselves to a mass audience. Does anyone remember the 2000 Super Bowl between the Rams and the Titans? That was known as the “Dot-Com Bowl.” Startups that were part of the dot-com wave of the early internet bought nearly 20% of the total ad slots in what is considered the peak of that tech bubble.
CITE: https://www.r2library.com/Resource/Title/082610254
Well, that bubble burst. In fact, according to journalist Neal Freyman, of the 14 dot-com companies that purchased Super Bowl ads that year, four are still active, five were acquired, and five (including Pets.com, OnMoney.com, and Epidemic.com) are either defunct or their status is unclear.
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Filed under: Alternative Investments, Breaking News, Glossary Terms, Information Technology, Investing, Marketing & Advertising | Tagged: crypto currency, Neal Freyman, crypto, Dot-Com Bowl, Crypto Bowl, super bowl | Leave a comment »
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Filed under: Accounting, Alerts Sign-Up, Breaking News, Glossary Terms, Health Insurance, iMBA, Inc., Investing, LifeStyle, Taxation | Tagged: Accounting, Bitcoin, crypto, Federal Reserve, Jerome Powell, NASDAQ, pandemic, stock markets, tax season, Taxation, Tony Fauci | Leave a comment »
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Stock Market Investing Perspectives
By Staff Reporters
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