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Posted on July 9, 2022 by The D.E.A. ROGUE WARRIOR
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.
Posted on July 4, 2022 by The D.E.A. ROGUE WARRIOR
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.
Posted on June 26, 2022 by The D.E.A. ROGUE WARRIOR
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.
Posted on June 23, 2022 by The D.E.A. ROGUE WARRIOR
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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.
Posted on June 22, 2022 by The D.E.A. ROGUE WARRIOR
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Cathie Wood warned that the Federal Reserve could cause a recession if it keeps hiking interest rates. The US central bank is ignoring three indicators that might show inflation easing, according to the Ark Invest CIO. First, aggressive hikes are unnecessary because inflation is already easing. Second, she pointed to the stagnating prices of gold and lumber, which are often seen as leading inflation indicators. “After soaring from $1,350/ounce pre-COVID to a peak of nearly $2,000 [an ounce] during 2020, the gold price has dropped back to $1,840 [an ounce] during the past two years. “The lumber price has dropped more than 50%.” Finally, Wood said fuel prices have likely peaked as Americans increasingly turn to electric vehicles. Surging oil prices have been one of the main drivers of inflation this year, with Brent crude up 48.3% to over $115 a barrel.
The IRS says it is climbing out from under the unprecedented stack of tax returns that piled up after the agency had to scale back its operations and close facilities in 2020 following the onset of the pandemic. The agency announced that by the end of this week it will have cleared all original individual tax returns that were filed in 2021 and that didn’t contain any major mistakes. “Due to issues related to the pandemic and staffing limitations, the IRS began 2022 with a larger than usual inventory of paper tax returns and correspondence filed during 2021,” the IRS said in a statement. “The IRS took a number of steps to address this, and the agency is on track to complete processing of originally filed Form 1040 (individual tax returns without errors) received in 2021 this week.”
Another record for US single-family rents, which jumped 14% year-over-year in April, marking the 13th period of record-breaking annual gains.
Markets: Stocks bounced yesterday after their worst week in two years, led by energy stocks and Big Tech companies. Cypto even rose. Today, investors will be glued to Fed Chair Jerome Powell’s testimony on Capitol Hill. They want to know whether Powell expects to hike interest rates by another 75 basis points next month.
Posted on June 13, 2022 by The D.E.A. ROGUE WARRIOR
By Staff Reporters
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Blake Lemoine, an engineer for Google’sresponsible 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.
Posted on June 9, 2022 by The D.E.A. ROGUE WARRIOR
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.
Posted on June 3, 2022 by The D.E.A. ROGUE WARRIOR
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.
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.
Posted on May 31, 2022 by The D.E.A. ROGUE WARRIOR
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.
Terra launched a new version of its failed luna cryptocurrency, which plunged to $0. At its height, the old luna — “luna classic” — had a circulating supply of over $40 billion. The revived luna token is already trading on exchanges but its price is crashing.
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.
Posted on May 23, 2022 by The D.E.A. ROGUE WARRIOR
By Staff Reporters
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Vitalik Buterin tweeted Friday that he’s no longer a billionaire. Crypto has crashed in recent weeks amid a broad sell-off in traditional markets. Ethereum cofounder Vitalik Buterin tweeted Friday that he’s no longer a billionaire. Buterin, who cofounded the blockchain network in 2014, has seen its Ether token crash by 59% since hitting a high of around $4,800 in November 2021, when his holding was valued at around $1.5 billion.
Historically, the S&P 500 has fallen an average of 29% around recession (median of 24%). With the S&P 500 currently showing a peak-to-trough decline of almost 19%, the market is effectively already pricing in a 60%-75% chance of recession based on the average and median.
Thanks to a surging US dollar and a faltering Euro, many analysts expect that the two currencies could reach parity this year—meaning one dollar would fetch you one euro. The two currencies haven’t reached a 1:1 exchange rate since 2002, three years after the euro was introduced in an effort to bring stability to Europe. The euro closed at $1.057 against the dollar, just 5% above equal value with the US currency.
Finally, the current market plunge hasn’t yet scared investors like downturns in years past. Bank of America’s private clients are still dedicating 63% of their portfolios to stocks, compared to 39% after the 2008 financial crisis.
Here were a few floating around the internet this week, according to Neal Freyman:
When Matt Damon said, “Fortune favors the brave” in a Crypto.com commercial in October 2021. (It actually was kinda the top, because bitcoin peaked at $69,000 a few weeks later.)
When one investor went on CNBC last year to promote his investment in a lending platform called Upstart, he was asked what Upstart does. He hesitated, told the anchor his audio had cut out, and never responded.
When Dogecoin surged more than 10,000% to become the fourth most valuable cryptocurrency ahead of Elon Musk hosting SNL.
When electric vehicle startup Rivian was worth more than $110 billion and didn’t bring in any revenue.
When NFT platform OpenSea raised money at a $13.3 billion valuation—more than the value of American Airlines.
Posted on May 13, 2022 by The D.E.A. ROGUE WARRIOR
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.
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 Gatessaid 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.
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:
Posted on May 11, 2022 by The D.E.A. ROGUE WARRIOR
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.
Stablecoins are cryptocurrencies that attempt to peg their market value to some external reference.
Stablecoins may be pegged to a currency like the U.S. dollar or to a commodity’s price such as gold.
Stablecoins achieve their price stability via collateralization (backing) or through algorithmic mechanisms of buying and selling the reference asset or its derivatives.
Markets: After booming stocks had their worst day of the year because of raging inflation, slowing economic growth, and a potential recession.
Crypto: Bitcoin and other major cryptos like ethereum also tumbled in the aftermath of the FOMC announcement. They’ve typically tracked the performance of growth stocks, which have gotten hammered on the prospect of higher interest rates.
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Almost every major online retailer reporting earnings with signs of a decline:
Wayfair shares cratered nearly 26% yesterday after announcing that its active customer count dropped 23.4% from a year ago.
Bed Bath & Beyond reported an 18% nosedive in online sales.
Etsy and eBay shares both dropped by double digits yesterday after giving weak guidance for the current quarter.
At least five senior executives from Meta’s fledgling e-commerce division have fled in the last six months.
Shopify shares plummeted about 15% on Thursday after posting much lower-than-expected earnings.
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.
Posted on February 22, 2022 by The D.E.A. ROGUE WARRIOR
Virtual Currency – Real Taxation
By Staff Reporters
What you need to report to the IRS
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:
Trading one cryptocurrency for another.
Selling cryptocurrency for fiat dollars (government-issued currency).
Using cryptocurrency to buy goods or services (e.g., paying for a cup of coffee with cryptocurrency).
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.
Posted on February 22, 2022 by The D.E.A. ROGUE WARRIOR
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By Staff Reporters
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Markets: The domestic markets were closed yesterday as stocks around the world tumbled.
Crypto: Bitcoin was trading at $36,649 at 2:30 a.m. ET, falling nearly 6.5% in the last 24 hours, according to data from CoinDesk. The world’s most valuable cryptocurrency fell below $40,000 over the weekend, and has continued to slide as the Ukraine crisis intensifies. The currency has lost almost half its value since its November high of $68,990 due to geopolitical tensions, the prospect of interest rate hikes by the US Federal Reserve and curbs by some major economies on digital assets. Bitcoin’s peers have also been faring poorly. Ethereum, the world’s second most valuable cryptocurrency, fell over 8% in the last 24 hours and was trading at $2,520.
Putin: Russian President Vladimir Putin dramatically escalated the Ukrainian conflict. He recognized two separatist regions in eastern Ukraine as independent and ordered Russian troops to enter those areas, which may provide the pretext for an invasion of other parts of the country. Western leaders condemned the move as a violation of international law and the US said it will impose sanctions on those regions.
Posted on February 13, 2022 by The D.E.A. ROGUE WARRIOR
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.
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.
Posted on January 24, 2022 by The D.E.A. ROGUE WARRIOR
By Staff Reporters
Stock Markets: The S&P is off to its worst start to a year since 2016. The NASDAQ is in a correction. And the week ahead features a busy earnings slate and a Federal Reserve meeting.
CovisPandemic: Tony Dr. Fauci said he is “confident as you can be” that the Omicron wave in the US will peak by mid-February. In a growing number of states, that peak has already come and gone and cases are plunging in states like New York and Florida. Other states, such as Oklahoma, Idaho, and Wyoming, are still reporting an uptick in new Covid cases.
Crypto-Currency: Crypto investors, meanwhile, wish they got the weekend off like stock traders, because bitcoin, ethereum, and other digital tokens continued to sink.
Federal Reserve: Federal Reserve officials will get together on Tuesday and Wednesday against the backdrop of quaking markets. Investors will want to hear an update on Chair Jerome Powell’s views on inflation. This Fed meeting will likely be the last before an anticipated interest rate hike in March. And, a blizzard of companies will report including nearly half of the Dow’s 30 giants (American Express, 3M, IBM, and more) and tech heavyweights such as Apple, Microsoft, and Tesla.
Tax Season: The income tax filing season opens today and government officials warn it could be bumpy due to a depleted IRS. The Treasury says to file early, file online, and request your refund via direct deposit to avoid the severe headaches.
Posted on January 8, 2022 by The D.E.A. ROGUE WARRIOR
By Staff Reporters
Stock Markets: The S&P is off to its worst start to a year since 2016, and the NASDAQ fell 4.5% this week—its worst drop since February 2021. The Fed’s hawkish pivot + rising bond yields are really pounding technology stocks.
Crypto-Currency: Bitcoin fell to its lowest level since last September, and other cryptos like ethereum and solana are also in the doghouse. It appears as though the Fed’s move to raise borrowing costs and the turmoil in mining powerhouse Kazakhstan are dragging down prices.
Posted on December 6, 2021 by The D.E.A. ROGUE WARRIOR
StockMarketInvesting Perspectives
By Staff Reporters
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Markets: With stocks selling off sharply last week, at least we still have Crypto, right? Right? Bitcoin tanked more than 20% at one point this weekend, dragging many other digital tokens with it. El Salvador, for one, bought the dip.
Covid: At first glance, Omicron does not appear to cause more severe illness, Dr. Fauci said yesterday. Early results out of South Africa, where Omicron is spreading, show it’s not driving up hospitalizations. Fauci called the data “a bit encouraging.”