Trade Alert: The Great Cryptocurrency Crash Continues (and other news that matters)
Amaris is still in the hospital and we’re awaiting tests to see if she gets to come home tomorrow or if we’ll have to keep her at the hospital for ten more days or so. I spent the weekend in Albuquerque with her and am back at the office early this morning. Praying for her and for great test results for now, as that’s all I can do.
Here’s what Revolution Investors should be paying attention to (or not, as the case may be!).
Bitcoin tumbles 10% on news of South Korea crypto exchange hack – I don’t think this weekend’s and today’s cryptocurrency crash has anything to do with some obscure cryptoexchange in South Korea being hacked. Rather, this is yet another leg down in The Great Cryptocurrency Crash that I have been so adamant about since I wrote the book on the subject. Bitcoin is now down more than 70% from the levels it was at when I published The Great Cryptocurrency Crash book. Dragonchain and other jokey cryptocurrencies are already down more than 90% from their highs. Stellar Lumens, which I own, are also down big today and I’m going to go ahead and nibble a tiny bit more, for my second small tranche. I plan on buying more Stellar Lumens in coming weeks and months if it continues to crash as it very well might, as part of the Great Cryptocurrency Crash. So I barely have started nibbling them and will have invested only about 15% as much money into Stellar Lumens as I plan to.
Everything you need to know about Tuesday’s US-North Korea summit – Will the summit be a success? Will it be a disaster? Most likely it will be something in between. Regardless, the general consensus is that stock markets will go up if Trump and Kim Jong Un strike some sort of nuclear disarmament agreement. But I expect the most likely reaction from the stock market is a sell-the-news kind of move. After throwing insults and barbs at Canada’s PM and escalating The Great Global Trade War, the market might really wonder if Trump’s got a handle of the end-game of his geopolitical strategy if the North Korea summit ends badly, or worse, is a seedy compromise of some sort.
How You Could Be Affected Now That Net Neutrality Is Over – “’The United States is simply making a shift from pre-emptive regulation, which foolishly presumes that every last wireless company is an anti-competitive monopolist, to targeted enforcement based on actual market failure or anti-competitive conduct,’ FCC Chairman Pai said.” Juxtaposed with this just a few paragraphs later: “Farhad Manjoo argued in his New York Times column that the biggest American internet companies — Amazon, Apple, Facebook, Google and Microsoft — controlled much of the online infrastructure, from app stores to operating systems to cloud storage to nearly all of the online ad business.” We live in a time where the FTC (under Republicans and Democrats equally) doesn’t enforce anti-trust laws anyway, as every major industry from TV and movie production to news to DRAM to chickens has been consolidated into oligopolies. The handful of companies that dominate Internet and Internet distribution are already acting in anti-competitive monopolistic ways. Best way to profit from the end of net neutrality? Own the best distributor (ie, pipe owner). And that is Verizon.
