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2021-03-03

More will start selling before 16?

Fed policy changes could be coming in response to bond market turmoil, economists say

2021-02-10

Nintendo!

Forget GameStop, Nintendo Is a Better Video Game Stock

2021-06-15

More chances

Goldman Expands Crypto-Trading Desk By Offering Ether Options

2021-02-10

Very long

How Long Will the Tesla-Driven Bitcoin Rally Last?

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chances","listText":"More chances","text":"More chances","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187694921","repostId":"1135158450","repostType":4,"repost":{"id":"1135158450","pubTimestamp":1623750495,"share":"https://ttm.financial/m/news/1135158450?lang=&edition=fundamental","pubTime":"2021-06-15 17:48","market":"us","language":"en","title":"Goldman Expands Crypto-Trading Desk By Offering Ether Options","url":"https://stock-news.laohu8.com/highlight/detail?id=1135158450","media":"zerohedge","summary":"A few weeks ago, while the prices of the biggest cryptocurrencies were careening lowering, Goldman S","content":"<p>A few weeks ago, while the prices of the biggest cryptocurrencies were careening lowering, Goldman Sachs released what we described as the closest thing to 'initiating coverage' on cryptocurrencies, with the big takeaway being that the bank saw Ethereum overtaking bitcoin as the world's most popular cryptocurrency in the not-too-distant future.</p>\n<p>After its release, we suspected that the report was a harbinger of Goldman potentially announcing an expansion of its crypto business as it scrambles to stay a step ahead of megabank rivals like JPMorgan, Citigroup and others. As it turns out, we were correct.</p>\n<p>Because on Monday, Mathew McDermott, head of digital assets at Goldman, told Bloomberg News that the bank is planning to sell options and futures for ether and bitcoinvia its newly restarted crypto trading desk.</p>\n<p>Even JP Morgan, whose CEO once famously bashed bitcoin,is expanding its own crypto business,claiming its clients demand it. The global banking regulators at the Basel Committee also gave a begrudging green light for international banks to deal in cryptocurrencies (though they need to hold plenty of capital in reserve for any crypto on their balance sheet).</p>\n<p>According to McDermott, even after the drop in crypto prices, hedge funds are still eager to trade crypto. And Goldman is looking to invest in more crypto-focused companies.</p>\n<blockquote>\n \"We’ve actually seen a lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point,” McDermott said in a phone interview on Thursday. “We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective.” Goldman tapped McDermott, 47, to head its digital currency efforts last year. Under his watch, the business has grown to 17 people from four. The bank has also invested in crypto start-ups. It put $5 million into a fundraising round by Blockdaemon, a firm that creates and hosts the computer nodes that make up blockchain networks. In May, Goldman led the $15 million investment into Coin Metrics, a cryptocurrency and blockchain data provider to institutional clients, and McDermott joined the company’s board. “We are looking at a number of different companies that fit into our strategic direction,” he said. Other banks have also expanded their crypto operations. Cowen Inc. plans to offer “institutional-grade” custody services for cryptocurrencies. Standard Chartered Plc is setting up a joint venture to buy and sell virtual currencies, though HSBC Holdings Plc is avoiding Bitcoin for now.\n</blockquote>\n<p>Circling back to the report we mentioned above, Goldman and its team of analysts have clearly explored the pros and cons before deciding to expand its business.</p>\n<p>The term “cryptocurrencies”—which most people take to mean that crypto assets act as a digital medium of exchange, like fiat currency—is fundamentally misleading when it comes to assessing the value of these assets. Indeed,<b>the blockchain that underlies bitcoin was not designed to replace a fiat currency—it is a trusted peer-to-peer payments network.</b>As a cryptographic algorithm generates the proof that the payment was correctly executed, no third party is needed to verify the transaction.<b>The blockchain and its native coin were therefore designed to replace the banking system and others like insurance that require a trusted intermediary today, not the Dollar.</b>In that sense, the blockchain is differentiated from other “digital” transactional mechanisms such as PayPal, which is dependent upon the banking system to prevent fraud like double-spending.</p>\n<p>In order to be trustworthy, the system needed to create an asset that had no liabilities or contingent claims, which can only be a real asset just like a commodity. And to achieve that, blockchain technologies used scarcity in natural resources—oil, gas, coal, uranium and hydro—through ever-increasing computational-power consumption to “mine” a bit version of a natural resource.</p>\n<p>From this perspective, the intrinsic value of the network is the trustworthy information that the blockchain produces through its mining process, and the coins native to the network are required to unlock this trusted information, and make it tradeable and fungible. It’s therefore impossible to say that the network has value and a role in society without saying that the coin does too. And the value of the coin is dependent upon the value and growth of the network.</p>\n<p>That said, because the network is decentralized and anonymous,<b>legal challenges facing future growth for crypto assets loom large.</b>Coins trying to displace the Dollar run headlong into anti-money laundering laws (AML), as exemplified by the recent ransoms demanded in bitcoin from the Colonial Pipeline operator and the Irish Health service. Regulators can impede the use of crypto assets as a substitute for the Dollar or other currencies simply by making them non-convertible. An asset only has value if it can either be used or sold. And Chinese and Indian authorities have already challenged crypto uses in payments.</p>\n<p>As a result,<b>the market share of coins used for other purposes beyond currencies like “smart contracts” and “information tokens” will likely continue to rise.</b>However, even these non-currency uses will need to be recognized by courts of law to be accepted in commercial transactions—a question we leave to the lawyers.</p>\n<p><b>The network creates the value, unlike other commodities</b></p>\n<p>Unlike other commodities, coins derive their entire value from the network. A bitcoin has no value outside of its network as it is native to the Bitcoin blockchain. The value of oil is also largely derived from the transportation network that it fuels, but at least oil can be burned to create heat outside of this network.<b>At the other extreme, gold doesn’t require a network at all.</b></p>\n<p><img src=\"https://static.tigerbbs.com/aba6f2b8dd670875cb7a0942c5fd95f0\" tg-width=\"500\" tg-height=\"399\">Derived demand leaves the holder of the commodity exposed to the risk of the network becoming obsolete—a lesson that holders of oil reserves are now learning with decarbonization accelerating the decline of the transportation network, and, in turn damaging oil demand. Likewise,<b>bitcoin owners face accelerated network decay risk from a competing network, backed by a new cryptocurrency.</b></p>\n<p>As the demand for gold is not dependent on a network,<b>it will ultimately outlive oil and bitcoin—gold entropy lies at the unit, not the network, level.</b>Indeed, most stores of value that are used as defensive assets—like gold, diamonds and collectibles—don’t have derived demand and therefore only face unit-level entropy risk. This is what makes them defensive. The world can fall apart around them and they preserve their value. And while they don’t have derived demand, they do have other uses that establish their value, i.e. gold is used for jewelry and as a store of value.</p>\n<p><b>Transactions drive value, creating a risk-on asset</b></p>\n<p>Crypto doesn’t trade like gold and nor should it. Using any standard valuation method, transactions or expected transactions on the network are the key determinant of network value. The more transactions the blockchain can verify, the greater the network value. Transaction volumes and the demand for commodified information are roughly correlated with the business cycle; thus,<b>crypto assets should trade as pro-cyclical risk-on assets as they have for the past decade. Gold and bitcoin are therefore not competing assets as is commonly misunderstood, and can instead co-exist.</b>Because the value of the network and hence the coin is derived from the volume of transactions, hoarding coins as stores of value reduces the coins available for transactions, which reduces the value of the network.<b>Because gold doesn’t have this property, it is the only commodity that institutional investors hold in physical inventory.</b>Nearly all other commodities are held in paper inventory in the form of futures to avoid disrupting the network.<b>This suggests that, like oil, crypto investments will need to be held in the form of futures contracts, not physically, if they are to serve as stores of value.</b></p>\n<p>Crypto assets aren’t digital oil, either, as they are not non-durable consumables and can therefore be used again. This durability makes them a store of value, provided this demand doesn’t disrupt network flows. The crypto assets that have the greatest utility are also likely to be the dominant stores of value—the high utility reduces the carry costs.</p>\n<p><img src=\"https://static.tigerbbs.com/e2873efa55fd8073c76445c1cdc110f9\" tg-width=\"500\" tg-height=\"390\"></p>\n<p><b>So what is crypto? A powerful networking effect</b></p>\n<p>The network provides crypto an extremely powerful networking externality that no other commodity possesses. The operators—miners, exchanges and developers—are all paid in the native coin, making them fully vested in its success. Similarly, users—merchants, investors and speculators—are also fully vested. This gives bitcoin holders an incentive to accommodate purchases of their own products in bitcoin, which in turn, creates more demand for the coins they already own. Similarly, ether holders have an incentive to build apps and other products on the Ethereum network to increase the value of their coins.</p>\n<p><b>Because the coin holders have a stake in the network, speculation spurs adoption; even during bust periods, coin holders are motivated to work to create the next new boom.</b>After the dot-com bust, the shareholders had no commodity to promote. In crypto assets, even when prices collapse, the coin holders have a commodity to promote. They will always live for another boom, like an oil wildcatter.</p>\n<p><b>It’s all about information</b></p>\n<p>As the value of the coin is dependent on the value of the trustworthy information, blockchain technology has gravitated toward those industries where trust is most essential—finance, law and medicine. For the Bitcoin blockchain, this information is the record of every balance sheet in the network, and the transactions between them—originally the role of banks. In the case of a smart contract—a piece of code that executes according to a pre-set rule—on Ethereum, both the terms of that contract (the code) and the state of the contract (executed or not) are the information validated on the Ethereum blockchain. As a result, the counterparty in the contract cannot claim a transfer of funds without the network forming a consensus that the contract was indeed executed.<u><b>In our view the most valuable crypto assets will be those that help verify the most critical information in the economy.</b></u></p>\n<p>Over time, the decentralized nature of the network will diminish concerns about storing personal data on the blockchain. One’s digital profile could contain personal data including asset ownership, medical history and even IP rights. Since this information is immutable—it cannot be changed without consensus—the trusted information can then be tokenized and traded.<b><u>A blockchain platform like Ethereum could potentially become a large market for vendors of trusted information, like Amazon is for consumer goods today</u></b><b>.</b></p>\n<p><b>Crypto beyond this boom and bust cycle</b></p>\n<p>By many measures—Metcalfe’s Lawor Network Value to Transactions (NVT) ratio —crypto assets are in bubble territory. But does the demand for “commodified information” create enough economic value at a low enough cost to be scaled up in the long run? If the legal system accommodates these assets, we believe so.<b>While many overvalued networks exist, a few will likely emerge as long-term winners in the next stage of the digital economy, just as the tech titans of today emerged from the dot-com boom and bust.</b>This transformation is happening now—there are already an estimated 21.2 million owners of cryptocurrencies in the US alone. However, technological, environmental and legal challenges still loom large.</p>\n<p>Ethereum 2.0is expected to ramp upcapacity to 3,000 transactions per second (tps), while sharding—<b>which will scale Ethereum 2.0’s Proof of Stake (PoS) system through parallel verification of transactions—has the potential to raise capacity to as much as 100,000 tps.</b>For context, Visa has the capacity to process up to 65,000 tps but typically executes around 2,000 tps.<b>PoS intends to have validators stake the now scarce and valuable coins to incentivize good behavior instead of having miners expend energy to mine new blocks into existence, as under Proof of Work, making crypto assets more ESG friendly.</b>PoS also can significantly boost computational time in terms of transactions per second, which will further incentivize technological adoption. Ironically,<b>this is likely where the value of and demand for bitcoin will come from—being used as the scarce resource to make the PoS system work instead of natural resources.</b></p>\n<p>While overcoming the economic challenges will likely be manageable, the legal challenges are the largest for many crypto assets. And this past week was challenging for crypto assets with confirmation that the 75 bitcoin ransom over the Colonial Pipeline was actually paid. This is a reminder that cryptocurrencies still facilitate criminal activities that have large social costs.</p>\n<p><b>For Ethereum, new companies which aim to disrupt finance, law or medicine by integrating information stored on the platform into their algorithms are likely to run into problems with being legally recognized.</b>If crypto assets are to survive and grow to their fullest potential, they need to define some concept of “sufficiently decentralized” that will satisfy regulators; otherwise, the technologies will soon run out of uses.</p>\n<p>In summary: the talk in the crypto community lately has focused on whether ether is finally supplanting bitcoin since the former has more utility, and therefore a greater potential for a network effect.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman Expands Crypto-Trading Desk By Offering Ether Options</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman Expands Crypto-Trading Desk By Offering Ether Options\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 17:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/crypto/goldman-expands-crypto-trading-desk-offering-ether-options?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A few weeks ago, while the prices of the biggest cryptocurrencies were careening lowering, Goldman Sachs released what we described as the closest thing to 'initiating coverage' on cryptocurrencies, ...</p>\n\n<a href=\"https://www.zerohedge.com/crypto/goldman-expands-crypto-trading-desk-offering-ether-options?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc.","GBTC":"Grayscale Bitcoin Trust","GS":"高盛","JPM":"摩根大通"},"source_url":"https://www.zerohedge.com/crypto/goldman-expands-crypto-trading-desk-offering-ether-options?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135158450","content_text":"A few weeks ago, while the prices of the biggest cryptocurrencies were careening lowering, Goldman Sachs released what we described as the closest thing to 'initiating coverage' on cryptocurrencies, with the big takeaway being that the bank saw Ethereum overtaking bitcoin as the world's most popular cryptocurrency in the not-too-distant future.\nAfter its release, we suspected that the report was a harbinger of Goldman potentially announcing an expansion of its crypto business as it scrambles to stay a step ahead of megabank rivals like JPMorgan, Citigroup and others. As it turns out, we were correct.\nBecause on Monday, Mathew McDermott, head of digital assets at Goldman, told Bloomberg News that the bank is planning to sell options and futures for ether and bitcoinvia its newly restarted crypto trading desk.\nEven JP Morgan, whose CEO once famously bashed bitcoin,is expanding its own crypto business,claiming its clients demand it. The global banking regulators at the Basel Committee also gave a begrudging green light for international banks to deal in cryptocurrencies (though they need to hold plenty of capital in reserve for any crypto on their balance sheet).\nAccording to McDermott, even after the drop in crypto prices, hedge funds are still eager to trade crypto. And Goldman is looking to invest in more crypto-focused companies.\n\n \"We’ve actually seen a lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point,” McDermott said in a phone interview on Thursday. “We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective.” Goldman tapped McDermott, 47, to head its digital currency efforts last year. Under his watch, the business has grown to 17 people from four. The bank has also invested in crypto start-ups. It put $5 million into a fundraising round by Blockdaemon, a firm that creates and hosts the computer nodes that make up blockchain networks. In May, Goldman led the $15 million investment into Coin Metrics, a cryptocurrency and blockchain data provider to institutional clients, and McDermott joined the company’s board. “We are looking at a number of different companies that fit into our strategic direction,” he said. Other banks have also expanded their crypto operations. Cowen Inc. plans to offer “institutional-grade” custody services for cryptocurrencies. Standard Chartered Plc is setting up a joint venture to buy and sell virtual currencies, though HSBC Holdings Plc is avoiding Bitcoin for now.\n\nCircling back to the report we mentioned above, Goldman and its team of analysts have clearly explored the pros and cons before deciding to expand its business.\nThe term “cryptocurrencies”—which most people take to mean that crypto assets act as a digital medium of exchange, like fiat currency—is fundamentally misleading when it comes to assessing the value of these assets. Indeed,the blockchain that underlies bitcoin was not designed to replace a fiat currency—it is a trusted peer-to-peer payments network.As a cryptographic algorithm generates the proof that the payment was correctly executed, no third party is needed to verify the transaction.The blockchain and its native coin were therefore designed to replace the banking system and others like insurance that require a trusted intermediary today, not the Dollar.In that sense, the blockchain is differentiated from other “digital” transactional mechanisms such as PayPal, which is dependent upon the banking system to prevent fraud like double-spending.\nIn order to be trustworthy, the system needed to create an asset that had no liabilities or contingent claims, which can only be a real asset just like a commodity. And to achieve that, blockchain technologies used scarcity in natural resources—oil, gas, coal, uranium and hydro—through ever-increasing computational-power consumption to “mine” a bit version of a natural resource.\nFrom this perspective, the intrinsic value of the network is the trustworthy information that the blockchain produces through its mining process, and the coins native to the network are required to unlock this trusted information, and make it tradeable and fungible. It’s therefore impossible to say that the network has value and a role in society without saying that the coin does too. And the value of the coin is dependent upon the value and growth of the network.\nThat said, because the network is decentralized and anonymous,legal challenges facing future growth for crypto assets loom large.Coins trying to displace the Dollar run headlong into anti-money laundering laws (AML), as exemplified by the recent ransoms demanded in bitcoin from the Colonial Pipeline operator and the Irish Health service. Regulators can impede the use of crypto assets as a substitute for the Dollar or other currencies simply by making them non-convertible. An asset only has value if it can either be used or sold. And Chinese and Indian authorities have already challenged crypto uses in payments.\nAs a result,the market share of coins used for other purposes beyond currencies like “smart contracts” and “information tokens” will likely continue to rise.However, even these non-currency uses will need to be recognized by courts of law to be accepted in commercial transactions—a question we leave to the lawyers.\nThe network creates the value, unlike other commodities\nUnlike other commodities, coins derive their entire value from the network. A bitcoin has no value outside of its network as it is native to the Bitcoin blockchain. The value of oil is also largely derived from the transportation network that it fuels, but at least oil can be burned to create heat outside of this network.At the other extreme, gold doesn’t require a network at all.\nDerived demand leaves the holder of the commodity exposed to the risk of the network becoming obsolete—a lesson that holders of oil reserves are now learning with decarbonization accelerating the decline of the transportation network, and, in turn damaging oil demand. Likewise,bitcoin owners face accelerated network decay risk from a competing network, backed by a new cryptocurrency.\nAs the demand for gold is not dependent on a network,it will ultimately outlive oil and bitcoin—gold entropy lies at the unit, not the network, level.Indeed, most stores of value that are used as defensive assets—like gold, diamonds and collectibles—don’t have derived demand and therefore only face unit-level entropy risk. This is what makes them defensive. The world can fall apart around them and they preserve their value. And while they don’t have derived demand, they do have other uses that establish their value, i.e. gold is used for jewelry and as a store of value.\nTransactions drive value, creating a risk-on asset\nCrypto doesn’t trade like gold and nor should it. Using any standard valuation method, transactions or expected transactions on the network are the key determinant of network value. The more transactions the blockchain can verify, the greater the network value. Transaction volumes and the demand for commodified information are roughly correlated with the business cycle; thus,crypto assets should trade as pro-cyclical risk-on assets as they have for the past decade. Gold and bitcoin are therefore not competing assets as is commonly misunderstood, and can instead co-exist.Because the value of the network and hence the coin is derived from the volume of transactions, hoarding coins as stores of value reduces the coins available for transactions, which reduces the value of the network.Because gold doesn’t have this property, it is the only commodity that institutional investors hold in physical inventory.Nearly all other commodities are held in paper inventory in the form of futures to avoid disrupting the network.This suggests that, like oil, crypto investments will need to be held in the form of futures contracts, not physically, if they are to serve as stores of value.\nCrypto assets aren’t digital oil, either, as they are not non-durable consumables and can therefore be used again. This durability makes them a store of value, provided this demand doesn’t disrupt network flows. The crypto assets that have the greatest utility are also likely to be the dominant stores of value—the high utility reduces the carry costs.\n\nSo what is crypto? A powerful networking effect\nThe network provides crypto an extremely powerful networking externality that no other commodity possesses. The operators—miners, exchanges and developers—are all paid in the native coin, making them fully vested in its success. Similarly, users—merchants, investors and speculators—are also fully vested. This gives bitcoin holders an incentive to accommodate purchases of their own products in bitcoin, which in turn, creates more demand for the coins they already own. Similarly, ether holders have an incentive to build apps and other products on the Ethereum network to increase the value of their coins.\nBecause the coin holders have a stake in the network, speculation spurs adoption; even during bust periods, coin holders are motivated to work to create the next new boom.After the dot-com bust, the shareholders had no commodity to promote. In crypto assets, even when prices collapse, the coin holders have a commodity to promote. They will always live for another boom, like an oil wildcatter.\nIt’s all about information\nAs the value of the coin is dependent on the value of the trustworthy information, blockchain technology has gravitated toward those industries where trust is most essential—finance, law and medicine. For the Bitcoin blockchain, this information is the record of every balance sheet in the network, and the transactions between them—originally the role of banks. In the case of a smart contract—a piece of code that executes according to a pre-set rule—on Ethereum, both the terms of that contract (the code) and the state of the contract (executed or not) are the information validated on the Ethereum blockchain. As a result, the counterparty in the contract cannot claim a transfer of funds without the network forming a consensus that the contract was indeed executed.In our view the most valuable crypto assets will be those that help verify the most critical information in the economy.\nOver time, the decentralized nature of the network will diminish concerns about storing personal data on the blockchain. One’s digital profile could contain personal data including asset ownership, medical history and even IP rights. Since this information is immutable—it cannot be changed without consensus—the trusted information can then be tokenized and traded.A blockchain platform like Ethereum could potentially become a large market for vendors of trusted information, like Amazon is for consumer goods today.\nCrypto beyond this boom and bust cycle\nBy many measures—Metcalfe’s Lawor Network Value to Transactions (NVT) ratio —crypto assets are in bubble territory. But does the demand for “commodified information” create enough economic value at a low enough cost to be scaled up in the long run? If the legal system accommodates these assets, we believe so.While many overvalued networks exist, a few will likely emerge as long-term winners in the next stage of the digital economy, just as the tech titans of today emerged from the dot-com boom and bust.This transformation is happening now—there are already an estimated 21.2 million owners of cryptocurrencies in the US alone. However, technological, environmental and legal challenges still loom large.\nEthereum 2.0is expected to ramp upcapacity to 3,000 transactions per second (tps), while sharding—which will scale Ethereum 2.0’s Proof of Stake (PoS) system through parallel verification of transactions—has the potential to raise capacity to as much as 100,000 tps.For context, Visa has the capacity to process up to 65,000 tps but typically executes around 2,000 tps.PoS intends to have validators stake the now scarce and valuable coins to incentivize good behavior instead of having miners expend energy to mine new blocks into existence, as under Proof of Work, making crypto assets more ESG friendly.PoS also can significantly boost computational time in terms of transactions per second, which will further incentivize technological adoption. Ironically,this is likely where the value of and demand for bitcoin will come from—being used as the scarce resource to make the PoS system work instead of natural resources.\nWhile overcoming the economic challenges will likely be manageable, the legal challenges are the largest for many crypto assets. And this past week was challenging for crypto assets with confirmation that the 75 bitcoin ransom over the Colonial Pipeline was actually paid. This is a reminder that cryptocurrencies still facilitate criminal activities that have large social costs.\nFor Ethereum, new companies which aim to disrupt finance, law or medicine by integrating information stored on the platform into their algorithms are likely to run into problems with being legally recognized.If crypto assets are to survive and grow to their fullest potential, they need to define some concept of “sufficiently decentralized” that will satisfy regulators; otherwise, the technologies will soon run out of uses.\nIn summary: the talk in the crypto community lately has focused on whether ether is finally supplanting bitcoin since the former has more utility, and therefore a greater potential for a network effect.","news_type":1},"isVote":1,"tweetType":1,"viewCount":181,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365460366,"gmtCreate":1614771423455,"gmtModify":1704775004724,"author":{"id":"3571971808703813","authorId":"3571971808703813","name":"Aphy","avatar":"https://static.tigerbbs.com/d6e1b0a4767b94d00079b91238ddc684","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571971808703813","authorIdStr":"3571971808703813"},"themes":[],"htmlText":"More will start selling before 16?","listText":"More will start selling before 16?","text":"More will start selling before 16?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/365460366","repostId":"1167705548","repostType":4,"repost":{"id":"1167705548","pubTimestamp":1614767843,"share":"https://ttm.financial/m/news/1167705548?lang=&edition=fundamental","pubTime":"2021-03-03 18:37","market":"us","language":"en","title":"Fed policy changes could be coming in response to bond market turmoil, economists say","url":"https://stock-news.laohu8.com/highlight/detail?id=1167705548","media":"cnbc","summary":"KEY POINTSThe Federal Reserve could have two policy tweaks in store as soon as this month, investors","content":"<div>\n<p>KEY POINTSThe Federal Reserve could have two policy tweaks in store as soon as this month, investors and economists say.One would see a rebirth of Operation Twist, in which the Fed sells short-term ...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/01/fed-policy-changes-could-be-coming-in-response-to-bond-market-turmoil-economists-say.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fed policy changes could be coming in response to bond market turmoil, economists say</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed policy changes could be coming in response to bond market turmoil, economists say\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-03 18:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/03/01/fed-policy-changes-could-be-coming-in-response-to-bond-market-turmoil-economists-say.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTSThe Federal Reserve could have two policy tweaks in store as soon as this month, investors and economists say.One would see a rebirth of Operation Twist, in which the Fed sells short-term ...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/01/fed-policy-changes-could-be-coming-in-response-to-bond-market-turmoil-economists-say.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.cnbc.com/2021/03/01/fed-policy-changes-could-be-coming-in-response-to-bond-market-turmoil-economists-say.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1167705548","content_text":"KEY POINTSThe Federal Reserve could have two policy tweaks in store as soon as this month, investors and economists say.One would see a rebirth of Operation Twist, in which the Fed sells short-term bills and buys longer-duration bonds.Others could see an increase in rates on excess reserves and overnight repo operations.The moves would be to address market stability rather than economic concerns.While the Federal Reserve may not raise its benchmark interest rate for years, there are growing expectations it may tweak policy soon to address some of the recent tumults in the bond market.The moves could happen as soon as the upcoming March 16-17 Federal Open Market Committee meeting, according to investors and economists who are watching recent action closely and expect the central bank to address some distortions that have occurred.One possible move would the third iteration of Operation Twist, a move the Fed last made nearly a decade ago during market tumult around the time of the European debt crisis. Another could see an increase in the rate paid on reserves to address issues in the money markets, while the Fed also might adjust the rate on overnight repo operations in the bond market.The mechanics of Operation Twist involve selling shorter-dated government notes and buying about the same dollar amount in longer-duration securities. The objective is to nudge up shorter-term rates and drive down those at the longer end, thus flattening the yield curve.The Fed ran the program both in 2011 and in 1961; a market participant familiar with the Fed's operations said central bank officials have been in contact with primary dealers to gauge the need for some intervention.'The perfect policy prescription'Longer-term bond yields have surged over the past two weeks to levels not seen since before the Covid-19 pandemic. While they remain low historically speaking, markets have been concernedover the pace of the increase. The bond market was calm Monday, with rates in the middle of the curve mostly lower.Implementing the scheme could help soothe some of the jangled nerves that accompanied a recent blast higher in interest rates from 5-year notes on up the curve. The \"twist\" is a nod toward adjusting the duration of its purchases to the longer end, and the buying and selling of equal weights mean the Fed's already bloated $7.5 trillion balance sheet won't be expanded further.\"The Fed is simultaneously losing control of both the US front end & back end rates curves for different reasons,\" Mark Cabana, rates strategist at Bank of America Global Research, said in a note to clients. \"Twist, a simultaneous selling of US front end Treasuries & buying of longer-dated [bonds], is the perfect policy prescription for the Fed, in our view.\"Cabana said the move \"kills three birds with one stone.\" Namely, it raises rates on the short end of the duration spectrum, provides stability on the back end and does not expand the balance sheet and thus require banks to hold more capital.\"We believe no other Fed balance sheet option can address each of these issues as effectively,\" he wrote. \"To be clear the Fed will twist to deal with market functioning issues, not economic problems.\"Indeed, the Fed iswelcoming some upward pressure on yieldsas it reflects a growing economy and rising inflation expectations toward the central bank's 2% goal.However, the trend presents some issues for the Fed that a weak 7-year note auction last week helped demonstrate. The Fed needs bond auctions to go well as a surge in supply is on the way from a federal government running what is expected to be a deficit of at least $2.3 trillion this year.Investors tend to shy away from longer-dated bonds during times of inflation as their rates can't keep up and cause bondholders to lose principal. That's why Cabana expects the Fed to sell $80 billion a month in Treasury bills and use it to buy bonds of duration past four and a half years.FOMC members at their November meeting discussed market expectations that the central bank would begin to lengthen the average duration of its purchases. Members endorsed \"ongoing careful consideration\" of the composition of its bond holdings.\"Participants noted that the Committee could provide more accommodation, if appropriate, by increasing the pace of purchases or by shifting its Treasury purchases to those with a longer maturity without increasing the size of its purchases,\" theminutes from that meetingstated.Raising rates on reserves and repoThere are other issues in the market, and that's why the Fed's actions may not be limited to Operation Twist.One other move it could do is increase the interest on excess reserves rate from 0.1% to 0.15%. Though there essentially are no excess reserves now due to the Fed dropping the minimum duringthe Covid-19 crisis, the IOER serves as a guardrail for some short-term rates, which is important to money market funds that have had to buy bills at negative real rates.\"The Fed essentially has to place a raised floor in the U.S. economy to keep things that need positive returns alive,\" said Fed veteran Christopher Whalen, head of Whalen Global Advisory.While he said he understands the IOER move, Whalen said he is skeptical of how successful the Fed will be with implementing Twist.\"No matter how well-intentioned they are, their efforts to engineer things are slowly weakening the system,\" he said. \"You have another bad auction or two and we're screwed.\"Still, Cabana said expects the Fed to begin signaling the additional moves as soon as this week. ChairmanJerome Powellspeaks Thursday during a Wall Street Journal event, and a slew of other Fed officials also are on tap to share their views this week.Markets worried over how things are running likely will welcome the Fed's moves, said Joseph Brusuelas, chief economist at RSM.In addition to the Twist implementation and adjustment on IOER, Brusuelas thinks the Fed also will increase the rate it pays on overnight repo operations from zero basis points to five.While Brusuelas said markets expected rising rates this year, \"what we didn't expect was an overreaction to the reflation of the domestic economy in the fixed income market. That clearly has gotten the attention of the Fed.\"\"The market would welcome the lifting of the IOER as well as any communication that it intends to twist the curve down to keep the economy on track,\" he added.","news_type":1},"isVote":1,"tweetType":1,"viewCount":429,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381341183,"gmtCreate":1612937063142,"gmtModify":1704876219810,"author":{"id":"3571971808703813","authorId":"3571971808703813","name":"Aphy","avatar":"https://static.tigerbbs.com/d6e1b0a4767b94d00079b91238ddc684","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571971808703813","authorIdStr":"3571971808703813"},"themes":[],"htmlText":"Nintendo!","listText":"Nintendo!","text":"Nintendo!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/381341183","repostId":"2110066929","repostType":4,"isVote":1,"tweetType":1,"viewCount":239,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381341020,"gmtCreate":1612937025660,"gmtModify":1704876219326,"author":{"id":"3571971808703813","authorId":"3571971808703813","name":"Aphy","avatar":"https://static.tigerbbs.com/d6e1b0a4767b94d00079b91238ddc684","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571971808703813","authorIdStr":"3571971808703813"},"themes":[],"htmlText":"Very long","listText":"Very long","text":"Very long","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/381341020","repostId":"1162909934","repostType":4,"isVote":1,"tweetType":1,"viewCount":198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":365460366,"gmtCreate":1614771423455,"gmtModify":1704775004724,"author":{"id":"3571971808703813","authorId":"3571971808703813","name":"Aphy","avatar":"https://static.tigerbbs.com/d6e1b0a4767b94d00079b91238ddc684","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571971808703813","authorIdStr":"3571971808703813"},"themes":[],"htmlText":"More will start selling before 16?","listText":"More will start selling before 16?","text":"More will start selling before 16?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/365460366","repostId":"1167705548","repostType":4,"repost":{"id":"1167705548","pubTimestamp":1614767843,"share":"https://ttm.financial/m/news/1167705548?lang=&edition=fundamental","pubTime":"2021-03-03 18:37","market":"us","language":"en","title":"Fed policy changes could be coming in response to bond market turmoil, economists say","url":"https://stock-news.laohu8.com/highlight/detail?id=1167705548","media":"cnbc","summary":"KEY POINTSThe Federal Reserve could have two policy tweaks in store as soon as this month, investors","content":"<div>\n<p>KEY POINTSThe Federal Reserve could have two policy tweaks in store as soon as this month, investors and economists say.One would see a rebirth of Operation Twist, in which the Fed sells short-term ...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/01/fed-policy-changes-could-be-coming-in-response-to-bond-market-turmoil-economists-say.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fed policy changes could be coming in response to bond market turmoil, economists say</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed policy changes could be coming in response to bond market turmoil, economists say\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-03 18:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/03/01/fed-policy-changes-could-be-coming-in-response-to-bond-market-turmoil-economists-say.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTSThe Federal Reserve could have two policy tweaks in store as soon as this month, investors and economists say.One would see a rebirth of Operation Twist, in which the Fed sells short-term ...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/01/fed-policy-changes-could-be-coming-in-response-to-bond-market-turmoil-economists-say.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.cnbc.com/2021/03/01/fed-policy-changes-could-be-coming-in-response-to-bond-market-turmoil-economists-say.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1167705548","content_text":"KEY POINTSThe Federal Reserve could have two policy tweaks in store as soon as this month, investors and economists say.One would see a rebirth of Operation Twist, in which the Fed sells short-term bills and buys longer-duration bonds.Others could see an increase in rates on excess reserves and overnight repo operations.The moves would be to address market stability rather than economic concerns.While the Federal Reserve may not raise its benchmark interest rate for years, there are growing expectations it may tweak policy soon to address some of the recent tumults in the bond market.The moves could happen as soon as the upcoming March 16-17 Federal Open Market Committee meeting, according to investors and economists who are watching recent action closely and expect the central bank to address some distortions that have occurred.One possible move would the third iteration of Operation Twist, a move the Fed last made nearly a decade ago during market tumult around the time of the European debt crisis. Another could see an increase in the rate paid on reserves to address issues in the money markets, while the Fed also might adjust the rate on overnight repo operations in the bond market.The mechanics of Operation Twist involve selling shorter-dated government notes and buying about the same dollar amount in longer-duration securities. The objective is to nudge up shorter-term rates and drive down those at the longer end, thus flattening the yield curve.The Fed ran the program both in 2011 and in 1961; a market participant familiar with the Fed's operations said central bank officials have been in contact with primary dealers to gauge the need for some intervention.'The perfect policy prescription'Longer-term bond yields have surged over the past two weeks to levels not seen since before the Covid-19 pandemic. While they remain low historically speaking, markets have been concernedover the pace of the increase. The bond market was calm Monday, with rates in the middle of the curve mostly lower.Implementing the scheme could help soothe some of the jangled nerves that accompanied a recent blast higher in interest rates from 5-year notes on up the curve. The \"twist\" is a nod toward adjusting the duration of its purchases to the longer end, and the buying and selling of equal weights mean the Fed's already bloated $7.5 trillion balance sheet won't be expanded further.\"The Fed is simultaneously losing control of both the US front end & back end rates curves for different reasons,\" Mark Cabana, rates strategist at Bank of America Global Research, said in a note to clients. \"Twist, a simultaneous selling of US front end Treasuries & buying of longer-dated [bonds], is the perfect policy prescription for the Fed, in our view.\"Cabana said the move \"kills three birds with one stone.\" Namely, it raises rates on the short end of the duration spectrum, provides stability on the back end and does not expand the balance sheet and thus require banks to hold more capital.\"We believe no other Fed balance sheet option can address each of these issues as effectively,\" he wrote. \"To be clear the Fed will twist to deal with market functioning issues, not economic problems.\"Indeed, the Fed iswelcoming some upward pressure on yieldsas it reflects a growing economy and rising inflation expectations toward the central bank's 2% goal.However, the trend presents some issues for the Fed that a weak 7-year note auction last week helped demonstrate. The Fed needs bond auctions to go well as a surge in supply is on the way from a federal government running what is expected to be a deficit of at least $2.3 trillion this year.Investors tend to shy away from longer-dated bonds during times of inflation as their rates can't keep up and cause bondholders to lose principal. That's why Cabana expects the Fed to sell $80 billion a month in Treasury bills and use it to buy bonds of duration past four and a half years.FOMC members at their November meeting discussed market expectations that the central bank would begin to lengthen the average duration of its purchases. Members endorsed \"ongoing careful consideration\" of the composition of its bond holdings.\"Participants noted that the Committee could provide more accommodation, if appropriate, by increasing the pace of purchases or by shifting its Treasury purchases to those with a longer maturity without increasing the size of its purchases,\" theminutes from that meetingstated.Raising rates on reserves and repoThere are other issues in the market, and that's why the Fed's actions may not be limited to Operation Twist.One other move it could do is increase the interest on excess reserves rate from 0.1% to 0.15%. Though there essentially are no excess reserves now due to the Fed dropping the minimum duringthe Covid-19 crisis, the IOER serves as a guardrail for some short-term rates, which is important to money market funds that have had to buy bills at negative real rates.\"The Fed essentially has to place a raised floor in the U.S. economy to keep things that need positive returns alive,\" said Fed veteran Christopher Whalen, head of Whalen Global Advisory.While he said he understands the IOER move, Whalen said he is skeptical of how successful the Fed will be with implementing Twist.\"No matter how well-intentioned they are, their efforts to engineer things are slowly weakening the system,\" he said. \"You have another bad auction or two and we're screwed.\"Still, Cabana said expects the Fed to begin signaling the additional moves as soon as this week. ChairmanJerome Powellspeaks Thursday during a Wall Street Journal event, and a slew of other Fed officials also are on tap to share their views this week.Markets worried over how things are running likely will welcome the Fed's moves, said Joseph Brusuelas, chief economist at RSM.In addition to the Twist implementation and adjustment on IOER, Brusuelas thinks the Fed also will increase the rate it pays on overnight repo operations from zero basis points to five.While Brusuelas said markets expected rising rates this year, \"what we didn't expect was an overreaction to the reflation of the domestic economy in the fixed income market. That clearly has gotten the attention of the Fed.\"\"The market would welcome the lifting of the IOER as well as any communication that it intends to twist the curve down to keep the economy on track,\" he added.","news_type":1},"isVote":1,"tweetType":1,"viewCount":429,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381341183,"gmtCreate":1612937063142,"gmtModify":1704876219810,"author":{"id":"3571971808703813","authorId":"3571971808703813","name":"Aphy","avatar":"https://static.tigerbbs.com/d6e1b0a4767b94d00079b91238ddc684","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571971808703813","authorIdStr":"3571971808703813"},"themes":[],"htmlText":"Nintendo!","listText":"Nintendo!","text":"Nintendo!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/381341183","repostId":"2110066929","repostType":4,"repost":{"id":"2110066929","pubTimestamp":1612925975,"share":"https://ttm.financial/m/news/2110066929?lang=&edition=fundamental","pubTime":"2021-02-10 10:59","market":"us","language":"en","title":"Forget GameStop, Nintendo Is a Better Video Game Stock","url":"https://stock-news.laohu8.com/highlight/detail?id=2110066929","media":"Motley Fool","summary":"The Japanese video game giant is still undervalued relative to its growth.","content":"<p>The Japanese video game giant is still undervalued relative to its growth.</p>\n<p><b>GameStop</b>'s(NYSE:GME)&nbsp;historic short squeeze, which caused the video game retailer's stock to skyrocket over 1,900% between Jan. 1 and Jan. 27, captivated -- and burned -- many investors. The bubble eventually popped, but the stock remains up more than 200% for the year.</p>\n<p>Those gains don't have much fundamental support. GameStop's sales of physical games are still sliding as gamers rely more on digital downloads, while big box retailers also sell the latest hardware. The coronavirus pandemic also exacerbated that pain over the past year.</p>\n<p>GameStop's revenue fell 31% year over year in the first nine months of 2020, and it remained unprofitable. It expects its comparable store sales to rise in the fourth quarter as it sells new consoles and closes weaker stores, but analysts still expect its revenue to drop 19% for the full year, and for its bottom line to remain in the red.</p>\n<p>Instead of&nbsp;joining the speculators&nbsp;and betting on GameStop's longshot turnaround, investors should buy a bettervideo game stock&nbsp;with a brighter future:<b>Nintendo</b>(OTC:NTDOY).</p>\n<p><b>Nintendo's core strengths</b></p>\n<p>Nintendo has shipped 79.9 million Switches globally since the console's&nbsp;launch in early 2017. By comparison,<b>Microsoft</b>(NASDAQ:MSFT)&nbsp;and<b>Sony</b>(NYSE:SNE)&nbsp;have shipped an estimated 49.6 million Xbox Ones and 114.9 million PS4s, respectively, since their launches in late 2013.</p>\n<p>The Nintendo Switch established a strong market presence for three reasons. First, the Switch can be used as either a handheld device or a console docked to a TV. That unique form factor leveraged the strengths of Nintendo's earlier handhelds (including the Game Boy and 3DS) to challenge Microsoft and Sony in the home console market.</p>\n<p>Second, Nintendo launched plenty of exclusive first-party games for&nbsp;the Switch, including<i>Mario Kart 8 Deluxe</i>,<i>Animal Crossing: New Horizons</i>,<i>Super Smash Bros. Ultimate</i>,<i>The Legend of Zelda: Breath of the Wild</i>, and<i>Super Mario Odyssey</i>. Gamers needed to buy a Switch to play those games, while many popular Xbox One and PS4 games were cross-platform titles that were also available on PCs.</p>\n<p>Lastly, Nintendo continued to refresh the console to attract new customers. In 2019, it upgraded the original Switch with a new chipset that extended its battery life, then launched the cheaper handheld-only Switch Lite for budget-conscious consumers.</p>\n<p><b>How fast is Nintendo growing?</b></p>\n<p>Nintendo's sales surged 116% in&nbsp;fiscal 2017, thanks to the Switch's arrival, and rose 14% in 2018 and another 9% in 2019.</p>\n<p>Nintendo's growth has been decelerating, but it expects its sales to rise 22% in fiscal 2020, which ends in late March, buoyed by strong sales of the Switch, Switch Lite, and its first-party games.</p>\n<p>Standout games include<i>Animal Crossing: New Horizons</i>, which became a virtual social platform throughout the pandemic;<i>Paper Mario: The Origami King</i>;<i>Super Mario 3D All-Stars</i>; and<i>Mario Kart Live: Home Circuit</i>, which lets players race through AR tracks at home with radio-controlled cars.</p>\n<p>Robust sales of the Switch boosted Nintendo's operating margin from 6% in fiscal 2016 to 26.9% in 2019, and it expects that ratio to hit 35% in 2020. That margin expansion caused Nintendo's net profit to rise 36% in fiscal 2017, 39% in 2018, and another 33% in 2019. It expects that streak to continue with 55% profit growth in fiscal 2020.</p>\n<p><b>Why Nintendo still has room to run</b></p>\n<p>Nintendo's growth rates look fantastic, and its stock has already risen more than 60% over the past 12 months. But I believe it can still head even higher, for a few simple reasons.</p>\n<p>Nintendo's ADR shares only trade at 19 times next year's earnings. The stock remains cheap because analysts expect Nintendo's revenue and earnings to dip 4% and 2%, respectively, next year, presumably as it faces tough year-over-year comparisons and fresh competition from Sony and Microsoft's newest consoles.</p>\n<p>But those estimates could be too low, and probably don't factor in the potential launch of a \"Switch Pro\" model in 2021 or the resilience of its hybrid form factor and first-party games against the PS5 and Xbox Series S and X consoles. Those tailwinds could help Nintendo easily clear Wall Street's low expectations -- and force analysts to raise their conservative estimates.</p>\n<p><b>The key takeaway</b></p>\n<p>GameStop's bulls often&nbsp;claim robust sales of the Nintendo Switch, which runs some of its games on physical cartridges, will bring more shoppers to its stores. That might happen, but it's smarter and safer to simply buy shares of Nintendo to ride that trend instead of taking a big risk on GameStop's wild stock.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget GameStop, Nintendo Is a Better Video Game Stock</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget GameStop, Nintendo Is a Better Video Game Stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-10 10:59 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/02/09/forget-gamestop-nintendo-is-a-better-video-game-st/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Japanese video game giant is still undervalued relative to its growth.\nGameStop's(NYSE:GME) historic short squeeze, which caused the video game retailer's stock to skyrocket over 1,900% between ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/02/09/forget-gamestop-nintendo-is-a-better-video-game-st/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NTDOY":"任天堂","GME":"游戏驿站"},"source_url":"https://www.fool.com/investing/2021/02/09/forget-gamestop-nintendo-is-a-better-video-game-st/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2110066929","content_text":"The Japanese video game giant is still undervalued relative to its growth.\nGameStop's(NYSE:GME) historic short squeeze, which caused the video game retailer's stock to skyrocket over 1,900% between Jan. 1 and Jan. 27, captivated -- and burned -- many investors. The bubble eventually popped, but the stock remains up more than 200% for the year.\nThose gains don't have much fundamental support. GameStop's sales of physical games are still sliding as gamers rely more on digital downloads, while big box retailers also sell the latest hardware. The coronavirus pandemic also exacerbated that pain over the past year.\nGameStop's revenue fell 31% year over year in the first nine months of 2020, and it remained unprofitable. It expects its comparable store sales to rise in the fourth quarter as it sells new consoles and closes weaker stores, but analysts still expect its revenue to drop 19% for the full year, and for its bottom line to remain in the red.\nInstead of joining the speculators and betting on GameStop's longshot turnaround, investors should buy a bettervideo game stock with a brighter future:Nintendo(OTC:NTDOY).\nNintendo's core strengths\nNintendo has shipped 79.9 million Switches globally since the console's launch in early 2017. By comparison,Microsoft(NASDAQ:MSFT) andSony(NYSE:SNE) have shipped an estimated 49.6 million Xbox Ones and 114.9 million PS4s, respectively, since their launches in late 2013.\nThe Nintendo Switch established a strong market presence for three reasons. First, the Switch can be used as either a handheld device or a console docked to a TV. That unique form factor leveraged the strengths of Nintendo's earlier handhelds (including the Game Boy and 3DS) to challenge Microsoft and Sony in the home console market.\nSecond, Nintendo launched plenty of exclusive first-party games for the Switch, includingMario Kart 8 Deluxe,Animal Crossing: New Horizons,Super Smash Bros. Ultimate,The Legend of Zelda: Breath of the Wild, andSuper Mario Odyssey. Gamers needed to buy a Switch to play those games, while many popular Xbox One and PS4 games were cross-platform titles that were also available on PCs.\nLastly, Nintendo continued to refresh the console to attract new customers. In 2019, it upgraded the original Switch with a new chipset that extended its battery life, then launched the cheaper handheld-only Switch Lite for budget-conscious consumers.\nHow fast is Nintendo growing?\nNintendo's sales surged 116% in fiscal 2017, thanks to the Switch's arrival, and rose 14% in 2018 and another 9% in 2019.\nNintendo's growth has been decelerating, but it expects its sales to rise 22% in fiscal 2020, which ends in late March, buoyed by strong sales of the Switch, Switch Lite, and its first-party games.\nStandout games includeAnimal Crossing: New Horizons, which became a virtual social platform throughout the pandemic;Paper Mario: The Origami King;Super Mario 3D All-Stars; andMario Kart Live: Home Circuit, which lets players race through AR tracks at home with radio-controlled cars.\nRobust sales of the Switch boosted Nintendo's operating margin from 6% in fiscal 2016 to 26.9% in 2019, and it expects that ratio to hit 35% in 2020. That margin expansion caused Nintendo's net profit to rise 36% in fiscal 2017, 39% in 2018, and another 33% in 2019. It expects that streak to continue with 55% profit growth in fiscal 2020.\nWhy Nintendo still has room to run\nNintendo's growth rates look fantastic, and its stock has already risen more than 60% over the past 12 months. But I believe it can still head even higher, for a few simple reasons.\nNintendo's ADR shares only trade at 19 times next year's earnings. The stock remains cheap because analysts expect Nintendo's revenue and earnings to dip 4% and 2%, respectively, next year, presumably as it faces tough year-over-year comparisons and fresh competition from Sony and Microsoft's newest consoles.\nBut those estimates could be too low, and probably don't factor in the potential launch of a \"Switch Pro\" model in 2021 or the resilience of its hybrid form factor and first-party games against the PS5 and Xbox Series S and X consoles. Those tailwinds could help Nintendo easily clear Wall Street's low expectations -- and force analysts to raise their conservative estimates.\nThe key takeaway\nGameStop's bulls often claim robust sales of the Nintendo Switch, which runs some of its games on physical cartridges, will bring more shoppers to its stores. That might happen, but it's smarter and safer to simply buy shares of Nintendo to ride that trend instead of taking a big risk on GameStop's wild stock.","news_type":1},"isVote":1,"tweetType":1,"viewCount":239,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187694921,"gmtCreate":1623751345263,"gmtModify":1704210467173,"author":{"id":"3571971808703813","authorId":"3571971808703813","name":"Aphy","avatar":"https://static.tigerbbs.com/d6e1b0a4767b94d00079b91238ddc684","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571971808703813","authorIdStr":"3571971808703813"},"themes":[],"htmlText":"More chances","listText":"More chances","text":"More chances","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187694921","repostId":"1135158450","repostType":4,"repost":{"id":"1135158450","pubTimestamp":1623750495,"share":"https://ttm.financial/m/news/1135158450?lang=&edition=fundamental","pubTime":"2021-06-15 17:48","market":"us","language":"en","title":"Goldman Expands Crypto-Trading Desk By Offering Ether Options","url":"https://stock-news.laohu8.com/highlight/detail?id=1135158450","media":"zerohedge","summary":"A few weeks ago, while the prices of the biggest cryptocurrencies were careening lowering, Goldman S","content":"<p>A few weeks ago, while the prices of the biggest cryptocurrencies were careening lowering, Goldman Sachs released what we described as the closest thing to 'initiating coverage' on cryptocurrencies, with the big takeaway being that the bank saw Ethereum overtaking bitcoin as the world's most popular cryptocurrency in the not-too-distant future.</p>\n<p>After its release, we suspected that the report was a harbinger of Goldman potentially announcing an expansion of its crypto business as it scrambles to stay a step ahead of megabank rivals like JPMorgan, Citigroup and others. As it turns out, we were correct.</p>\n<p>Because on Monday, Mathew McDermott, head of digital assets at Goldman, told Bloomberg News that the bank is planning to sell options and futures for ether and bitcoinvia its newly restarted crypto trading desk.</p>\n<p>Even JP Morgan, whose CEO once famously bashed bitcoin,is expanding its own crypto business,claiming its clients demand it. The global banking regulators at the Basel Committee also gave a begrudging green light for international banks to deal in cryptocurrencies (though they need to hold plenty of capital in reserve for any crypto on their balance sheet).</p>\n<p>According to McDermott, even after the drop in crypto prices, hedge funds are still eager to trade crypto. And Goldman is looking to invest in more crypto-focused companies.</p>\n<blockquote>\n \"We’ve actually seen a lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point,” McDermott said in a phone interview on Thursday. “We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective.” Goldman tapped McDermott, 47, to head its digital currency efforts last year. Under his watch, the business has grown to 17 people from four. The bank has also invested in crypto start-ups. It put $5 million into a fundraising round by Blockdaemon, a firm that creates and hosts the computer nodes that make up blockchain networks. In May, Goldman led the $15 million investment into Coin Metrics, a cryptocurrency and blockchain data provider to institutional clients, and McDermott joined the company’s board. “We are looking at a number of different companies that fit into our strategic direction,” he said. Other banks have also expanded their crypto operations. Cowen Inc. plans to offer “institutional-grade” custody services for cryptocurrencies. Standard Chartered Plc is setting up a joint venture to buy and sell virtual currencies, though HSBC Holdings Plc is avoiding Bitcoin for now.\n</blockquote>\n<p>Circling back to the report we mentioned above, Goldman and its team of analysts have clearly explored the pros and cons before deciding to expand its business.</p>\n<p>The term “cryptocurrencies”—which most people take to mean that crypto assets act as a digital medium of exchange, like fiat currency—is fundamentally misleading when it comes to assessing the value of these assets. Indeed,<b>the blockchain that underlies bitcoin was not designed to replace a fiat currency—it is a trusted peer-to-peer payments network.</b>As a cryptographic algorithm generates the proof that the payment was correctly executed, no third party is needed to verify the transaction.<b>The blockchain and its native coin were therefore designed to replace the banking system and others like insurance that require a trusted intermediary today, not the Dollar.</b>In that sense, the blockchain is differentiated from other “digital” transactional mechanisms such as PayPal, which is dependent upon the banking system to prevent fraud like double-spending.</p>\n<p>In order to be trustworthy, the system needed to create an asset that had no liabilities or contingent claims, which can only be a real asset just like a commodity. And to achieve that, blockchain technologies used scarcity in natural resources—oil, gas, coal, uranium and hydro—through ever-increasing computational-power consumption to “mine” a bit version of a natural resource.</p>\n<p>From this perspective, the intrinsic value of the network is the trustworthy information that the blockchain produces through its mining process, and the coins native to the network are required to unlock this trusted information, and make it tradeable and fungible. It’s therefore impossible to say that the network has value and a role in society without saying that the coin does too. And the value of the coin is dependent upon the value and growth of the network.</p>\n<p>That said, because the network is decentralized and anonymous,<b>legal challenges facing future growth for crypto assets loom large.</b>Coins trying to displace the Dollar run headlong into anti-money laundering laws (AML), as exemplified by the recent ransoms demanded in bitcoin from the Colonial Pipeline operator and the Irish Health service. Regulators can impede the use of crypto assets as a substitute for the Dollar or other currencies simply by making them non-convertible. An asset only has value if it can either be used or sold. And Chinese and Indian authorities have already challenged crypto uses in payments.</p>\n<p>As a result,<b>the market share of coins used for other purposes beyond currencies like “smart contracts” and “information tokens” will likely continue to rise.</b>However, even these non-currency uses will need to be recognized by courts of law to be accepted in commercial transactions—a question we leave to the lawyers.</p>\n<p><b>The network creates the value, unlike other commodities</b></p>\n<p>Unlike other commodities, coins derive their entire value from the network. A bitcoin has no value outside of its network as it is native to the Bitcoin blockchain. The value of oil is also largely derived from the transportation network that it fuels, but at least oil can be burned to create heat outside of this network.<b>At the other extreme, gold doesn’t require a network at all.</b></p>\n<p><img src=\"https://static.tigerbbs.com/aba6f2b8dd670875cb7a0942c5fd95f0\" tg-width=\"500\" tg-height=\"399\">Derived demand leaves the holder of the commodity exposed to the risk of the network becoming obsolete—a lesson that holders of oil reserves are now learning with decarbonization accelerating the decline of the transportation network, and, in turn damaging oil demand. Likewise,<b>bitcoin owners face accelerated network decay risk from a competing network, backed by a new cryptocurrency.</b></p>\n<p>As the demand for gold is not dependent on a network,<b>it will ultimately outlive oil and bitcoin—gold entropy lies at the unit, not the network, level.</b>Indeed, most stores of value that are used as defensive assets—like gold, diamonds and collectibles—don’t have derived demand and therefore only face unit-level entropy risk. This is what makes them defensive. The world can fall apart around them and they preserve their value. And while they don’t have derived demand, they do have other uses that establish their value, i.e. gold is used for jewelry and as a store of value.</p>\n<p><b>Transactions drive value, creating a risk-on asset</b></p>\n<p>Crypto doesn’t trade like gold and nor should it. Using any standard valuation method, transactions or expected transactions on the network are the key determinant of network value. The more transactions the blockchain can verify, the greater the network value. Transaction volumes and the demand for commodified information are roughly correlated with the business cycle; thus,<b>crypto assets should trade as pro-cyclical risk-on assets as they have for the past decade. Gold and bitcoin are therefore not competing assets as is commonly misunderstood, and can instead co-exist.</b>Because the value of the network and hence the coin is derived from the volume of transactions, hoarding coins as stores of value reduces the coins available for transactions, which reduces the value of the network.<b>Because gold doesn’t have this property, it is the only commodity that institutional investors hold in physical inventory.</b>Nearly all other commodities are held in paper inventory in the form of futures to avoid disrupting the network.<b>This suggests that, like oil, crypto investments will need to be held in the form of futures contracts, not physically, if they are to serve as stores of value.</b></p>\n<p>Crypto assets aren’t digital oil, either, as they are not non-durable consumables and can therefore be used again. This durability makes them a store of value, provided this demand doesn’t disrupt network flows. The crypto assets that have the greatest utility are also likely to be the dominant stores of value—the high utility reduces the carry costs.</p>\n<p><img src=\"https://static.tigerbbs.com/e2873efa55fd8073c76445c1cdc110f9\" tg-width=\"500\" tg-height=\"390\"></p>\n<p><b>So what is crypto? A powerful networking effect</b></p>\n<p>The network provides crypto an extremely powerful networking externality that no other commodity possesses. The operators—miners, exchanges and developers—are all paid in the native coin, making them fully vested in its success. Similarly, users—merchants, investors and speculators—are also fully vested. This gives bitcoin holders an incentive to accommodate purchases of their own products in bitcoin, which in turn, creates more demand for the coins they already own. Similarly, ether holders have an incentive to build apps and other products on the Ethereum network to increase the value of their coins.</p>\n<p><b>Because the coin holders have a stake in the network, speculation spurs adoption; even during bust periods, coin holders are motivated to work to create the next new boom.</b>After the dot-com bust, the shareholders had no commodity to promote. In crypto assets, even when prices collapse, the coin holders have a commodity to promote. They will always live for another boom, like an oil wildcatter.</p>\n<p><b>It’s all about information</b></p>\n<p>As the value of the coin is dependent on the value of the trustworthy information, blockchain technology has gravitated toward those industries where trust is most essential—finance, law and medicine. For the Bitcoin blockchain, this information is the record of every balance sheet in the network, and the transactions between them—originally the role of banks. In the case of a smart contract—a piece of code that executes according to a pre-set rule—on Ethereum, both the terms of that contract (the code) and the state of the contract (executed or not) are the information validated on the Ethereum blockchain. As a result, the counterparty in the contract cannot claim a transfer of funds without the network forming a consensus that the contract was indeed executed.<u><b>In our view the most valuable crypto assets will be those that help verify the most critical information in the economy.</b></u></p>\n<p>Over time, the decentralized nature of the network will diminish concerns about storing personal data on the blockchain. One’s digital profile could contain personal data including asset ownership, medical history and even IP rights. Since this information is immutable—it cannot be changed without consensus—the trusted information can then be tokenized and traded.<b><u>A blockchain platform like Ethereum could potentially become a large market for vendors of trusted information, like Amazon is for consumer goods today</u></b><b>.</b></p>\n<p><b>Crypto beyond this boom and bust cycle</b></p>\n<p>By many measures—Metcalfe’s Lawor Network Value to Transactions (NVT) ratio —crypto assets are in bubble territory. But does the demand for “commodified information” create enough economic value at a low enough cost to be scaled up in the long run? If the legal system accommodates these assets, we believe so.<b>While many overvalued networks exist, a few will likely emerge as long-term winners in the next stage of the digital economy, just as the tech titans of today emerged from the dot-com boom and bust.</b>This transformation is happening now—there are already an estimated 21.2 million owners of cryptocurrencies in the US alone. However, technological, environmental and legal challenges still loom large.</p>\n<p>Ethereum 2.0is expected to ramp upcapacity to 3,000 transactions per second (tps), while sharding—<b>which will scale Ethereum 2.0’s Proof of Stake (PoS) system through parallel verification of transactions—has the potential to raise capacity to as much as 100,000 tps.</b>For context, Visa has the capacity to process up to 65,000 tps but typically executes around 2,000 tps.<b>PoS intends to have validators stake the now scarce and valuable coins to incentivize good behavior instead of having miners expend energy to mine new blocks into existence, as under Proof of Work, making crypto assets more ESG friendly.</b>PoS also can significantly boost computational time in terms of transactions per second, which will further incentivize technological adoption. Ironically,<b>this is likely where the value of and demand for bitcoin will come from—being used as the scarce resource to make the PoS system work instead of natural resources.</b></p>\n<p>While overcoming the economic challenges will likely be manageable, the legal challenges are the largest for many crypto assets. And this past week was challenging for crypto assets with confirmation that the 75 bitcoin ransom over the Colonial Pipeline was actually paid. This is a reminder that cryptocurrencies still facilitate criminal activities that have large social costs.</p>\n<p><b>For Ethereum, new companies which aim to disrupt finance, law or medicine by integrating information stored on the platform into their algorithms are likely to run into problems with being legally recognized.</b>If crypto assets are to survive and grow to their fullest potential, they need to define some concept of “sufficiently decentralized” that will satisfy regulators; otherwise, the technologies will soon run out of uses.</p>\n<p>In summary: the talk in the crypto community lately has focused on whether ether is finally supplanting bitcoin since the former has more utility, and therefore a greater potential for a network effect.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman Expands Crypto-Trading Desk By Offering Ether Options</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman Expands Crypto-Trading Desk By Offering Ether Options\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 17:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/crypto/goldman-expands-crypto-trading-desk-offering-ether-options?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A few weeks ago, while the prices of the biggest cryptocurrencies were careening lowering, Goldman Sachs released what we described as the closest thing to 'initiating coverage' on cryptocurrencies, ...</p>\n\n<a href=\"https://www.zerohedge.com/crypto/goldman-expands-crypto-trading-desk-offering-ether-options?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc.","GBTC":"Grayscale Bitcoin Trust","GS":"高盛","JPM":"摩根大通"},"source_url":"https://www.zerohedge.com/crypto/goldman-expands-crypto-trading-desk-offering-ether-options?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135158450","content_text":"A few weeks ago, while the prices of the biggest cryptocurrencies were careening lowering, Goldman Sachs released what we described as the closest thing to 'initiating coverage' on cryptocurrencies, with the big takeaway being that the bank saw Ethereum overtaking bitcoin as the world's most popular cryptocurrency in the not-too-distant future.\nAfter its release, we suspected that the report was a harbinger of Goldman potentially announcing an expansion of its crypto business as it scrambles to stay a step ahead of megabank rivals like JPMorgan, Citigroup and others. As it turns out, we were correct.\nBecause on Monday, Mathew McDermott, head of digital assets at Goldman, told Bloomberg News that the bank is planning to sell options and futures for ether and bitcoinvia its newly restarted crypto trading desk.\nEven JP Morgan, whose CEO once famously bashed bitcoin,is expanding its own crypto business,claiming its clients demand it. The global banking regulators at the Basel Committee also gave a begrudging green light for international banks to deal in cryptocurrencies (though they need to hold plenty of capital in reserve for any crypto on their balance sheet).\nAccording to McDermott, even after the drop in crypto prices, hedge funds are still eager to trade crypto. And Goldman is looking to invest in more crypto-focused companies.\n\n \"We’ve actually seen a lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point,” McDermott said in a phone interview on Thursday. “We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective.” Goldman tapped McDermott, 47, to head its digital currency efforts last year. Under his watch, the business has grown to 17 people from four. The bank has also invested in crypto start-ups. It put $5 million into a fundraising round by Blockdaemon, a firm that creates and hosts the computer nodes that make up blockchain networks. In May, Goldman led the $15 million investment into Coin Metrics, a cryptocurrency and blockchain data provider to institutional clients, and McDermott joined the company’s board. “We are looking at a number of different companies that fit into our strategic direction,” he said. Other banks have also expanded their crypto operations. Cowen Inc. plans to offer “institutional-grade” custody services for cryptocurrencies. Standard Chartered Plc is setting up a joint venture to buy and sell virtual currencies, though HSBC Holdings Plc is avoiding Bitcoin for now.\n\nCircling back to the report we mentioned above, Goldman and its team of analysts have clearly explored the pros and cons before deciding to expand its business.\nThe term “cryptocurrencies”—which most people take to mean that crypto assets act as a digital medium of exchange, like fiat currency—is fundamentally misleading when it comes to assessing the value of these assets. Indeed,the blockchain that underlies bitcoin was not designed to replace a fiat currency—it is a trusted peer-to-peer payments network.As a cryptographic algorithm generates the proof that the payment was correctly executed, no third party is needed to verify the transaction.The blockchain and its native coin were therefore designed to replace the banking system and others like insurance that require a trusted intermediary today, not the Dollar.In that sense, the blockchain is differentiated from other “digital” transactional mechanisms such as PayPal, which is dependent upon the banking system to prevent fraud like double-spending.\nIn order to be trustworthy, the system needed to create an asset that had no liabilities or contingent claims, which can only be a real asset just like a commodity. And to achieve that, blockchain technologies used scarcity in natural resources—oil, gas, coal, uranium and hydro—through ever-increasing computational-power consumption to “mine” a bit version of a natural resource.\nFrom this perspective, the intrinsic value of the network is the trustworthy information that the blockchain produces through its mining process, and the coins native to the network are required to unlock this trusted information, and make it tradeable and fungible. It’s therefore impossible to say that the network has value and a role in society without saying that the coin does too. And the value of the coin is dependent upon the value and growth of the network.\nThat said, because the network is decentralized and anonymous,legal challenges facing future growth for crypto assets loom large.Coins trying to displace the Dollar run headlong into anti-money laundering laws (AML), as exemplified by the recent ransoms demanded in bitcoin from the Colonial Pipeline operator and the Irish Health service. Regulators can impede the use of crypto assets as a substitute for the Dollar or other currencies simply by making them non-convertible. An asset only has value if it can either be used or sold. And Chinese and Indian authorities have already challenged crypto uses in payments.\nAs a result,the market share of coins used for other purposes beyond currencies like “smart contracts” and “information tokens” will likely continue to rise.However, even these non-currency uses will need to be recognized by courts of law to be accepted in commercial transactions—a question we leave to the lawyers.\nThe network creates the value, unlike other commodities\nUnlike other commodities, coins derive their entire value from the network. A bitcoin has no value outside of its network as it is native to the Bitcoin blockchain. The value of oil is also largely derived from the transportation network that it fuels, but at least oil can be burned to create heat outside of this network.At the other extreme, gold doesn’t require a network at all.\nDerived demand leaves the holder of the commodity exposed to the risk of the network becoming obsolete—a lesson that holders of oil reserves are now learning with decarbonization accelerating the decline of the transportation network, and, in turn damaging oil demand. Likewise,bitcoin owners face accelerated network decay risk from a competing network, backed by a new cryptocurrency.\nAs the demand for gold is not dependent on a network,it will ultimately outlive oil and bitcoin—gold entropy lies at the unit, not the network, level.Indeed, most stores of value that are used as defensive assets—like gold, diamonds and collectibles—don’t have derived demand and therefore only face unit-level entropy risk. This is what makes them defensive. The world can fall apart around them and they preserve their value. And while they don’t have derived demand, they do have other uses that establish their value, i.e. gold is used for jewelry and as a store of value.\nTransactions drive value, creating a risk-on asset\nCrypto doesn’t trade like gold and nor should it. Using any standard valuation method, transactions or expected transactions on the network are the key determinant of network value. The more transactions the blockchain can verify, the greater the network value. Transaction volumes and the demand for commodified information are roughly correlated with the business cycle; thus,crypto assets should trade as pro-cyclical risk-on assets as they have for the past decade. Gold and bitcoin are therefore not competing assets as is commonly misunderstood, and can instead co-exist.Because the value of the network and hence the coin is derived from the volume of transactions, hoarding coins as stores of value reduces the coins available for transactions, which reduces the value of the network.Because gold doesn’t have this property, it is the only commodity that institutional investors hold in physical inventory.Nearly all other commodities are held in paper inventory in the form of futures to avoid disrupting the network.This suggests that, like oil, crypto investments will need to be held in the form of futures contracts, not physically, if they are to serve as stores of value.\nCrypto assets aren’t digital oil, either, as they are not non-durable consumables and can therefore be used again. This durability makes them a store of value, provided this demand doesn’t disrupt network flows. The crypto assets that have the greatest utility are also likely to be the dominant stores of value—the high utility reduces the carry costs.\n\nSo what is crypto? A powerful networking effect\nThe network provides crypto an extremely powerful networking externality that no other commodity possesses. The operators—miners, exchanges and developers—are all paid in the native coin, making them fully vested in its success. Similarly, users—merchants, investors and speculators—are also fully vested. This gives bitcoin holders an incentive to accommodate purchases of their own products in bitcoin, which in turn, creates more demand for the coins they already own. Similarly, ether holders have an incentive to build apps and other products on the Ethereum network to increase the value of their coins.\nBecause the coin holders have a stake in the network, speculation spurs adoption; even during bust periods, coin holders are motivated to work to create the next new boom.After the dot-com bust, the shareholders had no commodity to promote. In crypto assets, even when prices collapse, the coin holders have a commodity to promote. They will always live for another boom, like an oil wildcatter.\nIt’s all about information\nAs the value of the coin is dependent on the value of the trustworthy information, blockchain technology has gravitated toward those industries where trust is most essential—finance, law and medicine. For the Bitcoin blockchain, this information is the record of every balance sheet in the network, and the transactions between them—originally the role of banks. In the case of a smart contract—a piece of code that executes according to a pre-set rule—on Ethereum, both the terms of that contract (the code) and the state of the contract (executed or not) are the information validated on the Ethereum blockchain. As a result, the counterparty in the contract cannot claim a transfer of funds without the network forming a consensus that the contract was indeed executed.In our view the most valuable crypto assets will be those that help verify the most critical information in the economy.\nOver time, the decentralized nature of the network will diminish concerns about storing personal data on the blockchain. One’s digital profile could contain personal data including asset ownership, medical history and even IP rights. Since this information is immutable—it cannot be changed without consensus—the trusted information can then be tokenized and traded.A blockchain platform like Ethereum could potentially become a large market for vendors of trusted information, like Amazon is for consumer goods today.\nCrypto beyond this boom and bust cycle\nBy many measures—Metcalfe’s Lawor Network Value to Transactions (NVT) ratio —crypto assets are in bubble territory. But does the demand for “commodified information” create enough economic value at a low enough cost to be scaled up in the long run? If the legal system accommodates these assets, we believe so.While many overvalued networks exist, a few will likely emerge as long-term winners in the next stage of the digital economy, just as the tech titans of today emerged from the dot-com boom and bust.This transformation is happening now—there are already an estimated 21.2 million owners of cryptocurrencies in the US alone. However, technological, environmental and legal challenges still loom large.\nEthereum 2.0is expected to ramp upcapacity to 3,000 transactions per second (tps), while sharding—which will scale Ethereum 2.0’s Proof of Stake (PoS) system through parallel verification of transactions—has the potential to raise capacity to as much as 100,000 tps.For context, Visa has the capacity to process up to 65,000 tps but typically executes around 2,000 tps.PoS intends to have validators stake the now scarce and valuable coins to incentivize good behavior instead of having miners expend energy to mine new blocks into existence, as under Proof of Work, making crypto assets more ESG friendly.PoS also can significantly boost computational time in terms of transactions per second, which will further incentivize technological adoption. Ironically,this is likely where the value of and demand for bitcoin will come from—being used as the scarce resource to make the PoS system work instead of natural resources.\nWhile overcoming the economic challenges will likely be manageable, the legal challenges are the largest for many crypto assets. And this past week was challenging for crypto assets with confirmation that the 75 bitcoin ransom over the Colonial Pipeline was actually paid. This is a reminder that cryptocurrencies still facilitate criminal activities that have large social costs.\nFor Ethereum, new companies which aim to disrupt finance, law or medicine by integrating information stored on the platform into their algorithms are likely to run into problems with being legally recognized.If crypto assets are to survive and grow to their fullest potential, they need to define some concept of “sufficiently decentralized” that will satisfy regulators; otherwise, the technologies will soon run out of uses.\nIn summary: the talk in the crypto community lately has focused on whether ether is finally supplanting bitcoin since the former has more utility, and therefore a greater potential for a network effect.","news_type":1},"isVote":1,"tweetType":1,"viewCount":181,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381341020,"gmtCreate":1612937025660,"gmtModify":1704876219326,"author":{"id":"3571971808703813","authorId":"3571971808703813","name":"Aphy","avatar":"https://static.tigerbbs.com/d6e1b0a4767b94d00079b91238ddc684","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571971808703813","authorIdStr":"3571971808703813"},"themes":[],"htmlText":"Very long","listText":"Very long","text":"Very long","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/381341020","repostId":"1162909934","repostType":4,"repost":{"id":"1162909934","pubTimestamp":1612927184,"share":"https://ttm.financial/m/news/1162909934?lang=&edition=fundamental","pubTime":"2021-02-10 11:19","market":"fut","language":"en","title":"How Long Will the Tesla-Driven Bitcoin Rally Last?","url":"https://stock-news.laohu8.com/highlight/detail?id=1162909934","media":"zacks","summary":"The price of Bitcoin has been going through the roof lately. Bitcoin soared about 200% last year. In","content":"<p>The price of Bitcoin has been going through the roof lately. Bitcoin soared about 200% last year.&nbsp;Institutional interest&nbsp;has mainly led to this buoyancy.&nbsp; The cryptocurrency took less than a month to cross the difference of $20,000 in value as it hit the $20,000 mark for the first time on Dec 16 and touched $40,000 on Jan 7. If this was not enough, bitcoin crossed the 47,000 mark on Feb 8.</p>\n<p>The latest all-time high level was attained by virtue of Tesla’s investment of $1.5 billion, which made it the biggest company to show support to the otherwisecontroversial cryptocurrency.Tesla would start accepting payment for its electric vehicles in the currency. Before this,<b>PayPal Holdings Inc</b>&nbsp;had also announced such a move. PayPal's competitor&nbsp;<b>Square</b>&nbsp;launched support&nbsp;for bitcoin back in 2018&nbsp;through its Cash app. Square also&nbsp;bought $50 million in bitcoin&nbsp;in October as part of a larger investment in cryptocurrency.</p>\n<p>Corporations’ greater acceptance in allowing customers to hold bitcoin and other virtual coins in their online wallets has been favoring the cryptocurrency.&nbsp;Facebook-backed cryptocurrency Libra has also been&nbsp;rebranded “Diem”&nbsp;in an effort to gain regulatory approval by refurbishing the project in a simpler manner. It is run by a consortium called the Diem Association.</p>\n<p>David Marcus, the head of Facebook Financial, also known as F2, said he hopes the&nbsp;cryptocurrency called Diem&nbsp;will hit the market in 2021. A bitcoin ETF could finally see the day of the light in 2021 as VanEck recently filed an application with the SEC. Notably, the SEC had earlier rejected several bitcoin ETF proposals (read:&nbsp;VanEck Files for a Bitcoin ETF All Over Again).</p>\n<p><b>More Corporate Acceptance Awaiting Ahead?</b>Antoni Trenchev, managing partner and co-founder of Nexo in London (one of the world’s biggest crypto lender), expects at least 10% of S&amp;P 500 companies to remain invested in Bitcoin by the end of 2022,as quoted in a source.</p>\n<p>Sergey Nazarov, the cofounder of Chainlink, said a few days back that “rising inflation and increasingly negative views of modern monetary policy are forcing investors to look for alternative ways to preserve the value of their capital,”&nbsp;as quoted on Businessinsider.&nbsp;Investors are probably viewing it as a&nbsp;hedge against inflation&nbsp;and an alternative to the depreciating dollar, per market watchers.</p>\n<p><b>Will the Rally Continue?</b>The biggest problem with bitcoin mining is that the number of coins will be fixed. “Bitcoin was designed to be created at a fixed rate, which means miners must compete against each other to win coins. The number of bitcoins created annually automatically decreases over time and issuance will end with a total of 21 million bitcoins in circulation. The more time passes, the harder computers have to work to mine new bitcoins. There are currently more than 18 million bitcoins in circulation,”per a Reuters article.</p>\n<p>So, there is no way that the 21 million will be exhausted soon. But will it be interesting to see what happens after that? Yes, “the bitcoin mining process provides bitcoin rewards to miners, but the reward size is decreased periodically to control the circulation of new tokens,” as indicated byan Investopedia article.</p>\n<p>If more circulation of currency is not possible with economic growth, one should not expect much stability in that currency’s trading. Bitcoin has been extremely volatile in the past, and will continue to remain so in the future too. Plus, one should take a closer look at the inflationary scenario. If there is disinflation in various parts of the globe due to any further COVID-19 crisis, bitcoin may slip again.</p>\n<p><b>Stocks to Play</b>Hence, it is wise bet on Crypto Innovators that are more stable.'Crypto Innovators' are the stocks of \"companiesthat service and transact in the segment of the economy dealing with crypto assets and distributed ledger technology (e.g., blockchain technology).\"</p>\n<p><b>Riot Blockchain</b> – The Zacks Rank #3 company leverages its expertise and network to build and support blockchain technology companies. Shares surged 40.3% on Feb 8.</p>\n<p><b>NVIDIA</b>&nbsp;– The company&nbsp;is poised to benefit from its GPUs in the cryptocurrency space.Chinese cryptocurrency miners are dealing with a scarcity of Nvidia's&nbsp;GeForce RTX&nbsp;30 desktop graphics cards by turning to GeForce RTX&nbsp;30-powered laptops, according to social media posts examined by&nbsp;Wccftech&nbsp;and&nbsp;Cointelegraph,as quoted on seekingalpha. NVDA was up 6.2% on Feb 8.</p>\n<p><b>Cleanspark Inc.</b>&nbsp;– The Zacks Rank #3 microgrid company provides energy software and control technology. From Dec 10, 2020the first full-day of mining following the acquisition of its wholly owned subsidiary ATL Data Centers LLC, through the end of the calendar year, CleanSpark produced 31 bitcoins from its mining activities. Production since the first of the year has exceeded 4.3 bitcoins. The stock added 8.1% on Feb 8.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Long Will the Tesla-Driven Bitcoin Rally Last?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Long Will the Tesla-Driven Bitcoin Rally Last?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-10 11:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zacks.com/stock/news/1259702/how-long-will-the-tesla-driven-bitcoin-rally-last?&art_rec=home-home-investment_ideas_stocks-ID02-txt-1105942><strong>zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The price of Bitcoin has been going through the roof lately. Bitcoin soared about 200% last year. Institutional interest has mainly led to this buoyancy.  The cryptocurrency took less than a month to ...</p>\n\n<a href=\"https://www.zacks.com/stock/news/1259702/how-long-will-the-tesla-driven-bitcoin-rally-last?&art_rec=home-home-investment_ideas_stocks-ID02-txt-1105942\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.zacks.com/stock/news/1259702/how-long-will-the-tesla-driven-bitcoin-rally-last?&art_rec=home-home-investment_ideas_stocks-ID02-txt-1105942","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162909934","content_text":"The price of Bitcoin has been going through the roof lately. Bitcoin soared about 200% last year. Institutional interest has mainly led to this buoyancy.  The cryptocurrency took less than a month to cross the difference of $20,000 in value as it hit the $20,000 mark for the first time on Dec 16 and touched $40,000 on Jan 7. If this was not enough, bitcoin crossed the 47,000 mark on Feb 8.\nThe latest all-time high level was attained by virtue of Tesla’s investment of $1.5 billion, which made it the biggest company to show support to the otherwisecontroversial cryptocurrency.Tesla would start accepting payment for its electric vehicles in the currency. Before this,PayPal Holdings Inc had also announced such a move. PayPal's competitor Square launched support for bitcoin back in 2018 through its Cash app. Square also bought $50 million in bitcoin in October as part of a larger investment in cryptocurrency.\nCorporations’ greater acceptance in allowing customers to hold bitcoin and other virtual coins in their online wallets has been favoring the cryptocurrency. Facebook-backed cryptocurrency Libra has also been rebranded “Diem” in an effort to gain regulatory approval by refurbishing the project in a simpler manner. It is run by a consortium called the Diem Association.\nDavid Marcus, the head of Facebook Financial, also known as F2, said he hopes the cryptocurrency called Diem will hit the market in 2021. A bitcoin ETF could finally see the day of the light in 2021 as VanEck recently filed an application with the SEC. Notably, the SEC had earlier rejected several bitcoin ETF proposals (read: VanEck Files for a Bitcoin ETF All Over Again).\nMore Corporate Acceptance Awaiting Ahead?Antoni Trenchev, managing partner and co-founder of Nexo in London (one of the world’s biggest crypto lender), expects at least 10% of S&P 500 companies to remain invested in Bitcoin by the end of 2022,as quoted in a source.\nSergey Nazarov, the cofounder of Chainlink, said a few days back that “rising inflation and increasingly negative views of modern monetary policy are forcing investors to look for alternative ways to preserve the value of their capital,” as quoted on Businessinsider. Investors are probably viewing it as a hedge against inflation and an alternative to the depreciating dollar, per market watchers.\nWill the Rally Continue?The biggest problem with bitcoin mining is that the number of coins will be fixed. “Bitcoin was designed to be created at a fixed rate, which means miners must compete against each other to win coins. The number of bitcoins created annually automatically decreases over time and issuance will end with a total of 21 million bitcoins in circulation. The more time passes, the harder computers have to work to mine new bitcoins. There are currently more than 18 million bitcoins in circulation,”per a Reuters article.\nSo, there is no way that the 21 million will be exhausted soon. But will it be interesting to see what happens after that? Yes, “the bitcoin mining process provides bitcoin rewards to miners, but the reward size is decreased periodically to control the circulation of new tokens,” as indicated byan Investopedia article.\nIf more circulation of currency is not possible with economic growth, one should not expect much stability in that currency’s trading. Bitcoin has been extremely volatile in the past, and will continue to remain so in the future too. Plus, one should take a closer look at the inflationary scenario. If there is disinflation in various parts of the globe due to any further COVID-19 crisis, bitcoin may slip again.\nStocks to PlayHence, it is wise bet on Crypto Innovators that are more stable.'Crypto Innovators' are the stocks of \"companiesthat service and transact in the segment of the economy dealing with crypto assets and distributed ledger technology (e.g., blockchain technology).\"\nRiot Blockchain – The Zacks Rank #3 company leverages its expertise and network to build and support blockchain technology companies. Shares surged 40.3% on Feb 8.\nNVIDIA – The company is poised to benefit from its GPUs in the cryptocurrency space.Chinese cryptocurrency miners are dealing with a scarcity of Nvidia's GeForce RTX 30 desktop graphics cards by turning to GeForce RTX 30-powered laptops, according to social media posts examined by Wccftech and Cointelegraph,as quoted on seekingalpha. NVDA was up 6.2% on Feb 8.\nCleanspark Inc. – The Zacks Rank #3 microgrid company provides energy software and control technology. From Dec 10, 2020the first full-day of mining following the acquisition of its wholly owned subsidiary ATL Data Centers LLC, through the end of the calendar year, CleanSpark produced 31 bitcoins from its mining activities. Production since the first of the year has exceeded 4.3 bitcoins. The stock added 8.1% on Feb 8.","news_type":1},"isVote":1,"tweetType":1,"viewCount":198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}