Jaguar is delaying some orders of its Tesla rival and blaming high demand
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Business Insider, 1/1/0001 12:00 AM PST
The publication said Jaguar dealerships are telling customers that manufacturing difficulties are responsible for the delay. A Jaguar representative told Business Insider some deliveries were being delayed because of "exceptional global demand," but did not comment on the average length of the delays. The representative said the company planned to begin deliveries late in the summer. "Delivery timelines for certain customers have been affected by prioritization of market specific orders to best meet the exceptional demand of these vehicles," the representative said. According to Electrek, all of the delayed orders it had seen were for the standard version of the vehicle, rather than the premium version. Jaguar did not comment on whether customers for the premium version of the I-Pace were being prioritized over customers for the standard version. The I-Pace is Jaguar's first fully-electric vehicle and will compete against Tesla's Model X SUV. The I-Pace has a 240-mile range, 394 horsepower, 512 pound-feet of torque, and the ability to accelerate from 0-60 mph in 4.5 seconds. The Model X has a range between 237-289 miles and a 0-60 time between 2.9-4.9 seconds, depending on the trim. The I-Pace starts at $70,495, while the Model X starts at $86,300. The I-Pace has received positive reviews so far. Business Insider has not given the vehicle a full review yet, but in his brief time with the I-Pace, transportation reporter Benjamin Zhang said it was fast and agile, though "smaller" and "less powerful" than the Model X. "I can see the I-PACE as a complement to the Model X. In fact, I can see the Jag as a viable option for electric SUV shoppers who aren't bowled over by the Tesla's six-figure price tag, crazy doors, and supercar-shaming acceleration," he wrote. In March, Waymo announced a partnership with Jaguar to include the I-Pace in its fleet of self-driving vehicles for its upcoming autonomous ride-hailing service. Join the conversation about this story » NOW WATCH: An early investor in Airbnb and Uber explains why he started buying bitcoin in 2009 |
Lyn Ulbricht and the Effort to Free Ross: Looking at "the End of the Road”
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Bitcoin Magazine, 1/1/0001 12:00 AM PST The darknet site founded by Ross Ulbricht, Silk Road, has been offline for years now. But the legal questions behind his conviction and subsequent sentencing to life in prison without the possibility of parole in 2015, remain fresh, raw and real to Ulbricht’s advocates. Among the people most passionate in their belief that Ulbricht has been given an unfair shake by the American justice system is his mother, Lyn Ulbricht. Her staunch support of her son should come as no surprise, and it’s a stance that has seen her make her case — that Ross was unjustly convicted and sentenced — to audiences of CNN, the Wall Street Journal and international media of every stripe. Lyn now has an unfortunate impetus for making a fresh round of appearances, in the recent denial by the U.S. Supreme Court to reconsider Ross Ulbricht’s conviction or life sentence. As a guest this week on The Tatiana Show! podcast, Lyn provided listeners not only with an update on the dwindling legal options available to the Ulbrichts but also with an intimate view of the personal costs that afflict the family members of those who have been incarcerated. Almost Out of OptionsThere are many who are unsure of where they stand on Ross Ulbricht, whose online creation employed both Tor (a.k.a. The Onion Routing, an anonymous communication platform) and bitcoin to enable an anonymous global marketplace of items both illicit (drugs were a preponderance of the offerings) and legal (art, cigarettes, jewelry). His supporters see a man whose guilt was never actually proven and whose work actually served to take on the War on Drugs’ overreaches while standing up for personal privacy online. His detractors believe he became a bitcoin multimillionaire while committing a rash of crimes including money laundering, computer hacking, conspiracy to traffic narcotics and attempting to order the murders of six people. They also see Silk Road as a major contributor to a negative public image for cryptocurrency, a high-profile example of bitcoin as an engine of criminal activity. For those on the FreeRoss side of things, Ulbricht’s interview with show host Tatiana Moroz did not reveal a hopeful darkhorse plan to counter the Supreme Court’s June 28 decision, which effectively declined to consider arguments that Ulbricht’s fourth and sixth amendment rights had been violated. “You can’t go any further with it,” Lyn said of the possibility of filing another petition on those points. “That’s it. That’s the end of the road. According to our lawyers, who seem to know these things, there’s no other option.” Barring the emergence of new legal strategies, the primary hope that the Ulbrichts are clinging to is a granting of clemency by the President of the United States. “We’ve moved from the judicial to the political,” Lyn said. “His options for direct appeal to the courts has ended. There is something called a 2255 (motion for retrial) that you can do within the year. That rarely works, but we’ll try. We’re not counting on it. What we really are focusing on is clemency from the President, and that means commuting Ross’ barbaric sentence.” A petition supporting clemency has 38,000+ signatures as of press time. Family MattersIn her conversation with Moroz, Lyn Ulbricht helped listeners to go beyond legal jargon with another dimension of the case. Her window on the effect of prison on nonviolent offenders, and the families attached to them, reveals the emotional impact of America’s punitive action penchant. “There are so many people in the prison system now that it’s bigger than 11 states! It’s really metastasizing. It’s a crisis,” Ulbricht relates. “What really gets to me is the children [who are visiting their relatives in prison]. The kids are so happy to see their dad, they’re crawling over him and in his lap, and they have to be torn away. Every time we leave, there are sobbing, heartbroken children, who are being harmed and have a better statistical chance of being in the prison themselves.” This article originally appeared on Bitcoin Magazine. |
CME Won’t Be Listing New Cryptocurrency Futures Anytime Soon: CEO
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CryptoCoins News, 1/1/0001 12:00 AM PST CME Group, the second regulated U.S. derivatives market to list bitcoin futures and by far the largest trading venue for these products, will not be listing any new cryptocurrency futures anytime soon, the firm’s chief executive said on Thursday. Speaking with Bloomberg Television, CME Group CEO Terry Duffy said that the reputation of his firm The post CME Won’t Be Listing New Cryptocurrency Futures Anytime Soon: CEO appeared first on CCN |
A tech executive at $41 billion Fortress is leaving to start his own data-focused fund
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Business Insider, 1/1/0001 12:00 AM PST
Hylton Socher, the chief technology and information officer of Fortress Investment Group, the $41 billion hedge fund, is leaving the fund to start his own venture, Business Insider has learned. Socher, whose career at Fortress spans a decade, fell down the rabbit hole of big data and other new-wave technologies sweeping Wall Street, he said in an interview.
"I will be looking to take huge amounts of data, and connecting them, and then squeeze alpha out of that," Socher said. "The example everyone knows: watching the traffic in the Walmart parking lot to see where the stock will go ... you want to look at those non-obvious connections." He's now in the early stages of getting the firm off the ground, he said, without giving specifics about the size or structure of the fund. Socher, who joined Fortress in March 2008, previously served as chief information officer of trading firm Susquehanna International Group. Socher's fund would join a string of other high profile hedge fund launches this year, including those from billionaire Steve Cohen , ex-Millennium head Mike Gelband and former Viking Global chief investment officer Dan Sundheim . See also: SEE ALSO: 'The next frontier for us': Inside State Street's multibillion-dollar bet on financial data Join the conversation about this story » NOW WATCH: A Nobel Prize-winning economist says 'non-competes' are keeping wages down for all workers |
Socher's firm, which he expects to be up-and-running by the first quarter of 2019, will focus on algorithmic trading leveraging artificial intelligence and machine learning. He's calling it We’re ‘Thrilled’ That Regulators Are Getting Involved in Crypto: Ripple Exec.
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CryptoCoins News, 1/1/0001 12:00 AM PST There’s a deep divide within the cryptocurrency community about whether increased attention from regulators is a positive step in the industry’s maturation process or an unnecessary roadblock to innovation. Ripple, the San Francisco-based blockchain startup and majority owner of the “bank-friendly” XRP cryptocurrency, has always tended toward the former view. Speaking during a recent interview The post We’re ‘Thrilled’ That Regulators Are Getting Involved in Crypto: Ripple Exec. appeared first on CCN |
New York City may restrict the number of Uber and Lyft cars allowed to operate in the city
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Business Insider, 1/1/0001 12:00 AM PST
New York City officials announced on Thursday a plan to place a cap on the number of vehicles ride-share services like Uber and Lyft can operate in the city, a dramatic first-of-its-kind legislation to address challenges created by the addition of these companies into city streets. Led by City Council speaker, Corey Johnson, law-makers are now considering legislation that would place a hold on all new ride-share service vehicles, exempting those that are handicap accessible. The legislation also addresses the problem of congestion, as the bills propose setting limits for how long a ride-sharing vehicle can drive around empty while searching for passengers. "This is the plan that we came up with and in my heart I believe it’s the best path forward," Mr. Johnson said in a statement to the New York Times. "Our goal has always been to protect drivers, bring fairness to the industry and reduce congestion. That’s what this proposal does, and it represents the broad outlines of what we think our next steps should be as a city to help the industry.” The proposed legislation comes on the heels of multiple suicides by New York City livery drivers, who are believed to have been brought to despair from a lack of business and the crushing debt created by an investment of hundreds of thousands of dollars into their cars and taxi-cabs. Ride-sharing vehicles in New York have exploded in numbers, from 47,000 in 2013 to about 103,000 today, and data from last year showed Uber and Lyft cars outnumbered cabs in New York City 4 to 1. Congestion is another issue motivating lawmakers for the new legislation. The exponential growth of Uber and Lyft has created a physical problem of more cars on the road, increasing congestion in America's biggest city. While Governor Andrew Cuomo's congestion pricing plan has stalled, this new legislation addresses the problem by capping the number of cars and setting new standards on driving unoccupied vehicles. Uber was not pleased with the city's proposal. "The City Council's Uber cap will leave New Yorkers stranded while doing nothing to prevent congestion, fix the subways, and help struggling taxi medallion owners," said Uber spokesperson Danielle Filson in a statement to Business Insider. "The Council’s cap will hurt riders outside Manhattan who have come to rely on Uber because their communities have long been ignored by yellow taxis and do not have reliable access to public transit.” Uber was previously banned in London, but recently won back its license to operate in the city after months of litigation. Additional legislative proposals being considered by the City Council includes placing a mandatory minimum wage for ride-share drivers, who are reported to earn wages as low as $8.55 per hour before taxes.
FOLLOW US: On Facebook for more car and transportation content! Join the conversation about this story » NOW WATCH: An early investor in Airbnb and Uber explains why he started buying bitcoin in 2009 |
Google Play Store Removes Mining Apps from Offerings
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Bitcoin Magazine, 1/1/0001 12:00 AM PST Google just nixed any app that mines cryptocurrencies from its Play Store. With a recent update to the store’s policies, the tech monolith rewrote its stance on cryptocurrency apps. We don’t allow apps that mine cryptocurrency on devices. We permit apps that remotely manage the mining of cryptocurrency. As the latter half of the policy indicates, other mining applications, such as those that facilitate cloud and other forms of remote mining, will not be removed. The policy change is a stricter version of the cryptocurrency mining extension ban Google effected in April of 2018. It also puts Google in the company of Apple, which banned cryptocurrency mining apps from its App Store and smart devices this June. These prohibitions are likely to call to mind recent steps legacy tech companies have taken against the cryptocurrency ecosystem. Earlier this year, Google, Facebook and Twitter instituted industry-wide bans of cryptocurrency and blockchain-related ads. Since such ads were shuttered, Facebook has reversed its decision, though Google and Twitter have stood by theirs, thus far. Explaining its reasoning for the original ban, Facebook indicated that it sought to steer its users from “misleading or deceptive promotional practices.” And per its reversal, the social media giant also indicated that it would work on sifting the bad actors from the good and revisit its policy later. “This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram. We will revisit this policy and how we enforce it as our signals improve.” Like Facebook’s original blanket ban and subsequent amendment, Google barring exposure for cryptocurrency mining apps may be from a place of pragmatism and not competitive malice. As cryptojacking and mining malware rise as persistent cyber threats, Google’s mining restrictions could be an attempt to mitigate the proliferation of such malware on the company’s Play Store. Recently, the store has become a target of hackers who covertly embed their malware into its app offerings, leaving users to mine cryptocurrencies like Monero through these applications unawares. This article originally appeared on Bitcoin Magazine. |
A Spirit Airlines flight had to be diverted after a horrible 'dirty socks' odor filled the cabin and made passengers ill
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Business Insider, 1/1/0001 12:00 AM PST
A Spirit Airlines flight from New York to Fort Lauderdale, Florida had to be diverted to Myrtle Beach, South Carolina on Thursday night after passengers aboard complained of burning throats and chest pains caused by an odor that resembled, "dirty socks." Spirit Airlines Flight 779 took off from LaGuardia Airport around 8:30 p.m. on Thursday night. The crew decided to make an unscheduled landing in South Carolina when a strange smell began to pervade the cabin. On a radio recording made by Myrtle Beach Fire Rescue, first reported by NBC4 New York, a rescue worker says, "Reports are we have several occupants on a plane exposed to an unknown substance. They have deplaned and are currently on the ramp. We are isolating and are attempting to get in touch with the airport fire." Passengers complained that the odor smelled like "dirty socks," as according to NBC4 New York, aside from those passengers reporting chest and throat discomfort, some people were vomiting and one woman was found unconscious. A total of 220 passengers were on-board the flight, with NBC4 reporting between seven-to-10 of them were transported to a local hospital for exposure to "a possible unknown substance." The Associated Press reports only one person was taken to the hospital. Lt. Christian Sliker, of the Myrtle Beach Fire Department, told NBC4, "After extensive monitoring and hazmat crews entering into the fuselage, no substances were found. The plane is all clear." Spirit Airlines did not respond to Business Insider's request for comment. According to the AP, a replacement plane was provided by Spirit Airlines, leaving Myrtle Beach at 3:30 a.m. Friday, and finally landing at Fort Lauderdale at 4:45 a.m. Officials are still not sure what made so many people on-board sick. A photo posted on Twitter shows the passengers de-boarding the plane upon its landing in Myrtle Beach.
SEE ALSO: I finally caved and flew on the 'worst airline in America' — here's what it was like FOLLOW US: on Facebook for more car and transportation content! |
Tesla was ranked last on a survey of 34 auto brands based on how helpful its salespeople are
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Business Insider, 1/1/0001 12:00 AM PST
The survey was conducted by the auto sales and service research firm Pied Piper, which hired 3,466 people to shop at 3,466 dealerships across the US between July 2017 and June 2018 and evaluated the brands on over 50 criteria, including how frequently salespeople asked customers questions about how they might use a vehicle, if they described how a vehicle was different from its competitors, and if they explained why customers should buy from their dealership or store. Tesla was among the top brands by some measures, including how often they used visual aids in the sales process and how little they left customers to consult with an unseen manager. When asked for comment, a Tesla representative referred Business Insider to a 2016 tweet from CEO Elon Musk commenting on Pied Piper's 2016 customer satisfaction survey, in which Tesla ranked 33rd out of 33 brands. "Tesla finishes last in being salesy! Good," Musk said. Pied Piper CEO Fran O'Hagan told The Los Angeles Times that Tesla's stores displayed a high degree of variance, with some stores featuring "excellent, helpful salespeople," and others whose employees seemed indifferent over whether customers purchased a vehicle. Unlike other auto companies, Tesla does not sell its vehicles through licensed dealerships. Instead it sells them through its website and company-owned stores. Avoiding the dealership model gives Tesla more control over the sales process, but the company has run into opposition from state governments, some of which have laws that prohibit automakers from selling vehicles directly to their customers. Musk has previously described a sales philosophy that contrasts against car dealership stereotypes. In 2012, Musk wrote a blog post on Tesla's website describing his preference for Tesla employees to be informative, rather than aggressive in pushing for sales. "They are not on commission and they will never pressure you to buy a car," Musk said of Tesla salespeople. "Their goal and the sole metric of their success is to have you enjoy the experience of visiting so much that you look forward to returning again." If you've worked for Tesla and have a story to share, you can contact this reporter at [email protected]. Join the conversation about this story » NOW WATCH: An early investor in Airbnb and Uber explains why he started buying bitcoin in 2009 |
Newsflash: Bitcoin Price Leaps to $8,215 as Bulls Fight Off ETF-Induced Slump
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CryptoCoins News, 1/1/0001 12:00 AM PST Sorry bears, but it looks like the party’s over. Bullish traders on Friday pushed the bitcoin price back above the $8,000 mark, reversing a Thursday evening plunge that occurred in the immediate aftermath of the U.S. Securities and Exchange Commission’s announcement that it had denied the Winklevoss twins’ bitcoin ETF application for the second time. The post Newsflash: Bitcoin Price Leaps to $8,215 as Bulls Fight Off ETF-Induced Slump appeared first on CCN |
Nasdaq Plots to Legitimize Cryptocurrency in Secret Meeting: Report
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CryptoCoins News, 1/1/0001 12:00 AM PST The cryptocurrency markets took a hit this week after the U.S. Securities and Exchange Commission (SEC) denied the Winklevoss twins’ latest attempt to list a bitcoin ETF on a regulated stock exchange. Among other things, the SEC expressed concern that the underlying bitcoin spot markets are too prone to manipulation for the agency to feel The post Nasdaq Plots to Legitimize Cryptocurrency in Secret Meeting: Report appeared first on CCN |
Deribit Make a Reality of Crypto-Backed USD Loans
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CryptoCoins News, 1/1/0001 12:00 AM PST This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. Cryptocurrency startup Deribit offer users fiat loans based on the cryptocurrency collateral. Deribit started as a Bitcoin Futures and Options trading platform that went live in the summer The post Deribit Make a Reality of Crypto-Backed USD Loans appeared first on CCN |
What you need to know on Wall Street today
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Business Insider, 1/1/0001 12:00 AM PST Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox. Trump's trade battle has entered a 'phoney war phase' — here's how to cut through the noise and make some money Wednesday's summit between President Donald Trump and European Commission head Jean-Claude Juncker gave investors, analysts, and politicians hope that the trade war may not escalate further , and could even start to moderate going forward. That, however, is by no means a certainty, and things could well escalate once again given the noted volatility of Trump's personality. Uncertainty may remain, but according to a group of strategists at UBS, there's money to be made until everything gets figured out. The team — comprising of Niall MacLeod, Matthew Gilman, and Jiamin Shen — argues that we're in what can be called a "phoney war phase" — where everyone is sizing each other up, but no real action has been taken yet. US economy grows 4.1%, the fastest pace since 2014 The US economy grew in the second quarter at the fastest pace since 2014, according to a preliminary report released by the Commerce Department on Friday. Gross domestic product (GDP), the total value of all goods and services produced domestically, rose at an annualized pace of 4.1%. Economists had forecast 4.2% growth. A rebound in consumer spending from the first quarter served the biggest contribution to growth. Personal consumption increased by 4% in the first full quarter after President Donald Trump signed tax cuts into law. Business investment and government spending also increased. Exports surged as expected. The Commerce Department had said earlier this month that soybean exports surged , as buyers stockpiled ahead of China's forthcoming 25% tariff on the US. Bitcoin slides below $8,000 after the SEC rejects the Winklevoss twins' bitcoin fund Bitcoin continued to slide Friday morning after the Securities and Exchange Commission for a second time rejected a proposal by Cameron and Tyler Winklevoss to list an exchange-traded fund tied to the cryptocurrency. At 8:56 a.m. ET, the red-hot coin was trading down 1.35% at $7,840. It has shed hundred of dollars since news broke Thursday night that the SEC had once again said it didn't think the fund was ready for its debut. The agency originally rejected the fund in March 2017. This time regulators said the underlying bitcoin market, on which the fund would be based, is too susceptible to manipulation, noting : "BZX has not demonstrated that the structure of the spot market for bitcoin is uniquely resistant to manipulation." In markets news
Join the conversation about this story » NOW WATCH: Expanding Warren Buffett’s value investing approach to the socially responsible sector |
Canadian Cryptocurrency Miner to Install 85-Megawatt Power Substation
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Bitcoin Magazine, 1/1/0001 12:00 AM PST DMG Blockchain Solutions Inc., a diversified blockchain company, is in the process of installing an 85-megawatt transformer and electric substation for the company's cryptocurrency mining facility, according to a company statement. The new substation is commissioned to be operational by September 2018, with 60 megawatts available for energizing mining rigs. The Canadian company offers a range of services including Mining as a Service (MaaS),where it manages bitcoin mining on behalf of third parties at scale. The installation of the new substation is expected to “increase DMG’s hosting capability by more than 20 times.” DMG runs its crypto mining facilities as a hybrid, both serving its clients and using the facilities to mine on its own behalf. The company says this approach allows it to "scale at a faster pace" compared to a "pure mining model," as it can "balance the capital requirements" and investor's ROI with the "steady revenue" generated from the MaaS model. DMG’s CEO Dan Reitzik and COO Sheldon Bennett spoke to Bitcoin Magazine about the new installation. “DMG is pleased with its progress toward becoming a leading provider of crypto-mining hosting services in North America,” said Reitzik. “Building the power infrastructure for 85 megawatts in a compressed time frame is a herculean task that truly demonstrates how well the DMG team is executing.” Bennett highlighted the learning curve the company has had to go through but said they were better for it. According to Bennett, DMG can now scale their mining capacity through a process of “step-and-repeat of our current flagship mining facility.” The new substation will be connected to the utility power grid, and the company expects it to generate an additional 60 megawatts, when it launches, which will be used to power mining rigs. EVP for Corporate Development Steven Eliscu added that the combination of “leading-edge mining equipment and access to low-cost power" makes him "optimistic" about the future of the company. This article originally appeared on Bitcoin Magazine. |
SEC Commissioner Disagrees with Agency’s Winklevoss Bitcoin ETF Rejection
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CryptoCoins News, 1/1/0001 12:00 AM PST The Securities and Exchange Commission (SEC) on Thursday shot down the Winklevoss brothers’ bid to bring the first bitcoin ETF to a regulated U.S. exchange, dashing the hopes of many investors that the agency was warming to this nascent asset class. Notably, though, that ruling was not only controversial among cryptocurrency enthusiasts but also within The post SEC Commissioner Disagrees with Agency’s Winklevoss Bitcoin ETF Rejection appeared first on CCN |
Bitcoin slides below $8,000 after the SEC rejects the Winklevoss twins' bitcoin fund
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Business Insider, 1/1/0001 12:00 AM PST
Bitcoin continued to slide Friday morning after the Securities and Exchange Commission for a second time rejected a proposal by Cameron and Tyler Winklevoss to list an exchange-traded fund tied to the cryptocurrency. At 8:56 a.m. ET, the red-hot coin was trading down 1.35% at $7,840. It has shed hundred of dollars since news broke Thursday night that the SEC had once again said it didn't think the fund was ready for its debut. The agency originally rejected the fund in March 2017. This time regulators said the underlying bitcoin market, on which the fund would be based, is too susceptible to manipulation, noting: "BZX has not demonstrated that the structure of the spot market for bitcoin is uniquely resistant to manipulation." The news dampened hopes the agency would soon approve a bitcoin fund, which had been fueling a recent rally across the market for digital currencies. Still, there are other funds seeking approval with different structures. Elsewhere in the market, VanEck and SolidX filed a request for an ETF based on bitcoin futures. And California asset manager Bitwise asked for permission to list an ETF tied to 10 cryptos earlier this week. And one SEC commissioner stood up against the decision. Hester Pierce, a republican, said the rejected fund would have helped make the market more mature. “More institutional participation would ameliorate many of the Commission’s concerns with the bitcoin market that underlie its disapproval order," Peirce said. Bitcoin enthusiasts welcomed Peirce’s comments with open-arms. "We think Commissioner Peirce's dissent is worth noting, and we remain optimistic about the progress being made in the space," Hunter Horsley, founder of Bitwise, said. "We look forward to having our own discussions with the SEC about the nature of our own proposed offering." |
Coinbase is now offering crypto gift cards
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Business Insider, 1/1/0001 12:00 AM PST This story was delivered to Business Insider Intelligence "Fintech Briefing" subscribers. To learn more and subscribe, please click here. US-based crypto exchange operator Coinbase has partnered with UK-based gift card company WeGift to allow customers to convert their cryptocurrencies into digital gift cards that they can use at various merchants.
The new feature is currently live in the UK, Spain, France, Italy, Netherlands, and Australia, and Coinbase plans to expand it to more countries in the future. It claims to be the first trading platform to offer this kind of service, with participating retailers including Nike, Texco, Uber, Google Play, Ticketmaster, and Zalando, among others.
Given the perks, this seems like a good way for customers to liquidate their crypto assets. Receiving bonuses for select cards likely makes this an especially attractive option for those looking to make their crypto assets more usable in daily life. However, having a gift card for specific merchants doesn’t afford the same spending flexibility as having money on a debit or credit card. So, while this new service does make using cryptos more convenient, there is still a way to go until they will be able to compete with other payment options, such as regular card payments or cash. Subscribe to a Premium pass to Business Insider Intelligence and gain immediate access to:
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One surprising group of investors got a huge boost Facebook's stock meltdown — and Bank of America explains how traders can follow suit
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Business Insider, 1/1/0001 12:00 AM PST
Upon first glance, it would seem difficult to find any silver lining in Facebook's earnings-driven stock-market disaster on Thursday, which saw shares tumble 19%. For one, the $120 billion in market value erased from the company was by far the biggest drop in US stock market history. There's also the widespread damage that's rippled through hedge funds, for which Facebook was the most popular stock prior to the market bloodbath, according to Goldman Sachs data. But for mutual-fund managers — a much-maligned group largely populated by traditional stock pickers — the damage has been far more limited. In a shocking bit of prescience, their portfolios were actually underweight Facebook ahead of second-quarter earnings. As the chart below from Goldman shows, the average large-cap mutual fund was 20 basis points underweight Facebook, relative to benchmarks. And it didn't happen overnight. The exposure has actually been trimmed gradually over time since reaching a multi-year high in mid-2015.
This is not to say that mutual-fund managers came out entirely unscathed. Any exposure to Facebook, however underweight relative to benchmarks, likely stung. But at the same time, they were able to make up valuable ground versus competitors. Such a victory was needed, considering mutual funds have been squeezed on both sides by low-cost alternatives like exchange-traded funds and less liquid, high-cost investment options. While Goldman has maintained its buy rating on Facebook specifically, other firms are starting to second-guess the broader market's heavy reliance on mega-cap tech. Michael Hartnett, Bank of America Merrill Lynch's chief investment strategist, goes as far as to recommend investors outright bet against the so-called FANG group, which consists of Facebook, Amazon, Netflix, and Google/Alphabet. More specifically, Hartnett says traders should consider going long an emerging-markets group known as BRIC (Brazil, Russia, India, and China) in the third quarter, while also shorting FANG. The objective of such a strategy would be to play a reversal in both groups from how they traded in the first half of 2018. And wouldn't you know it, mutual funds are ahead of the game once again. Goldman finds that large-cap mutual funds are already underweight FANG, and have been since the third quarter of 2016. While only time will tell whether they'll be right again, those money managers have to be feeling good about their chances after their relative success with Facebook this week.
Join the conversation about this story » NOW WATCH: North Korean defector: Kim Jong Un 'is a terrorist' |
Bitcoin Retains Bull Bias Despite Price Drop to Below $8K
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CoinDesk, 1/1/0001 12:00 AM PST The bitcoin charts retain a bullish bias today, despite a pullback in prices to a three-day low of $7,848. |
10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, AMZN, FB, SBUX, AMD, TENB)
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Business Insider, 1/1/0001 12:00 AM PST
Here is what you need to know. Facebook sees the biggest wipeout in stock-market history. Shares plunged 19% on Thursday following the social-media giant's disappointing second-quarter results, wiping out $120 billion in market value. Amazon reports a record profit. The e-commerce giant posted a record profit of $2.5 billion in the second quarter — which was nearly 13 times bigger than a year ago. Starbucks slows down in China. The coffee giant reported record revenue in its fiscal third quarter, but said same-store sales in China fell 2% amid strong competition and hiccups in its delivery program, Reuters reports. Cybersecurity company Tenable spikes in its trading debut. Shares surged 31.5% in their trading debut on Thursday, giving the company a market cap of about $2.7 billion. Slack gobbles up one of its biggest rivals. Slack — the $5 billion messaging service — has agreed to buy the IP to Stride and HipChat from Atlassian. Terms of the deal were not disclosed. AMD says its crypto boom is over. "For Q2, we were approximately 6% of revenue for blockchain," Lisa Su, AMD's chief executive, told analysts. "For Q3, we're planning very little blockchain." The SEC rejects the Winklevoss twins' bitcoin fund for a second time. The US Securities and Exchange Commission first rejected a plan by Tyler and Cameron Winklevoss, the founders of crypto exchange Gemini, to list a bitcoin ETF in March 2017. Stock markets around the world trade mixed. China's Shanghai Composite (-0.3%) trailed in Asia and Britain's FTSE (+0.5%) is out front in Europe. The S&P 500 is set to open up 0.23% near 2,844. Earnings reports keep coming. Chevron, Merck, and Twitter are among the names reporting ahead of the opening bell. US economic flows. GDP will be released at 8:30 a.m. ET and University of Michigan consumer confidence will cross the wires at 10 a.m. ET. The US 10-year yield is down 1 basis point at 2.97%. |
10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, AMZN, FB, SBUX, AMD, TENB)
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Business Insider, 1/1/0001 12:00 AM PST
Here is what you need to know. Facebook sees the biggest wipeout in stock-market history. Shares plunged 19% on Thursday following the social-media giant's disappointing second-quarter results, wiping out $120 billion in market value. Amazon reports a record profit. The e-commerce giant posted a record profit of $2.5 billion in the second quarter — which was nearly 13 times bigger than a year ago. Starbucks slows down in China. The coffee giant reported record revenue in its fiscal third quarter, but said same-store sales in China fell 2% amid strong competition and hiccups in its delivery program, Reuters reports. Cybersecurity company Tenable spikes in its trading debut. Shares surged 31.5% in their trading debut on Thursday, giving the company a market cap of about $2.7 billion. Slack gobbles up one of its biggest rivals. Slack — the $5 billion messaging service — has agreed to buy the IP to Stride and HipChat from Atlassian. Terms of the deal were not disclosed. AMD says its crypto boom is over. "For Q2, we were approximately 6% of revenue for blockchain," Lisa Su, AMD's chief executive, told analysts. "For Q3, we're planning very little blockchain." The SEC rejects the Winklevoss twins' bitcoin fund for a second time. The US Securities and Exchange Commission first rejected a plan by Tyler and Cameron Winklevoss, the founders of crypto exchange Gemini, to list a bitcoin ETF in March 2017. Stock markets around the world trade mixed. China's Shanghai Composite (-0.3%) trailed in Asia and Britain's FTSE (+0.5%) is out front in Europe. The S&P 500 is set to open up 0.23% near 2,844. Earnings reports keep coming. Chevron, Merck, and Twitter are among the names reporting ahead of the opening bell. US economic flows. GDP will be released at 8:30 a.m. ET and University of Michigan consumer confidence will cross the wires at 10 a.m. ET. The US 10-year yield is down 1 basis point at 2.97%. |
Bitcoin Price Drops to $7,900 as SEC Denies Winklevoss ETF, Crypto Market Loses $11 Billion
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CryptoCoins News, 1/1/0001 12:00 AM PST The bitcoin price has dropped by nearly 4 percent almost immediately after the US Securities and Exchange Commission (SEC) denied the Winklevoss bitcoin ETF on July 27. Bitcoin ETF as a Major Factor A sudden drop in the price of BTC from $8,300 to $7,900 led other major digital assets and small market cap tokens The post Bitcoin Price Drops to $7,900 as SEC Denies Winklevoss ETF, Crypto Market Loses $11 Billion appeared first on CCN |
Major Milestone: There Are Now More than 300 Cryptocurrency Funds
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CryptoCoins News, 1/1/0001 12:00 AM PST The recent bitcoin price decline and subsequent bear market put a severe dent in profit projections for hedge funds that invest in cryptoassets, but it has not prevented the sheer number of these cryptocurrency funds — and the size of their assets under management (AUM) — from swelling to record levels. Number of Cryptocurrency Funds The post Major Milestone: There Are Now More than 300 Cryptocurrency Funds appeared first on CCN |
Canadian Police Seize $1.8 Million in Bitcoin From Alleged Silk Road Drug Dealer
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CryptoCoins News, 1/1/0001 12:00 AM PST The Canadian province of British Columbia is seeking to set a precedent in cryptocurrency-related law enforcement by laying claim to $1.8 million worth of bitcoin, which it seized from a convicted drug dealer who allegedly operated under the pseudonym “ MarijuanaIsMyMuse” on the infamous dark web platform Silk Road. The Vancouver Star reports that the The post Canadian Police Seize $1.8 Million in Bitcoin From Alleged Silk Road Drug Dealer appeared first on CCN |
Winklevoss Bitcoin ETF Proposal Denied by U.S. SEC
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Bitcoin Magazine, 1/1/0001 12:00 AM PST The United States Securities and Exchange Commission (SEC) has rejected the Winklevosses’ latest attempt to list a bitcoin ETF. After having a proposal rejected last year, the Gemini exchange founders had hoped to secure their Winklevoss Bitcoin Trust on BATS Global Market’s BZX stock exchange with this latest attempt. But BZX’s June filing was curbed in a 3-1 vote this Thursday, July 26, 2018. In filing for the ETF, BZX proposed a rule change with hopes that the new proposal would be accepted. The SEC, though, found that neither the filing nor its related rules change met the requirements of the Exchange Act and the commission’s existing guidelines: “BZX has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of the Exchange Act Section 6(b)(5), in particular the requirement that its rules be designed to prevent fraudulent and manipulative acts and practices,” a document outlining the SEC’s rationale reads. According to the SEC’s document, BZX argues in its most recent proposal that the “geographically diverse and continuous nature of bitcoin trading makes it difficult and prohibitively costly to manipulate the price of bitcoin,” rendering it “generally … less susceptible to manipulation than the equity, fixed-income and commodity futures markets.” The exchange further claims that “novel systems intrinsic to this new market provide unique additional protections that are unavailable in traditional commodity markets” and that its original proposal contained “traditional means of identifying and deterring fraud and manipulation.” Ironically, the global nature of bitcoin’s unregulated market heavily influenced the SEC’s decision. The commission argues that the vast majority of bitcoin trading occurs outside of the United States’ regulatory purview. Given the vast, international scale of the market, there’s no way to guarantee investor protections against fraud and manipulation, the SEC claims. In order to alleviate these concerns, BZX would need to “enter into surveillance-sharing agreements with, or hold Intermarket Surveillance Group membership in common with, at least one significant, regulated market relating to bitcoin” as“[s]uch agreements provide a necessary deterrent to manipulation because they facilitate the availability of information needed to fully investigate a manipulation if it were to occur.” A surveillance-sharing agreement may have helped the Winklevosses’ odds, but since BZX “has not established that it has entered into, or currently could enter into, a surveillance-sharing agreement with a regulated market of significant size related to bitcoin,” the exchange cannot support its claims that it has sufficient measures in place to police manipulation. The SEC goes on to stress that, while it finds BZX’s proposal doesn’t stack up with current legislation, “its disapproval does not rest on an evaluation of whether bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment.” This qualifier could indicate that the SEC may be receptive to a future bitcoin ETF if the right conditions are met and its host exchange can provide proof of sufficient market protections. Winklevoss Bitcoin Trust aside, several additional proposals are waiting on the SEC’s review. VanEck and SolidX, the former of which has filed for ETFs in the past, teamed up for a fresh filing that was made public earlier this month. Direxion Asset Management has also put forth proposals for five separate ETFs, but the SEC has decided to postpone its decision on these filings until September 21, 2018. Bitwise Asset Management has submitted its own ETF filing for approval this year, as well. This article originally appeared on Bitcoin Magazine. |
Crypto ETF Rejection Sends Bitcoin Price Below $8,000
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CryptoCoins News, 1/1/0001 12:00 AM PST Within hours that the SEC announced that it has rejected a proposed bitcoin ETF submitted by the Winklevoss Twins, the bitcoin price dipped below the $8,000 mark and is now currently teetering back and forth across that psychologically-significant level. CCN reported on the breaking ETF announcement earlier today. About the ETF The announcement comes after the … Continued The post Crypto ETF Rejection Sends Bitcoin Price Below $8,000 appeared first on CCN |
Coinbase finds no wrongdoing in Bitcoin Cash insider trading probe
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Engadget, 1/1/0001 12:00 AM PST
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Last December, Coinbase halted trading of Bitcoin Cash just hours after it unexpectedly announced the addition of the cryptocurrency to its platform. The company, which initially said it wouldn't support Bitcoin Cash, a hard fork of Bitcoin, reversed...