1 watch actual coin news with cryptomarket mood rating.

'You're literally shifting deck chairs on the Titanic': Here's why the SEC probably won't approve a bitcoin ETF anytime soon

Business Insider, 1/1/0001 12:00 AM PST

Titanic 1997

  • The SEC makes its verdict on a bitcoin-futures linked ETF by ProShares on Thursday. 
  • Some market observers say that the fact that the product is based on futures, not bitcoin itself, could help its case. 
  • But market experts say the opaqueness of the crypto markets and possible manipulation still make an approval unlikely. 

Bart Smith, head of digital assets at Susquehanna International Group, is used to taking risks.  

As a trader, "You never say no chance," he said. 

But Smith thinks there's just a 1% likelihood that the Securities and Exchange Commission will on Thursday approve an exchange-traded fund linked to bitcoin for the first time. The funds, proposed by asset manager ProShares, were first filed with regulators last September and are linked to Cboe Global Markets' bitcoin future contracts, not bitcoin itself. 

A bitcoin ETF has long been viewed as a next step in bitcoin's maturation as an asset class and a way to breath new life into the crypto which has struggled to break through $10,000 for much of 2018. 

Some market observers think that the fund's connection to the futures markets, which are regulated by the Commodity Futures Trading Commission, would make its approval more likely than past proposals, including one in July by VanEck which was also rejected by regulators.

Smith isn't so sure. 

"You're literally shifting deck chairs on the Titanic," he said. 

A representative for ProShares could not be reached for comment. 

Issues in the market

Even though a futures-based ETF would trade on Cboe, the price of those contracts are still tied to unregulated bitcoin venues in international markets, according to Richard Johnson, a market structure specialist at Greenwich Associates. 

A slew of asset managers, including Bitwise Asset Management, GraniteShares, and Direxion have filed for a bitcoin ETF, and are all waiting in limbo for a verdict from the SEC. 

The SEC itself said after it denied a Winklevoss brothers' bitcoin ETF in July for the second time that it could not "conclude that bitcoin markets are uniquely resistant to manipulation."

Not much has been done since to address those concerns or prove that they are unwarranted, experts say. 

Notably, Bloomberg published a report examining more than 50,000 trades on Kraken's market that experts said raised red flags. Elsewhere, academics at the University of Texas published a paper alleging that Tether was last year used to manipulate the price of bitcoin, propping up its run to $20,000 in December.

Some steps have been taken to improve the surveillance of the market, Johnson said. Several cryptocurrency exchanges including the Winklevoss brothers' Gemini are teaming up to form a new working group to create new standards to stamp out manipulation and address the opaqueness of the market. Still, the group excludes Coinbase — the largest crypto exchange in the US — and foreign exchanges in Asia, which command a large percentage of the market. 

Proponents for a bitcoin ETF counter that bitcoin markets are difficult to manipulate since they are very fragmented. Others point to the liquidity of the market, which sees turnover in the multi-billions, as another sign that market is ready for an ETF. 

But John Hyland, global head of exchange traded funds at Bitwise, says it's unlikely the SEC will be convinced by that argument. 

"They're not going to be swayed by what sounds plausible and what might be true," he said. 

For that reason, it's likely the ProShares filing will either get denied by the SEC or the firm with withdraw the proposal, Hyland said. 

Crypto exchanges need to cooperate 

For a bitcoin ETF to get approved, whether it's based on futures or bitcoin itself, crypto exchanges will need to start cooperating more with each other to make the market more transparent, said Dave Weisberger, the chief executive of crypto data company CoinRoutes. 

Weisberger, who argues that bitcoin markets are robust enough to support a derivative product like an ETF, thinks such a product would have a better chance of getting off the ground if crypto exchanges allowed market data to be made public. That would help investors find the best venues to execute crypto trades, he said. 

"Simply put, these exchanges have taken a legal approach that doesn’t allow the public to comparison shop for 'best execution,'" Weisberger said.

If crypto exchanges were to adopt these policies and robustly address cross-exchange manipulation, then the SEC's stance on a crypto ETF could change, he added. 

Join the conversation about this story »

NOW WATCH: What people get wrong about the market's favorite recession signal, according to a Wall Street strategist

U.S. Lawmaker Tulsi Gabbard Discloses Ethereum And Litecoin Investments

CryptoCoins News, 1/1/0001 12:00 AM PST

U.S. Rep. Tulsi Gabbard (D-HI) has become the second congressperson to disclose cryptocurrency investments, reporting holdings of both ethereum and litecoin. Virginia Republican Robert Goodlatte became the first lawmaker to disclose cryptocurrency holdings in May. Gabbard reported purchasing between $1,000 and $15,000 of both ETH and LTC in a financial disclosure report filed with the clerk of

The post U.S. Lawmaker Tulsi Gabbard Discloses Ethereum And Litecoin Investments appeared first on CCN

Mining Like a Viking: How the Fjords of Norway Offer a Greener Alternative

Bitcoin Magazine, 1/1/0001 12:00 AM PST

Mining Like a Viking: How the Fjords of Norway Offer a Greener Alternative

“Make sure to close the door behind you,” Mathis Schultz, the CEO of Northern Bitcoin, said to me in a near shout. As we entered the backside of the shipping container, partitioned for the ASIC miners’ exhaust, Schultz wanted to make sure the heat emitted wouldn’t mingle with the temperature-controlled front end of the shipping container.

The door opened, my senses, already ringing from the blaring of the ASICs’ mechanized grind, were ignited. Like stepping from one climate zone to the next, I was greeted by a wave of hot air, the collective, arid exhaust from the shipping container’s 210 Antminer S9s.

The backside of the mining rigs emit a powerful exhaust.

All that heat and the cacophony came from just a fraction of the 3,250 miners Northern Bitcoin runs in 15 shipping containers. Situated in Lefdal mine — a data center located roughly 31 miles northwest of Sandane, Norway — the operation is certainly unique. Bridging two industries and centuries, the bitcoin mining farm sits in a defunct olivine mine from the ’70s.

Even more serendipitous, the converted data center is powered by 100 percent renewable energy from hydroelectric plants built in the same decade. Fed by the fjords that punctuate Sandane’s mountainous landscape, hydroelectric dams provide the data center with an abundance of clean energy.

For Northern Bitcoin, this means mitigating the biggest headache when it comes to scaling and operating a mining farm: electricity costs.

Northern Bitcoin

Northern Bitcoin was founded in 2015. In its infancy, it was the aspirational leap into a new and still uncertain industry for CEO and Founder Mathis Schultz. A former banker for such firms as LGT, Julius Baer and Elan Capital partners, Schultz decided to shelve his former career in the old financial mode to pursue what he considers the future of finance.

“I have always been interested in finance, the nature of money and its impact on our society. When I first heard of bitcoin and began to deal with it, I was instantly fascinated: Bitcoin is a revolution of our financial system. Its technology will replace many of their services, especially global transactions, and I wanted to be part of it,” Schultz told Bitcoin Magazine.

Northern Bitcoin's core team who accompanied us in Norway, standing front of a shipping container: (from left to right) Dr. Hans Joachim Dürr, Moritz Jäger, Mathis Schultz, and Marieke Garrels.

Thus far in the company’s young development, Schultz’s gamble has been paying off. What started off as a single container operation of a handful of miners has scaled into the 3,000+ ASICs held in Lefdal today. From this growth, the company has taken its operations public. Traded on the Munich stock exchange, Northern Bitcoin is valued at $177 million. More impressive, its valuation has stayed relatively stable during the recent bear market, something that most crypto-related businesses have struggled with as prices continue to tread water.

Northern Bitcoin’s novel operations are no doubt integral to this success. Schultz expressed that Norway and the Lefdal mine formed “a perfect match for all [the company’s] criteria.”

With access to the cheap, renewable energy — which the region’s plants produce in surplus and the Norwegian government exports — the mine can operate with minimal costs and with neutral carbon emissions.

The region itself boasts up to 6.7 TWh of excess renewable energy. This puts the mine’s electricity costs somewhere between $0.035–0.045/kWh, giving it a power usage efficiency value of 1.08 — a more than favorable figure.

To put this into perspective, Mongolia provides Bitmain access to renewable forms of energy at an average of $0.08–0.09/kWh.

Northern Bitcoin’s energy costs are lowered still by the climate control measures Lefdal mine features by design. As if the Norwegian climate wasn’t cool enough, the data center is situated some 656 feet below ground, so it maintains a constant temperature of 55 degrees Fahrenheit (~12.5 degrees Celsius).

On top of this, the center pumps water in from the surrounding fjords to cool its IT hardware, dumping it back into the fjords so as to ensure zero waste.

This process allows Northern Bitcoin to cool its rigs down from 86 degrees Fahrenheit to 64.4 degrees Fahrenheit when they’re operating at full capacity. The team claims that this reduces their operating costs by up to 40 percent.

“The 15 containers in Lefdal have an electric power of about 4.6 MW and thus consume a little bit more than 110 MWh a day,” CTO Moritz Jäger told Bitcoin Magazine.

To increase the hardware’s efficiency and cut operating costs further, Jäger and his team have developed their own software for running the miners. This software, Jäger claims, allows the miners to perform at a fuller capacity by cutting back on secondary functions.

“... the factory software is not optimized for best performance. It is doing other things additionally to the hash computations, like communicating with different servers, rendering a web user interface and so on. Some of these functions can be turned off completely and others can be executed with lower priority to save CPU time for the actual hashing. It is also very restricted in its overclocking functionality.”

The company has also developed its own proprietary monitoring software, Jäger added, “which makes managing the ASICs as easy as possible.” This lets the team oversee their hardware and manage problems from back in Frankfurt, the most common problems needing only a reboot to resolve. Many of these issues, like when a machine has temporarily degraded performance, are automatically fixed with a reboot.

The team receives alerts for problems that cannot be solved automatically. For everything else such as “maintenance that requires remote-hands, like replacing a power supply, the technical staff in the mine has been trained and knows what to do,” Jäger said.

The Mine: A Look Inside

Traversing the two-lane highways that weave in and around the mountainous landscape, we set out for the mine. Situated 111 miles from Bergen, Norway’s second-largest city, the trek took a good 30 minutes from our lodging in Sandane, and it included a 10-minute ferry ride across the fjord’s many vast channels.

Lefdal Mine Data Center, featured with a Northern Bitcoin shipping container

Arriving at the mine, we were greeted by Mats Andersson, the chief marketing officer of Lefdal mine data center. Eager to showcase the mine’s digs, he briefed us on a few dos and don’ts and, loading up in the van, we began our descent.

Established in the late ’70s, the data center occupies what was originally an olivine mine. Maintaining cool, steady temperatures year-round thanks to its subterranean environs, the mine is ideal for housing IT hardware, which often require intensive cooling measures to prevent overheating and excessive electrical consumption.

As the mine was already hollowed-out from its previous incarnation, the data center’s infrastructure was largely in place upon its inception. In total, the mine’s prior activity furnished the data mine with six levels to house equipment, a total surface area of 393,700 feet. Spiraling downward a total of 4,265 feet, a central avenue runs through each level, which branch out to numerous streets on either side, typically 328 feet in length, that house storage containers for the IT equipment. Of these six levels, three are currently operational as the mine builds out its cooling and electrical infrastructure.

Running through the mine's multiple levels, the avenue is flanked on either side by the streets that house IT equipment.

Northern Bitcoin’s operation sits on the second level of the facility. Stacked three units high, the shipping containers are equipped with power grids to monitor and manage their power consumption.

As an additional means for chilling to add to the mine’s naturally cool insulation, a series of pipes pump water from the fjord through each shipping container to refrigerate the 210 ASICs resting inside. Going in, the water averages a temperature of 46.4 degrees Fahrenheit, and it leaves the mine to reenter the fjord at temperatures upward of 80 degrees Fahrenheit.

This cooling effect resulted in the drastic temperature change we experienced as we moved from the front to the back of the storage container the Northern Bitcoin team showcased. The near frigid-climate of the frontend, fitting enough for a pullover or heavy cardigan, gave way to a circulation-parched, baking air on the backend, an atmosphere more suited for swimsuits and flip-flops than the mild winter gear we were sporting at the time.

On the front end, the ASIC miners hard at work in the temperature-controlled shipping container.

The temperature change was palpable and drastic, enough to give one the impression of how pivotal the mine’s natural and artificial cooling features are to making the operation sustainable — and profitable.

When asked by a German reporter how low bitcoin would need to drop to throw the operation into the red, Schultz gave a confident, if esoteric and pithy, reply.

“Very low.”

Scaling: A Look Forward

As Schultz put it, given its access to intrinsic cooling techniques and clean energy, “right from the start the infrastructure for fast growth was in place.” Having only operated in the Lefdal mine since May of 2018, Northern Bitcoin has harnessed the infrastructure and its unique setup and to an impressive and expedient effect. A single container turned 16-container operation, the company claims to invest 100 percent of its mining profits back into infrastructure to scale further.

One of three streets where Northern Bitcoin has parked their shipping containers.

At its current size, the farm averages a hash rate of 47,000 TH/s. Even still, this nets them just below 1 percent of the entire Bitcoin network’s hashrate, a far cry behind AntPool, Slush Pool, BTC.com and BTC.top.

The difference here being that Northern Bitcoin does not operate as a mining pool. As the company continues to grow, however, it plans to expand its reach by establishing a pool for serious, larger-scale projects to join, giving special preference to those miners who tap into renewable energy.

“The next step is the opening of our mining pool for miners worldwide at the end of August. As one of very few mining pools worldwide, we support ‘Asic-Boost.’ We plan to promote miners who engage in green sustainable mining … to build a greener Bitcoin network to secure its future prosperity,” Schultz said

In addition to opening up a pool, Schultz stated that Northern Bitcoin will provide different cloud mining services for individuals and entities that lack the technical knowledge and proficiency to engage in the practice themselves.

These mining services are the company’s next target in what is proving to be a continuous period of growth. If it scales its operations in the future as well as it has in the past, it’ll likely be a boon for the company’s investors, which included a handful of family offices and private equity firms, one of which, Singularity Capital, owns a hefty 60 percent of the company.

Taking Steps Toward A Greener Network

At the height of bitcoin’s run-up last year, price wasn’t the only metric on people’s mind.

Media outlets, crypto and mainstream alike, published articles telling a grim story of Bitcoin’s electrical consumption. Some of the more alarmist voices framed this usage as one of the graver threats to our ecosystem. The way they spun it, you’d think Bitcoin had upstaged other sources of carbon emissions as the focus of debates surrounding climate change.

Bitcoin’s power use certainly deserves attention in the world’s and the industry’s conscious, and it’s important to remain critical and vigilant when examining the topic. That said, many reports and articles on the topic favored a sensationalized perspective over a comprehensive one, as they rarely delved into the means through which bitcoin can be mined through clean, renewable means.

As Katrina Kelly argues in a recently published piece for The Conversation, the bitcoin energy debate rarely looks into where the energy is sourced and how it is produced.

“Not all types of energy generation are equal in their impact on the environment, nor does the world uniformly rely on the same types of generation across states and markets,” she argues in the article. Not all energy production nets the same carbon emissions, Kelly’s argument goes, so not all mining operations are consuming electricity that is as detrimental to the environment as detractors claim.

Northern Bitcoin’s zero carbon emission mining is a testament to Kelly’s thesis. As with other companies dedicated to green mining, they’re reframing the debate on mining. If mining can be conducted in a responsible manner, as Northern Bitcoin’s operations demonstrate, this model challenges us to rethink how the network can scale in eco-friendly ways going forward.

Northern Bitcoin’s commitment to taking steps toward a greener future for Bitcoin includes an invitation to other renewable mining operations to join them with their mining pool. According to Jäger, clean mining must be the future; with it, we can secure a sustainable future for Satoshi Nakamoto’s creation to reach its potential.

Bitcoin is a genius creation and the most valuable cryptocurrency for now. It is the most effective way to store value and participate in global trade for people living in countries with unstable currencies. We anticipate a bright future for Bitcoin and that it will impact the lives of billions of people. As it consumes a lot of energy, the future of Bitcoin has to be green. That is why we focus on green, sustainable mining of bitcoin.

This article originally appeared on Bitcoin Magazine.

‘Bitcoin Craig’: Ethereum Creator Buterin Lambasts nChain’s Planned BCH Fork

CryptoCoins News, 1/1/0001 12:00 AM PST

The creator of the world’s second-largest cryptocurrency has weighed in on the burgeoning hard fork dispute within the Bitcoin Cash community. Writing on Twitter, outspoken Ethereum creator Vitailk Buterin said that the Bitcoin Cash community should avoid the temptation to compromise with nChain chief scientist Craig Wright, whose firm has more or less threatened to

The post ‘Bitcoin Craig’: Ethereum Creator Buterin Lambasts nChain’s Planned BCH Fork appeared first on CCN

Stocks close mixed as legal worries in Washington hang over historic day on Wall Street

Business Insider, 1/1/0001 12:00 AM PST

AP_18234677374831

Stocks closed mixed Wednesday even as the S&P 500 hit its 3,453rd day without a major correction, marking the longest bull market in history. Strong earnings reports were unable to calm nerves surrounding a one-two legal punch to the White House that implicated President Donald Trump. The Federal Reserve signaled it would hike rates next month. 

Here's the scoreboard:

Dow Jones industrial average25,733.94 −88.35 (-0.34%)

S&P 500: 2,863.56 +0.60 (+0.021%)

Nasdaq Composite7,889.10 +29.92 (+0.38%)

  1. Washington and Beijing are back at the negotiating table for the first time since June. But some doubt much progress will be made at the mid-level talks in Washington, which come hours before the US enacts tariffs on roughly $16 billion worth of Chinese goods.
  2. The US and Mexico are reportedly close to resolving key NAFTA issues. The Trump administration is prepared to announce a breakthrough with Mexico as soon as Thursday, POLITICO reports, bringing the 2015 pact one step closer to modernization. 
  3. The Federal Reserve looks poised to raise the benchmark interest rate in September. Central bankers cited risks surrounding trade uncertainty at their most recent gathering, Fed minutes showed, but maintained a rate hike would be appropriate "soon" if the economy remains on track. 
  4. Oil prices rallied to a two-week high after data showed a larger-than-expected drawdown in US crude inventories last week. That added to existing supply concerns surrounding the Trump administration's coming sanctions against Iran, which aim to take all Iranian barrels off the market by November.
  5. Earnings season rolls on. Target beat on both top and bottom lines, posting its largest sales growth in more than a decade. Home improvement giant Lowe's also beat Wall Street's expectations. 

And a look at the upcoming economic calendar:

  • Manufacturing data are out in the eurozone.
  • The European Central Bank releases its July meeting minutes. 
  • Alibaba, HP and Gap report earnings.

SEE ALSO: The world's biggest shipping company says Trump's trade war will hurt America more than anyone else

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Op Ed: New Bermuda Legislation Will Create a Novel Class of Bank to Service Fintech Companies

Bitcoin Magazine, 1/1/0001 12:00 AM PST

New Bermuda Legislation Will Create a Novel Class of Bank to Service Fintech Companies

As we reported on July 19, 2018, Bermuda is determined to establish itself as the leading jurisdiction for fintech entrepreneurs, in particular those involved in initial coin offerings (ICOs), digital assets and virtual currencies. Having recently passed the ICO Act and the Digital Asset Business Act (DABA), Bermuda’s Premier and Minister of Finance, the Hon. E. David Burt, JP, MP, and his cabinet are now focused on creating a new class of bank to facilitate Bermuda’s fintech initiative.

The Bermuda Monetary Authority (BMA) has spearheaded a new bill, titled the Banks and Deposit Companies Amendment Act 2018 (Restricted Banks Act), that will establish a novel, restricted banking license to encourage banks to provide their services to fintech companies.

This legislation is vital, as to date Bermudian banks have been unwilling to provide banking services to the Island’s nascent fintech startups. The government of Bermuda and the BMA strongly believe that the Restricted Banks Act will resolve this impediment and propel Bermuda’s fintech initiative forward.

The Restricted Banks Act

On July 27, 2018, the House of Assembly passed the Restricted Banks Act and the bill now moves to the Senate for ratification. The government of Bermuda and the BMA designed the Restricted Banks Act to allow international participants to satisfy a critical need for the Island’s fintech companies. Of particular importance are Clauses Two and Three in the Restricted Banks Act.

Clause Two provides that the BMA has broad discretion in regards to the new, restricted banking license. The BMA may impose conditions on or restrict the services that may be provided under the license and may vary or revoke any such condition or restriction. Clause Two also provides that the Minister of Finance, acting on the advice of the BMA, may amend by order the Third Schedule, which specifies the persons to whom banking services may be provided.

Clause Three, which sets forth the Third Schedule, provides that the BMA may authorize banks licensed under the Banks and Deposit Companies Act 1999 to provide banking services to six defined categories of persons. Essentially, the BMA has broad authority to license banks to provide banking services to fintech companies that are licensed under the ICO Act or DABA or that have obtained consent from the Minister of Finance to launch ICOs, as well as to their affiliated companies and to certain of their agents and service providers.

Resolving the Current Impediment to Bermuda’s Fintech Initiative

The Bermuda Bankers’ Association has explained the domestic banks’ reluctance to enter the ICO, digital assets and virtual currency markets, citing their “ongoing need to manage their risks to continue to operate in accordance with their existing correspondent banking relationships.”

Notwithstanding these valid concerns and the Bermudian banks’ general aversion to risk in the wake of the global financial crisis, the Hon. E. David Burt is determined to propel Bermuda’s fintech initiative forward, having declared that Bermuda must evolve and innovate. According to the Premier and Minister of Finance, the reticence of the Bermudian banks cannot be allowed to frustrate Bermuda’s continued economic growth and success.

The Hon. E. David Burt and his Progressive Labour Party believe that the implementation of the Restricted Banks Act will resolve the current impasse, declaring that the bill will “ensure that the government [of Bermuda] is able to effectively execute on its fintech initiatives, as well as encourage responsible fintech innovation that provides fair access to banking services and fair treatment of consumers.”

Importantly, there appears to be key bipartisan support for the Restricted Banks Act. James Jardine, the independent Vice President of the Senate, has stated that, although the fintech industry poses its own idiosyncratic risks, he receives “some degree of comfort” from the BMA’s involvement in the drafting of the Restricted Banks Act.

Ultimately, if Bermuda’s fintech initiative is to be successful, fintech companies will require access to banking services on the Island like any other company authorized to conduct business by the BMA. The Restricted Banks Act should create a banking environment in which such access is possible.

With Increased International Competition for Fintech Business on the Horizon, the Time to Act Is Now

Bermudian fintech companies require access to requisite banking services as soon as possible, as, at this very moment, various other jurisdictions are working to surmount the same hurdle with their respective banking regulators

As is often the case with new technologies and new lines of business, first movers will be well-positioned to attract a lion’s share of the burgeoning fintech market. For example, Bank Frick in Liechtenstein, Fidor Bank in Germany and Bank Vontobel AG in Switzerland have been some of the first banks to service digital asset and virtual currency startups in Europe.

Unsurprisingly, these three banks have begun to siphon fintech business from neighboring European countries, who have been unable or unwilling to provide banking services to fintech companies.

Appreciating the urgency in Bermuda, the Hon. E. David Burt has avowed, “Bermuda must be nimble or we will be left behind.”

Based on this view, the government of Bermuda and the BMA appear to be propelling the Island forward with a prudent and practical new class of banking license that is designed to support the development of the country’s fintech initiative.


This is a guest post by Huhnsik Chung, a partner at Stroock & Stroock & Lavan LLP in New York, and Nicholas Secara, a senior associate in the firm’s New York office. It is provided for informational purposes and should not be construed as legal advice. Views expressed are their own and do not necessarily reflect those of Bitcoin Magazine or BTC Inc. 


This article originally appeared on Bitcoin Magazine.

'Nonsensical': Some Wall Streeters say all the people celebrating the stock market's longest-ever bull run are doing it wrong

Business Insider, 1/1/0001 12:00 AM PST

trader pointing phone

  • On Wednesday the bull market in stocks became the longest on record by one measure.
  • But strategists have identified at least four other reasons any celebrations should be put on hold.

The bull market in stocks is now the longest on record. The bull market in stocks is not yet the longest on record.

Both statements are accurate; it just depends who on Wall Street you're asking.

While there's agreement that the S&P 500 clinched a new high on Tuesday, not everyone concurs that the market achieved an even more impressive feat the following day. From March 6, 2009, through the market close on Wednesday, the index went 3,543 days without entering a bear market, defined as a 20% drop from its recent highs.

"There are conflicting views," Kurt Spieler, the chief investment officer of wealth management at First National Bank of Omaha, said. He added: "Don't let the age of the bull market affect portfolio or investing decisions."

Business Insider has counted at least five different ways that investors and strategists are keeping tabs on the length of this historic bull market.

Started from the bottom

Investors popping the champagne bottles this week are tallying the days since the S&P 500 bottomed during the Great Recession.

Bank of America Merrill Lynch is on board with this measure. "Get the bubbly out," said Michael Hartnett, the bank's chief investment strategist, in a client note three weeks ahead of the celebration.

This measure also has the endorsement of S&P Dow Jones Indices, which manages the benchmark indexes.

Don't count weekends and holidays

This is similar to the first measure, except that it excludes days when the market was closed.

"If you go by trading days (my preferred way), it doesn't happen until the last day of August," Ryan Detrick, a senior market strategist, tweeted on Wednesday.

He added: "It will be worth the wait."

It's not about the bottom

We may be getting the start date all wrong.

Michael Batnick, the director of research at Ritholtz Wealth Management, argued in a blog post that a bull market actually begins when the market reclaims its old high, not when it bottoms.

By this measure, the bull market began in March 2013, when the S&P 500 finally closed above its 2007 low — not in March 2009.

Wait until we close at a new high

"Until the S&P 500 closes at a new high, January 26th, 2018 represents the end point of the current bull market because that’s the date of the S&P’s highest closing point of the bull market," Bespoke Investment Group said in a recent blog post.

Based on this argument, the S&P 500 came within a hair of the milestone on Tuesday when it rose to an intraday high but failed to close at a new high. If stocks proceed to plunge 20%, January 26 would mark the start date of that bear market, Bespoke said.

In fact, the market's failure to nail a historic bull run by this measure is an ominous sign because fewer stocks are participating in the rally now compared to January, according to David Rosenberg, the chief economist at Gluskin Sheff.

"History may end up proving that just as investors celebrated the longest bull market ever, defined as the length of time without a 20% drawdown, the very same day we saw a classic double-top that defined the end of the bull market," he said in a note on Wednesday.

It's felt as if we had a few bear markets

"Whichever camp you fall in, the salient point is that I believe we experienced two resets along the way, invalidating the notion that this is about to become the longest bull market in history," Batnick wrote.

In other words, if a 20% drop is a bear market, then we've kind of had a few.

"Remember, a 20% correction based on closing prices is the commonly accepted threshold to mark the end of a bull market," LPL Financial's Detrick said in a note on Wednesday. "Well, the S&P 500 Index corrected more than 20% intraday back in 2011, and in February 2016 the median S&P 500 stock was down 25% (as the S&P 500 slid 14.2%).

There are a few more examples.

"The only way this is the longest bull market on record is if you 1) call the 19% decline in 1990 a bear market, 2) don't call the 19% decline in 1998 a bear market, and 3) don't call the 19% decline in 2011 a bear market," Bespoke tweeted.

"Nonsensical."

Batnick further said that the Russell 2000 fell 26% during the 2016 sell-off. Even though the S&P 500 and the 30-member Dow Jones industrial average receive the most attention, the Russell 2000 covers a wider swath of small-cap companies.

See also:

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

IT'S OFFICIAL: The bull market in stocks is now the longest ever. Here are the 4 main reasons it broke the record.

Business Insider, 1/1/0001 12:00 AM PST

trader happy

  • The equity bull market is now the longest on record, at 3,453 days.
  • The benchmark S&P 500 has surged a whopping 323% over the period.
  • As traders celebrate the feat, they have four main drivers to thank: earnings growth, share buybacks, extended monetary accommodation, and a buy-the-dip mentality.

Do you remember what were you doing on March 9, 2009?

If you were buying the S&P 500, you had impeccable timing.

That's because the equity bull market, which began on that date, is now the longest on record, with an ongoing duration of 3,453 days, according to S&P Dow Jones indices data.

Screen Shot 2018 08 21 at 3.51.29 PM

For context, a bull market is defined as a 20% rally on a closing basis that's at no point derailed by a subsequent 20% decline. March 9, 2009, has long been the agreed-upon starting point for such calculations because that was the absolute bottom for the prior bear market, which ended that day.

The S&P 500 has surged a whopping 323% over the period, with its roughly 19% annualized return slightly lagging behind the historical bull market average of 22%.

Screen Shot 2018 08 22 at 7.34.59 AM

It also must be said, however, that not everyone necessarily agrees with the methodology used by S&P Dow Jones. Research outfit Bespoke has been adamant that that the bull market ended on January 26, 2018 — the last time the S&P 500 closed at a record high — since, for all we know, we're in the middle of a bear-market descent.

But to the majority of experts — including S&P Dow Jones and Bank of America Merrill Lynch — it's best calculated as the number of days from the previous bear market low, all the way through the subsequent 20% increase and 20% decline. By that measure, we're still firmly in a bull market, especially with the S&P 500 hovering so close to yet another record high.

Read more: The legendary investor who predicted the past 2 bubbles breaks down how the 9-year bull market will end

In the end, when historians go back and assess the unprecedented length of the current bull market, they'll likely keep coming back to the same four drivers: earnings growth, share buybacks, extended monetary accommodation, and a buy-the-dip mentality.

We dive into each one below, and explain their significance to the record-breaking bull run.

1. Earnings growth.

The engine of the stock market. The backbone of the bull run. The be-all and end-all of equity performance as we know it.

All the above has been used to describe earnings growth on this site — and that might not even be doing it justice. Put simply, profit expansion is the biggest and most important driver of stock returns.

Sure, you can make due when earnings growth is receding — as the S&P 500 did over a five-quarter period from 2015 to mid-2016 — but it's going to be difficult. If you're trying to set a record for longevity, it's the most important building block to have.

And the 9-1/2-year bull market has seen no shortage of profit expansion. It's grown in 30 out of 35 quarters and is enjoying its strongest stretch since 2010.

Beyond the straightforward fact that earnings growth is inextricably linked to stock-price accretion — given what it means for a company's future prospects — it can also play into traditional readings of valuation.

The ratio of price-to-earnings (P/E) has long been the most popular reading for valuation, and when profits are growing, the denominator in that equation is rising. That can either shrink P/E, or at the very least keep it in check. And that, in turn, emboldens traders to buy more.

2. Buybacks.

Over time, buybacks have proved to be a tried and true way to boost stock prices for shareholders without them lifting a finger, because they shrink the pool of outstanding shares.

In addition, repurchases can be an invaluable safety net for stock prices — capable of engineering gains during periods devoid of other positive catalysts. When S&P 500 corporate-profit growth shrunk for five straight quarters from 2015 through mid-2016 (as mentioned above), buybacks were there to pick up the slack.

Of course, buybacks are only possible when companies have adequate cash. And wouldn't you know it — the 9-1/2-year bull run has coincided with some of the easiest lending conditions in history.

Not to mention the GOP tax law, which totaled $1.5 trillion in cuts and brought overseas cash flooding back into the US. While it may not be what many had envisioned for tax reform, there's no denying it's been a major boon for buyback activity. As the chart below shows, Goldman Sachs expects authorizations to reach an all-time high in 2018.

Screen Shot 2018 08 09 at 5.46.22 PM

3. Extended monetary accommodation.

It's not a coincidence that the stock-market recovery since the bottom reached in March 2009 has run parallel to a period of unprecedented monetary accommodation — all courtesy of the Federal Reserve.

By keeping lending costs so low for so long, the Fed has given companies ample leeway to make acquisitions, reinvest in capital expenditures, and sink money into research and development. You know, the types of activities that keep businesses growing, earnings expanding, and share prices rising.

Critics commonly refer to this dynamic as the "Fed put," which they argue has emboldened investors and created a mentality that the central bank won't let the market fail again.

With that said, the Fed has started to tighten monetary conditions in recent quarters, which means the spigot could soon be closed. However, the central bank hasn't been as hawkish with its policy as many expected, which could have traders unwinding a worst-case scenario for rate hikes they no longer see unfolding.

4. Buy-the-dip mentality.

This last driver deals more with investor psychology than any sort of internal market dynamic. But it's no less important.

Throughout the 9-1/2-year bull market, investors who scooped up discounted shares after major sell-offs were rewarded time and time again. Initially, their confidence was perhaps boosted by the aforementioned strong earnings growth, or the other fundamental catalysts listed above.

But after a while, the buy-the-dip strategy became embedded as a market driver all of its own. People simply got used to the market rebounding from brief meltdowns, then ending up stronger than ever. Strategists began citing it as a legitimate source of buying power.

Of course, it takes an ever-present undercurrent of bullishness to keep dip-buying in play, which is where the three drivers outlined above come in.

In the end, all four pillars of the bull market presented here have combined to create the record-breaking situation we're seeing today. Enjoy it while it lasts.

Now read:

SEE ALSO: The legendary investor who predicted the past 2 bubbles breaks down how the 9-year bull market will end

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

eToro Signs U.K. Football Clubs in Sponsorship Deals, Pays With Bitcoin

Bitcoin Magazine, 1/1/0001 12:00 AM PST

eToro Signs U.K. Football Clubs in Sponsorship Deals, Pays With Bitcoin

Global investment platform eToro has partnered with British Premier League clubs in a sponsorship deal that could see future transfers of players in the English Premier League (EPL) settled in cryptocurrency.

The seven clubs involved in the trial are Tottenham Hotspur, Leicester City, Southampton, Cardiff City, Brighton, Newcastle United and Crystal Palace.

Speaking with Bitcoin Magazine, eToro U.K.’s Managing Director Iqbal Gandham said that one of the reasons why they partnered with the clubs was to increase awareness of bitcoin and the potential of the blockchain.

"The blockchain technology that underpins cryptocurrencies such as bitcoin brings transparency and efficiency. There are many industries already experimenting with using blockchain technologies for contracts and football transfers would be a logical area to consider embracing this new technology."

The clubs have agreed to set up a digital wallet on the platform in a trial that could see the British Pound Sterling (GBP) replaced with cryptocurrency as the currency of choice for player transfers in the Premier League.

"We've done a sponsorship deal, but rather than pay them in traditional pound notes we've paid them in bitcoin," Gandham told the Telegraph.

In turn, eToro expects to gain global exposure through an extensive range of "marketing opportunities" including player access and LED boards in the stadiums.

For Gandham, there are so many use cases for cryptocurrencies in football, but he sees ticket touting, counterfeit merchandising and improving the transparency of the transfer market as some of the focus areas where it could have an impact.

CEO of Brighton & Hove Albion F.C. Paul Barber said he was ecstatic about the pilot program which affords his club the opportunity to "better understand the true potential offered by blockchain.”

Premier League clubs have been flirting with cryptocurrency for a while. Earlier this year, Arsenal F.C., one of the most recognized football teams in the U.K., signed a sponsorship deal with Cashbet, a blockchain-powered iGaming platform, which saw the football club promote the firm's ICO at its stadium.

This article originally appeared on Bitcoin Magazine.

Op Ed: Making Friends With Time in the Cryptocurrency Space

Bitcoin Magazine, 1/1/0001 12:00 AM PST

Op Ed: Making Friends With Time in the Cryptocurrency Space

What follows is an open letter from Jimmy Zhong, co-founder and CEO of IOST, to his team members and shared with Bitcoin Magazine with permission.

Recently, I’ve been thinking about an ultimate way of safely storing value — gold, Bitcoin, real estate and power all came to mind. That’s when I started to realize that, in essence, the concept of a “store of value” is simply an act of consensus. Power, even, is no exception.

Thousands of years ago, due to geographical and technological limitations, human beings relied on seashells as a store of value and medium of exchange. Seashells, today an unthinkable form of currency, were valuable for their rarity, but only because their value was agreed upon in a social consensus.

As mankind developed, we strived for a sturdy yet relatively rare replacement. Enter gold: chemically stable, very unreactive and unlikely to form compounds — making it hard to damage or corrode, rare in supply and difficult to cast. Together, these qualities allowed for a global consensus to form, making gold a relatively secure store of value.

Then, in 2008, with the continued development of cryptography, the first portable, rare and sovereign asset in the history of mankind was born: Bitcoin. As a species that is exploring Mars and hoping to one day go beyond Earth, humans need reliable digital assets. Bitcoin was a major step toward an era of comprehensive digitization capable of evading the risks of a centralized system. As Peter Thiel once said, “Bitcoin is a hedge against the whole world falling apart.”

It didn’t stop there. The Ethereum network went live in July of 2015 — Vitalik Buterin’s way of showing the world that there is incredible potential for blockchain technology to reshape the world we live in. Suddenly, blockchain wasn’t just about Bitcoin.

Today, applications built on blockchains are emerging, including digital signature algorithms, securitized tokens, digital rights management, crowdfunding, prediction markets, remittances, online gambling, social media platforms, financial exchanges, storage systems, distributed computation and identity systems to name a few. We have yet to see mass adoption due to a lack of basic infrastructure, and that is the most common criticism of blockchain technology. Over the last several weeks, I’ve seen a surprising number of editorials claiming that blockchain is a failed experiment.

I want to reassure you that the criticisms expressed in these articles are misguided. Just like the internet, the sheer utility of blockchain technology will force adoption in the long run. To quote the Harvard Business Review, “blockchain is not a ‘disruptive technology,’ [it is] a foundational technology.” We are building the foundation to make that future possible.

Competition in this market may seem fierce, with thousands of projects cluttering the space and echoing the claims of being an “Ethereum killer.” Truthfully, there are only a handful of competitive infrastructures aside from ETH and EOS. Most live projects either don’t function, run nodes on private servers, or are merely cheap copycats of ETH and EOS.

As for projects that have yet to go live, many make unrealistic technological claims that are unachievable in the next 10 years. At IOST, we have one of the few teams actively working to solve the scalability trilemma, perhaps the greatest problem hampering widespread blockchain adoption, and not just trying to ride the coattails of another team’s hard work. That’s something to be proud of.  

Since we launched in 2018, so many new faces have joined the Internet of Services Foundation. We now have over 80 employees spread around the world in New York, San Francisco, Beijing, Seoul, Tokyo, Germany and Singapore.

Every one of you is making a meaningful contribution to the rise of blockchain technology, and thanks to your incredible efforts, we will be launching the IOST Mainnet in early 2019 — six months ahead of schedule! That’s unheard of in the blockchain space, and yet another reason why I am confident that, at IOST, we are building a legacy that will change the world.

We are creating the infrastructure for a decentralized economy, one that doesn’t take shortcuts or compromise on the true vision of decentralization. IOST will provide developers with a blockchain platform to develop mass-adoptable applications and contracts, which in turn will help make the world a better, fairer place.

In the past eight months, we took many detours, but we also made a lot of good decisions. The experience and lessons we take away from these experiences will be invaluable for the future.

Innovative pioneers catch the largest worms, but most pioneers must experience mockery, cold-shoulders and even dark moments. If every venture could be accomplished in a month or a year, then everyone would be a pioneer.

As an example, during Bitcoin’s 2013 price dip, Coinbase held out and expanded — they didn’t slow down after the market crash and the following two-year bear market. They remained adamant in their belief that they had made the correct choice, confident that it was simply a matter of time before revolutionary change would occur. They wanted to ride the tide, and while many felt their belts tighten during the market downturn, that didn’t impact their decision-making process. Fast forward to today, and Coinbase has reaped enormous success from their confidence in their beliefs.

I’ve met many successful investors and entrepreneurs. They all have one thing in common: Time is their friend, and they understand that given enough time the market will work to service their needs. They set their minds on a direction and work to that end. I’ve also met many bad traders and entrepreneurs. They are crushed by stress, bet against the market, constantly shift gears, and make choices that are easily swayed by the market and emotions of others.  

Life is a long journey. We often say that choice is more important than effort. We also need to understand that desire and choices only pull through with persistence. I hope we can have faith in our common choice, the future of technology, the power of market cycles; remain unwavering in the face of swaying market sentiment; make independent and clear-headed judgments; and, together, build something people truly want.

“The people who are crazy enough to think they can change the world, are the ones who do. Dream wildly. Live differently. Love recklessly. Lead courageously.” I am grateful that you have all become part of the family in our early days and are still fighting with us in this sagging market.

Let’s build a better future together.

This is guest post by Jimmy Zhong, co-founder of IOST. Views expressed are his own and do not necessarily reflect those of Bitcoin Magazine or BTC Inc.


This article originally appeared on Bitcoin Magazine.

WeChat Shuts Down Numerous Crypto Media Accounts

Bitcoin Magazine, 1/1/0001 12:00 AM PST

WeChat Shuts Down Numerous Crypto Media Accounts

Chinese social media giant WeChat has reportedly closed down accounts owned by several cryptocurrency and blockchain media accounts on its platform, local news outlet Lanjinger reports.

The Tencent-owned company indicated in a statement that it had carried out the sudden purge in line with central government's cryptocurrency policy.

WeChat Purge

Beginning on Tuesday, August 21, 2018, WeChat began implementing a sudden shutdown of no fewer than eight accounts linked to bitcoin and crypto news organizations. Some of affected platforms include Huobi News, Coindaily and Jinse Caijing.

Tencent later confirmed the development in a statement, where it said the platforms were shut down in line with the regulatory policy, as they were “suspected of publishing information about ICOs [initial coin offerings] and speculations on cryptocurrency trading.”

Though the statement did not explicitly reference a specific government policy that necessitated the account removals, an ordinance enacted on August 7, 2018, by the Cyberspace Administration of China called “Temporary Regulations on the Development and Management of Public Information Services for Instant Messaging” may well be responsible for the unexpected move.

Pattern of Restriction

Account closures are quite common in China, which has some of the most stringent cryptocurrency-related regulatory policies in the world.

Over the past year, the Chinese government has banned organizations and infrastructure linked to cryptocurrency trading, driving crypto exchanges underground or away from Mainland China to Hong Kong and other friendlier jurisdictions like Malta.

China's state-owned People's Daily newspaper, which often functions as an official mouthpiece of the government, published an editorial in March 2018 attacking crypto news outlets for publishing material allegedly aimed at promoting ICO investment and crypto trading in China.

Earlier today, Beijing's Chaoyang District issued a notice prohibiting the use of property within the district for hosting activities related to cryptocurrencies or crypto investment promotion.

This article originally appeared on Bitcoin Magazine.

FTC Issues Warning on Bitcoin Blackmail Scams

CoinDesk, 1/1/0001 12:00 AM PST

The U.S. Federal Trade Commission (FTC) is warning consumers warns about a new type of bitcoin scam aimed at blackmailing men.

The special committee of Tesla's board has hired a PR firm as the company explores going private (TSLA)

Business Insider, 1/1/0001 12:00 AM PST

Tesla Model 3

  • A special committee of Tesla's board of directors has hired the public relations firm Joele Frank as the company attempts to go private, Fox Business first reported. 
  • The Fox Business reporter Charles Gasparino said on Twitter that the firm has been retained for "image repair."
  • A Joele Frank representative confirmed to Business Insider that it is working with the special committee, but said the company was not hired for image repair.
  • Tesla declined Business Insider's request for comment.


A special committee of Tesla's board of directors has hired the public relations firm Joele Frank as the company attempts to go private, Fox Business first reported. 

The Fox Business reporter Charles Gasparino said on Twitter that the firm has been retained for "image repair."

Tesla said last week that its board of directors had formed a special committee to consider any forthcoming go-private proposals. A Joele Frank representative confirmed to Business Insider that it is working with the special committee, but said the company was not hired for image repair. Tesla declined Business Insider's request for comment.

On August 7, Tesla CEO Elon Musk expressed his desire to take Tesla private in a now-controversial tweet.

"Am considering taking Tesla private at $420. Funding secured," Musk said via Twitter.

Some were confused in the hours and days following the tweet, since Musk did not initially disclose who might provide the funding he mentioned. 

Musk said in a statement last week that he used the phrase "funding secured" because he believed there was "no question" Saudi Arabia's Public Investment Fund would provide funding for a deal to convert Tesla into a private company. He made the announcement via Twitter, he said, because he wanted all Tesla investors to know about the possibility of Tesla going private at the same time.

But Musk didn't mention any legally binding agreements that were in place at the time he sent the "funding secured" tweet, and he also said he was in discussions with other investors, which suggested some sources of funding may not have been settled before the tweet was sent.

Musk said all relevant parties would be able to review a proposal before a decision was made about going private. He said a proposal would not be presented, however, until discussions with potential investors were finished.

The Saudi sovereign wealth fund first met with Musk early last year about taking Tesla private, Musk said, adding that they'd met multiple times. After the fund purchased about 5% of Tesla's shares, it requested another meeting with Musk, which Musk said took place July 31. Musk said that during this meeting the fund's managing director "strongly expressed his support" to contribute funding to take Tesla private.

Musk notified Tesla's board of directors of his desire to take Tesla private on August 2, he said. But The New York Times reported last week that Musk's "funding secured" tweet surprised the board, which it said had not approved the tweet. According to The Times, Musk told an informal adviser he sent the tweet because he had difficulty keeping information to himself and was frustrated with the company's critics.

The Times later reported that some board members had hired lawyers to protect themselves from the potential legal fallout of Musk's statements and urged Musk to stop using Twitter. 

In an interview published on Thursday, Musk told The Times that no one reviewed the "funding secured" tweet before he published it. He also said he didn't regret the tweet and did not intend to stop tweeting.

Tesla has been public since 2010, but Musk has previously said he would like to take Tesla private.

"I wish we could be private with Tesla," Musk said in an interview with Rolling Stone published in November. "It actually makes us less efficient to be a public company."

Musk said on August 7 that taking the company private was "the best path forward." He said the pressures of being a public company created distractions and promoted short-term thinking that may not produce the best decisions in the long term.

Musk has also said on multiple occasions that Tesla would become profitable by the end of this year and would not need to raise additional funds, despite its increased cash-burn rate in recent quarters.

At the end of June, Tesla said it achieved its goal of making 5,000 Model 3 sedans in one week. Musk previously said that the company would hit that number by the end of 2017 and that sustaining such a production rate was critical for Tesla to become profitable.

Have a Tesla news tip? Contact this reporter at mmatousek@businessinsider.com.

Read more about Tesla possibly going private:

SEE ALSO: Some new Tesla cars are being delivered with flaws, and owners say getting them fixed is a painful process

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

This Morning’s Bitcoin Price Pump Was Fueled by $100 Million in New Tethers

CryptoCoins News, 1/1/0001 12:00 AM PST

Early this morning, the bitcoin price leaped nearly $300 in just one minute, spurring a rally that carried the flagship cryptocurrency from $6,466 to $6,899 during a frenzied half-hour of trading. Analyzing Wednesday’s Bitcoin Price Pump Unfortunately, BTC proved unable to sustain that level, and after tapering off throughout the morning and early afternoon, the

The post This Morning’s Bitcoin Price Pump Was Fueled by $100 Million in New Tethers appeared first on CCN

A member of Congress dipped her toes into crypto — and likely took a big hit

Business Insider, 1/1/0001 12:00 AM PST

Tulsi Gabbard

  • US Representative Tulsi Gabbard of Hawaii bought ethereum and litecoin in December 2017, a financial filing shows 
  • Even if the Democrat bought the coins at their lowest prices of the month, she would still be well in the red today.
  • Watch  ethereum and litecoin trade in real time here.

Tulsi Gabbard could be the first member of Congress to have invested in cryptocurrencies.

According to a financial filing released Wednesday, the Democrat from Hawaii's 2nd district bought between $1,001 and $15,000 of both ethereum and litecoin in December of 2017. And while it's not clear the exact amounts purchased or the dates, its highly improbable the representative made a profit.

Even if Gabbard bought the digital coins lowest prices of December — $414 for ethereum and $83 for litecoin — she would have been in the red as of the disclosure's August 14 filing date, given the coins' respective prices of $278 and $54.56 on that day. That's a 33% drop for both cryptocurrencies from their lowest prices of December. 

Gabbard's office did not respond to a request for comment from Business Insider.

The entire cryptocurrency market has gotten whacked since January, when the craze surrounding the nascent industry was nearing its peak. The flagship bitcoin has declined by 52% this year after hitting a peak of $19,843 shortly after the new year.

And while Gabbard's purchase might be the first by a sitting Congressperson to invest in cryptocurrencies, it's not the digital coins' first appearance on Capitol Hill. A "buy bitcoin" sign made the rounds on Twitter in July 2017 when it made an appearance behind former Federal Reserve Chairwoman Janet Yellen during her testimony before the House Financial Services Committee.

SEE ALSO: This startup is giving away free bitcoin when you make online purchases — Here's how to get in on it

Join the conversation about this story »

NOW WATCH: INSIDE WEST POINT: What it’s really like for new Army cadets on their first day

A member of Congress dipped her toes into crypto — and likely took a big hit

Business Insider, 1/1/0001 12:00 AM PST

Tulsi Gabbard

  • US Representative Tulsi Gabbard of Hawaii bought ethereum and litecoin in December 2017, a financial filing shows 
  • Even if the Democrat bought the coins at their lowest prices of the month, she would still be well in the red today.
  • Watch  ethereum and litecoin trade in real time here.

Tulsi Gabbard could be the first member of Congress to have invested in cryptocurrencies.

According to a financial filing released Wednesday, the Democrat from Hawaii's 2nd district bought between $1,001 and $15,000 of both ethereum and litecoin in December of 2017. And while it's not clear the exact amounts purchased or the dates, its highly improbable the representative made a profit.

Even if Gabbard bought the digital coins lowest prices of December — $414 for ethereum and $83 for litecoin — she would have been in the red as of the disclosure's August 14 filing date, given the coins' respective prices of $278 and $54.56 on that day. That's a 33% drop for both cryptocurrencies from their lowest prices of December. 

Gabbard's office did not respond to a request for comment from Business Insider.

The entire cryptocurrency market has gotten whacked since January, when the craze surrounding the nascent industry was nearing its peak. The flagship bitcoin has declined by 52% this year after hitting a peak of $19,843 shortly after the new year.

And while Gabbard's purchase might be the first by a sitting Congressperson to invest in cryptocurrencies, it's not the digital coins' first appearance on Capitol Hill. A "buy bitcoin" sign made the rounds on Twitter in July 2017 when it made an appearance behind former Federal Reserve Chairwoman Janet Yellen during her testimony before the House Financial Services Committee.

SEE ALSO: This startup is giving away free bitcoin when you make online purchases — Here's how to get in on it

Join the conversation about this story »

NOW WATCH: INSIDE WEST POINT: What it’s really like for new Army cadets on their first day

A federal air marshal was hauled off a plane in handcuffs after a flight attendant saw his gun and freaked out

Business Insider, 1/1/0001 12:00 AM PST

United Airlines Express Embraer E175

  • A federal air marshal was removed from a United Airlines subsidiary flight on Monday night after a flight attendant saw the gun he was carrying and issued an emergency alert, the Star Tribune reported.
  • The air marshal and another man were taken off the plane and handcuffed before being questioned by the FBI at the Minneapolis-St. Paul International Airport, the report said.
  • The Transportation Security Administration said the flight attendant mistook the air marshal for a passenger. But the Star Tribune reported that the air marshal showed the flight attendant his gun and that it was why an emergency was declared. 

A federal air marshal was hauled off a United Airlines regional partner plane in handcuffs after a flight attendant saw the gun he was carrying and issued an emergency alert in concert with the crew, the Star Tribune reported on Tuesday.

The incident occurred late Monday on United Airlines Flight 3531, a nonstop flight from Newark Liberty International Airport in New Jersey to Minneapolis-St. Paul International Airport. The flight was operated by Republic Airlines, an Indianapolis-based regional partner of United Airlines and other major carriers.

A representative for Republic Airlines, Jon Austin, told Business Insider in a statement: "The safety and security of our customers and employees is our top priority. We are aware of this incident and are working with investigators."

Neither the Transportation Security Administration nor United responded to Business Insider request for comment.

In a statement to the Star Tribune, the TSA said: "A Federal Air Marshal on official business onboard a flight was mistaken for a passenger by a flight attendant. Protocols for notification of law enforcement presence aboard an aircraft are in place to avoid an incident like this. TSA is working with the airline to determine the specific circumstances in this case."

According to CBS4 Minnesota, the flight landed in Minneapolis at 11:30 p.m. but did not make it to the gate. A woman on the flight told the Star Tribune that passengers were told the landing was delayed because of an occupied gate. She said that police cars surrounded the plane after it landed and that two men dressed in slacks and button-down shirts were removed from the plane and handcuffed.

While the TSA indicated the flight attendant was to blame for the misidentification, it appears the air marshal may have violated protocol.

Citing recordings from Liveatc.net, the Star Tribune reported that it was confirmed rather quickly during the flight that the two men were air marshals and that one of them showed the flight attendant his gun. From there, the flight attendant alerted the cockpit.

"That is completely against SOP [standard operating procedure] for them to show their firearm," the pilot said in the recordings, according to the Star Tribune. "So that's the reason we declared an emergency."

Following their removal from the plane, the two men were questioned by the FBI at the airport, according to the Star Tribune. The publication said the TSA confirmed that both were federal air marshals.

CBS4 Minnesota reported that the FBI was investigating the incident.

SEE ALSO: United Airlines will start charging more for some economy seats, and it's part of a costly trend that's plaguing the industry

FOLLOW US: on Facebook for more car and transportation content!

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

A member of Congress dipped her toes into crypto — and likely took a big hit

Business Insider, 1/1/0001 12:00 AM PST

Tulsi Gabbard

  • US Representative Tulsi Gabbard of Hawaii bought ethereum and litecoin in December 2017, a financial filing shows 
  • Even if the Democrat bought the coins at their lowest prices of the month, she would still be well in the red today.
  • Watch  ethereum and litecoin trade in real time here.

Tulsi Gabbard could be the first member of Congress to have invested in cryptocurrencies.

According to a financial filing released Wednesday, the Democrat from Hawaii's 2nd district bought between $1,001 and $15,000 of both ethereum and litecoin in December of 2017. And while it's not clear the exact amounts purchased or the dates, its highly improbable the representative made a profit.

Even if Gabbard bought the digital coins lowest prices of December — $414 for ethereum and $83 for litecoin — she would have been in the red as of the disclosure's August 14 filing date, given the coins' respective prices of $278 and $54.56 on that day. 

Gabbard's office did not respond to a request for comment from Business Insider.

The entire cryptocurrency market has gotten whacked since January, when the craze surrounding the nascent industry was nearing its peak. The flagship bitcoin has declined by 52% this year after hitting a peak of $19,843 shortly after the new year.

And while Gabbard's purchase might be the first by a sitting Congressperson to invest in cryptocurrencies, it's not the digital coins' first appearance on Capitol Hill. A "buy bitcoin" sign made the rounds on Twitter in July 2017 when it made an appearance behind former Federal Reserve Chairwoman Janet Yellen during her testimony before the House Financial Services Committee.

SEE ALSO: This startup is giving away free bitcoin when you make online purchases — Here's how to get in on it

Join the conversation about this story »

NOW WATCH: The CEO of one of the largest health insurers in the US explains the problem with healthcare in America

A member of Congress dipped her toes into crypto — and likely took a big hit

Business Insider, 1/1/0001 12:00 AM PST

Tulsi Gabbard

  • US Representative Tulsi Gabbard of Hawaii bought ethereum and litecoin in December 2017, a financial filing shows 
  • Even if the Democrat bought the coins at their lowest prices of the month, she would still be well in the red today.
  • Watch  ethereum and litecoin trade in real time here.

Tulsi Gabbard could be the first member of Congress to have invested in cryptocurrencies.

According to a financial filing released Wednesday, the Democrat from Hawaii's 2nd district bought between $1,001 and $15,000 of both ethereum and litecoin in December of 2017. And while it's not clear the exact amounts purchased or the dates, its highly improbable the representative made a profit.

Even if Gabbard bought the digital coins lowest prices of December — $414 for ethereum and $83 for litecoin — she would have been in the red as of the disclosure's August 14 filing date, given the coins' respective prices of $278 and $54.56 on that day. 

Gabbard's office did not respond to a request for comment from Business Insider.

The entire cryptocurrency market has gotten whacked since January, when the craze surrounding the nascent industry was nearing its peak. The flagship bitcoin has declined by 52% this year after hitting a peak of $19,843 shortly after the new year.

And while Gabbard's purchase might be the first by a sitting Congressperson to invest in cryptocurrencies, it's not the digital coins' first appearance on Capitol Hill. A "buy bitcoin" sign made the rounds on Twitter in July 2017 when it made an appearance behind former Federal Reserve Chairwoman Janet Yellen during her testimony before the House Financial Services Committee.

SEE ALSO: This startup is giving away free bitcoin when you make online purchases — Here's how to get in on it

Join the conversation about this story »

NOW WATCH: The CEO of one of the largest health insurers in the US explains the problem with healthcare in America

Saudi Arabia is reportedly calling off what would have been the world's largest IPO

Business Insider, 1/1/0001 12:00 AM PST

Mohammed bin Salman

  • Saudi Arabia has reportedly called off plans to take state oil company Aramco public.
  • The initial public offering would have been the largest deal in history. 
  • The decision was made "some time ago," one Saudi source told Reuters.

Saudi Arabia has reportedly called off plans to take its state-owned oil giant public in what would have been the largest initial public offering in history.

Reuters reports Saudi Arabia decided it will not move forward with plans for a domestic or international Aramco stock listing, according to four senior industry sources, and that advisers who had been working on the deal have been disbanded.

"The decision to call off the IPO was taken some time ago, but no-one can disclose this, so statements are gradually going that way - first delay then calling off," a Saudi source familiar with the IPO plans told Reuters.

Officials at Aramco, also known as the Saudi Arabian Oil Company, did not immediately respond to emails requesting comment. 

As part of broader government efforts to reduce state dependence on the oil industry and diversify the economy, Saudi Crown Price Mohammed bin Salman first announced plans to take Aramco public in 2016.

While roughly 5% of the shares would be sold, the size of Aramco had it billed as one of the largest IPO's in history. Its estimated valuation was roughly $2 trillion, though some investors had been skeptical of that

Part of the funds Saudi Arabia would have earned were slated to go toward a sovereign wealth fund that could be invested abroad. Earlier this month, Tesla CEO Elon Musk indicated the sovereign wealth fund could potentially fund a go-private plan for the company.

SEE ALSO: Elon Musk could take Tesla private with the Saudis — here's what their sovereign wealth fund is all about

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

What you need to know on Wall Street today

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.

JPMorgan's quant guru breaks down why the 'unprecedented' dominance of US stocks is headed for a rude awakening

US stocks are dominating their peers in Europe and Asia to an "unprecedented" degree, JPMorgan says. But the firm warns that's an unsustainable situation.

To best understand just how rare the ongoing divergence is, consider that momentum for US and European stock prices have gone in different directions just twice in the past 20 years. As it stands right now — and as the chart below reflects — when Europe is combined with Asia, the momentum split is the widest it's ever been.

Before we get into what this means for the future of global stocks, let's first assess what has led us to this situation in the first place.

JPMorgan's quant guru, Marko Kolanovic— a man whose opinion is valued so highly that it can move markets — says the combination of share buybacks, comparatively tight monetary conditions from the Federal Reserve, and a strong dollar resulting from President Donald Trump's trade war are the main fundamental factors driving US outperformance.

TARGET CEO: This might be the strongest consumer environment I've ever seen

American retailers are experiencing the best consumer environment in over a decade.

Companies across the retail sector, including Target, Walmart, and Nordstrom, have been reporting their strongest sales in more than 10 years, beating earnings on the top and bottom lines, and lifting their full-year guidance. 

"There's no doubt, that like others, we're currently benefiting from a very strong consumer environment, perhaps the strongest I've seen in my career," Target CEO Brian Cornell said on his company's second-quarter earnings call on Wednesday. 

Starbucks slides as Wall Street worries it's run out of room to grow in the US

Starbucks slid 1.8% in trading Wednesday after Piper Jaffray cut its recommendation to "neutral" from "overweight," citing a slowdown in US same-store sales.

"We believe the stock is range bound at best until U.S. trends improve," analyst Nicole Miller Regan wrote in a note sent out to clients  on Wednesday, per CNBC. "Our perspective is that there are issues around inconsistent results, credibility of guidance, and management transitions."

Piper’s new price target is $53 a share — down from $60 in June, and $70 for the better part of 2017. Wall Street’s average target if $58, according to Bloomberg data.

In markets news

Join the conversation about this story »

NOW WATCH: What people get wrong about the market's favorite recession signal, according to a Wall Street strategist

US Congresswoman Reveals She Bought Ether and Litecoin Last Year

CoinDesk, 1/1/0001 12:00 AM PST

Hawaiian Representative Tulsi Gabbard bought more than $1,000 each of ethereum and litecoin last December, according to a public filing.

One of the most famous car companies in the world was on the brink of death in the US a few years ago. But now its CEO is fighting to bring it back to its former glory.

Business Insider, 1/1/0001 12:00 AM PST

Mitsubishi motors US CEO Fred Diaz

  • Fred Diaz took over as president and CEO of Mitsubishi Motor North America in April.
  • Diaz, a former executive with Nissan and RAM Trucks, will be tasked with returning Mitsubishi to prominence in the US.
  • Mitsubishi has experienced sales growth over the past five years but is still trying to recover a disastrous period at the end of the last decade.
  • Diaz believes the Mitsubishi's membership in the Nissan-Renault-Mitsubishi Alliance will do wonders for the brand.

On his first day as Mitsubishi Motors North America's CEO in April, Fred Diaz held a town hall with is employees. The message was simple. 

"I needed them to know that I'm not a Nissan employee who is on loan," Diaz told us in an interview. "I'm 100% Mitsubishi."

"We're family now," he added.

In October of 2016, Nissan acquired 34% controlling interest in MMNA's parent company, Mitsubishi Motors, valued at $2.3 billion. This move created the Renault-Nissan-Mitsubishi Alliance.

As part of the Nissan's takeover, opportunities were created that allowed executives to crossover to Mitsubishi. 

One of the people to make the shift over was Fred Diaz, who is now tasked with leading Mitsubishi back to prominence in the US.

Diaz has a long track record of success in his 30-year career in the car business. Prior to becoming the president and CEO of Mitsubishi Motors North America, the straight-talking executive helped Fiat Chrysler launch its massively profitable RAM truck division and more recently as the head of Nissan's revamped truck division.

Even though his background is in the sales and marketing of all facets of the auto industry, "people still know me as the truck guy," Diaz said.

How the once great Mitsubishi fell from grace

Mitsubishi is a car company with a storied past. The Japanese automaker has famously given the world such iconic vehicles as the rugged Pajero/Montero/Shogun SUV, the high-tech 3000GT sports car, and the all-conquering Lancer Evolution rally car. 

Mitsubishi Lancer EvolutionDuring the late 1990s, the company turned out a series of vehicles including the Eclipse sports car, the Montero Sport/Challenger SUV, and the Galant Sedan. 

In 2002, the company offered eight different models to US consumers with annual sales peaking at more than 345,000 cars that year.

But by 2009, Mitsubishi's lineup had contracted to just five models with sales dwindling down to less than 54,000 cars. 

The financial crisis pushed the brand to the brink of exiting the US market like Suzuki and Isuzu a decade earlier. 

Globally, the company stagnated, stopped growing, and ran short on resources to develop new products, Nissan, Renault, and Mitsubishi Motors chairman Carlos Ghosn told us in a 2017 interview. 

The company was forced to hit the reset button and decided to hitch its future fortunes to crossover SUVs — more specifically, the Outlander and its many derivatives. It's a decision that has proven to be absolutely brilliant. 

Since 2009, the company's sales have nearly doubled. 

Mitsubishi OutlanderIn 2016, Mitsubishi Motors reported a $1.4 billion loss across all of its international markets in spite of growing sales in the US. Nissan saw this as the perfect opportunity for a takeover.

"When the opportunity came, due to some unfortunate circumstances concerning Mitsubishi Motors, to have them inside the alliance, we were convinced it could be a good fit. This was not something that came out of the blue." Ghosn said.

But even after half a decade of consistent sales growth, the 103,686 cars Mitsubishi sold in 2017 is but a mere fraction of its peak in 2002 and represents a minuscule 0.6% share of total US auto sales. 

"We're still a tiny, tiny brand compared to the gorillas in the automotive industry, but we have to start somewhere and we have to grow to return to our heyday," Diaz said. 

Which means, in spite of healthy sales growth, Mitsubishi in the US remains a major reclamation project. 

'We're just an unaware brand'

Externally, the biggest challenge for Diaz will be brand awareness.

"We have a huge awareness problem in the United States," he said. "Some people didn't even realize Mitsubishi still sold cars here."

Fortunately, this is a fixable problem.

"We're not a damaged brand. We haven't done anything that caused us a black eye or do something that made everyone in America want to hate us," Diaz explained. "We're just an unaware brand."

Mitsubishi CommercialSo Mitsubishi, with financial backing from The Alliance, is once again investing in branding. 

Afterall, The Renault-Nissan-Mitsubishi Alliance is currently the largest car company in the world with 10.61 million cars sold worldwide in 2017. 

For the first time in 11 years, there are Mitsubishi car commercials running on US network TV. The company is also making huge investments in social media, regional advertising, and the generation of electronic sales leads. 

Diaz is making big changes internally

Mitsubishi had an unfortunate history of "saving their way into a profit," Diaz told us. As a result, necessary investments in planning and operations weren't made. There were holes on the management team that had to be filled. 

The new CEO traveled across the country to all of the company's offices and met individually with employees not only to introduce himself but also to assess the talent on his bench. And when he could, he promoted from within. 

There were also issues with the brand's dealership network. There weren't enough of them and the ones they did have, have not received sufficient support from Mitsubishi to truly succeed. 

According to Diaz, Mitsubishi had only two regional offices to support its entire network. In fact, one of the regions was tasked with assisting dealers in a whopping 38 states. To improve the situation, Diaz has expanded the number of regions to four with a possible further expansion to five. 

Mitsubishi dealerAnd there's the reality that Mitsubishi didn't have enough dealers. 

"We have 360 dealers across the nation and we have open points across the country that we need to fill," he said. "We just need to put dealers in places where consumers can feel confident that they won't have to drive 100 miles to get their vehicles maintained."

Unfortunately, adding new dealerships was much easier said than done. 

"Two years ago, trying to get a dealer to invest in a Mitsubishi franchise was really difficult," Diaz added. "The pickings were slim."

Fast forwards 18 months and things have greatly improved with the backing of The Alliance. 

"We're now turning people away," he added. 

SEE ALSO: We drove the $29,000 Mitsubishi Outlander SUV and it may be the best deal out there

FOLLOW US: On Facebook for more car and transportation content!

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

eToro Brings Bitcoin to Football

CryptoCoins News, 1/1/0001 12:00 AM PST

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned

The post eToro Brings Bitcoin to Football appeared first on CCN

Newsflash: Bitcoin Price Analysis – Bullish Territory Before a Sharp Fall Near $6,400

CryptoCoins News, 1/1/0001 12:00 AM PST

At last, Bitcoin price stopped taking strikes from its crucial resistance level near $6,500 and went for a home run, instead. Then, the referee called it a foul. In simple words, Bitcoin crashed towards the same consolidation range that was holding it before the upside breakout. The BTC/USD on Wednesday attempted a strong upside breakout, rising as

The post Newsflash: Bitcoin Price Analysis – Bullish Territory Before a Sharp Fall Near $6,400 appeared first on CCN

Starbucks slides as Wall Street worries it's run out of room to grow in the US (SBUX)

Business Insider, 1/1/0001 12:00 AM PST

starbucks ceo kevin johnson

  • Piper Jaffray cut it's price target for Starbucks to $53 from $60.
  • The firm is worried US sales growth could be stalling, and says the stock will remain range bound until trends improve.
  • Shares of Starbucks fell about 1.8% in trading Wednesday following the downgrade. 
  • Follow Starbucks' stock price in real-time here. 

Starbucks slid 1.8% in trading Wednesday after Piper Jaffray cut its recommendation to "neutral" from "overweight," citing a slowdown in US same-store sales.

"We believe the stock is range bound at best until U.S. trends improve," analyst Nicole Miller Regan wrote in a note sent out to clients  on Wednesday, per CNBC. "Our perspective is that there are issues around inconsistent results, credibility of guidance, and management transitions."

Piper’s new price target is $53 a share — down from $60 in June, and $70 for the better part of 2017. Wall Street’s average target if $58, according to Bloomberg data.

In its most recent earnings report in July, Starbucks said same-store sales around the world rose just 1%. China — where the chain has been growing the quickest — saw sales slip to 2%.

"I want to be clear that we have 100 percent confidence in our growth strategy and the sustainability of the leadership position we have built in the market," CEO Kevin Johnson told analysts on a conference call following the report.

Still, Wall Street remains concerned.

“To sustain improvement in comps, Starbucks must execute on its key digital initiatives to expand relationships and drive transaction growth,” Fitch, one of the largest financial rating agencies, said earlier this month.

Starbucks on Wednesday confirmed Business Insider's previous reporting that the Pumpkin Spice Latte, a fall favorite, will return on August 28 this year — its earliest launch ever — perhaps in a bid to increase check size and bring the same-store sales number back to where Wall Street would like.

Starbucks shares are down 7.8% this year.

Starbucks stock price

 

 

SEE ALSO: Starbucks confirmed that the Pumpkin Spice Latte will return on August 28 — its earliest launch ever (SBUX)

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Tech giants are seeing a profound split in fortunes, and Bank of America has devised a way to profit from their divergence

Business Insider, 1/1/0001 12:00 AM PST

traders smile frown

  • US and Chinese tech giants are a lot more divorced from each other this year compared to 2017, Bank of America Merrill Lynch derivatives analysts observed. 
  • They recommended a trade that could profit from the split between the FAANG +BAT stocks.

The biggest US and Chinese tech stocks meld together into a convenient acronym — FAANG + BAT. But their fortunes are anything but similar right now. 

Facebook, Amazon, Apple, Netflix, Google-parent Alphabet, Baidu, Alibaba, and Tencent are trading this year with a uniqueness that marks a sharp about-turn from their harmony in 2018, Bank of America Merrill Lynch observed. 

"A profound shift appears to be underway towards more divergent returns on an individual basis," a team of derivatives analysts led by Stefano Pascale said in a client note on Tuesday. 

They provided various examples of the "divorce" among the FAANG + BAT group. 

No sector contributed more to the US stock market's fervent gains last year than technology. As of December 20, Alphabet was the worst year-on-year performer with a 26% gain.

But global tech giants are behaving a lot more uniquely in that the drawdowns are steeper this year compared to 2017 — -15.4% on average versus -7% in 2017. 

This factoid takes account of Tencent's 25% plunge from its 2018 high after the company reported its first profit decline in over a decade. But excluding Tencent, the drawdowns in FAANG + BAT this year are still nearly twice as worse as in 2017.  

Screen Shot 2018 08 22 at 10.43.21 AM

Tencent wasn't the only tech stock to see a record-breaking plunge after earnings. Facebook cratered 19% after its second-quarter earnings, underscoring how much idiosyncratic risk investors are assigning to the tech giants. 

To benefit from the divergence in tech performance, Pascale recommended a strategy that involves both buying and selling options that would profit from their rise.     

Buy Jan19 ATM calls on the individual FAANG+BAT stocks and sell a Jan19 ATM call on the FAANG+BAT basket for an indicative upfront cost of 2.5% (40% implied correlation bid)."

The trend in tech is just a snippet of the bigger divergence between US and international stocks' performance. After the Great Recession, the US economy regained its footing faster than many others around the world. The momentum gap between US and European stocks, for example, is now the widest ever, according to Marko Kolanovic, JPMorgan's head of quantitative and derivatives strategy.  

After the market closes on Wednesday, the bull market in US stocks will surpass the 1990s run to earn the record for the longest ever. 

"Last year's synchronized pick-up in global growth has given way to greater divergence this year, with US growth materially outpacing other advanced economies while concerns mount over China's growth prospects," Pascale said. "This could further help support dispersion between the FAANG and BAT stocks."

SEE ALSO: Bank of America names 2 sectors investors should buy in to as the bull market makes history

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

'This is new territory for everyone': Tech giants Amazon and YouTube have an opportunity to upend the regional sports TV business

Business Insider, 1/1/0001 12:00 AM PST

Jeff Bezos

  • More than 50% of the regional-sports TV market will be up for sale soon.
  • The pending sale has reportedly drawn interest from a broad group of buyers, including Amazon and YouTube.
  • This would be a major change in strategy for Amazon and YouTube, but the RSNs are highly attractive assets.
  • Analysts say not to bet against the tech giants.

Twenty-two regional sports networks are expected to come up for sale soon, and the very companies leading the cord-cutting revolution could end up bidding for these linear-television networks.

It's all part of Disney's deal to buy assets from 21st Century Fox. The US Department of Justice approved Disney's proposed purchase with one big condition: that Disney sell the regional sports networks that Fox owns to avoid anticompetitive conflicts, given its majority ownership of ESPN.

The size of the RSNs coming to market has attracted broad interest from buyers. Fox has 22 networks and analysts have predicted they could draw as much as $20 billion in value. While traditional broadcasters like Sinclair are among the parties interested in purchasing the RSNs, Amazon and Youtube have also expressed interest, according to Bloomberg.

These two tech companies are seemingly unlikely players in the regional media buyer space.

"This new territory for everyone," Lee Berke, CEO of LHB Sports, Entertainment & Media, Inc., told Business Insider. "These are distribution platforms and businesses that weren't in existence two or three years ago."

Why would tech companies want these assets?

Amazon and YouTube have streaming ("OTT") platforms with national distribution strategies. A move to buy these RSNs would signal a change in business strategy and and first foray into regional sports rights on a large scale, according to sports-media analysts who spoke with Business Insider.

So why would tech companies want these assets?

The answer, in part, may lie in the sheer size of the assets coming to market. These are 22 networks that have the broadcasting rights for 44 professional sports teams in the National Basketball Association, Major League Baseball, and National Hockey League. The networks offer local-sports broadcasting for teams like the Cleveland Cavaliers and the New York Yankees.

Fox owns over 50% of the market. The next biggest owner of RSNs is Comcast, which has seven RSNs representing 16 teams, followed by AT&T with four RSNs and eight teams. Even though these assets broadcast regional programming, owning the entire block is akin to having a national presence in regional sports.

The volume of games played in these leagues also make the regional networks attractive. MLB teams, for example, play 162 games per year, meaning near-daily games during the season.

Linear broadcasting wouldn't change much to begin with

A tech company buying these assets wouldn't change much from a viewing perspective. The RSNs are self-sustaining businesses and could effectively run on their own. The RSNs already have contract rights in place for both linear and digital distribution of their programming.

For example, the Yes Network — home to New York Yankees and Brooklyn Nets coverage — has existing contracts in place to stream on platforms like Hulu, Sling TV, and DirecTV.

Each RSN has its own set of distribution deals and distribution contracts typically have an average span of three to five years, according to Berke. If a technology company with an OTT service bought an RSN network tomorrow, it would be able to offer the network on the service right away. But it wouldn't have exclusive rights to air the programming until contracts expired. 

So while tech companies like Amazon and YouTube likely see an opportunity to distribute exclusive sports rights on their own OTT platform in the future, the programming would still have linear-TV distribution in the near term.

In fact, Amazon or Google buying these RSNs may signal acknowledgement that linear TV isn't dead. There are still significant numbers of pay-TV subscribers. At the end of 2017, 94 million subscribers paid for traditional TV.

"It's almost like going backwards in time a little bit," Daniel Cohen, senior vice president at Octagon, told Business Insider. "We see more and more viewers cutting the cord, buying these a la carte digital products and services ... now they are almost going backward and saying linear broadcasting, if they bid, is going to be important to us."

One short-term challenge for the two tech players would be the regional advertisements that go with regional linear programming. 

"They are not in the business of really selling regional ads against live sporting rights yet, and I think that is going to be one of the major hurdles for them," Cohen said. "If they make a play for this I think ramping up on a regional sales side would be critical."

And there's an OTT opportunity in the future

While going regional would be a shift in strategy for Amazon or YouTube, the companies already have the technology to regionalize digital streaming content.

"I've been in negotiations with various vMVPDs (Virtual Multichannel Video Programming Distributors, or TV delivered over the internet) ... they can geofence content on a zip code to zip code basis," Berke said. "In certain respects that is more fine tuned than with pay television."

YouTube has already begun to strike a few regional-sports deals. It has exclusive rights to Major League Soccer’s Seattle Sounders FC and Los Angeles FC regional games.

While Amazon to date has not offered up regional content within the US, it regionalizes on a continental basis. Amazon has exclusive rights to air US Open Tennis in the UK and exclusive rights to air some Premier League soccer games in the UK. If Amazon acquired an RSN, it would be "extremely feasible" for the company to regionalize content in the US, according to Berke.

And owning sports rights could help with the problem that one in five Amazon subscribers doesn't know they have access to streaming videos through Prime Video.

It's unclear if Amazon and YouTube will bid on regional networks where their OTT services don't immediately own exclusive rights to programming. Still, you can never count out the ability for these tech giants to outbid the competition.

"From a bidding-power perspective, they are in the best position to make any transaction they wish," Cohen said.

SEE ALSO: 'This is a major event': Experts are anticipating the biggest sports media bidding war in 30 years if Disney lands Fox

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

BitMEX Downtime Crypto Pump: Manipulation in the Bitcoin Market?

CryptoCoins News, 1/1/0001 12:00 AM PST

As cryptocurrency exchange BitMEX initiated its scheduled maintenance on August 22, the Bitcoin price surged by 4 percent, during a period in which crypto traders could no longer short the dominant crypto. Analysts have stated that the strong rally of Bitcoin in the two-hour period during which BitMEX was temporarily down was not a coincidence.

The post BitMEX Downtime Crypto Pump: Manipulation in the Bitcoin Market? appeared first on CCN

Bank of America names 2 sectors investors should buy in to as the bull market makes history

Business Insider, 1/1/0001 12:00 AM PST

traders

  • Bank of America Merrill Lynch has moved to an overweight on the industrials and healthcare sectors.
  • The bank's equity strategists don't see the bull market in stocks ending soon, mainly because earnings growth is still strong.
  • This bull market is set to become the longest in history, as measured by its rise from the 2009 trough, after the market close on Wednesday.

The bull market in US stocks is one day away from making history as the longest ever, as measured by its rise from the trough hit in March 2009.

Bank of America Merrill Lynch doesn't see it ending anytime soon, mainly because earnings growth is still strong. In fact, the bank's equity strategists have broadened out the sectors they're bullish, or overweight, on by adding industrials and healthcare to the list. Their other overweights are in financials, materials, and technology.

The two new overweights represent a barbell approach that seems appropriate for an extended bull market and economic cycle. According to Savita Subramanian, the firm's head of US equity and quant strategy, the overweight on industrials creates cyclical exposure, while the healthcare bet is defensive. ...

Sponsored:  If you enjoyed reading this story so far, why don’t you join Business Insider PRIME? Business Insider provides visitors from MSN with a special offer.  Simply click here to claim your deal and get access to all exclusive Business Insider PRIME benefits.

SEE ALSO: Investors have turned complacent and are in danger of being sideswiped by a 'likely correction' that's approaching, Morgan Stanley says

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

The Russian ruble is on track for its lowest close in 2 years as Washington ramps up sanctions on Moscow

Business Insider, 1/1/0001 12:00 AM PST

Vladimir Putin


The Russian ruble was on track for its lowest close in more than two years Wednesday as Washington ramped up sanctions on Moscow. 

The ruble was down 1% to 67.90 per US dollar after the Treasury Department blacklisted a set of Russian companies, entities, and individuals accused of helping North Korea evade international sanctions.

Under United Nations and US sanctions against North Korea, meant to penalize Pyongyang for continuing to develop its nuclear weapons program, the country is barred from trading oil and other commodities. 

In two separate actions Tuesday, the Treasury imposed sanctions on several Russian companies, six vessels and two individuals involved in efforts to undermine those.

Earlier US sanctions punishing the Kremlin for its role in the poisoning of a former Russian spy in Britain took effect Wednesday. When those were announced earlier this month, the State Department added another round of penalties could be imposed in 90 days if Russia does not meet a list of demands.

"We think the direct impact of these new restrictions on the Russian economy will be modest as most of national security goods exports were already banned by the Obama administration," HSBC economist Artem Biryukov said. "Even the second wave, if realised, should have a limited impact on GDP growth and balance of payments."

But as Congress considers rolling out its own round of sanctions against Russia, which could include restrictions on dollar settlements for Russian banks and purchases of Russian debt issues, Biryukov said the country could start to feel the pain of economic penalties. 

"The imposition of such sanctions could have significant economic effects, as it could impact capital flows and the ability of Russia and Russian entities to borrow in the international capital markets," he said.

While Moscow continues attempts to influence the upcoming midterm elections, according to US intelligence officials, analysts see an increasing chance of those sanctions being imposed. 

Microsoft said Tuesday it had stopped hackers with ties to the Russian government from targeting US political groups. Facebook, which was at the center of what Washington condemned as Russian interference in the 2016 campaign, also said it had removed hundreds of accounts tied to similar disinformation campaigns.

Russian ruble

SEE ALSO: 10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, TSLA, AAPL)

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

The Russian ruble is on track for its lowest close in 2 years as Washington ramps up sanctions on Moscow

Business Insider, 1/1/0001 12:00 AM PST

Vladimir Putin


The Russian ruble was on track for its lowest close in more than two years Wednesday as Washington ramped up sanctions on Moscow. 

The ruble was down 1% to 67.90 per US dollar after the Treasury Department blacklisted a set of Russian companies, entities, and individuals accused of helping North Korea evade international sanctions.

Under United Nations and US sanctions against North Korea, meant to penalize Pyongyang for continuing to develop its nuclear weapons program, the country is barred from trading oil and other commodities. 

In two separate actions Tuesday, the Treasury imposed sanctions on several Russian companies, six vessels and two individuals involved in efforts to undermine those.

Earlier US sanctions punishing the Kremlin for its role in the poisoning of a former Russian spy in Britain took effect Wednesday. When those were announced earlier this month, the State Department added another round of penalties could be imposed in 90 days if Russia does not meet a list of demands.

"We think the direct impact of these new restrictions on the Russian economy will be modest as most of national security goods exports were already banned by the Obama administration," HSBC economist Artem Biryukov said. "Even the second wave, if realised, should have a limited impact on GDP growth and balance of payments."

But as Congress considers rolling out its own round of sanctions against Russia, which could include restrictions on dollar settlements for Russian banks and purchases of Russian debt issues, Biryukov said the country could start to feel the pain of economic penalties. 

"The imposition of such sanctions could have significant economic effects, as it could impact capital flows and the ability of Russia and Russian entities to borrow in the international capital markets," he said.

As Moscow faces mounting accusations of continued attempts to influence the upcoming midterm elections, analysts see an increasing chance of those sanctions being imposed. 

Microsoft said Tuesday it had stopped hackers with ties to the Russian government from targeting US political groups. Facebook, which was at the center of what Washington condemned as Russian interference in the 2016 campaign, also said it had removed hundreds of accounts tied to similar disinformation campaigns.

Russian ruble

SEE ALSO: 10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, TSLA, AAPL)

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Xiaomi says revenue soared 68% in first earnings report since its IPO

Business Insider, 1/1/0001 12:00 AM PST

Xiaomi founder and CEO Lei Jun

  • Xiaomi posted a profit of 14.6 billion yuan ($2.1 billion) on 45.2 billion yuan revenue.
  • The company's main business — smartphones — saw sales increase 58.7% versus last year.
  • Xiaomi smartphone average selling price in mainland China increased over 25%.
  • IoT and lifestyle products segment grow fast.

Xiaomi reported its first quarterly results after going public last month in Hong Kong, saying second-quarter revenue jumped to 68.3% year-over-year to 45.2 billion yuan. 

The company posted 14.6 billion yuan in earnings, mostly from "fair value changes of convertible redeemable preferred shares." As a result, the diluted earnings per share was negative 0.377 yuan.

"All business segments achieved strong revenue growth, with the fastest growth seen in our IoT and lifestyle products segment," the Chinese smartphone maker wrote in its earnings release

The company's main business segment — smartphones — contributed RMB30.5 billion in revenue, an increase of 58.7% versus last year. "This growth was driven by an increase in both smartphone sales volume and our average selling price," Xiaomi said.

Xiaomi's average selling price of smartphones on mainland China increased more than 25% year-over-year, but its smartphone gross profit margin decreased to 6.7% in the second quarter, compared to 8.7% a year ago.

The IoT and lifestyle products segment saw sales grow 104.3% YoY. After Xiaomi smart TV was launched in the India market in February, the product's global sales volume increased over 350% YoY for the second quarter. At the end of June, Xiaomi had about 115 million connected Xiaomi IoT devices and 1.7 million users who own more than five devices, the company said.

Shares of Xiaomi are trading 5% over their initial-public-offering price through Tuesday.

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

ICOs an ‘Unsustainable Financial Bubble’: Jihan Wu

CryptoCoins News, 1/1/0001 12:00 AM PST

The founder of the world’s most valuable cryptocurrency company said that he does not believe the initial coin offering (ICO) funding model will prove to be anything more than a fad. Jihan Wu, CEO of bitcoin mining conglomerate Bitmain, made this claim during an interview with CoinGeek, arguing that the so-called ICO bubble is “unsustainable”

The post ICOs an ‘Unsustainable Financial Bubble’: Jihan Wu appeared first on CCN

Legal marijuana could be worth $47 billion in the US alone, according to a Wall Street analyst (STZ, CGC)

Business Insider, 1/1/0001 12:00 AM PST

pot weed marijuana

  • RBC Capital Markets is trying to address investor anxiety surrounding the nascent marijuana industry.
  • The bank says Constellation Brands' recent investment in Canopy Growth is "exactly the type of move that more companies should be making."
  • RBC estimates that the US's legal marijuana sales could reach $47 billion in the next decade.

Wall Street is catching the cannabis bug.

In a lengthy note to clients on Wednesday, RBC Capital Markets estimates that US marijuana sales are quickly catching up to those of beer and wine and that legal sales alone could be worth $47 billion within a decade.

"In this US, the legal cannabis category is set to grow at a 17% CAGR over the next decade to as much as $47 billion in annual sales (this compares to the current diaper category at $4 billion in sales)," the analyst Nik Modi wrote.

"Driving the growth is recreational use of the product, particularly concentrates and edibles," Modi said. "Estimates already suggest that the US category alone is $50 billion, which compares to spirits $58 billion, wine $65 billion, and beer $117 billion." RBC's $50 billion estimate includes illegal sales, and the amount of total sales they make up is unclear.

Marijuana industry size US

The investment bank also sang the praises of Constellation Brands' recent investment in Canopy Growth — the largest publicly traded marijuana company — as being ahead of the curve. Constellation Brands is the $38 billion behemoth behind alcohol brands including Corona, Modelo, and Svedka.

"We think this is exactly the type of move that more companies should be making (not in cannabis necessarily, but having the foresight to invest in future revenue streams, especially at a time when the core business is performing)," Modi said.

"We believe that Constellation's approach of sequentially increasing its stake in Canopy is a win-win approach, as it enables both parties to participate in CGC's upside while allowing Constellation to simultaneously manage leverage levels."

Shares of Canopy Growth have skyrocketed since Constellation said it would up its stake in the company. The stock has surged more than 38% this week alone, putting it back above its May initial-public-offering price of $28.

Read more: Canopy's CEO, Bruce Linton, discusses what's next for the company as it expands beyond Canada

But as the prevalence of recreational marijuana grows, companies are finding that basic bud doesn't cut it with consumers and has lower margins than other concentrated products. In Colorado, for instance, where recreational sales have been legal for more than four years, plain flower has dropped from 70% of total sales to 46%, with concentrates filling the gap.

Cannabis category composition over time

Of course, new regulations could hurt the rollout of marijuana both in the US and globally, but RBC isn't worried and says 83% of Americans say there should be some form of legal marijuana use.

"We believe further US decriminalization of cannabis including for recreational use is very likely over time," the bank said. "It ultimately starts with US voters who across demographics are supportive of cannabis legalization."

SEE ALSO: The 'world's biggest legal-pot dealer' talks about taking his company public and the future of weed

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

This New York startup is giving away free bitcoin when you make online purchases — Here's how to get in on it

Business Insider, 1/1/0001 12:00 AM PST

Alex Adelman

  • Lolli is a startup that offers incentives for online shoppers by giving money back in the form of bitcoin.
  • Once you download Lolli's extension, you're alerted to any bitcoin-back offers when shopping on one of Lolli's online retail partners.

Fewer people own cryptocurrencies than you might think. A recent study found that only a small percentage of Americans own cryptoassets and that many people still don't know how to go about buying them. 

One startup founder, Alex Adelman, hopes to speed up bitcoin's adoption process, and he's doing it by making cryptocurrencies accessible to people who aren't necessarily interested in going out of their way to buy it.

Adelman is the founder of Lolli, an eight-month-old New York-based startup with a single-minded mission: Put cryptocurrencies like bitcoin into the hands of consumers, risk-free. 

Lolli's primary offering is a browser extension (it pairs with Chrome and Safari and it's downloadable through Lolli's website) that pairs with more than 500 online retailers. Purchase an item through one of Lolli's online retail partners, and you'll receive as much as 30% off the item's cost back in bitcoin. From there, the bitcoin is stored in your personal Lolli wallet where it can later be cashed in to your bank account. 

It's like cash back, but for bitcoin.

Lolli

So far, Lolli's partners include a number of different kinds of retailers including Bloomingdale's, Macy's, Lucky Brand, Home Depot, Hotels.com, Jet.com,and SeatGeek.

For Adelman, Lolli is not only an incentive for online shoppers but an educational platform where he believes many people will have their very first experience with a digital asset.

"Buying bitcoin or making any first investment is inherently risky," said Adelman. "It's important to make it easy. We're trying to take away all the risks of buying into bitcoin. People are making a completely passive investment by us negotiating deals with online retailers and working off our partnerships."

Adelman has leveraged the retail connections he made through his previous e-commerce startup Cosmic (which was later acquired by PopSugar), to yield a streamlined business model: Retailers offer Lolli a commission for each shopper they drive to the site and Lolli returns a part of its commission back to shoppers in bitcoin. 

Lolli

For Adelman, it was important to keep Lolli's design light and approachable. For instance, Lolli's name comes from the lollipops that banks hand out to customers: "Most people hate going to the bank," he said. "I've always looked forward to the lollipop at the end."

Adelman said that he believes that risk-free incentives have long been missing in the cryptocurrency space, and that many people still view cryptocurrencies as unapproachable or difficult to understand. For Lolli, bitcoin is only the beginning. Adelman said that he hopes to build an engaged online community surrounding his product and that its offerings might extend to other digital currencies in the future. 

"I believe that bitcoin is the bank of the future, and that it's going to bank billions of people across the world," he said. "Right now it’s not very user friendly, it’s not fun. The thing that's missing is the lollipop. We’re coming in and being that fun, easy way to get into bitcoin."

Join the conversation about this story »

NOW WATCH: Top 9 features coming to the iPhone in iOS 12

JPMorgan’s quant guru breaks down why the ‘unprecedented’ dominance of US stocks is headed for a rude awakening

Business Insider, 1/1/0001 12:00 AM PST

marko kolanovic half-man half-god

  • JPMorgan's global head of quantitative and derivatives strategy, Marko Kolanovic, notes that US equities are dominating their European and Asian counterparts to an "unprecedented" degree.
  • Kolanovic lays out two paths forward for the US market, neither of which bode particularly well for it — at least relative to the international peers it's so thoroughly dominated.

US stocks are dominating their peers in Europe and Asia to an "unprecedented" degree, says JPMorgan. But the firm warns that's an unsustainable situation.

To best understand just how rare the ongoing divergence is, consider that momentum for US and European stock prices have only gone in different directions twice in the past 20 years. And as it stands right now — and as the chart below reflects — when Europe is combined with Asia, the momentum split is the widest it's ever been.

Screen Shot 2018 08 22 at 8.35.58 AM

Before we get into what this means for the future of global stocks, let's first assess what's led us to this situation in the first place.

JPMorgan's quant guru, Marko Kolanovic  a man whose opinion is valued so highly that it can move markets — says the combination of share buybacks, comparatively tight monetary conditions from the Federal Reserve, and a strong dollar resulting from President Donald Trump's trade war are the main fundamental factors driving US outperformance.

On the technical side of things, Kolanovic attributes the divergence to low liquidity — which creates bigger asset moves — and price-insensitive systematic flows for investors that are long US stocks and short Europe and emerging markets (EM).

With that established, one of two things can happen from here, according to Kolanovic, who is JPMorgan's global head of quantitative and derivatives strategy.

The first scenario, which he calls "risk on, USD down," would involve EM and value assets staging a rally and the US dollar declining — all while US stocks continue higher, but at a slower pace than their international peers.

The second, which he calls "risk off, USD up," would involved US markets selling off and closing the gap between Europe and EM. Kolanovic surmises this could result from a continuation of the trade war at its current pace, which would keep the greenback rising.

So which one is most likely?

"We think that the more likely outcome is a 'risk on' convergence, given decent global growth, cheaper valuations outside of the US, a continuation of buybacks in the US, intensified criticism of rate hikes and strong USD by US administration, new stimulative measures in China, and ongoing negotiations to resolve trade war with China," Kolanovic said.

"A 'risk on' convergence could be further fueled by poor liquidity and a short squeeze in currencies (EUR and EM FX), metals (precious and industrial), broad EM equities and China stocks," he continued.

Yet while US stocks may very well stay in decent shape if this is the outcome, Kolanovic argues they'll still start to lag the European, Asian, and EM peers they've so thoroughly dominated.

So if you're seeking the next big thing in stocks, perhaps a rotation of sorts is in order.

SEE ALSO: The legendary investor who predicted the past 2 bubbles breaks down how the 9-year bull market will end

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Major crypto exchanges will self-regulate

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.

Several cryptocurrency exchanges have joined forces to form a self-regulatory organization, dubbed the Virtual Commodity Association (VCA), for the nascent cryptocurrency industry.

The group, which was initially proposed in March of this year and founded by Cameron and Tyler Winklevoss, has announced Bittrex, bitFlyer, Bitstamp, and the Winklevoss’ own Gemini as its first members.

Consumer Reasons for Not Trading Cryptocurrencies

The VCA, which will convene an inaugural meeting in September to flesh out details, has been set up with the intention of establishing a wide-reaching standard for the US digital currency industry.

In addition to developing best practices and promoting transparency, the group will look to collaborate with regulatory bodies like the US Commodities Futures Trading Commission (CFTC) to further develop the regulatory landscape.

Despite its increasing mainstream presence, the crypto space is notoriously opaque.And the lack of transparency in the industry, which has evolved into a $200 billion market with over 1,800 digital currencies, per Coinmarketcap, continues to hamper its development.

  • While exchanges and traders have to comply with jurisdictional demands from their domestic authorities, there's no coherent and robust regulatory structure. In the US, for example, regulations relating to cryptos are more like a patchwork of state laws that act as the legal framework for the nascent industry. This absence has, in turn, invited a steady stream of abuse, cons, and market manipulations in the space.
  • The fact that a number of exchanges in the space operate without any meaningful regulatory oversight has acted as a stumbling block for organizations working in the sector. The Securities and Exchange Commission has often pointed to this lack of transparency in justifying its decisions to reject applications for a Bitcoin-based exchange-traded fund (ETF).

The development of a self-regulatory organization bodes well for the nascent industry, providing much-needed legitimacy as it moves toward maturation. As a result, the industry is likely to become more attractive to institutional investors, which could also have a significant ripple effect on secondary markets related to cryptos, including the possibility of an EFT, further reinforcing the industry.

Moreover, the intricate knowledge of the group’s members will provide valuable support to regulators that may not be well versed in the space. One of the major challenges to crypto regulation by government bodies and formal institutions is the lack of understanding of the space, leading to stringent regulations that could stifle the growth of the industry.

The emergence of self-regulatory groups like the VCA can pre-empt the stiff and inflexible regulatory oversight that these government organizations could otherwise impose.

Subscribe to a Premium pass to Business Insider Intelligence and gain immediate access to:

Content like this delivered straight to your inbox daily
Access to 250+ expertly researched reports plus all future reports
Forecasts of new and emerging technologies in your industry
And more!
Learn More

 

Join the conversation about this story »

Major crypto exchanges will self-regulate

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.

Several cryptocurrency exchanges have joined forces to form a self-regulatory organization, dubbed the Virtual Commodity Association (VCA), for the nascent cryptocurrency industry.

The group, which was initially proposed in March of this year and founded by Cameron and Tyler Winklevoss, has announced Bittrex, bitFlyer, Bitstamp, and the Winklevoss’ own Gemini as its first members.

Consumer Reasons for Not Trading Cryptocurrencies

The VCA, which will convene an inaugural meeting in September to flesh out details, has been set up with the intention of establishing a wide-reaching standard for the US digital currency industry.

In addition to developing best practices and promoting transparency, the group will look to collaborate with regulatory bodies like the US Commodities Futures Trading Commission (CFTC) to further develop the regulatory landscape.

Despite its increasing mainstream presence, the crypto space is notoriously opaque.And the lack of transparency in the industry, which has evolved into a $200 billion market with over 1,800 digital currencies, per Coinmarketcap, continues to hamper its development.

  • While exchanges and traders have to comply with jurisdictional demands from their domestic authorities, there's no coherent and robust regulatory structure. In the US, for example, regulations relating to cryptos are more like a patchwork of state laws that act as the legal framework for the nascent industry. This absence has, in turn, invited a steady stream of abuse, cons, and market manipulations in the space.
  • The fact that a number of exchanges in the space operate without any meaningful regulatory oversight has acted as a stumbling block for organizations working in the sector. The Securities and Exchange Commission has often pointed to this lack of transparency in justifying its decisions to reject applications for a Bitcoin-based exchange-traded fund (ETF).

The development of a self-regulatory organization bodes well for the nascent industry, providing much-needed legitimacy as it moves toward maturation. As a result, the industry is likely to become more attractive to institutional investors, which could also have a significant ripple effect on secondary markets related to cryptos, including the possibility of an EFT, further reinforcing the industry.

Moreover, the intricate knowledge of the group’s members will provide valuable support to regulators that may not be well versed in the space. One of the major challenges to crypto regulation by government bodies and formal institutions is the lack of understanding of the space, leading to stringent regulations that could stifle the growth of the industry.

The emergence of self-regulatory groups like the VCA can pre-empt the stiff and inflexible regulatory oversight that these government organizations could otherwise impose.

Subscribe to a Premium pass to Business Insider Intelligence and gain immediate access to:

Content like this delivered straight to your inbox daily
Access to 250+ expertly researched reports plus all future reports
Forecasts of new and emerging technologies in your industry
And more!
Learn More

 

Join the conversation about this story »

Lolli launches to give you free Bitcoin while you shop

TechCrunch, 1/1/0001 12:00 AM PST

Bitcoin has had tremendous success as a cryptocurrency, with millions of people around the world having traded the currency through command lines and wallets like Coinbase. Yet, for all of the excitement in the space, BTC remains largely the province of technically-sophisticated finance and software junkies and their Uber drivers. How can everyone in the […]

Crypto Exchange BitMEX Rents World’s Most Expensive Offices in Hong Kong

CryptoCoins News, 1/1/0001 12:00 AM PST

Bitcoin may not be reaching for the ‘moon’ [yet] but BitMEX is reportedly going after something else whose price has been skyrocketing – offices in Hong Kong. According to the Hong Kong Economic Times, leveraged bitcoin trading firm BitMEX has just taken occupancy of the most expensive offices in the world. Per the business publication,

The post Crypto Exchange BitMEX Rents World’s Most Expensive Offices in Hong Kong appeared first on CCN

After Bitcoin Price Breakout, Pending ETF Decision May Cap Gains

CoinDesk, 1/1/0001 12:00 AM PST

The uncertainty surrounding the US SEC's decision on bitcoin ETF could limit the upside in bitcoin despite the bullish technical breakout

10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, TSLA, AAPL)

Business Insider, 1/1/0001 12:00 AM PST

Trump

Here is what you need to know.

Trump had the 'worst day' of his presidency. President Donald Trump suffered through the "worst day" of his presidency on Tuesday as his former longtime personal lawyer Michael Cohen pleaded guilty to eight counts related to tax evasion, bank fraud, and campaign finance violations and said he made illegal campaign and corporate contributions "at the direction of" a 2016 presidential candidate with the "purpose of influencing the election." Also on Tuesday, Trump's former campaign chairman Paul Manafort was convicted on eight counts related to tax fraud, bank fraud, and failure to report foreign bank accounts.

We are about to be in the longest bull market in history. The S&P 500 touched a record high of 2,873.23 on Tuesday, and the US stock market will be in its longest bull market in history, as measured by its rise from the trough hit in March 2009, at the end of the day Wednesday as long as there isn't a 20% crash.

Russia is stockpiling gold as fresh US sanctions loom. Russia added about 26 tonnes of gold, worth about $1 billion, as it sold Treasurys, in response to the first new US sanctions since 2014.

Bitcoin spiked after a major trading platform went down, and it created a golden opportunity for traders. The cryptocurrency spiked more than $300, or 7%, in a matter of minutes Tuesday evening after a scheduled maintenance shutdown of the trading platform BitMEX created an arbitrage opportunity for traders.

A cryptocurrency is making huge inroads in Venezuela. Two hundred Venezuelan merchants a month are signing up to accept the cryptocurrency known as dash as hyperinflation runs wild in the country, Dash Core Group CEO Ryan Taylor told Business Insider.

Another Wall Street bank has dropped coverage of Tesla — and it could be a sign Elon Musk is making progress in taking the company private. It could also mean the Morgan Stanley analyst Adam Jonas is leaving the firm. Morgan Stanley declined to comment, and Tesla did not immediately respond to a request for comment.

Xiaomi releases its first results as a publicly traded company. The Chinese smartphone maker said revenue soared 68% in the second quarter amid strong sales of smartphones and connected devices, Reuters reports.

Tim Cook donates Apple stock to charity. Apple's CEO donated 23,215 shares, worth about $5 million, to an unspecified charity, according to a US Securities and Exchange Commission filing out Tuesday.

Earnings reports keep coming. Lowe's and Target report ahead of the opening bell, while L Brands releases its quarterly results after markets close.

US economic data trickles out. Existing-home sales are scheduled for release at 10 a.m. ET, and the minutes from the Fed's August meeting are set to cross the wires at 2 p.m. ET. The US 10-year yield is down 1 basis point at 2.82%.

Join the conversation about this story »

NOW WATCH: What's going on with Elon Musk

10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, TSLA, AAPL)

Business Insider, 1/1/0001 12:00 AM PST

Trump

Here is what you need to know. 

Trump had the "worst day" of his presidencyPresident Donald Trump suffered through the "worst day" of his presidency on Tuesday as his former longtime personal lawyer, Michael Cohen, pleaded guilty to eight counts related to tax evasion, bank fraud, and campaign finance violations and said he made illegal campaign and corporate contributions "at the direction of" a 2016 presidential candidate and with the "purpose of influencing the election." Also on Tuesday, Trump's former campaign manager, Paul Manafort, was convicted on eight counts related to tax fraud, bank fraud, and failure to report foreign bank accounts.

We are about to be in the longest bull market in historyThe S&P 500 touched a record high of 2873.23 on Tuesday, and the US stock market will be in its longest bull market in history, as measured by its rise from the trough hit in March 2009, at the end of the day Wednesday as long as there isn't a 20% crash. 

Russia is stockpiling gold as fresh US sanctions loomRussia added about 26 tonnes of gold, worth about $1 billion, as it sold Treasurys, in response to the first new US sanctions since 2011.

Bitcoin spiked after a major trading platform went down, and it created a golden opportunity for tradersThe cryptocurrency spiked more than $300, or 7%, in a matter of minutes Tuesday evening after a scheduled maintenance shutdown of trading platform BitMEX created an arbitrage opportunity for traders. 

A cryptocurrency is making huge inroads in VenezuelaTwo hundred Venezuelan merchants per month are signing up to accept Dash as hyperinflation runs wild in the country, Dash Core Group CEO Ryan Taylor told Business Insider. 

Another Wall Street bank has dropped coverage of Tesla — and it could be a sign Elon Musk is making progress in taking the company privateIt could also mean that Morgan Stanley analyst Adam Jonas is leaving the firm. Morgan Stanley declined to comment and Tesla did not immediately respond to a request for comment.  

Xiaomi releases its first results as a publicly traded companyThe Chinese smartphone maker said revenue soared 68% in the second quarter amid strong sales of smartphones and connected devices, Reuters reports.  

Tim Cook donates Apple stock to charityApple's CEO donated 23,215 shares, worth about $5 million, to an unspecified charity, according to a US Securities and Exchange Commission filing out Tuesday. 

Earnings reports keep comingLowe's and Target report ahead of the opening bell while L Brands releases its quarterly results after markets close. 

US economic trickles outExisting home sales will be released at 10 a.m. ET and the minutes from the Fed's August meeting will cross the wires at 2 p.m. ET. The US 10-year yield is down 1 basis point at 2.82%. 

Join the conversation about this story »

NOW WATCH: I woke up at 4:30 a.m. for a week like a Navy SEAL

Russia is stockpiling gold as fresh US sanctions loom

Business Insider, 1/1/0001 12:00 AM PST

putin gold

  • Russia has ramped up its gold buying, adding 26 tonnes to its reserves in July, according to International Monetary Fund data.
  • That's equivalent to roughly $1 billion of additional gold purchases.
  • As Russia buys gold, it continues to sell US Treasuries, in response to sanctions first placed against the state in 2011 for its actions in Crimea.


Russia is accelerating the rate at which it buys gold as the world's largest country continues to move away from traditional asset holdings in response to renewed US sanctions.

According to International Monetary Fund data analysed by Bloomberg, Moscow bought 26.1 tonnes of gold in July. That is the largest single monthly purchase since late 2017 and gives Russia a total of 2,170 tonnes of gold in reserve.

At current prices, those reserves are worth around $83.6 billion. A Russian government website lists the value of the holdings at around $77 billion at the end of July.

As Russia buys gold, it continues to sell US Treasuries. The shift in strategy is believed to be in response to sanctions placed against the state in 2011 for its actions in Crimea. According to reports in July, Russia has lowered its holdings of US debt from $96.1 billion in March to $48.7 billion in April and then to just $14.9 billion in May.

Moscow sees gold as a "100% guarantee from legal and political risks," Dmitry Tulin, first deputy governor of the Russian central bank, said when it was first revealed that Russia was selling off US debt.

News of Russia's increase gold reserves comes less than a day after senior US officials made clear that the Trump administration is ready to impose even harsher sanctions on Moscow if it does not change its behaviour.

Christopher Ford, assistant secretary at the State Department’s Bureau Of International Security And Nonproliferation, and Sigal Mandelker, Acting Under Secretary of Terrorism and Financial Crimes at the Treasury Department, told a Senate banking hearing that the US is preparing plans to impose more economic pain on Russia.

SEE ALSO: Turkey is dumping US debt

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

'Europe should not allow the US to act over our heads': Germany is challenging the US's financial monopoly as the Iran row deepens

Business Insider, 1/1/0001 12:00 AM PST

FILE PHOTO: Justice Minister Heiko Maas before cabinet meeting at the chancellery in Berlin, Germany, March 15, 2017.      REUTERS/Fabrizio Bensch

  • Germany's foreign minister has challenged the US monopoly on global payment infrastructure.
  • Writing in German daily Handelsblatt on Tuesday, Mass said: "It is indispensable that we strengthen European autonomy by creating payment channels that are independent of the United States."
  • "It is high time to re-evaluate our partnership," he said.
  • European businesses have been caught between the EU and the United States over trade with Iran amid US sanctions.
  • French energy giant Total officially pulled out of the country on Monday under US pressure.


The US monopoly over global payments infrastructure has been challenged by Germany's foreign minister, Heiko Maas, who suggested that the EU should set its own payment system that would give Brussels independence from Washington.

Maas wrote in the German daily Handelsblatt on Tuesday that the EU should "strengthen European autonomy by creating payment channels that are independent of the United States — a European Monetary Fund and an independent SWIFT system."

SWIFT is a global payment management system based in Belgium that allows financial institutions to send and receive information about transactions. SWIFT claims political neutrality, but it has reportedly bowed to US influence in the past blocking transactions to Cuba and Iran.

Maas' comments come in the midst of a stand-off between the US and Europe over US sanctions against Iran. The US has vowed not to do business with any companies that operate in the Islamic Republic but Brussels has tried to exempt European firms by using a "blocking statute" under EU law.

So far, the efforts do not appear to be working. On Monday, French energy giant Total officially announced it was pulling out of Iran. Other European companies including Maersk and Peugeot have also withdrawn in recent weeks.

"Europe should not allow the US to act over our heads and at our expense," Maas wrote.

The foreign minister added it was vital that Europe stick to the Iran deal, an agreement that asks Iran to give up its nuclear enrichment programme in exchange for freedom from crippling sanctions that have restricted trade.

"Every day the deal is alive is better than the highly explosive crisis that would otherwise threaten the Middle East," he wrote.

Mass called for a "balanced partnership" with the US, where Europe would fill gaps in the world left by the American withdrawal. He said Europe must "form a counterweight when the US crosses red lines."

The statement by Mass was the "strongest call yet for EU financial and monetary autonomy vis-à-vis US," Thorsten Benner, director of the Berlin-based think tank, the Global Public Policy Institute told the Financial Times.

"It is high time to re-evaluate our partnership… The European must become a mainstay of the international order, a partner for all who are committed to this order," Mass wrote.

SEE ALSO: French oil giant Total pulls out of $4.8 billion Iran deal under US pressure

DON'T MISS: Trump drops the sanctions hammer on Iran — but Putin could come to Tehran's rescue

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

The EU is planning strict supervision of the City of London after Brexit

Business Insider, 1/1/0001 12:00 AM PST

canary wharf 1145616_1920

  • The EU will take a strict approach to supervision of the City of London after Brexit.
  • The European Commission's financial services head said any future relationship between the City and the EU will have to include high levels of monitoring.
  • Britain and the EU are currently discussing a new post-Brexit relationship for financial services, most likely based around the principle of equivalence.
  • Equivalence is a framework whereby the EU acknowledges that the legal, regulatory, and supervisory regime of a non-EU country is as good as its own.


LONDON — The European Union wants to adopt a strict approach to supervision of the City of London post-Brexit, a senior Brussels official has said.

Valdis Dombrovskis, the European Commission's most senior official for financial services, said that any future relationship between the City and the EU's financial sector will have to include high levels of monitoring to ensure that the UK is complying with new rules.

"We see that there is a need to strengthen systemic monitoring of continued compliance," Dombrovskis said, according to a story from the Financial Times. "So this is one area where we will come with a more systematic approach."

The UK and EU are holding talks to agree on a future relationship when it comes to financial services. Brexit will effectively nullify the current system of passporting.

Passporting rules allow EU finance companies to sell their services across the 28-member bloc with a local license, rather than getting a license to operate in each member country where it does business. Its use is tied to membership of the European Single Market. Britain is leaving the Single Market as part of Brexit and will no longer be able to do business using these rules once it has left the EU.

A new relationship must, therefore, be forged. Britain is currently proposing a system of so-called "advanced equivalence."

Under the equivalence framework, the EU acknowledges that the legal, regulatory, and supervisory regime of a non-EU country is as good as its own and allows that state access to the financial services sector within the bloc. Countries like Singapore and the USA use a similar system to trade financial services with the EU.

The UK government has consistently maintained that it will seek to improve on existing requirements for equivalence of rules between the EU and outside countries.

The EU was initially sceptical of these plans — claiming it did not allow the bloc complete autonomy — but has softened in recent weeks. However, Dombrovskis' comments suggest there is still a long way to go.

He said that the EU will not allow the UK to enter into a system of "super equivalence", whereby all areas of financial services are immediately covered. The new relationship between the City and the rest of the EU will be analysed "sector by sector and legislation by legislation," Dombrovskis said.

He made clear that discussions on implementing equivalence are at an "early stage."

"We are, if you want, at a relatively early stage, because the UK white paper is actually the first time the UK clearly acknowledges that it is willing to build on this system of enhanced equivalence," he said.

"We can now get into more detail and discuss what exactly that means, what areas are covered, are there some important areas missing and so on."

SEE ALSO: There's a counterintuitive argument that preparations for a nightmare Brexit will actually be good for the UK economy

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

A cryptocurrency is making huge inroads in Venezuela as inflation runs wild — and it's not bitcoin or the Petro

Business Insider, 1/1/0001 12:00 AM PST

Dash Billboard Venezuela

  • Venezuela is currently suffering from hyperinflation and the president recently devalued the currency by 95%.
  • Locals are turning to cryptocurrencies as a more stable store of value and means to transact.
  • 200 merchants per month are signing up to accept Dash in Venezuela, according to the Dash Core Group, and the rate of adoption is accelerating.


LONDON — Cryptocurrency Dash is seeing a surge in new merchant sign-ups and wallet downloads in Venezuela as hyperinflation in the country runs wild.

Venezuela is forecast to see inflation of as much as 1,000,000% this year, with locals needing stacks and stacks of cash just to buy food. Socialist President Nicolas Maduro last weekend announced a series of measures aimed at stabilizing the economy, including devaluing the bolivar by 95% and pegging it to the state-backed cryptocurrency, the Petro.

However, another, non-state backed cryptocurrency is apparently catching on: Dash.

"We are seeing tens of thousands of wallet downloads from the country each month," Ryan Taylor, the CEO of the Dash Core Group, told Business Insider. "Earlier this year, Venezuela became our number two market even ahead of China and Russia, which are of course huge into cryptocurrency right now."

The BBC reported on Wednesday that Venezuela is "a paralyzed country" after the economic changes over the weekend. Cash withdrawals are being restricted and there is confusion over how exactly the new system works.

Venezuelans are turning to cryptocurrencies as a way to store value as the Venezuelan bolivar's exchange rate spirals out of control.

Dash Billboard Venezuela 2

Dash is an open source cryptocurrency created in 2014. It has low fees and near-instant transactions. Dash is currently the 14th largest cryptocurrency in the world, according to CoinMarketCap.com, with just over $1 billion-worth in circulation.

The Dash Core Group, which Taylor heads, is owned by the payment network that Dash runs on. The Core Group services the network and its funding comes from mining fees that are generated by the network.

As well as wallet downloads, which consumers need to hold and spend Dash, Taylor said the cryptocurrency is seeing strong adoption with merchants too.

"It took them a long time to get the first 50, first 100 [retailers]," Taylor, who is based in Arizona, told Business Insider on a call last week. "But at the beginning of July the number was around 400, and we’re already at 800. We’re at this point signing up more than 200 a month."

Brand names including Subway and Calvin Klein have signed up to accept Dash in Venezuela, Taylor said.

"Effectively, even if I accept a credit card, three days later when the funds hit my account, it’s worth significantly less in Venezuela than when the authorization went through," he told BI. "This is a problem that cryptocurrency can solve. Our instant transactions can solve it and the relative stability of our cryptocurrency is better than their fiat currency."

Responding to questions over email this week, Taylor said adoption in Venezuela has accelerated even faster after Maduro's latest economic plans were announced.

He said: "We’ve seen 94 new Venezuelan merchants added to DiscoverDash.com since last week, which is about double the normal rate of about 50 merchants per week [over] the last couple of months.

"We have seen the number of Dash-accepting merchant sign-ups accelerate throughout the crisis. I believe that trend will continue."

DiscoverDash.com lists local businesses worldwide that accept Dash. 5 of the 6 newest merchant signups on the website were located in Venezuela when BI checked on Tuesday afternoon.

Why Dash?

The characteristics of Dash make it suited to act as a cash or debit card replacement. Dash's transaction fees are in pennies, rather than running into dollars as bitcoin's fees have been known to do. Confirmation times are also in the seconds, versus slower payment processing times for other cryptocurrencies.

However, perhaps the most crucial reason why Dash has caught on in Venezuela is that the Core Group can finance projects on the ground.

Most cryptocurrencies are completely open source, with no central funding or body backing the network or the currency. Dash, on the other hand, has the Core Group which helps to run the network and looks after some new funds generated by the currency's underlying code.

Dash generates new cryptocurrency when transactions are confirmed on the network. Most of the new cryptocurrency is paid to the people who confirm transactions, incentivizing them to do this job of confirming them. But around 10% of this newly generated cryptocurrency goes into "treasury" — a pot of money that the Core Group gives to projects and ideas looking to support and encourage Dash adoption.

"A lot of community members came forward with proposals to do education, hold workshops, open an office where users can come in and sit in a small group setting and get help setting up a wallet," Taylor said.

The Dash Core Group has so far invested around $1 million in Venezuela, funding everything from billboards to sales reps.

Taylor added that Dash is also seeing strong adoption in other countries with similar dynamics to Venezuela.

"Venezuela is unique, it’s the only country in the world with what can be called hyperinflation," he said. "But there are other high inflation countries. We’re seeing this with Turkey right now. Ukraine, Argentina, these are countries with very high inflation rates with of 20-30% or something. 20-30% we think is enough to get people to try something new.

"We’re going to try and be successful first in Venezuela before branching out to try this in other countries," he concluded.

SEE ALSO: Venezuela just devalued the bolívar by 95% and pegged it to a cryptocurrency

DON'T MISS: 10 pictures reveal the huge amounts of cash Venezuelans need to buy everyday things

Join the conversation about this story »

NOW WATCH: Why the Chase Cards CEO is not worried about the hundreds of millions lost last quarter due to credit card rewards

Bitcoin Price Surges 4% as Crypto Exchange BitMEX Initiates Maintenance

CryptoCoins News, 1/1/0001 12:00 AM PST

Over the past 12 hours, the Bitcoin price has increased by more than 4 percent, rising from $6,400 to $6,700 within a short period of time. Analysts have attributed the abrupt increase in the price of Bitcoin to the temporary downtime of BitMEX, a crypto exchange widely recognized for its margin trading system that enables

The post Bitcoin Price Surges 4% as Crypto Exchange BitMEX Initiates Maintenance appeared first on CCN

There's a counterintuitive argument that preparations for a nightmare Brexit will actually be good for the UK economy

Business Insider, 1/1/0001 12:00 AM PST

Britain Union Jack flag

  • Companies have started stockpiling goods to safeguard against the possibility a disruptive no deal Brexit.
  • Samuel Tombs, the chief UK economist at Pantheon Macroeconomics, says clients have asked him if the stockpiling of goods could actually give a short-term boost to the economy.
  • Tombs is unconvinced and outlines four reasons why company stockpiles are unlikely to help UK growth.


LONDON — With the odd exception, the vast majority of economists covering Britain are agreed on one thing — that a disorderly, "no deal" Brexit will be bad news for the British economy.

However, one of the UK's top economic research houses said clients are asking about a counterintuitive argument that a no deal outcome could actually be good for the economy.

"We have been asked several times in recent days whether a pick-up in stockbuilding, as part of businesses' contingency planning for a no-deal Brexit, could cause the economy to gather some pace in the run-up to Britain's scheduled departure from the EU in March 2019," Samuel Tombs, the chief UK economist at Pantheon Macroeconomics wrote to clients on Tuesday, without specifying who the clients were.

The argument, at its most basic level, businesses will start stockpiling goods in preparation for the possibility that trade will be disrupted by a "no deal" Brexit. This, in turn, could give the British economy a short-lived boost as companies invest heavily in stock over a short period of time.

Tombs noted that some firms already announced plans to increase stock levels.

"AstraZeneca, for instance, plans to increase its stocks of medicine in the UK by 20%, while competitor Sanofi expects to increase its inventory so that it could meet demand for 14 weeks, up from 10 weeks at present," Tombs wrote.

"The NHS also has decided to build-up its reserves of medicines. Meanwhile, Airbus warned earlier this year that it would need to accumulate more inventory soon if a no-deal Brexit remained a risk."

Over the course of history, incidents of stockpiling have ended up boosting economies. As Tombs notes, it "often makes large contributions to quarter-on-quarter GDP."

Screen Shot 2018 08 21 at 14.46.12

But Tombs is unconvinced by this argument. Imports, by their very nature, see money leave the economy, as goods are being brought from overseas. Therefore, increasing stockpiles of foreign-produced goods will not help GDP at all.

In the past, stockpiling GDP boosts have largely come from the hoarding of British-made goods but Tombes pointed out: "In most cases, domestically-produced alternatives are not available for the goods that British firms already import." If they were, there would be no need for firms to stockpile to guard against "no deal."

Tombs' also believes that any instances of stockpiling will be relatively limited due to cost and capacity issues.

Most British firms rely on so-called just-in-time (JIT) arrangements, whereby goods are delivered just as they are to be stocked in shops, rather than being held in warehouses beforehand. A highly efficient system has developed around this and, as a result, surplus warehouse capacity is limited.

"The vacancy rate in the warehousing sector has continued to fall over the last year and is at record lows," Tombs noted.

Cost is also a major issue. Tombs argued that companies are unlikely to want to engage in high levels of spending just before the likely economic shock of a no deal outcome.

"Increasing stock levels to cover three weeks of demand instead of three days [would] lead to a seven-fold increase in the required amount of working capital," he wrote.

Finally, Tombs added that: "The boost to inventory levels from expectations that supply chains will break down will be offset, at least partly, by expectations that customer demand will be weaker after a no-deal Brexit."

In short, even if stockpiling does lead to higher growth in the very short term, any boost will likely be offset by a slow down in consumer spending in the event of "no deal."

SEE ALSO: The 'conundrum' at the heart of the British economy is getting worse — and economists are baffled

DON'T MISS: Here's what a no deal Brexit would mean for the British economy

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

When Capitulation? 3 Ways Bitcoin's Bear Market Might End

CoinDesk, 1/1/0001 12:00 AM PST

The price of bitcoin is down over 60 percent from its all-time-high so we've taken a look into how and when this bear market could end.

Bitcoin Price Climbs $400 In 20 Minutes to Reach 2-Week High

CoinDesk, 1/1/0001 12:00 AM PST

Bitcoin, the world's largest cryptocurrency by market capitalization has jumped 6.6 percent in quick succession pushing prices well above $6,600.

Newsflash: Bitcoin Price Spikes Near $6,900 as BitMEX Goes Offline

CryptoCoins News, 1/1/0001 12:00 AM PST

The bitcoin price took a major leap on Wednesday morning, spiking nearly $300 in less than a minute to break out of what had been two days of mostly sideways trading for the flagship cryptocurrency. The incident in question occurred at exactly 1:00 UTC, when BTC leaped from $6,466 to $6,745 during a single one-minute

The post Newsflash: Bitcoin Price Spikes Near $6,900 as BitMEX Goes Offline appeared first on CCN

FTC Warns of Rise in Bitcoin Blackmail Scams Targeting Cheating Husbands

CryptoCoins News, 1/1/0001 12:00 AM PST

The Federal Trade Commission (FTC) is attempting to combat bitcoin blackmail scams by offering consumers advice through its website. In a bulletin published on Aug. 21, the FTC Division of Consumer and Business Education posted a sample quote from a typical BTC blackmail scam: “I know about the secret you are keeping from your wife

The post FTC Warns of Rise in Bitcoin Blackmail Scams Targeting Cheating Husbands appeared first on CCN

Bitcoin Mining Giant Bitmain Invests in Blockchain Data Storage Startup

CryptoCoins News, 1/1/0001 12:00 AM PST

Chinese bitcoin mining equipment manufacturer Bitmain has invested an undisclosed amount in blockchain data storage startup Lambda, the latter announced last Friday. Bitmain Expands its List of Portfolio Companies The new investment will see to Lambda further developits “secure” blockchain-based infrastructure and decentralized applications, commonly known as dApps. The Singaporean startup has already conducted a tokenized

The post Bitcoin Mining Giant Bitmain Invests in Blockchain Data Storage Startup appeared first on CCN

09/19/2018 09/18/2018 09/17/2018 09/16/2018 09/15/2018 09/14/2018 09/13/2018 09/12/2018 09/11/2018 09/10/2018 09/09/2018 09/08/2018 09/07/2018 09/06/2018 09/05/2018 09/04/2018 09/03/2018 09/02/2018 09/01/2018 08/31/2018 08/30/2018 08/29/2018 08/28/2018 08/27/2018 08/26/2018 08/25/2018 08/24/2018 08/23/2018 08/22/2018 08/21/2018 08/20/2018 08/19/2018 08/18/2018 08/17/2018 08/16/2018 08/15/2018 08/14/2018 08/13/2018 08/12/2018 08/11/2018 08/10/2018 08/09/2018 08/08/2018 08/07/2018 08/06/2018 08/05/2018 08/04/2018 08/03/2018 08/02/2018 08/01/2018 07/31/2018 07/30/2018 07/29/2018 07/28/2018 07/27/2018 07/26/2018 07/25/2018 07/24/2018 07/23/2018 07/22/2018 07/21/2018 07/20/2018 07/19/2018 07/18/2018 07/17/2018 07/16/2018 07/15/2018 07/14/2018 07/13/2018 07/12/2018 07/11/2018 07/10/2018 07/09/2018 07/08/2018 07/07/2018 07/06/2018 07/05/2018 07/04/2018 07/03/2018 07/02/2018 07/01/2018 06/30/2018 06/29/2018 06/28/2018 06/27/2018 06/26/2018 06/25/2018 06/24/2018 06/23/2018 06/22/2018 06/21/2018 06/20/2018 06/19/2018 06/18/2018 06/17/2018 06/16/2018 06/15/2018 06/14/2018 06/13/2018 06/12/2018 06/11/2018 06/10/2018 06/09/2018 06/08/2018 06/07/2018 06/06/2018 06/05/2018 06/04/2018 06/03/2018 06/02/2018 06/01/2018 05/31/2018 05/30/2018 05/29/2018 05/28/2018 05/27/2018 05/26/2018 05/25/2018 05/24/2018 05/23/2018 05/22/2018 05/21/2018 05/20/2018 05/19/2018 05/18/2018 05/17/2018 05/16/2018 05/15/2018 05/14/2018 05/13/2018 05/12/2018 05/11/2018 05/10/2018 05/09/2018 05/08/2018 05/07/2018 05/06/2018 05/05/2018 05/04/2018 05/03/2018 05/02/2018 05/01/2018 04/30/2018 04/29/2018 04/28/2018 04/27/2018 04/26/2018 04/25/2018 04/24/2018 04/23/2018 04/22/2018 04/21/2018 04/20/2018 04/19/2018 04/18/2018 04/17/2018 04/16/2018 04/15/2018 04/14/2018 04/13/2018 04/12/2018 04/11/2018 04/10/2018 04/09/2018 04/08/2018 04/07/2018 04/06/2018 04/05/2018 04/04/2018 04/03/2018 04/02/2018 04/01/2018 03/31/2018 03/30/2018 03/29/2018 03/28/2018 03/27/2018 03/26/2018 03/25/2018 03/24/2018 03/23/2018 03/22/2018 03/21/2018 03/20/2018 03/19/2018 03/18/2018 03/17/2018 03/16/2018 03/15/2018 03/14/2018 03/13/2018 03/12/2018 03/11/2018 03/10/2018 03/09/2018 03/08/2018 03/07/2018 03/06/2018 03/05/2018 03/04/2018 03/03/2018 03/02/2018 03/01/2018 02/28/2018 02/27/2018 02/26/2018 02/25/2018 02/24/2018 02/23/2018 02/22/2018 02/21/2018 02/20/2018 02/19/2018 02/18/2018 02/17/2018 02/16/2018 02/15/2018 02/14/2018 02/13/2018 02/12/2018 02/11/2018 02/10/2018 02/09/2018 02/08/2018 02/07/2018 02/06/2018 02/05/2018 02/04/2018 02/03/2018 02/02/2018 02/01/2018 01/31/2018 01/30/2018 01/29/2018 01/28/2018 01/27/2018 01/26/2018 01/25/2018 01/24/2018 01/23/2018 01/22/2018 01/21/2018 01/20/2018 01/19/2018 01/18/2018 01/17/2018 01/16/2018 01/15/2018 01/14/2018 01/13/2018 01/12/2018 01/11/2018 01/10/2018 01/09/2018 01/08/2018 01/07/2018 01/06/2018 01/05/2018 01/04/2018 01/03/2018 01/02/2018 01/01/2018 12/31/2017 12/30/2017 12/29/2017 12/28/2017 12/27/2017 12/26/2017 12/25/2017 12/24/2017 12/23/2017 12/22/2017 12/21/2017 12/20/2017 12/19/2017 12/18/2017 12/17/2017 12/16/2017 12/15/2017 12/14/2017 12/13/2017 12/12/2017 12/11/2017 12/10/2017 12/09/2017 12/08/2017 12/07/2017 12/06/2017 12/05/2017 12/04/2017 12/03/2017 12/02/2017 12/01/2017 11/30/2017 11/29/2017 11/28/2017 11/27/2017 11/26/2017 11/25/2017 11/24/2017 11/23/2017 11/22/2017 11/21/2017 11/20/2017 11/19/2017 11/18/2017 11/17/2017 11/16/2017 11/15/2017 11/14/2017 11/13/2017 11/12/2017 11/11/2017 11/10/2017 11/09/2017 11/08/2017 11/07/2017 11/06/2017 11/05/2017 11/04/2017 11/03/2017 11/02/2017 11/01/2017 10/31/2017 10/30/2017 10/29/2017 10/28/2017 10/27/2017 10/26/2017 10/25/2017 10/24/2017 10/23/2017 10/22/2017 10/21/2017 10/20/2017 10/19/2017 10/18/2017 10/17/2017 10/16/2017 10/15/2017 10/14/2017 10/13/2017 10/12/2017 10/11/2017 10/10/2017 10/09/2017 10/08/2017 10/07/2017 10/06/2017 10/05/2017 10/04/2017 10/03/2017 10/02/2017 10/01/2017 09/30/2017 09/29/2017 09/28/2017 09/27/2017 09/26/2017 09/25/2017 09/24/2017 09/23/2017 09/22/2017 09/21/2017 09/20/2017 09/19/2017 09/18/2017 09/17/2017 09/16/2017 09/15/2017 09/14/2017 09/13/2017 09/12/2017 09/11/2017 09/10/2017 09/09/2017 09/08/2017 09/07/2017 09/06/2017 09/05/2017 09/04/2017 09/01/2017 08/02/2017 07/27/2017 07/26/2017 07/25/2017 07/24/2017 07/23/2017 07/22/2017 07/21/2017 07/20/2017 07/19/2017 07/18/2017 07/17/2017 07/16/2017 07/15/2017 07/14/2017 07/13/2017 07/12/2017 07/11/2017 07/10/2017 07/09/2017 07/08/2017 07/07/2017 07/06/2017 07/05/2017 07/04/2017 07/03/2017 07/02/2017 07/01/2017 06/30/2017 06/29/2017 06/28/2017 06/27/2017 06/26/2017 06/25/2017 06/24/2017 06/23/2017 06/22/2017 06/21/2017 06/20/2017 06/19/2017 06/17/2017 06/16/2017 06/15/2017 06/14/2017 06/13/2017 06/12/2017 06/11/2017 06/10/2017 06/09/2017 06/08/2017 06/07/2017 06/06/2017 06/05/2017 06/04/2017 06/03/2017 06/02/2017 06/01/2017 05/31/2017 05/30/2017 05/29/2017 05/28/2017 05/27/2017 05/26/2017 05/25/2017 05/24/2017 05/23/2017 05/22/2017 05/21/2017 05/20/2017 05/19/2017 05/18/2017 05/17/2017 05/16/2017 05/15/2017 05/14/2017 05/13/2017 05/12/2017 05/11/2017 05/10/2017 05/09/2017 05/08/2017 05/07/2017 05/06/2017 05/05/2017 05/04/2017 05/03/2017 05/02/2017 05/01/2017 04/30/2017 04/29/2017 04/28/2017 04/27/2017 04/26/2017 04/25/2017 04/24/2017 04/23/2017 04/22/2017 04/21/2017 04/20/2017 04/19/2017 04/18/2017 04/17/2017 04/16/2017 04/15/2017 04/14/2017 04/13/2017 04/12/2017 04/11/2017 04/10/2017 04/09/2017 04/08/2017 04/07/2017 04/06/2017 04/05/2017 04/04/2017 04/03/2017 04/02/2017 04/01/2017 03/31/2017 03/30/2017 03/29/2017 03/28/2017 03/27/2017 03/26/2017 03/25/2017 03/24/2017 03/23/2017 03/22/2017 03/21/2017 03/20/2017 03/19/2017 03/18/2017 03/17/2017 03/16/2017 03/15/2017 03/14/2017 03/13/2017 03/12/2017 03/11/2017 03/10/2017 03/09/2017 03/08/2017 03/07/2017 03/06/2017 03/05/2017 03/04/2017 03/03/2017 03/02/2017 03/01/2017 02/28/2017 02/27/2017 02/26/2017 02/25/2017 02/24/2017 02/23/2017 02/22/2017 02/21/2017 02/20/2017 02/19/2017 02/18/2017 02/17/2017 02/16/2017 02/15/2017 02/14/2017 02/13/2017 02/12/2017 02/11/2017 02/10/2017 02/09/2017 02/08/2017 02/07/2017 02/06/2017 02/05/2017 02/04/2017 02/03/2017 02/02/2017 02/01/2017 01/31/2017 01/30/2017 01/29/2017 01/28/2017 01/27/2017 01/26/2017 01/25/2017 01/24/2017 01/23/2017 01/22/2017 01/21/2017 01/20/2017 01/19/2017 01/18/2017 01/17/2017 01/16/2017 01/15/2017 01/14/2017 01/13/2017 01/12/2017 01/11/2017 01/10/2017 01/09/2017 01/08/2017 01/07/2017 01/06/2017 01/05/2017 01/04/2017 01/03/2017 01/02/2017 01/01/2017 12/31/2016 12/30/2016 12/29/2016 12/28/2016 12/27/2016 12/26/2016 12/25/2016 12/24/2016 12/23/2016 12/22/2016 12/21/2016 12/20/2016 12/19/2016 12/18/2016 12/17/2016 12/16/2016 12/15/2016 12/14/2016 12/13/2016 12/12/2016 12/11/2016 12/10/2016 12/09/2016 12/08/2016 12/07/2016 12/06/2016 12/05/2016 12/04/2016 12/03/2016 12/02/2016 12/01/2016 11/30/2016 11/29/2016 11/28/2016 11/27/2016 11/26/2016 11/25/2016 11/24/2016 11/23/2016 11/22/2016 11/21/2016 11/20/2016 11/19/2016 11/18/2016 11/17/2016 11/16/2016 11/15/2016 11/14/2016 11/13/2016 11/12/2016 11/11/2016 11/10/2016 11/09/2016 11/08/2016 11/07/2016 11/06/2016 11/05/2016 11/04/2016 11/03/2016 11/02/2016 11/01/2016 10/31/2016 10/30/2016 10/29/2016 10/28/2016 10/27/2016 10/26/2016 10/25/2016 10/24/2016 10/23/2016 10/22/2016 10/21/2016 10/20/2016 10/19/2016 10/18/2016 10/17/2016 10/16/2016 10/15/2016 10/14/2016 10/13/2016 10/12/2016 10/11/2016 10/10/2016 10/09/2016 10/08/2016 10/07/2016 10/06/2016 10/05/2016 10/04/2016 10/03/2016 10/02/2016 10/01/2016 09/30/2016 09/29/2016 09/28/2016 09/27/2016 09/26/2016 09/25/2016 09/24/2016 09/23/2016 09/22/2016 09/21/2016 09/20/2016 09/19/2016 09/18/2016 09/17/2016 09/16/2016 09/15/2016 09/14/2016 09/13/2016 09/12/2016 09/11/2016 09/10/2016 09/09/2016 09/08/2016 09/07/2016 09/06/2016 09/05/2016 09/04/2016 09/03/2016 09/02/2016 09/01/2016 08/31/2016 08/30/2016 08/29/2016 08/28/2016 08/27/2016 08/26/2016 08/25/2016 08/24/2016 08/23/2016 08/22/2016 08/21/2016 08/20/2016 08/19/2016 08/18/2016 08/17/2016 08/16/2016 08/15/2016 08/14/2016 08/13/2016 08/12/2016 08/11/2016 08/10/2016 08/09/2016 08/08/2016 08/07/2016 08/06/2016 08/05/2016 08/04/2016 08/03/2016 08/02/2016 08/01/2016 07/31/2016 07/30/2016 07/29/2016 07/28/2016 07/27/2016 07/26/2016 07/25/2016 07/24/2016 07/23/2016 07/22/2016 07/21/2016 07/20/2016 07/19/2016 07/18/2016 07/17/2016 07/16/2016 07/15/2016 07/14/2016 07/13/2016 07/12/2016 07/11/2016 07/10/2016 07/09/2016 07/08/2016 07/07/2016 07/06/2016 07/05/2016 07/04/2016 07/03/2016 07/02/2016 07/01/2016 06/30/2016 06/29/2016 06/28/2016 06/27/2016 06/26/2016 06/25/2016 06/24/2016 06/23/2016 06/22/2016 06/21/2016 06/20/2016 06/19/2016 06/18/2016 06/17/2016 06/16/2016 06/15/2016 06/14/2016 06/13/2016 06/12/2016 06/11/2016 06/10/2016 06/09/2016 06/08/2016 06/07/2016 06/06/2016 06/05/2016 06/04/2016 06/03/2016 06/02/2016 06/01/2016 05/31/2016 05/30/2016 05/29/2016 05/28/2016 05/27/2016 05/26/2016 05/25/2016 05/24/2016 05/23/2016 05/22/2016 05/21/2016 05/20/2016 05/19/2016 05/18/2016 05/17/2016 05/16/2016 05/15/2016 05/14/2016 05/13/2016 05/12/2016 05/11/2016 05/10/2016 05/09/2016 05/08/2016 05/07/2016 05/06/2016 05/05/2016 05/04/2016 05/03/2016 05/02/2016 05/01/2016 04/30/2016 04/29/2016 04/28/2016 04/27/2016 04/26/2016 04/25/2016 04/24/2016 04/23/2016 04/22/2016 04/21/2016 04/20/2016 04/19/2016 04/18/2016 04/17/2016 04/16/2016 04/15/2016 04/14/2016 04/13/2016 04/12/2016 04/11/2016 04/10/2016 04/09/2016 04/08/2016 04/07/2016 04/06/2016 04/05/2016 04/04/2016 04/03/2016 04/02/2016 04/01/2016 03/31/2016 03/30/2016 03/29/2016 03/28/2016 03/27/2016 03/26/2016 03/25/2016 03/24/2016 03/23/2016 03/22/2016 03/21/2016 03/20/2016 03/19/2016 03/18/2016 03/17/2016 03/16/2016 03/15/2016 03/14/2016 03/13/2016 03/12/2016 03/11/2016 03/10/2016 03/09/2016 03/08/2016 03/07/2016 03/06/2016 03/05/2016 03/04/2016 03/03/2016 03/02/2016 03/01/2016 02/29/2016 02/28/2016 02/27/2016 02/26/2016 02/25/2016 02/24/2016 02/23/2016 02/22/2016 02/21/2016 02/20/2016 02/19/2016 02/18/2016 02/17/2016 02/16/2016 02/15/2016 02/14/2016 02/13/2016 02/12/2016 02/11/2016 02/10/2016 02/09/2016 02/08/2016 02/07/2016 02/06/2016 02/05/2016 02/04/2016 02/03/2016 02/02/2016 02/01/2016 01/31/2016 01/30/2016 01/29/2016 01/28/2016 01/27/2016 01/26/2016 01/25/2016 01/24/2016 01/23/2016 01/22/2016 01/21/2016 01/20/2016 01/19/2016 01/18/2016 01/17/2016 01/16/2016 01/15/2016 01/14/2016 01/13/2016 01/12/2016 01/11/2016 01/10/2016 01/09/2016 01/08/2016 01/07/2016 01/06/2016 01/05/2016 01/04/2016 01/03/2016 01/02/2016 01/01/2016 12/31/2015 12/30/2015 12/29/2015 12/28/2015 12/27/2015 12/26/2015 12/25/2015 12/24/2015 12/23/2015 12/22/2015 12/21/2015 12/20/2015 12/19/2015 12/18/2015 12/17/2015 12/16/2015 12/15/2015 12/14/2015 12/13/2015 12/12/2015 12/11/2015 12/10/2015 12/09/2015 12/08/2015 12/07/2015 12/06/2015 12/05/2015 12/04/2015 12/03/2015 12/02/2015 12/01/2015 11/30/2015 11/29/2015 11/28/2015 11/27/2015 11/26/2015 11/25/2015 11/24/2015 11/23/2015 11/22/2015 11/21/2015 11/20/2015 11/19/2015 11/18/2015 11/17/2015 11/16/2015 11/15/2015 11/14/2015 11/13/2015 11/12/2015 11/11/2015 11/10/2015 11/09/2015 11/08/2015 11/07/2015 11/06/2015 11/05/2015 11/04/2015 11/03/2015 11/02/2015 11/01/2015 10/31/2015 10/30/2015 10/29/2015 10/28/2015 10/27/2015 10/26/2015 10/25/2015 10/24/2015 10/23/2015 10/22/2015 10/21/2015 10/20/2015 10/19/2015 10/18/2015 10/17/2015 10/16/2015 10/15/2015 10/14/2015 10/13/2015 10/12/2015 10/11/2015 10/10/2015 10/09/2015 10/08/2015 10/07/2015 10/06/2015 10/05/2015 10/04/2015 10/03/2015 10/02/2015 10/01/2015 09/30/2015 09/29/2015 09/28/2015 09/27/2015 09/26/2015 09/25/2015 09/24/2015 09/23/2015 09/22/2015 09/21/2015 09/20/2015 09/19/2015 09/18/2015 09/17/2015 09/16/2015 09/15/2015 09/14/2015 09/13/2015 09/12/2015 09/11/2015 09/10/2015 09/09/2015 09/08/2015 09/07/2015 09/06/2015 09/05/2015 09/04/2015 09/03/2015 09/02/2015 09/01/2015 08/31/2015 08/30/2015 08/29/2015 08/28/2015 08/27/2015 08/26/2015 08/25/2015 08/24/2015 08/23/2015 08/19/2015 08/18/2015 08/17/2015 08/16/2015 08/15/2015 08/14/2015 08/13/2015 08/12/2015 08/11/2015 08/10/2015 08/09/2015 08/08/2015 08/07/2015 08/06/2015 08/05/2015 08/04/2015 08/03/2015 08/02/2015 08/01/2015 07/31/2015 07/30/2015 07/29/2015 07/28/2015 07/27/2015 07/26/2015 07/25/2015 07/24/2015 07/23/2015 07/22/2015 07/21/2015 07/20/2015 07/19/2015 07/18/2015 07/17/2015 07/16/2015 07/15/2015 07/14/2015 07/13/2015 07/12/2015 07/11/2015 07/10/2015 07/09/2015 07/08/2015 07/07/2015 07/06/2015 07/05/2015 07/04/2015 07/03/2015 07/02/2015 07/01/2015 06/30/2015 06/29/2015 06/28/2015 06/27/2015 06/26/2015 06/25/2015 06/24/2015 06/23/2015 06/22/2015 06/21/2015 06/20/2015 06/19/2015 06/18/2015 06/17/2015 06/16/2015 06/15/2015 06/14/2015 06/13/2015 06/12/2015 06/11/2015 06/10/2015 06/09/2015 06/08/2015 06/07/2015 06/06/2015 06/05/2015 06/04/2015 06/03/2015 06/02/2015 06/01/2015 05/31/2015 05/30/2015 05/29/2015 05/28/2015 05/27/2015 05/26/2015 05/25/2015 05/24/2015 05/23/2015 05/22/2015 05/21/2015 05/20/2015 05/19/2015 05/18/2015 05/17/2015 05/16/2015 05/15/2015 05/14/2015 05/13/2015 05/12/2015 05/11/2015 05/10/2015 05/09/2015 05/08/2015 05/07/2015 05/06/2015 05/05/2015 05/04/2015 05/03/2015 05/02/2015 05/01/2015 04/30/2015 04/29/2015 04/28/2015 04/27/2015 04/26/2015 04/25/2015 04/24/2015 04/23/2015 04/22/2015 04/21/2015 04/20/2015 04/19/2015 04/18/2015 04/17/2015 04/16/2015 04/15/2015 04/14/2015 04/13/2015 04/12/2015 04/11/2015 04/10/2015 04/09/2015 04/08/2015 04/07/2015 04/06/2015 04/05/2015 04/04/2015 04/03/2015 04/02/2015 04/01/2015 03/31/2015 03/30/2015 03/29/2015 03/28/2015 03/27/2015 03/26/2015 03/25/2015 03/24/2015 03/23/2015 03/22/2015 03/21/2015 03/20/2015 03/19/2015 03/18/2015 03/17/2015 03/16/2015 03/15/2015 03/14/2015 03/13/2015 03/12/2015 03/11/2015 03/10/2015 03/09/2015 03/08/2015 03/07/2015 03/06/2015 03/05/2015 03/04/2015 03/03/2015 03/02/2015 03/01/2015 02/28/2015 02/27/2015 02/26/2015 02/25/2015 02/24/2015 02/23/2015 02/22/2015 02/21/2015 02/20/2015 02/19/2015 02/18/2015 02/17/2015 02/16/2015 02/15/2015 02/14/2015 02/13/2015 02/12/2015 02/11/2015 02/10/2015 02/09/2015 02/08/2015 02/07/2015 02/06/2015 02/05/2015 02/04/2015 02/03/2015 02/02/2015 02/01/2015 01/31/2015 01/30/2015 01/29/2015 01/28/2015 01/27/2015 01/26/2015 01/25/2015 01/24/2015 01/23/2015 01/22/2015 01/21/2015 01/20/2015 01/19/2015 01/18/2015 01/17/2015 01/16/2015 01/15/2015 01/14/2015 01/13/2015 01/12/2015 01/11/2015 01/10/2015 01/09/2015 01/08/2015 01/07/2015 01/06/2015 01/05/2015 01/04/2015 01/03/2015 01/02/2015 01/01/2015 12/31/2014 12/30/2014 12/29/2014 12/28/2014 12/27/2014 12/26/2014 12/25/2014 12/24/2014 12/23/2014 12/22/2014 12/21/2014 12/20/2014 12/19/2014 12/18/2014 12/17/2014 12/16/2014 12/15/2014 12/14/2014 12/13/2014 12/12/2014 12/11/2014 12/10/2014 12/09/2014 12/08/2014 12/07/2014 12/06/2014 12/05/2014 12/04/2014 12/03/2014 12/02/2014 12/01/2014 11/30/2014 11/29/2014 11/28/2014 11/27/2014 11/26/2014 11/25/2014 11/24/2014 11/23/2014 11/22/2014 11/21/2014 11/20/2014 11/19/2014 11/18/2014 11/17/2014 11/16/2014 11/15/2014 11/14/2014 11/13/2014 11/12/2014 11/11/2014 11/10/2014 11/09/2014 11/08/2014 11/07/2014 11/06/2014 11/05/2014 11/04/2014 11/03/2014 11/02/2014 11/01/2014 10/31/2014 10/30/2014 10/29/2014 10/28/2014 10/27/2014 10/26/2014 10/25/2014 10/24/2014 10/23/2014 10/22/2014 10/21/2014 10/20/2014 10/19/2014 10/18/2014 10/17/2014 10/16/2014 10/15/2014 10/14/2014 10/13/2014 10/12/2014 10/11/2014 10/10/2014 10/09/2014 10/08/2014 10/07/2014 10/06/2014 10/05/2014 10/04/2014 10/03/2014 10/02/2014 10/01/2014 09/30/2014 09/29/2014 09/28/2014 09/27/2014 09/26/2014 09/25/2014 09/24/2014 09/23/2014 09/22/2014 09/21/2014 09/20/2014 09/19/2014 09/18/2014 09/17/2014 09/16/2014 09/15/2014 09/14/2014 09/13/2014 09/12/2014 09/11/2014 09/10/2014 09/09/2014 09/08/2014 09/07/2014 09/06/2014 09/05/2014 09/04/2014 09/03/2014 09/02/2014 09/01/2014 08/31/2014 08/30/2014 08/29/2014 08/28/2014 08/27/2014 08/26/2014 08/25/2014 08/24/2014 08/23/2014 08/22/2014 08/21/2014 08/20/2014 08/19/2014 08/18/2014 08/17/2014 08/16/2014 08/15/2014 08/14/2014 08/13/2014 08/12/2014 08/11/2014 08/10/2014 08/09/2014 08/08/2014 08/07/2014 08/06/2014 08/05/2014 08/04/2014 08/03/2014 08/02/2014 08/01/2014 07/31/2014 07/30/2014 07/29/2014 07/28/2014 07/27/2014 07/26/2014 07/25/2014 07/24/2014 07/23/2014 07/22/2014 07/21/2014 07/20/2014 07/19/2014 07/18/2014 07/17/2014 07/16/2014 07/15/2014 07/14/2014 07/13/2014 07/12/2014 07/11/2014 07/10/2014 07/09/2014 07/08/2014 07/07/2014 07/06/2014 07/05/2014 07/04/2014 07/03/2014 07/02/2014 07/01/2014 06/30/2014 06/29/2014 06/28/2014 06/27/2014 06/26/2014 06/25/2014 06/24/2014 06/23/2014 06/22/2014 06/21/2014 06/20/2014 06/19/2014 06/18/2014 06/17/2014 06/16/2014 06/15/2014 06/14/2014 06/13/2014 06/12/2014 06/11/2014 06/10/2014 06/09/2014 06/08/2014 06/07/2014 06/06/2014 06/05/2014 06/04/2014 06/03/2014 06/02/2014 06/01/2014 05/31/2014 05/30/2014 05/29/2014 05/28/2014 05/27/2014 05/26/2014 05/25/2014 05/24/2014 05/23/2014 05/22/2014 05/21/2014 05/20/2014 05/19/2014 05/18/2014 05/17/2014 05/16/2014 05/15/2014 05/14/2014 05/13/2014 05/12/2014 05/11/2014 05/10/2014 05/09/2014 05/08/2014 05/07/2014 05/06/2014 05/05/2014 05/04/2014 05/03/2014 05/02/2014 05/01/2014 04/30/2014 04/29/2014 04/28/2014 04/27/2014 04/26/2014 04/25/2014 04/24/2014 04/23/2014 04/22/2014 04/21/2014 04/20/2014 04/19/2014 04/18/2014 04/17/2014 04/16/2014 04/15/2014 04/14/2014 04/13/2014 04/12/2014 04/11/2014 04/10/2014 04/09/2014 04/08/2014 04/07/2014 04/06/2014 04/05/2014 04/04/2014 04/03/2014 04/02/2014 04/01/2014 03/31/2014 03/30/2014 03/29/2014 03/28/2014 03/27/2014 03/26/2014 03/25/2014 03/24/2014 03/23/2014 03/22/2014 03/21/2014 03/20/2014 03/19/2014 03/18/2014 03/17/2014 03/16/2014 03/15/2014 03/14/2014 03/13/2014 03/12/2014 03/11/2014 03/05/2014 03/01/2014 02/27/2014 02/26/2014 02/25/2014 02/20/2014 02/19/2014