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The Owner of Bitcoin.org Has a Plan to Avoid a Bitcoin Cash Civil War

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

Another attempt is being made at brokering a compromise before the Bitcoin Cash Civil War culminates in a permanent blockchain split, and it’s coming from what may initially seem like an unlikely source: Cobra, the pseudonymous co-owner of Bitcointalk and Bitcoin.org. Earlier this year, Cobra — originally a critic of Bitcoin Cash — came out

The post The Owner of Bitcoin.org Has a Plan to Avoid a Bitcoin Cash Civil War appeared first on CCN

Bitcoin Price Analysis: High Shorts Count Could Signal Price Hike

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

Bitcoin Price Analysis

Once again, bitcoin finds itself precariously perched on the bottom of its macro trading range (TR). After a strong round of selling over the course of two weeks plunged the price back to the $6,000s, bitcoin began consolidating for several weeks at the bottom of the TR:

fig1Figure 1: BTC-USD, 1-Day Candles, Macro TR

As shown in the figure above, the market has interacted several times at the current price range and it has been a source of three major bullish rallies. Currently, there is a lot of bearish pressure trying to submerge the price but very little price movement. If we take a look at the open long and open short positions on Bitfinex, we actually see a record-setting short count for the year as shorts outnumber the longs by almost 30%:

fig2Figure 2: BTC-USD, 1-Day Candles, Longs vs. Shorts

So far, this is the highest the short count has been since bitcoin topped late last year. Also, one thing to note is not only how high the short count is, but how high it is compared to the open long positions.

In situations like this, where the shorts far outnumber the longs, the perfect scenario for what’s known as a “short squeeze” is created. If the shorts continue to stack within a given price range, as we are seeing now, then there is a high possibility for a cascade of short liquidations/short covering to take place.

Basically, what happens is this: As shorts begin to liquidate, they are forced to buy back their position and propel the price higher. This movement, in turn, begins to liquidate the other positions with stops set just above them which then cascade the liquidations (and the price) higher and higher.

If we look at the Bollinger Bands (bbands) on the daily candles, we can see the price is consolidating very tightly as the bbands have begun to “squeeze” around the price action thus indicating price consolidation.

Bitcoin Price Analysis: High Shorts Count Could Signal Price HikeFigure 3: BTC-USD, 1-Day Candles, Bollinger Band Consolidation

Typically, when bbands squeeze, this is a forecast for increased volatility. And, because these are daily candles, it is likely that the next move will be a macro move in either direction.

It’s impossible to know with certainty which way the price will move, but given the number of shorts that keep opening — and the relatively low amount of price movement — the stage is set for a pretty sizeable move upward.

There’s no concrete rule that says “high short count always yields a short squeeze,” but the foundation is definitely laid for one. The last time we had shorts anywhere this level, the price jumped 20% in one day. The short count back then was just under 38k bitcoins. The short count right now is 38.6k bitcoins.

Summary:

  1. Bitcoin is, once again, testing the support of the macro TR.
  2. As shorts begin to rise, the price is seeing very little reaction. As a result of the high short count over a relatively narrow price range, there is a possibility of a sizeable short squeeze.
  3. To further support just how narrow this price range has been and just how tightly wound the market is right now, the daily bbands show a strong squeeze on a macro level that will likely yield a strong move in either direction.

Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.



This article originally appeared on Bitcoin Magazine.

East Meets West: Asian Crypto Fund Panel at Distributed 2018

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

East Meets West: Asian Crypto Fund Panel at Distributed 2018

At Distributed 2018, the first-ever flagship blockchain conference hosted by BTC Inc. and held in San Francisco, experts and entrepreneurs from various fields gathered for panel sessions and fireside chats, going into detail on specialized sectors of the blockchain industry. In line with one of the conference’s major themes of “East Meets West,” one such panel featured four crypto fund managers with deep ties to the Asia – U.S. markets.

For this discussion, Jason Fang of Sora Ventures, Zhen Cao of JLab, Jehan Chu of Kenetic and Bril Wang of the Cardinal Pitch Club gathered to discuss some of the most pressing concerns facing crypto funds, especially those regarding international regulations. The four of them displayed a diverse range of advice for those interested in crypto investment, discussing such topics as the trend of initial coin offering (ICO) launches and angel investors.

A large proportion of the discussion, however, was related to an issue at the heart of the decentralized economy: potential troubles that arise from running global companies that operate in many jurisdictions. The managers discussed everything from trepidation on the part of the U.S. Securities and Exchange Commission to reasons behind a lack of interest in crypto investing in China.

The video of the panel in its entirety takes a well-reasoned look at these markets and can be found with others from the conference on Distributed’s YouTube channel.

Distributed 2018 was an event of BTC Media, the parent company of Bitcoin Magazine.


This article originally appeared on Bitcoin Magazine.

What an SEC Bitcoin ETF Rejection Review Really Means

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

The SEC announced yesterday nine bitcoin ETF disapproval orders are to be stayed until further review but what does that mean exactly?

Lamborghini just unleashed the ultimate version of its flagship Aventador supercar and it's $518,000 of Italian fury

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

Lamborghini Aventador SVJ

  • The new Lamborghini Aventador SVJ supercar made its debut on Thursday in Monterey, California. 
  • The SVJ is the latest update to Lamborghini's flagship Aventador.
  • It's powered by a 770 horsepower, naturally aspirated V12 and boasts a top speed of more than 217 mph.
  • The most significant updates to the Aventador is the addition of Lambo's ALA 2.0 active aerodynamic system.
  • The Aventador SVJ retails for $517,770 in the US.

Lamborghini's flagship Aventador supercar has been around since 2011. Since then, the Italian supercar maker has been steadily improving the big V12 bruiser while burnishing its reputation as a track weapon. 

On Thursday, Lamborghini introduced the latest version of supercar dubbed the Aventador SVJ in Monterey, California.

The Aventador SVJ follows in the footsteps of 2015's Aventador SV and last year's Aventador S. SVJ, in case you're wondering, stands for Superveloce Jota. Superveloce means "superfast" in Italian, while Jota is a designation used for Lambos geared towards track performance.

"The Aventador SVJ is an innovative car and represents the absolute pinnacle of our super sports car product range," Automobili Lamborghini CEO, Stefano Domenicali said in a statement.

Lamborghini Aventador SVJLurking behind the driver is a 770 horsepower, naturally aspirated, V12 engine, the most powerful production V12 in company history. It's hooked up to both a four-wheel-drive and a four-wheel-steering system. 

According to Lambo, the sprint from 0-62 mph happens in just 2.8 seconds with a top speed of more than 217 mph. 

But the big story with the Aventador SVJ is the addition of Lamborghini's new ALA 2.0 active aerodynamics system. It's an improved version of the ALA system that debuted on Lambo's record-setting Huracan Performante last year. The system uses a series of active flaps and air ducts to control downforce. 

Lamborghini will make just 900 Aventador SVJs during its production run. 

Lamborghini Aventador SVJThe company will also produce 63 special edition Aventador SVJ 63s in honor of Lambo's founding in 1963.   

The price of all of this awesomeness is not cheap, $517,770 in the US.

SEE ALSO: BMW just unveiled its long-awaited Z4 sports car and it's beautiful

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The longest bull market in history is intact as stocks close at record highs

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

trader celebrate

  • The S&P 500 closed at a record high on Friday.
  • That erases any doubt about whether this is the longest bull market in history.
  • The benchmark index hit a record on Wednesday but didn't close at a new high. 

The S&P 500 closed at a record high on Friday, solidifying the bull market as the longest of all time.

The benchmark index gained 0.62% to settle at 2,874.69, eclipsing the previous record of 2,872.87 set in January. Friday's gain was significant as it left no doubt about whether we are now in the longest bull market in US stock market history.

After an intraday record high was hit on Wednesday, extending the bull run to 3,453 days, some on Wall Street suggested the record wouldn't technically fall until the index closed at a new high.

The S&P 500 has now gained 331% from its low of 666.79 on March 6, 2009.

Autodesk (+15.13%) was Friday's biggest gainer after its strong quarterly report. AMD (+7.49%) and Netflix (+5.63%) also saw big gains.

The retailers Foot Locker (-9.21%) and Gap (-8.54%) were the biggest decliners after delivering their quarterly results, while Macy's (-4.33%) fell after a couple of days of stabilization following its disappointing results.

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World Bank and Australia's Largest Bank Issue First Global Blockchain Bond

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

World Bank and Australia's Largest Bank Issue First Global Blockchain Bond

The World Bank and Australia's largest bank, the Commonwealth Bank of Australia, have issued a public bond exclusively through the blockchain. The $100 million AUD ($73.16 million USD) deal is made up of two-year bonds. It expected to settle by August 28, 2018 and yield a 2.25 percent return.

The prototype bond, dubbed "Bond-i" (Blockchain Operated New Debt Instrument) is seen by participants as a milestone and a step forward toward automation of bond sales.

It is part of a broader strategic focus of the World Bank to “harness the potential of disruptive technologies for development.” Launched in June of 2017, its Blockchain Innovation Lab studies the impact of blockchain and other disruptive technologies on such sectors as land administration, supply-chain management, health, education, cross-border payments and carbon-market trading.

The American fund Northern Trust, three Australian state governments, local pension fund First State Super and CBA were the investors in the deal, which the World Bank sees as a part of its strategic focus to harness "disruptive technologies for development."

Speaking with Bitcoin Magazine, Arturs Ivanovs, founder of FIC Network — a platform for issuing and trading bonds on the blockchain — said that the launch of the world’s first global bond is a great "validation of blockchain technology's usefulness" for financial transactions.

"The World Bank is one of the largest bond issuers in the world, and it is great that it recognizes the cost savings, transparency, increased access to capital around the world and other benefits that are related to usage of blockchain technology in the bond market," he remarked.

The World Bank often uses its bonds, which are known for their high level of creditworthiness, to develop new bond markets and pioneer new means for trading the securities.

It issues between $50 billion and $60 billion a year in bonds to back economic progress in developing countries.

Australia is seen as a pilot market for testing new developments due to its well-developed financial infrastructure and the popularity of the Australian dollar with the international community.

The country has proven receptive to the integration of the blockchain technology to government services and the private sector. Last month, IBM signed a $740 million deal with the Australian government to use the blockchain to improve data security and automation across federal departments.

The Australian Securities Exchange (ASX) also has plans to integrate the blockchain into the current system for clearing and settling equities on the exchange.


This article originally appeared on Bitcoin Magazine.

Mt Gox Estate Begins Accepting Claims from Bitcoin Creditors

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

Creditors of infamous bitcoin exchange Mt. Gox may finally get their money back, or at least some of it, anyway. According to a notice dated Aug. 23 and attributed to Mt. Gox trustee Nobuaki Kobayashi, the company has opened an online claim filing system so that creditors can begin registering claims on the funds that

The post Mt Gox Estate Begins Accepting Claims from Bitcoin Creditors appeared first on CCN

Alibaba is investing big bucks in a popular Chinese food-delivery service (BABA)

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

Alibaba Group Executive Chairman Jack Ma speaks during the Business Forum at the 11th World Trade Organization's ministerial conference in Buenos Aires, Argentina December 12, 2017. REUTERS/Marcos Brindicci

  • Alibaba raised $3 billion to further invest in popular Chinese food-delivery service Ele.me.
  • The e-commerce giant announced earlier this month that Ele.me will start delivering Starbucks  to customers beginning in September.
  • Investments in Ele.me may weigh on Alibaba's bottom line but will increase top line results, said a team of Jefferies analysts.
  • Watch Alibaba trade in real time here.

Alibaba is aggressively investing in popular Chinese food-delivery service Ele.me with the hopes of expanding its reach into consumer-wallet spending beyond e-commerce.

The Chinese e-commerce giant said Thursday that it has raised $3 billion to further invest in Ele.me and will merge the online food-delivery unit with Koubei, a life search engine, to build its flagship local services vehicle. In May, Alibaba completed its acquisition of Ele.me, which has an enterprise value of $9.5 billion, with the purpose of winning 50% market share in three year's time. 

Alibaba announced earlier this month that it will partner Ele.me with Starbucks, to start delivering its coffee to customers in September. Alibaba believes the partnership will be a boon for both companies with plans to expand the delivery program to more than 2,000 Starbucks stores across 30 Chinese cities by the end of 2018. 

And Wall Street agrees.

The company's investments in new retail and Ele.me are "the right strategic investments" in the eyes of RBC analyst Mark Mahaney, who has an "outperform" rating and $215 price target — almost 25% above where shares were trading Friday. 

"Alibaba’s healthy and stable core marketplace margin of 62% enables them higher flexibility to expand into larger addressable revenue opportunities beyond eCommerce into entertainment content and local services," Jefferies analyst Karen Chan said in a note sent out to clients on Friday.

"Given full-quarter consolidation of Ele.me, we expect FY2Q19 core commerce EBITA margin of 41%, -16pcpt YoY, with growth reaccelerating to 26% YoY in 2HFY19 vs. 19% in 1H upon anniversary effect from Cainiao consolidation and new retail," said Chan, who believes these investments would enlarge addressable revenue opportunities although they may weigh on Alibaba's net margin.

Chan lowered her price target to $225 from $242, but maintained her "buy" rating.

On Thursday, the e-ecommerce giant released its second-quarter results which showed revenue soared 61% year-over-year to 80.9 billion yuan, or about $11.8 billion, slightly topping the 80.88 billion yuan that analysts surveyed by Bloomberg were expecting.

Alibaba shares were down 5% this year.

 BABA

 

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The Mexican peso is jumping on hope for NAFTA progress

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

kushner mexico nafta


The Mexican peso rose nearly 1% on Friday after reports that the US and Mexico were nearing a preliminary breakthrough on NAFTA, which would bring the two countries and Canada closer to resolving back-and-forth trade negotiations that have dragged on for more than a year.

Reuters reports that disputes about auto rules have pushed talks into next week, but the US and Mexico are seemingly closer to resolving other issues. The two countries earlier this month entered a round of bilateral negotiations for modernizing the 2015 trade deal, which President Donald Trump has threatened to pull out of. 

The apparent progress comes as a relief for those who feared the July election of leftist Mexican President Andres Manuel Lopez Obrador, who has been a tough critic of Trump, could ramp up tensions between the US and Mexico. 

"With election uncertainty past in Mexico, prospects for a NAFTA deal and speculation over presidential appointments matter most," Citi strategists led by Steven Wieting wrote in a note Friday. 

Also on Friday, data showed Mexico's economy stalled in the second quarter as increasing activity in the services sector was offset by slowing industrial and agricultural production.

Gross domestic product in Mexico declined 0.2% from the quarter before, the the national statistics agency said Friday, compared with expectations for a 0.1% contraction.

Mexico's current account deficit narrowed in the second quarter to $3.882 billion, the central bank said in a separate report. 

The peso is up 4.25% against the dollar this year. 

Screen Shot 2018 08 24 at 12.16.32 PM

SEE ALSO: One quote from Chinese giant Alibaba shows how Trump's trade war could backfire

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Bitcoin Price Technical Analysis: BTCUSD in Slow and Stable Upside

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

Bitcoin today underwent a slow and stable upside correction, rising as much as 4.5 percent from the previous day bottom at $6,317. BTC/USD kicked off towards 6500-fiat during the early trading session and established its intraday high around 6580-fiat. The pair, however, began to settle down near the said high as the European trading session came

The post Bitcoin Price Technical Analysis: BTCUSD in Slow and Stable Upside appeared first on CCN

Hurricane Lane is wreaking havoc on Hawaii. Here's how US airlines are responding.

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

Hurricane Lane

  • Hurricane Lane is a category three storm bearing down on Hawaii.
  • Visitors and residents have headed to airports to evacuate.
  • American, United, and Hawaiian Airlines have all indicated operations will be affected by the storm.
  • Delta and United Airlines have both launched additional flights to Hawaii and have capped prices.
  • Most major US airlines are offering travel waivers that will allow you to alter your reservation for free.

Hurricane Lane was downgraded to a category three storm on Thursday. But with maximum sustained winds of 125 mph, officials still believe the storm remains a highly dangerous threat to Hawaii. 

Some parts of the state have reported damage from heavy rain, winds, landslides, and severe flooding. 

With Lane bearing down on Hawaii's Big Island, many of the state's residents and visitors have flocked to its airports to evacuate. 

As of early Friday, Hawaii's 15 airports remain operational, officials said in an emergency alert. However, flying into and out of the islands may prove to be challenging because of the inclement weather and high traffic loads. 

"Please be advised that seats on flights for the next few days remain very limited because of high load factors," Hawaiian Airlines said in a statement. "While the path of Hurricane Lane remains uncertain, it will likely impact our flight schedule as it passes the Islands."

There were complaints on Wednesday of exorbitantly high tickets fares for flights out of the Islands. Both Delta and United told Business Insider that they have capped their prices for Hawaii flights. 

According to United Airlines, poor weather conditions have forced it to cancel its Friday flights into and out of Kahului Airport. However, United did increase capacity with two additional Honolulu-San Fransico flights on Thursday. One of the flights used a Boeing 777-300ER, the largest plane in the airline's inventory usually reserved for international long-haul routes. The other flight operated a Boeing 757-300, the largest single-aisles aircraft in the fleet. Together, there were an additional 579 seats available.

Delta also ramped up its Hawaii operations on Thursday with an additional 199 seats via an extra Boeing 757-200. According to the airline, operations are expected to be normal on Friday.

American Airlines initially told Business Insider that it does not expect to cancel any flights due to the hurricane, however, the carrier later told us that weather conditions in Maui have forced it to cancel four flights into and out of Kahului Airport. In addition, some flights will be delayed a few hours due to restrictions that prevent aircraft from taking off and landing during severe cross-winds. 

On Friday, the Fort Worth, Texas-based carrier expects to operate eight flights into and out of Honolulu, three for Kona, and three for Kauai.

If you have flights booked for travel to and from Hawaii, most major US airlines are currently offering travel waivers that will allow you to alter your reservation for free.

Click here for United's travel waiver information.

Click here for American's travel waiver information.

Click here for Delta's travel waiver information.

Click here for Alaska's travel waiver information.

Click here for Hawaiian's travel waiver information

SEE ALSO: Dramatic videos show flooding as Hurricane Lane starts to lash Hawaii

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Bitcoin Price Could End Day With Tightest Trading Range of 2018

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

Bitcoin's daily price volatility has hit an 11-month low, opening doors for a big move, possibly on the higher side.

Snap is on track to break its 8-day losing streak (SNAP)

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

Evan Spiegel


Snap shares were grinding higher Friday, up about 1.5% at $11.58, and are on track to break their eight-day losing streak.They have been hovering around the $11.50 level over the past few trading sessions. 

The gains, which could be the first positive close since August 13, come two days after Bloomberg Businessweek profiled CEO Evan Spiegel and his efforts to be more personable with his employees, who now number more than 3,000.

"I remember thinking, Why would I go around the company and just chat with people? Like that would be so awkward," he told Bloomberg, adding that his Catholic upbringing taught him to "be a turtle."

But while Spiegel — who has previously come under fire last year for being the highest paid CEO in the US last year — has hired a management coach and attempted to interact more with his workers, Wall Street is looking for more turnaround in the fundamentals before changing its mind.

Just six of the 36 analysts polled by Bloomberg have a "buy" rating on Snap, with an average price target of $11.76.

Shares of the social-media company are now trading more than 5% off their record high, reached shortly after the company's May 2017 initial public offering. They are down 22.75% this year.

Still, Spiegel isn’t fazed, and says there’s plenty of room to grow as other social media giants like Facebook and Twitter sputter.

"I think one of the things that’s been really helpful in maybe the past six months or so is that the contrast is starting to become more clear between our company and the other companies in technology," Spiegel told Bloomberg.

"What I think that people are starting to see is that other companies really are trying to make as much money as possible and really don’t care how that happens."

Snap stock price evan spiegel

SEE ALSO: Facebook is coordinating a secret meeting of Silicon Valley giants to combat misinformation ahead of the US midterms

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Bitcoin is still hard to predict - here's everything you need to know about the cryptocurrency, from how it works to its place on Wall Street

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

Members of Japan's idol group

Bitcoin is everywhere.

The cryptocurrency is seemingly in the news every day as investors and businesses try to understand the future of this digital finance.

But what is Bitcoin all about?

Why is it suddenly on every financial news program?

And what does it mean to you?

Find out the answers to these questions and more in Bitcoin 101, a brand new FREE report from Business Insider Intelligence.

To get your copy of the FREE slide deck, simply click here.

Join the conversation about this story »

Bitcoin is still hard to predict - here's everything you need to know about the cryptocurrency, from how it works to its place on Wall Street

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

Members of Japan's idol group

Bitcoin is everywhere.

The cryptocurrency is seemingly in the news every day as investors and businesses try to understand the future of this digital finance.

But what is Bitcoin all about?

Why is it suddenly on every financial news program?

And what does it mean to you?

Find out the answers to these questions and more in Bitcoin 101, a brand new FREE report from Business Insider Intelligence.

To get your copy of the FREE slide deck, simply click here.

Join the conversation about this story »

A small corner of the debt market has quietly grown to $1.4 trillion — and it has 'eerie similarities' to 2008

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

lehman brothers

  • An overlooked area of the debt markets has "eerie similarities" to the 2008 sub-prime mortgage crisis.
  • Mark Zandi, the chief economist at the analytics arm of the ratings agency Moody's, argued that rising risk taking and falling standards of underwriting in the corporate bond and leveraged debt space are a big threat.
  • The amount of leveraged loans to non-financial companies has now risen to around $1.4 trillion.

Wall Street may have just seen US stocks enter their longest bull market in history, but there are "eerie similarities" between one area of the market and the sub-prime mortgage crisis that triggered the last crash in 2008, according to research from the ratings agency Moody's.

Writing this week, Mark Zandi, the chief economist at the analytics arm of Moody's, argued that rising risk taking and falling standards of underwriting in the corporate bond and leveraged debt space are, at least partially, analogous to what happened in 2007 and 2008.

Noting that we are very much in the midst of the boom period of the business cycle, Zandi argued that such phases are generally characterised by "excessive risk-taking somewhere in the financial system."

"This fuels the boom and is eventually at the center of the subsequent bust," he said. ...

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SEE ALSO: A top JPMorgan strategist shares the one word investors need to know to get ahead in the 'extreme' market

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The chances of a Trump impeachment are climbing — here's how JPMorgan says you can protect your investments

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

Trump NYSE

  • President Donald Trump's chances of impeachment, as measured by PredictIt, climbed after he was implicated in federal crimes by his former personal attorney Michael Cohen.
  • While JPMorgan thinks an outright impeachment scenario is unlikely, it says the process surrounding it could affect Trump's actions and have a major impact on markets.
  • The firm offers hedging recommendations for investors looking to protect their portfolios.

As President Donald Trump finds himself implicated in federal crimes by his former lawyer Michael Cohen, his chances of impeachment have surged — at least according to one source.

The odds that Trump will get impeached during his first term climbed to 45% on Wednesday, the highest in three months, according to data from PredictIt, the "stock market for politics" that allows users to bet on various goings-on in Washington.

Screen Shot 2018 08 23 at 8.00.02 AM

In an appearance on Fox News on Wednesday, Trump was quick to dismiss the possibility of impeachment, which Democrats could pursue if they retake control of the House in November's midterm elections.

He even went as far as to offer a stern warning — one that could have investors everywhere feeling unsettled.

"If I ever got impeached, I think the market would crash," he told Ainsley Earhardt of Fox News. "I think everybody would be very poor. ...

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

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Venezuela's economic crisis is so bad that some women say they're turning to sex work to survive

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

Sky News Venezuela

  • Venezuela is suffering from currency inflation, power cuts, and food shortages.
  • As a result, several Venezuelan women are taking up sex work in neighboring Colombia, a Sky News investigation found.
  • The investigation, broadcast Friday, found that nearly all the workers in a brothel in a Colombian city near the border were Venezuelans.
  • Women who spoke to Sky News said they had no other way of feeding their families as Venezuela's currency is so weak and supplies are so short. 

Several Venezuelan women are taking up sex work in neighboring Colombia because the economic crisis in their country has made it impossible to make a living, a new investigation by Sky News found.

Cúcuta, a Colombian city near the border with Venezuela, is seeing an influx of Venezuelan women who are working in brothels to get by, the Sky News report says.

These women — and many others — have been forced out of Venezuela as the country is in economic ruin, experiencing hyperinflation, severe power cuts, and food and medicine shortages.

Sky News found that out of 60 women in a Cúcuta brothel, two were Colombians, while the rest were Venezuelans. The reporter, Alex Crawford, said one woman charged as little as $33 per client.

"Anything would be better," one woman said. "I do this because I have to do this."

Another woman told Crawford it was the only way she could get money to feed her family.

The women have left Venezuela temporarily and have no formal immigration documents, meaning they can't legally get employment, Sky News said.

Venezuela food shortage`

Venezuela's economy has been in a tailspin for months, prompting drastic measures from the government. Venezuelan President Nicolás Maduro lopped five zeros from the bolívar on Monday in an attempt to halt rampant hyperinflation that has pushed a packet of rice to 2.5 million bolívars.

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Civil: Reimagining the News With a Blockchain-Based Architecture

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

Civil: Reimagining the News With a Blockchain-Based Architecture

Civil, a blockchain-based journalism startup, promises a comprehensive solution to create a “decentralized marketplace for sustainable journalism” by directly supporting content creators, fighting “fake news,” and removing advertising from the news experience. While Civil’s goal –– to flip the current journalism model on its head –– is ambitious, the team has already recruited a network of newsrooms and has secured $5 million from ConsenSys to build their product.

The State of Online News in 2018

It’s hard to verify the trustworthiness of online news in 2018. From fake news spread through social media networks such as Twitter to “deepfake” videos of President Obama circulating on YouTube, consumers must be ever vigilant when they’re looking to catch up on recent events.

And the migration of news online is accelerating, especially among younger generations. According to the Pew Research Center for Journalism and Media, as of early 2016, only 20 percent of U.S. adults and only 5 percent of 18- to 29-year-olds reported that they accessed news via a print medium.

As businesses, online publications generally rely on advertisement-first models, so that they can serve consumers free news in exchange for the consumers’ eyeballs on targeted ads or sponsored messages. To maximize profit, it is in the online publications’ best interest to serve as many ads as possible. This profit maximization may interfere with a user’s news-browsing experience and the impartiality of a newsroom.

Decentralizing Journalism

With its decentralized, blockchain-based protocol, Civil hopes to address the issues of fake news and advertisement-driven newsrooms by creating an ad-free economy in which journalists publish directly to readers.

In an interview with Bitcoin Magazine, Civil co-founder and CEO Matthew Iles described the platform as a “new economy underpinned by a mission-aligned, self-governance mechanism” that is designed to “behavioral-economically incentivize everyone to support journalism more effectively than current models.”

To ensure a successful ecosystem, Civil utilizes a nonprofit organization to guide development and key milestones, a constitution outlining responsible journalism, and a crowdsourced “whitelist” of credible publishers.

In the Civil economy, most transactions take place using CVL tokens. Publishers earn CVL tokens for their posts, readers pay for access with CVL tokens, and publishers must stake CVL tokens to request entry to the Civil Registry, the platform’s “whitelist” of credible sources.

It is important to note that publishers and readers can also transact in fiat currency if they prefer.

The Civil Registry

Utilizing the mechanics of a token-curated registry, the Civil Registry “whitelist” helps vet the quality of content creators and protects the integrity of the platform.

Token-curated registries allow people to stake tokens for or against an item that is proposed to be added to a decentralized list. In this way, these lists are maintained through economic incentives and the Wisdom of the Crowds principle –– the idea that large groups of people are collectively smarter than individuals.

The Civil Registry is a list that includes credible journalists if they are approved by the community. For example, if a user seeks to add a newsroom to the Civil Registry, he or she has to stake CVL tokens. Similarly, users seeking to challenge a newsroom’s standing in the Civil Registry must stake CVL tokens as well. If a user’s request to accept or deny a new newsroom to the Civil Registry is approved, he or she will keep the staked CVL tokens; however, if the request is denied, the user will lose his or her CVL tokens.

By inciting community curation, the Civil Registry could increase reader trust and help determine when “fake news” sources are unreliable.

Platform Growth

Since raising $5 million from ConsenSys, Civil has deployed $1 million in grants to entice around 100 journalists and 15 organizations to publish on its platform and has contributed £450,000 to European Journalism Center grants for emerging media organizations.

Civil has utilized grants to bootstrap a wide variety of newsrooms such as The Colorado Sun, a local, investigative outlet; Cannabis Wire, a publication covering the billion-dollar cannabis industry; and ZigZag, a podcast that features “come-to-Jesus moments and mini-stories about entrepreneurship.”

Speaking with Bitcoin Magazine, Manoush Zomorodi, co-founder of the ZigZag Podcast alongside Jen Poyant, explained the duo’s inspiration to work with Civil, “We were both so intrigued by the idea of radically rethinking typical business models for journalism. As someone who has covered the tech industry, I was also motivated by the opportunity to be part of a potential solution to the problem.”

ZigZag wrapped up Season One of their podcast on Thursday. According to Zomorodi, since their June 2018 release, they’re close to a million downloads across 11 episodes. The team plans to cover the CLV token sale in September and release Season Two in October. As the Civil platform continues to grow, newsrooms like ZigZag will be interesting to track as case studies for this next-generation journalism model.

Growing the Civil Platform

Iles cites journalistic independence, full business model control, improved licensing and syndication, organic audience development, permanent archiving, and a network of journalism technology partners among the incentives for journalists to join the Civil platform.

While these perks and Civil’s mission to create a new model for news are potentially valuable for journalists and readers, there are many “what ifs” involved with this startup-style venture and its long-term viability.

According to Iles, Civil’s greatest challenges so far have been consumer education and product design.

“Not only are these concepts completely foreign to most people, but even when we achieve the ‘lightbulb moment’ with someone new to Civil as to why decentralization and blockchain could unlock a better way forward for the industry, they then have to step through so many complicated, confusing and daunting steps in order to even participate in this new economy for journalism.”

To achieve long-term viability, the Civil platform must lure readers of traditional “free” news sources to the Civil platform and convince them that directly paying content creators for articles is the next-generation news model. The platform will also have to invest in consistent, quality content; incentivize talented writers on traditional advertising-enabled newsrooms to convert to Civil newsrooms; and help new newsrooms market against publishing giants with larger budgets.

It’s also not clear that these advertising-free business models are sustainable. For example, Medium.com, a prominent ad-free news platform, boasts over 60 million monthly visitors. Yet, the company laid off a third of its staff in 2017 as the site struggled to grow profits and began searching for a new business model.

While the future of the journalism business model is unclear, Zomorodi echoes the Civil ethos:

“The key is removing the dependency on clicks and ad dollars and finding more sustainable ways of getting people to support the journalism they find integral to their lives. I don't know that the tech is ready for long-term viability but that's what [ZigZag] is documenting: the doubt, the optimism, and a new kind of relationship between techies and hacks.”

To continue scaling the platform and funding content creation, Civil will be selling CVL tokens in an ICO.


This article originally appeared on Bitcoin Magazine.

Commercial Use of Bitcoin Cash Payments has Dropped: Analytics Firm

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

Cryptocurrency advocate Roger Ver, often referred to as Bitcoin Jesus is having a tough time with the adoption of Bitcoin Cash (BCH). In a report published on Bloomberg, blockchain analytics firm Chainalysis says the Bitcoin fork is barely being used in commerce. Bitcoin Cash was forked from Bitcoin over a year ago. At the time,

The post Commercial Use of Bitcoin Cash Payments has Dropped: Analytics Firm appeared first on CCN

BANK OF AMERICA: Massive investors are dumping gold, and the one thing that can rescue the precious metal is still missing

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

gold smelting furnace fire

  • Gold is the worst-performing major asset class of 2018. 
  • Michael Hartnett, the chief investment strategist at Bank of America Merrill Lynch, said the key catalysts that could reverse its decline is a dollar that falls alongside US Treasury yields. 
  • Investors are making record bets that yields will continue rising. 
  • Watch gold trade in real time here.

Gold investors are having a tough year. 

The precious metal is down 8% so far in 2018, and nearly 14% on an annualized basis — making it the worst-performing major asset class this year according to Bank of America Merrill Lynch. 

This week, fund managers headed for the exits at a pace not seen since December 2016 as they pulled $1.2 billion out of the precious metal, according to Michael Hartnett, BAML's chief investment strategist. There has been $7 billion in outflows over the past three months, he added. 

Gold has weakened this year alongside many emerging-market currencies because the dollar strengthened and US interest rates became more attractive. On August 13, gold fell below the key technical level of $1,200 an ounce for the first time since early 2017. It traded up 0.7% to $1,202.90 an ounce on Friday.

Gold is usually favored as a safe haven during market turmoil, but even all the back and forth on trade between the US and China has not stirred up a bid for the metal.

But gold "will be bid if US dollar follows US Treasury yields lower," Hartnett said. "Watch for DXY [US dollar index] break below 95." It was down 0.4% to 95.28 on Friday.

Lower US Treasury yields would imply that bond prices are rising, and that's a bet many investors are not making right now. In fact, hedge funds have placed record bets against 10- and 30-year Treasurys, according to the latest data from the Commodity Futures Trading Commission.

This wager has worked out so far this year for speculators, but not for gold traders. The 10-year yield topped 3% in April for the first time since 2014 and has risen by 44 basis points since the start of the year. 

CFTC data further show that investors have not been this doubtful of a gold rally since 2006. Managed money net-long positions on the CME are at the lowest since that year, while net-long positioning turned negative in mid-August for the first time since 2001. 

But with record short positioning comes the risk of a short squeeze, which could propel gold prices higher even faster. According to Hartnett, the fund flows out of gold may be a contrarian signal. 

Screen Shot 2018 08 24 at 9.12.30 AM

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The SEC just rejected nine Bitcoin ETFs

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

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The US Securities and Exchange Commission (SEC) has dealt another blow to the possibility of Bitcoin-based exchange-traded funds (ETF) after rejecting nine applications on Wednesday.

Sources of Traffic on Global Cryptocurrency Markets, by Country

  • Of the nine applications, two were filed by ProShares. The fund, which currently manages assets in the region of $30 billion, planned to issue ETFs to track Bitcoin futures contracts that are traded on the Chicago Board of Options Exchange (CBOE). The remaining ETF applications were filed by GraniteShares and Direxion.
  • SEC cited fraud and market manipulation concerns as the basis of rejection. In rejecting the applications, the agency referred to the inability of the applicants to prevent manipulative and fraudulent practices that would expose investors. This is similar to the justification it gave when rejecting an ETF application from the Winklevoss twins, the founders of crypto-exchange Gemini.

A crucial driving factor for Bitcoin ETFs is the possibility of attracting greater institutional capital. Given the challenges associated with the physical custody of Bitcoin — which is not a physical commodity like gold, for example — institutional investors have been hesitant to trade cryptos. And with a steady stream of high profile hacks hitting the space, this fear has been further reinforced.

While the introduction of custody solutions, notably by Coinbase, may help subside this fear, ETFs would go further to stem the tide. Along with the prospect of directly increasing the demand for cryptos, their introduction could spur the emergence of options-based products for cryptos and thereby further stimulate activity in the space.

Despite the current decision, ETFs could happen sooner rather than later. The recent announcement of a decision to form the Virtual Commodity Association (VCA), a self-regulatory body that includes major US-based exchanges, suggests that organizations are coming to terms with the SEC’s demands to clean up the space.

This active pursuance of strategies to increase the transparency and surveillance of the market could help bring the SEC on board. And given the pull ETFs will have for big investors, particularly if options on ETFs are traded on futures exchanges as they provide more opportunity for investors to better hedge risks, we could see the space mature quicker.

However, while this is a step in the right direction toward the SEC’s demands, the absence of major exchanges like Coinbase and representatives from non-US exchanges and organizations means there is still heavy lifting to be done.

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Foot Locker beats on the top and bottom lines, but same-store sales whiff (FL)

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

Foot Locker


Foot Locker's beat Wall Street estimates on both the top and bottom lines in the second-quarter, but same-store sales came up short. Shares are little changed in early action on Friday.  

The sneaker retailer earned an adjusted earnings of $0.75 a share — $0.05 ahead of the estimate from Wall Street analysts surveyed by Bloomberg. Foot Locker also said sales increased 4.8% to $1.78 billion, edging out the $1.76 billion that was expected. Excluding the effect of foreign exchange rate fluctuations, total sales for the second quarter increased 3.9%.

The lone blemish was the 0.5% increase in same-store sales, which missed the 0.7% gain that was anticipated.

"Our performance reflects the work we are doing on several fronts to position the Company to succeed in a rapidly evolving retail environment,” CEO Richard Johnson said in the earnings release. 

"We remain optimistic that our improving product flow and depth in premium styles positions us to deliver stronger comparable sales growth in the second half of 2018.”

The company is able to sell products more quickly. In the quarter ended in June, the Company’s merchandise inventories were $1,254 million, 2.8% lower than last year's. 

Foot Locker also said it opened 13 new stores, remodeled or relocated 33 stores, and closed 21 stores in last quarter and now operated more than 3000 stores in 24 countries.

Shares of Foot Locker were up 13.5% this year through Thursday.

Foot Locker

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Mt Gox's Bitcoin Creditors Can Now File for Rehabilitation Claims

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

Creditors of the defunct bitcoin exchange Mt. Gox can now start to submit proofs for claiming refunds in the exchange's rehabilitation process.

A small corner of the debt market has quietly grown to $1.4 trillion — and it has 'eerie similarities' to 2008

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

lehman brothers

  • An overlooked area of the debt markets has "eerie similarities" to the 2008 sub-prime mortgage crisis.
  • Mark Zandi, the chief economist at the analytics arm of the ratings agency Moody's, argued that rising risk taking and falling standards of underwriting in the corporate bond and leveraged debt space are a big threat.
  • The amount of leveraged loans to non-financial companies has now risen to around $1.4 trillion.

Wall Street may have just seen US stocks enter their longest bull market in history, but there are "eerie similarities" between one area of the market and the sub-prime mortgage crisis that triggered the last crash in 2008, according to research from the ratings agency Moody's.

Writing this week, Mark Zandi, the chief economist at the analytics arm of Moody's, argued that rising risk taking and falling standards of underwriting in the corporate bond and leveraged debt space are, at least partially, analogous to what happened in 2007 and 2008.

Noting that we are very much in the midst of the boom period of the business cycle, Zandi argued that such phases are generally characterised by "excessive risk-taking somewhere in the financial system."

"This fuels the boom and is eventually at the center of the subsequent bust," he said.

"Subprime mortgage loans were the obvious culprit a decade ago, runaway internet stocks that pumped up a stock market bubble were the problem in the early-2000s recession, and the savings and loan crisis incited the early 1990s downturn."

Right now, Zandi says, that excessive risk taking is happening within the leveraged-lending space, particularly with regard to non-financial businesses.

"The most serious developing threat to the current cycle is lending to highly leveraged nonfinancial businesses," Zandi wrote.

On the surface things look basically fine. While the ratio of outstanding debt to GDP in the US is at its highest level in history, that is generally believed to reflect a "broadening in the availability of credit to more businesses," and is a trend that has been visible for decades. Zandi also points to the fact that the ratio of debt to business profits is virtually unchanged since the 1980s.

"Businesses appear to be in good shape in aggregate," Zandi says, but there's a sting in the tail in the form of a "significant number of highly leveraged companies are taking on sizable amounts of debt."

This trend, he says, is evident in the rise in volumes of leveraged loans to businesses, which are "setting records." Statistics show "double-digit" annual growth in such loans, with a total value of more than $1.3 trillion.

Screen Shot 2018 08 24 at 12.36.13

"Businesses use the loans to finance mergers, acquisitions and leveraged buyouts, followed by refinancing, and to pay for dividends, share repurchases and general expenses," Zandi says.

The ballooning leveraged loans in and of themselves may not be massively troubling, Zandi says, but while the total stock of debt rises, the standards required to get such loans is also falling.

"To meet the strong demand for leveraged loans from the CLO [collateralized loan obligation] market, lenders are easing their underwriting standards," Zandi writes.

"According to the Federal Reserve’s survey of senior loan officers at commercial banks, a net 15% of respondents say they lowered their standards on commercial and industrial loans to large and medium-size companies this quarter compared with the previous quarter."

This combination, he adds, has only really occurred once before: just before the financial crisis.

"The only other time loan officers eased as aggressively on a consistent basis was at the height of the euphoria leading up the financial crisis in the mid-2000s," he writes.

Lowering standards for underwriting of loans are also evident in another area of the debt markets — the junk corporate bond space.

"The junk market hasn’t kept pace with the surging leveraged loan market, but it is nearly as big, with more than $1.3 trillion in outstandings," Zandi said.

In total, that's close to $2.7 trillion of debt being hit by falling underwriting standards, close to the value of the sub-prime mortgage market pre-crisis. "Consider that subprime mortgage debt outstanding was close to $3 trillion at its peak prior to the financial crisis," Zandi said.

"Insatiable demand by global investors for residential mortgage securities drove the demand for subprime mortgages, inducing lenders to steadily lower their underwriting standards."

Ultimately, he concludes, it is "much too early to conclude that nonfinancial businesses will end the current cycle in the way subprime mortgage borrowers did the previous one," but warns there are "eerie similarities."

SEE ALSO: A top JPMorgan strategist shares the one word investors need to know to get ahead in the 'extreme' market

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Crypto Market Rises to $210 Billion, Tokens Like ICON See Large Gains

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

The Bitcoin price has increased to $6,550 over the past 24 hours, as the crypto market recorded a solid recovery. Tokens like ICON demonstrated 10 to 30 percent gains. Theta Token, Gas, CyberMiles, Nano, Lisk, PIVX, and ICON are the best performers of August 24, with Theta Token recording a massive 44 percent increase in … Continued

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Bitcoin's Price Builds Bottom As Upward Pressure Grows

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

Bitcoin charts continue to call a bullish move at a time when the short positions are near record highs.

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

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

Jackson Hole

Here is what you need to know.

Jerome Powell speaks at Jackson Hole. But three of the world's most important central bankers — the European Central Bank's president, Mario Draghi; the Bank of England's governor, Mark Carney; and the Bank of Japan's governor, Haruhiko Kuroda — won't be in attendance.

China takes another step toward opening its financial markets. The China Banking and Insurance Regulatory Commission on Friday scrapped foreign ownership limits for banks and bad-debt managers, Bloomberg says.

Turkey's economic crisis has gone off the radar — but there's a huge chance it could get a whole lot worse. The recent 25% plunge in the value of the Turkish lira has caused credit growth to slow sharply, posing a significant risk to the country's economy, the HSBC economist Melis Metiner says.

A 'boogeyman in the housing market' is said to be making it tougher for Americans to own homes. Americans are spending the most money in almost a decade on mortgage payments as a share of their income, according to Morgan Stanley.

A major Tesla investor is urging Elon Musk not to take the company private. ARK Investment Management — which owns 580,000 shares of Tesla, worth roughly $163.84 million — says that Tesla's stock price could be worth $4,000 a share but that it'll never get there on private markets.

Gap stumbles as same-store sales see a bigger-than-expected drop. Shares fell nearly 7% in after-hours trading on Thursday after the retailer said same-store sales in the second quarter fell 5%, worse then the 2.55% drop that was expected, Reuters reports.

Eventbrite is going public. The ticketing website didn't say how much money it hoped to raise but did say it would use the proceeds from an initial public offering to increase its capitalization and financial flexibility and to pay off its debt, which stands at $66.36 million, according to an S-1 filing out Thursday.

Stock markets around the world are higher. Japan's Nikkei (+0.85%) posted solid gains in Asia, and Britain's FTSE (+0.22%) leads in Europe. The S&P 500 is set to open up 0.23% near 2,863.

Earnings reporting is light. Foot Locker reports ahead of the opening bell.

US economic data trickles out. Durable-goods orders are scheduled for release at 8:30 a.m. ET. The US 10-year yield is up 1 basis point at 2.84%.

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There's a 'boogeyman in the housing market' that's making it tougher for Americans to own homes

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

tents homeless

  • Home sales in the US are slowing, and the boogeyman is affordability. 
  • Americans are spending the most money in almost a decade on mortgage payments as a share of their incomes, according to Morgan Stanley. 
  • Economists have been expecting home prices to eventually slow, but the market isn't budging. 

More evidence of a slowdown in the housing market came through this week.

The latest data on sales of new and existing homes slowed more than economists had expected for a second straight month. During three quarters out of the past four, there was a decline in residential investment, which includes construction and brokers' fees.

Since the rest of the economy — particularly the job market — is in solid shape, it's not the unwilling of buyers that's slowing housing down. 

"If there's a boogeyman in the housing market today, it's affordability," James Egan, Morgan Stanley's co-head of US housing strategy, said in a note on Thursday. By one measure — the S&P CoreLogic Case-Shiller Home-Price Index — housing costs have jumped 21% since they bottomed after the recession in February 2012. 

"As home prices and mortgage rates have risen, it logically follows that homes have become less affordable."

The chart below offers proof of how much strain the housing market is creating. It shows that Americans are paying the most in monthly mortgage payments relative to their incomes since 2008. And it's no wonder a University of Michigan survey of consumers earlier this month found that home prices were deemed the least favorable in 12 years. 

"The only housing market indicator that has moved decisively higher in 2018 has been prices: Everything else is flat," Aaron Terrazas, a senior economist at Zillow, said.  

Screen Shot 2018 08 23 at 3.10.14 PM

Egan has more sour news: He doesn't expect prices to fall, although he thinks the rate of growth may slow. That's still not happening for most of the market, however. In June, the CoreLogic index showed that home prices rose at the fastest annual rate in four years and have not fallen for 14 straight months. 

Still, it's more likely a matter of when, not if affordability improves. Price growth is already slowing in the luxury housing market, where there aren't as many people giving competing offers to sellers, according to Zillow. 

"We believe that the current supply and demand environment will continue to push home prices higher, just at a decelerating pace," Egan said. 

Another promising thing, particularly for those worried about another housing crisis, is that lending standards are much tighter than during the most recent housing bubble. According to TransUnion, the share of homeowners who made mortgage payments more than 60 days past the due date fell to 1.7% in the second quarter, the lowest since the housing crisis.

However, fewer qualified people are choosing to take out mortgages.

"This shift is likely due to a combination of historically tight underwriting standards coupled with rising home prices putting pressure on home affordability, particularly at the entry-home level," Joe Mellman, a mortgage business leader at TransUnion, said.  

"In fact, homeownership rates continue to remain far below recent historical averages."

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3 of the world's most important central bankers are skipping this year's 'summer camp for economists' in Jackson Hole

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

donald trump jerome powell

  • Mark Carney, Mario Draghi and Haruhiko Kuroda are all missing from the list of attendees at this years central banker meeting at the remote mountain resort of Jackson Hole.
  • The news comes alongside confirmation that none of the ECB’s executive board members will make the trip to the annual central bankers meeting headed by the US Federal Reserve Chairman Jerome Powell.

ECB president Mario Draghi, Bank of England Governor Mark Carney, and the Bank of Japan's Haruhiko Kuroda are all missing from the list of attendees at this year's annual central bankers meeting on monetary policy at Jackson Hole in the United States.

News of Draghi’s absence comes alongside confirmation that none of the ECB’s executive board members will make the trip to Kansas City Fed’s annual retreat for central bankers at the remote mountain resort in Wyoming, Bloomberg reported.

An ECB spokesperson told Business Insider that there was "no particular reason" for their absence.

The Bank of England will be represented at the conference by chief economist Andy Haldane.

This years meeting will be led for the first time by new Federal Reserve Chair Jerome Powell, and will focus on the "Changing Market Structure and Implications for Monetary Policy." The event allows the world's monetary policymakers to meet behind closed doors and discuss the big issues of the day away from the glare of politicians, the public and the media.

This meeting will be held against a backdrop of a strong US and, broadly speaking, global economy,  concerns over the trade dispute between Beijing and Washington, and the ongoing crisis in Turkey.

Tensions are also running high between US President Donald Trump and the Fed after frequent criticisms of its interest rate hikes, while another rate hike is expected to be confirmed at Jackson Hole.

Trump has directed anger at the Fed for raising interest rates as the US economy has picked up.

In July he tweeted: "The United States should not be penalized because we are doing so well. Tightening now hurts all that we have done. The U.S. should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals. Debt coming due & we are raising rates - Really?"

On Friday, Powell will deliver the set piece speech of the conference which will be a focus for investors as they listen for confirmation of another interest rate increase.

"The Jackson Hole summer camp for economists begins today," Paul Donovan, chief economist at UBS' wealth management arm said in his daily email.

"Fed Chair Powell is of course a lawyer, not an economist – which raises the question of whether a lawyer should attend a summer camp for economists.

"Powell's speech will probably have been written by someone with an economics degree, so that will make it worth listening to."

Minutes released from the Fed's last meeting on Wednesday showed that despite objections from the president, it is on course to increase rates in September.

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Turkey's economic crisis has gone off the radar — but there's a huge chance it could get a whole lot worse

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

Turkey currency economic crisis Istanbul.JPG

  • News out of Turkey about its stuttering economy has slowed over the past few days, but major issues remain.
  • After the collapse of the lira, HSBC's Melis Metiner is now warning of another thread to the country's fragile economy.
  • Credit growth in both the commercial and domestic sectors is slowing sharply, likely presaging a significant weakening in growth going forward.


After the flare-up in Turkey which saw its currency drop 25% in a week, major tensions with the US, and even talk of its entire economy collapsing, things appear to have quietened down over the past few days, as the country settles in to try and solve its problems.

Just because things have calmed down, however, doesn't mean Turkey is out of the woods yet, and a recent note from HSBC shows just why.

Writing to clients this week, HSBC's Melis Metiner, an economist for central and eastern Europe, the Middle East, and Africa, said that there are still several signs that things could get worse before they get better in the stricken nation.

The big issue, Metiner says, is the fact that growth in people and businesses being given credit is so low.

"A look at recently released data shows that a more challenging external backdrop and TRY [the Turkish lira] weakness and volatility have dragged credit growth lower," Metiner wrote.

"Consumer loan growth has slowed from around 20% in the middle of last year to 14% in annualized terms," she continued.

"The slowdown in commercial loan growth has been much more marked, with the annualised pace falling below zero in mid-August, the slowest pace since 2009."

"Total loan growth, as a result, has slowed to around 4% in annualised terms, the slowest pace seen since 2015."

The chart below illustrates that sharp slowdown (in this case in domestic credit):

Screen Shot 2018 08 24 at 08.50.08

While too much credit can be a negative for an economy, as borrowers overstretch themselves leading to possible defaults, credit helps to allow households to spend, and companies to invest in their businesses. If credit slows too sharply, the subsequent lack of investment can lead to slowing economic growth.

Metiner believes this could manifest itself in Turkey, saying that slowing growth in credit "is set to weigh on Turkey’s growth, especially private investment."

The natural response to such a slowdown, Metiner notes, would be for the Turkish central bank to raise interest rates in order to fuel spending. "We believe further policy tightening and a prolonged period of tight policy are both warranted."

She also notes, however, the reticence of the Erdogan administration to allow such moves. Erdogan himself is staunchly opposed to high interest rates, and once publicly described them as "evil."

SEE ALSO: Turkey’s turmoil blew a $19 million hole in one trader’s account — here are the winners and losers from the crisis

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A Fight Is Breaking Out Over Bitcoin Cash – And It Just Might Split the Code

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

Bitcoin cash devs are fighting over what code changes to make next. If no one compromises, hard-forked coin could itself split into two.

The almighty air-cooled Porsche 911 Turbo has returned, sort of

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

Porsche 911 993 Project Gold (8)

  • Porsche built a single brand-new 993-generation 911 Turbo dubbed Project Gold.
  • The 993 was the last generation of the Porsche 911 sports car to be powered by air-cooled engines.
  • The Project Gold Porsche 911 will be powered by a 450 horsepower, twin-turbocharged flat-six from the 993 Turbo S.
  • Porsche will auction off the Project Gold 911 in October with proceeds going to charity.

The air-cooled Porsche 911 Turbo remains one of the all-time great sports cars two decades after the last one rolled out of the company's plant in Stuttgart, Germany. The 993, the final generation of the 911 to use air-cooled engines, remains one of the most sought-after Porsches in the world. With two-decade-old 911 Turbos fetching upwards of $200,000. 

Now, Porsche is bringing back its old warhorse for one more tour of duty to celebrate the sports car maker's 70th anniversary. 

Porsche Classic, the division within the brand that handles out-of-production models, decided to build a single brand new 993 911 Turbo dubbed Project Gold for its Golden Yellow Metallic paint scheme.

Porsche 911 Turbo Project Gold embargoThe Project Gold 911 was assembled and tuned over a period of a year-and-a-half by specialists at the Porsche Classics workshop near the company's headquarters in Stuttgart. The Turbo's manual transmission and all-wheel-drive system are both sourced from Porsche Classic's part bin while the chassis number follows that of the last street-legal 993 Turbo produced in 1998. 

Even though the Project Gold 911 is classified by Porsche as a 993 Turbo, it is powered by a 3.6 liter, 450 horsepower twin-turbocharged, flat-six cylinder engine from the 993 Turbo S. 

Porsche 911 Project Gold embargoSadly for Porsche aficionados, there will only be one Project Gold 993 Turbo produced. However, it will be up for grabs on October 27 when it hits the auction block in Atlanta through RM Sotheby's.

Proceeds from the sale will go to the Ferry Porsche Foundation which is a new charity dedicated to education, social issues, and youth development. 

So in other words, buy this Porsche and help make the world a better place. 

SEE ALSO: BMW just unveiled its long-awaited Z4 sports car and it's beautiful

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Audi just gave us a look at its 764 horsepower electric sports car of the future and it's absolutely dazzling

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

Audi PB18 e tron under embargo

  • The Audi PB18 e-tron electric concept sports car made its world debut on Thursday at Pebble Beach in Monterey, California.
  • The electric concept is powered by three electric motors that can develop up to 764 horsepower.
  • Audi's concept is equipped with a 95 kWh battery pack that gives it a range of more than 310 miles.
  • The PB18 e-tron also features a unique sliding cockpit that can shift within the cabin. 

Every year, for a week in August, the glitz and glam of the automotive elite descend upon the streets of Monterey, California,

Traditionally, Pebble Beach has been an opportunity for the rich and famous to see and be seen among a sea of automotive exotica. These days things are a bit different. The exotic cars are still there, but it's also developed into another auto show for manufacturers to exhibit their latest and greatest.

On Thursday, Audi did just that with the introduction of its new PB18 e-tron concept sports car. It's a futuristic technology demonstrator created especially for Pebble Beach. In fact, the "PB" in its name stands for Pebble Beach.

Audi PB18 e tron under embargoThe rest of its name is in reference to Audi's all-conquering R18 e-tron Le Mans prototype race cars.

The PB18's stand out feature is a driver's pod complete with integrated pedals, steering wheel, controls, that can be slid laterally inside the cabin. When on a race track, the driver's compartment can be positioned in the center of the cockpit like that of an open-wheel race car. 

"We want to offer the driver an experience that is otherwise available only in a racing car like the Audi R18," Audi Design Loft boss Gael Buzyn said in a statement. "That’s why we developed the interior around the ideal driver’s position in the center."

Audi PB18 e tron under embargoHowever, the compartment can also be slid to the side to create a traditional road car setup that also allows for a passenger thanks to an integrated seat mounted low in the cabin. 

As with every Audi to carry the e-tron moniker, the PB18 e-tron is all electric. The Audi concept is powered by a trio of electric motors — one up front and two in the back. The motors send roughly 200 horsepower to the front wheels and a whopping 600 hp to the rear. Thus creating a virtual quattro all-wheel-drive system.

Working together, the motors develop 670 hp that can be temporarily boosted to 764 hp. Sadly, you can't simply add up the output of the front and rear motors. 

Audi PB18 e tron under embargoAccording to Audi, 0-62 mph can happen in about two seconds. 

The PB18 e-tron is equipped with a 95 kWh liquid-cooled, solid-state battery that, Audi claims, can be fully recharged in 15 minutes. The pack also gives the PB18 a range of more than 310 miles on a single charge. 

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Crews respond to fire near the Tesla factory in Fremont, California (TSLA)

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

tesla fremont factory

  • Fire crews responded to a fire that erupted near the Tesla factory in Fremont, California, on Thursday afternoon.
  • Local news media showed an unidentified building engulfed in flames.
  • The Fremont Fire Department said the flames started in a "cardboard pile," threatening an outside structure.

Fire crews in Fremont, California, responded to a fire that erupted near the Tesla factory on Thursday afternoon.

The Fremont Fire Department said the flames started in a cardboard pile around 8:20 p.m. ET, on the southern end of Tesla's property, igniting some grass and an unidentified building.

Aerial video from local news outlets showed firefighters dousing the flames with water. Another video showed a building engulfed in flames. A Tesla spokesperson was not immediately available for comment.

The fire was contained by 9:00 p.m., but firefighters remained on site to make sure there was no further threat, the San Francisco Chronicle reported.

Here's some video from the scene:

 

This story is developing. Updates to come.

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Jaguar Land Rover just unveiled its E-type Zero electric car and it's breathtaking

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

J_Classic_E type_Zero_(EMBARGO)

  • The production version of the Jaguar E-type Zero was unveiled Thursday evening in Monterey, California at the 2018 Pebble Beach Concours d'Elegance.
  • Meghan Markle and Prince Harry drove a prototype version of the Jaguar E-type Zero away from their May 2018 royal wedding reception.  
  • "E-type Zero showcases the incredible heritage of the E-type, and the expertise and craftsmanship at Classic Works," Jaguar Land Rover Classic's Director Tim Hannig said in a statement.  


The production version of the Jaguar E-Type Zero was unveiled Thursday evening in Monterey, California at the 2018 Pebble Beach Concours d'Elegance.

"E-type Zero showcases the incredible heritage of the E-type, and the expertise and craftsmanship at Classic Works, while demonstrating Jaguar Land Rover's dedication to creating zero emission vehicles across every part of the business, including Jaguar Classic,"  Tim Hannig, Jaguar Land Rover's classic director, said in a statement. 

J_Classic_E type_Zero_(EMBARGO)

Combining restoration expertise with the zero-emissions technology that made Jaguar's I-PACE SUV so successful, the new E-type Zero will be a custom-made car restored to be an environmentally friendly electric vehicle. 

These specified restoration and conversion jobs will be done at Jaguar's Classic Works facility in Coventry, U.K., which handled Jaguar E-type Reborn restorations.  

The E-type Zero will use an electric powertrain battery pack that is similar in weight and dimensions to the departing gasoline engine and transmission. This similarity will ensure a smooth conversion, as neither the car's suspension nor brakes will be changed, keeping the driving and handling experience the same as the original E-type. The electric vehicle conversion is fully reversible. 

J_Classic_E type_Zero_(EMBARGO)

According to Jaguar Land Rover, the E-type Zero will have a quicker acceleration than the original Series 1 E-Type.  The car targets a driving range in excess of 170 miles prior to charge and will be powered by a 40kWh battery that should only take six to seven hours to be recharged, depending on the power source. 

The Jaguar E-Type Zero first gained publicity when Prince Harry and Meghan Markle drove away from their May 19, 2018 wedding reception in a prototype version of the vehicle. 

Prince Harry Jaguar

There are no pricing details yet because each car is uniquely made and assembled from a previous model. Jaguar Land Rover anticipates deliveries of the first electric E-type vehicles to start in the summer of 2020. 

 

 

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Not a Done Deal: U.S. SEC “Will Review” Most Recent ETF Decisions

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

Not a Done Deal: U.S. SEC “Will Review” Most Recent ETF Decisions

The United States Securities and Exchange Commission will reevaluate its recent round of bitcoin ETF rejections.

This Wednesday, August 22, 2018, the SEC denied 9 ETF proposals from ProShares, GraniteShares and Direxion in three separate orders. But consistent with a rule that allows the SEC’s Chairman and Commissioners to review decisions delegated to its staff, these disapproval orders are up for reviewal.

A letter written by SEC secretary Brent J. Fields to Eugene Schlanger of the New York Stock Exchange details the technicalities of this process:

“On August 22, 20 18, the Division of Trading and Markets took action, pursuant to delegated authority, 17 CFR 200.30-3(a)( l2), disapproving the proposed rule change by NYSE Arca, Inc. to list and trade the shares of the above-referenced exchange-traded products under NYSE Arca Rule 8.200-E, Commentary .02, Order Disapproving a Proposed Rule Change Relating to Listing and Trading of the Direxion Daily Bitcoin Bear IX Shares, Direxion Daily Bitcoin l. 25X Bull Shares. Direxion Daily Bitcoin 1.5X Bull Shares, Direxion Daily Bitcoin 2X Bull Shares,and Direxion Daily Bitcoin 2X Bear Shares Under NYSE Arca Rule 8.200-E, Securities Exchange Act of 1934. Release No. 839 12 (August 22, 2018). This letter is to notify you that, pursuant to Rule 43 1 of the Commission's Rules of Practice, 17 CFR 201.431, the Commission will review the delegated action.

“In accordance with Rule 43 1 (e), the August 22 order is stayed until the Commission orders otherwise. The Office of the Secretary will notify you of any pertinent action taken by the Commission,” the letter concludes.

At this time, it is unclear when the Commission’s order will be released to the public.

SEC Commissioner Hester Peirce, whose outspoken criticism of the SEC’s treatment of bitcoin ETF filings has made her a darling of the industry’s followers, tweeted the developments earlier today.

In her tweet, she explains that “the Commission (Chairman and Commissioners) delegates some tasks to its staff.  When the staff acts in such cases, it acts on behalf of the Commission. The Commission may review the staff's action, as will now happen here.”


This article originally appeared on Bitcoin Magazine.

Before Bitcoin ETFs Pass, A Clear Crypto Narrative Is Needed

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

Bitcoin ETFs are continuing to be rejected by regulators, but time may be on the side of innovators.

New Research Claims Satoshi Mined Far Fewer Bitcoins Than Previously Thought

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

New Research Claims Satoshi Mined Far Fewer Coins Than Previously Thought

Based on five-year-old research, Bitcoin enthusiasts and critics alike have often held that Satoshi Nakamoto originally mined some 1,000,000 bitcoin in the early days of the network. New numbers from BitMEX Research, however, demonstrates this number could be off by 300,000-400,000 total bitcoin.

Breaking Down Lerner’s Research

The oft-cited 1,000,000 coins estimation comes from research conducted by Bitcoin developer and RSK founder Sergio Demian Lerner and presented on Bitcointalk in 2013.

Lerner came to this conclusion by examining the Total Network Strength of Bitcoin’s blockchain in 2009. At 7 MH/s, he argued, Satoshi must have been mining alone in the network’s first two weeks, and, since the network’s hashrate remained at 7MH/s for the entirety of 2009, he must have been mining alone for the entire year.

In the comment section of the forum, Lerner was met with some understandable criticism and skepticism. Counter arguments posit that his MH/s estimation doesn’t include a large enough sample size and is based on unreliable block timestamps. Many forum users also recalled mining themselves in the early days of the network.

These arguments and anecdotes were enough for community members to shrug off Lerner’s claims, until a few days later, he came back with more evidence derived from a different method and posted it on his personal blog.

Lerner’s new findings were derived by using Bitcoin’s ExtraNonce value, a bit of data in coinbase transactions that miners can use if it takes them too long to find a block.

Lerner’s research was accompanied by two graphs that, he argued, illustrate that Satoshi was the only miner working in the network’s infancy. As the slopes that represent the ExtraNonce value are of the same size and gradient, the argument goes, it’s reasonable to assume that they represent the same miner.


This method and its findings were enough to convince most of Lerner’s naysayers; as a result, many assumed that Satoshi netted roughly 1,000,000 bitcoin as a reward for his solitary mining in the early days of his creation.

BitMEX Rethinks Lerner’s Method

This week, BitMEX Research revisited Lerner’s research, although it arrived at a different conclusion.

BitMEX Research does agree with Lerner’s findings to a point, and they have no problems with his method. But they also argue that his findings only support his argument up to August 2009.

“After August 2009, the pattern breaks down to some extent. The gradient of the slopes varies considerably (from 1.1 nonces per block to 10 nonces per block),” BitMEX Research explains. “At the same time, the height of the slopes is inconsistent and there are many large gaps between them. Therefore, although the image still looks compelling, the evidence that the miner is one entity is somewhat weak, in our view.”

The research finally concludes that “the number of blocks allocated to the dominant miner is grossly overestimated.” The authors continue to write that “[even] if the slopes are similar, this could be because different entities had a similar setup. Each miner is not independent, in the sense that they are likely to be running the same software or could be using the same popular hardware, which could produce the same pattern.”

A more likely figure for how many bitcoins Satoshi mined, the report reads, is likely between 600,000 and 700,000.

It’s important to note that the biggest assumption in this case is that Satoshi is the dominant miner in the network’s early days. There’s no hard evidence to confirm this hypothesis, something BitMEX acknowledges in its report.

The Implications of This Evidence

In the Bitcointalk Forum detailing Lerner’s original evidence, some community members argue that the mining rewards reaped by the first miner (be that person Satoshi or otherwise) is unethical. In effect, these critics say, these rewards act like a pre-mine of sorts. With no one else on the network, Satoshi would have been able to mine without competition and, as a result, he accumulated a treasure trove of bitcoin.

Whether this critique is valid or not, the new evidence BitMEX presents may partly mitigate these concerns. Though these same critics may find little solace in the notion that Satoshi or the first miner may only own 30-40 percent fewer coins than originally evidenced, it appears as though, at least from August 2009 on, Satoshi wasn’t the only miner on the network.

BitMEX calls into question just how many blocks Satoshi mined, meaning that the first year’s block rewards may not have been so centrally allocated as originally assumed.

Under this argument, the network was more active in its nascency thanks to a handful of early adopters, so Satoshi couldn’t have monopolized it as some critics claim.

This article originally appeared on Bitcoin Magazine.

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