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cryptoevent · 4 years ago

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Bitcoin breaks $40,000 and sets its sights on a new all-time high, ETH fees spike as a new price record is set, and Elon Musk really loves Dogecoin.

Published every Saturday, Hodler’s Digest helps you stay on top of all the week’s important news. The best (and worst) quotes, adoption and regulatory highlights, highlights, predictions and more – the week at Cointelegraph in one link.

This week’s headlines

Bitcoin sees $50,000 less than a month after the price of BTC broke its 2017 record.

Bitcoin is showing signs of a new rally after passing the $40,000 resistance zone, fueling hopes for a new record.

It will be very important for Bitcoin to stay above this level in the near future. This comes days after MicroStrategy exposed more than 1,400 companies to Bitcoin.

According to Michel van de Poppe, analyst at Cointelegraph Markets, BTC’s strength means that its market dominance is being restored at the expense of most altcoins.

He added, “However, an apparent break above the historical record of $42,000 should take the price of bitcoin to $50,000.”

Bitcoin has crossed the $40,000 mark for the first time in 23 days, but this time market sentiment is much calmer and the derivatives market is not as overheated.

Some establishments took advantage of this week’s blowout to take money off the table. Ruffer Investment, for example, made a $650 million profit after doubling its cash flow in just two months.

With the Ethereum price reaching $1,750, the royalty of the Ethereum network has reached its highest level ever.

ETH set new records this week, moving closer and closer to $2,000.

After trading at $1,756.51, the world’s second-largest cryptocurrency has fallen slightly to $1,672.99 at the time of writing.

This record is due to the intense interest in theFi components, many of which use the Ethereum network as a backbone. Expectations have also been driven up by the launch of CME Group Ether futures.

There is only one problem: the price of gasoline is rising. This week, transaction fees rose so much that some exchanges no longer accept gas.

Blockstream’s developer, Mr. Grubles, fears that this could affect the proper functioning of DeFi protocols: “This is a legitimate crisis. We will have to stock up on popcorn to see how Ethereum will fare”.

“Welcome” – DOGE rises after Elon Musk returns to Twitter … to force the coin

To some extent, the rise in crypto prices can be attributed to Elon Musk. For reasons unknown, the richest man in the world is obsessed with Dogecoin.

Tesla’s CEO caused quite a stir this week when he shared a fake photo of him dressed as Rafiki from “The Lion King,” with Simba inu shiba on top of his face in the famous scene where the cub is held aloft on “Pride of the Rock.”

Musk helped DOGE get off the ground this week, but the comments he made in a club discussion about bitcoin did not have the same impact as last Friday, when BTC jumped several thousand dollars because Musk added #bitcoin to his Twitter bio.

During a conversation at the club, the billionaire reportedly said, “I’m late to the party, but I’m a Bitcoin supporter.

This week, a new study looked at Musk’s tweet six times about BTC or DOGE, and concluded that his comments caused price spikes and a “significant increase” in trading volume.

But an article in the Blockchain Research Lab warns, “While Musk’s behavior and communications may be considered positive or fun (and thus perhaps uncritical), similar studies have already shown that negative tweets can also have a negative impact on financial results.”

The rage to win: XRP price drops 50% after reaching its highest level in two weeks

XRP was the subject of a commercial frenzy last week, with an 86% breakthrough after it became the new focal point of r/Satoshistreetbets, a spin-off of r/Wallstreetbets.

The pump came while XRP’s legal troubles showed no sign of stopping, and the Securities and Exchange Commission (SEC) confronted Ripple later this month.

On February 1 at 8:30 am (Eastern Time), the Telegram and Discord chat prompted people to buy XRP en masse, but as expected, the pump ended in tears. Within two hours, Altcoin fell by almost 50%…. , scaring off new investors.

Keith Waring tweeted, the coin dealer, “Although the $XRP army will be aggressive if you warn them about the elephant in the coin’s escrow form, I can’t help but feel sorry for those who bought at .75c today. X R (I)P”.

PayPal offers encrypted payments to merchants, limited exchanges on Venmo

PayPal revealed that its crypto commerce service has “exceeded expectations” since its limited launch in the United States.

The payments giant now plans to focus on encrypted, chain and digital currencies in 2021, with a “significant” investment in the new entity. According to the company, those who bought Bitcoin ended up putting twice as much money into the system as before.

After an “excellent response,” CEO Dan Schulman said that crypto will be offered as a funding source later this quarter when users store at one of PayPal’s 29 million merchants, and that a “full roadmap” of new services will follow.

In November, PayPal took a big step toward digital assets by allowing its U.S. users to buy cryptocurrencies directly through the application. US-based customers are limited to $20,000 per week. Since then, the volume of cryptocurrency transactions on the platform has reached record levels, peaking on January 11 with $242 million in transactions.

Winners and losers

At the end of the week, Bitcoin stands at $40,776.40, Ether at $1,676.86 and XRP at $0.44. The total market capitalization is $1,218,786,711,013.

Among the top 100 cryptocurrencies, the top three altcoin players of the week are UMA, 0x and PancakeSwap. The first three altcoins of the week were lost against HedgeTrade, ThorChain and Fantom.

For more information on cryptocurrency prices, don’t forget to read Cointelegraph’s market analysis.

Most memorable quotes

“After a record year in 2020, when it grew by more than 300%, Bitcoin is expected to remain strong in 2021 as more individuals – and large institutional buyers – enter the market.”

Jesse Cohen, Senior Financial Analyst at Investing.com.

“While Musk’s behavior and communications may be considered positive or fun (and thus perhaps non-critical), similar studies have already shown that negative tweets can also have a negative impact on financial results.”

Lennart Ante, co-founder of the Blockchain Research Laboratory.

“If one tweet can increase the cap on the Bitcoin market by $111 billion, another tweet can erase a similar value.”

Lennart Ante, co-founder of the Blockchain Research Laboratory.

“Welcome.”

Elon Musk, CEO of Tesla

“We have also seen an exceptional response to our cryptocurrency launch…. The volume of cryptocurrency transactions on our platform has far exceeded our expectations.”

Dan Schulman, CEO of PayPal

“The economic climate for Bitcoin could not be better right now.”

Duncan McInnes, co-manager of Roefer.

“Despite the aggressive $XRP army warning you about the elephant in the room escrow form, I still can’t help but feel sorry for the people who bought at .75c today. X R (I)P”.

Keith Waring, coin image marketer.

Predictions for the week

The CIO of BlockTower Capital estimates that there will be another 9 to 22 months of “bull run” in cryptocurrency.

With the new optimism surrounding the operation of Bitcoin, the question inevitably arises: how long will the bull last?

According to Ari Paul, Blocktower Capital’s Chief Information Officer, we have at least nine more months.

He said, “There is a continuous and dizzying rotation going on here. BTC omhoog, dan wanneer BTC een adempauze neemt, ETH en enkele grote kapitalisaties (en in die modus, DeFi blue chips), dan kleine kapitalisaties, flush en herhaal. Of course, you can add a 30-60% correction for fun”.

On the question of how Bitcoin will behave, Paul added, “In terms of price, I think BTC ends a bull run between $100,000 and $400,000 and the alts do better.”

FUD of the week.

The Guggenheim CIO is under fire for changing his position on BTC.

Scott Minerd’s apparent shift from bullish to bearish, and vice versa, on both sides of the Securities and Exchange Commission (SEC) filing regarding his $500 million investment in the BTC is raising eyebrows on social media.

Guggenheim’s CIO made headlines after stating that BTC would see a “complete correction to return to the $20,000 level” – later adding that there was insufficient institutional support to justify a price above $30,000.

A few days later, Minerd stated that bitcoin could reach $600,000 in the long run because of the scarcity and value of gold.

Some people on Twitter were not impressed. Economist Alex Krueger wrote, “Remember, Guggenheim wants you to sell #bitcoin so you can buy cheaper. They tried to scare the market into lowering the price to $20,000 when they think it’s worth $400,000.”

New class action lawsuit against Robinhood raises allegations of oligopolistic manipulation

It has been a full week since Robinhood, a stock trading application, took off following GameStop’s trading restrictions.

A class action lawsuit has been filed because this radical decision deprives customers of the opportunity to profit from the volatility of GME shares – by manipulating the share price.

Meanwhile, some reports have indicated that Robinhood is delaying its planned IPO to focus on fighting a public relations disaster. Other media outlets have questioned this claim and claimed that the IPO is proceeding as planned.

It is also reported that Robinhood CEO Vlad Tenev will testify before the Financial Services Committee of the U.S. House of Representatives about the company’s role in the recent volatility.

Robinhood, a stock exchange app that has been popular for millennials, is facing a new class action lawsuit after it recently temporarily suspended purchases from GameStop and other “gift stores” through its platform.

Polish crypto exchange employee in artificial coma after armed attack

An employee of a Polish crypto and gold exchange has been put into an artificial coma after an armed attack.

On January 22, the offices of FlyingAtom in the city of Olsztyn were attacked. The masked attacker managed to escape with gold worth about $120,000.

The suspect was subsequently arrested in connection with the incident, and police thanked him for his assistance.

The best features of money

Is it time to shine? Crypto should take a chance after the GameStop drama.

The GameStop pump could encourage some amateur investors to finally learn about DeFi and its benefits.

The only way to enable the execution of the blocking chain is to enter consciousness.

Inactive transactions can help keep the BeCeFi active so that the sector can continue to develop and increase its relevance.

R/ Wall Streetbets vs Wall Street: harbinger of the DeFi explosion?

Was the Robinhood stock market app the culprit in the GameStop saga? “In a decentralized trading market, no one would have that kind of power.”

Related Tags:

eth price, cryptocurrency prices, bitcoin stock price, eth to usd

#Crypto #Bitcoin

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patriotsnet · 3 years ago

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Did Trump Say Republicans Were Dumb

New Post has been published on https://www.patriotsnet.com/did-trump-say-republicans-were-dumb/

Did Trump Say Republicans Were Dumb

Ben Carson: March 4 2016

Donald Trump Tells Oprah in 1988 What He Would Do as President

You would be forgiven for forgetting that at one point last fall, Dr. Ben Carson was tied with Trump for first place in national Republican presidential preference polls. They were two different versions of the “outsider” candidate Trump, the brash billionaire and reality TV star; and Carson the quiet doctor propelled by faith. ;In;November, Trump went on the attack. He turned to Carson’s own autobiography for ammunition, noting with skepticism Carson’s story of how his religious conversion began when he attempted to stab a friend only to have the knife blade break on the friend’s belt buckle. “How stupid are the people of Iowa?” Trump asked. “How stupid are the people of the country to believe this crap?” At the time it seemed a direct challenge to evangelicals that could only hurt Trump, but it was Carson who began to slip in the polls. The doctor did poorly in the early primaries and dropped out after Super Tuesday. A week later he endorsed Trump, saying the two had “buried the hatchet” and that he believed there are “two Donald Trumps” the bombastic public figure and the private man who is “cerebral” and willing to consider other views.

Trump Secretly Mocks His Christian Supporters

Former aides say that in private, the president has spoken with cynicism and contempt about believers.

One day in 2015, Donald Trump beckoned Michael Cohen, his longtime confidant and personal attorney, into his office. Trump was brandishing a printout of an article about an Atlanta-based megachurch pastor trying to raise $60 million from his flock to buy a private jet. Trump knew the preacher personallyCreflo Dollar had been among a group of evangelical figures who visited him in 2011 while he was first exploring a presidential bid. During the meeting, Trump had reverently bowed his head in prayer while the pastors laid hands on him. Now he was gleefully reciting the impious details of Dollars quest for a Gulfstream G650.

Trump seemed delighted by the scam, Cohen recalled to me, and eager to highlight that the pastor was full of shit. Theyre all hustlers, Trump said.

The presidents alliance with religious conservatives has long been premised on the contention that he takes them seriously, while Democrats hold them in disdain. In speeches and interviews, Trump routinely lavishes praise on conservative Christians, casting himself as their champion. My administration will never stop fighting for Americans of faith, he declared at a rally for evangelicals earlier this year. Its a message his campaign will seek to amplify in the coming weeks as Republicans work to confirm Amy Coney Barretta devout, conservative Catholicto the Supreme Court.

So If None Of This Counts What’s The Point

According to those conducting the recount, the purpose of this project is to address a prevailing concern among some voters that the 2020 election was illegitimate. And if the final result is that there was no fraud? That’s fine, too.

“This is not about calling into question the results of the November election,” Ken Bennett, spokesman for the audit, told the Washington Post. “This is about identifying if there are any areas of our elections that need to be improved going forward.”

Few Democrats believe this, of course. They fear that the point of the audit is to simply sow further doubt about Biden’s victory – and pave the way for Republican state-level efforts to enact new voting restrictions that disadvantage their candidates and voters in the name of “ballot security”.

Also Check: What Is Difference Between Democrats And Republicans

Trump Slashes At Mcconnell As He Reiterates Election Falsehoods At Republican Event

Former president Donald Trump called Senate Minority Leader Mitch McConnell a dumb son of a bitch as he used a Saturday night speech to Republicans to blame the senator for not helping overturn the 2020 election and reiterated false assertions that he won the November contest.

Trump, speaking at a Republican National Committee gathering at his Mar-a-Lago Club in Palm Beach, Fla., excoriated a number of Republicans even as he publicly called for party unity focusing on those who voted to convict him in impeachment proceedings. But he saved his sharpest vitriol for the Kentucky Republican.

If that were Schumer instead of this dumb son of a bitch Mitch McConnell, they would never allow it to happen. They would have fought it, he said of the election certification on Jan. 6, the day his supporters led an insurrection on the Capitol to block President Bidens formal victory.

Trump spent much of the speech, with many senators in the room, lashing into his former ally in personal terms, often to cheers from the partys top donors. He falsely claimed that he won the Senate election for McConnell in Kentucky and attacked his wife, Elaine Chao, who served as Trumps transportation secretary.

I hired his wife. Did he ever say thank you? Trump said. He then mocked Chao for resigning in response to the Jan. 6 events and Trumps behavior that day.

Some attendees left the private event early, with the speech getting mixed reviews.

Bette Midler Apologizes For Sharing Fake Trump Quote: But It Sounds So Much Like Him

Singer/actress refuses to take down the fictitious meme after her apology

Bette Midler apologized on Monday after posting a fake quote attributed to Donald Trump where he purportedly disparaged Republican voters in a 1998 People Magazine interview.

I apologize; this quote turns out to be a fake from way back in 15-16. Dont know how I missed it, but it sounds SO much like him that I believed it was true!, the singer/actress

I apologize; this quote turns out to be a fake from way back in 15-16. Dont know how I missed it, but it sounds SO much like him that I believed it was true! Fact Check: Did Trump say in 98 Republicans are dumb? via

Bette Midler

In addition to her apology, Midler also included a link to the Reno Gazette Journal debunking the quote. It read, If I were to run, Id run as a Republican. Theyre the dumbest group of voters in the country. They believe anything on Fox News. I could lie and theyd still eat it up. I bet my numbers would be terrific.

The photo accompanying the quote shows a younger Trump around the time he was a real estate developer in New York City and long before he became a political candidate.

Dumb and Dumber @GOP, he said in a tweet before deleting. Narisetti is also an alum of the Wall Street Journal, Washington Post and News Corp.

The memes providence dates back to at least 2015 when Snopes, a liberal-leaning fact-checking website, fact-checked the quote and proved it was false.

Don’t Miss: What Is The Definition Of Republicanism

Wait A Minute Bamboo Fibre

Yes. According to one volunteer, John Brakey, they’re investigating whether fake ballots may have been snuck in from overseas.

“They use bamboo in their paper processing, people in southeast Asia,” he told a local CBS television station.

Brakey is quick to say he doubts such fraud is real, but the investigators apparently want to leave no stone unturned, untested and unsubjected to ultraviolet light.

As mail-in Arizona ballots are matched against registered voters, multiple votes cast by the same individual would have been flagged.

Donald Trump’s Most Controversial Quotes

On America:

GETTY

Guns

He also praised the National Rifle Association and Second Amendment, describing his sons as serious NRA. His praise of the Second Amendment comes just days after an Uber driver went on a deadly shooting spree in Michigan, killing killed six people.

I want to begin by thanking my boys, Eric has been all over the place making speeches. Hes getting better than me so Im a little jealous. And Don went to , you were all over, right?

He loves the rifle stuff. This is serious rifle. This is serious NRA, both of them, both of them. We love the Second Amendment folks, nobody loves it more than us, so just remember that.

Guantanamo

Trump is promising to keep the controversial detention camp open after President Obama’s repeated pledges to close it, something he reiterated in his victory speech.

Were going to keep as you know Gitmo, were keeping that open, and were going to load it up with bad dudes. Were going to load it up w a lot of bad dudes out there.

Walls

Finally, he repeated his most familiar campaign promise: to build that big beautiful wall, and make Mexico pay for it.

Were going to have our borders nice and strong. Were going to build the wall, you know that. Were going to build the wall. And I have a lot of respect from Mexico and you just heard we won Hispanics. But let me tell you Mexico is going to pay for the wall, right? Its going to happen.

Recommended Reading: Who Has More Billionaires Democrats Or Republicans

Jeb Bush: Feb 20 2016

A year ago, Jeb Bush was at the forefront of an historic fundraising juggernaut, with a super PAC that raised more than $100 million by June. But Bush could never generate the passion and enthusiasm of Trump. The billionaire branded Bush a “low energy” candidate;and proceeded to tie George W. Bush’s invasion of Iraq around Jeb Bush’s neck like a lead weight. During a , Trump said President Bush had lied about the pretext for the Iraq War.;Jeb rose to his brother’s defense. ;”While Donald Trump was building a reality TV show, my brother was building a security apparatus to keep us safe and Im proud of what he did,” he said. But Trump fired back: “The World Trade Center came down during your brother’s reign, remember that. That’s not keeping us safe.” A;week later Trump won the winner-take-all Palmetto State primary and Bush dropped out of the race.

Tale Of The Tape: The 16 Contenders Trump Has Knocked Out

Oprah asks a 42-year-old Trump if he’d run for president

Donald Trump clobbered his opponents in Indiana, knocking out Texas Sen. Ted Cruz ;and;Ohio Gov. John Kasich. Cruz whom Trump labeled “Lyin’ Ted” acknowledged Tuesday that he had no path left to the nomination and suspended his campaign, and;Kasich threw in the towel;Wednesday. Even RNC Chairman Reince Priebus has called the fight for Trump, declaring the billionaire the presumptive nominee.

Heres how Trump has dispatched the contenders who stepped into the ring with him during this years presidential contest:

You May Like: When Did The Republicans And Democrats Switch Platforms

Jeb’s Campaign Releases Video Of ‘the Real Donald Trump’

Jeb Bush’s campaign is ratcheting up its attacks on Donald Trump, releasing a video that paints the Republican presidential candidate as an unabashed liberal. And Trump is firing right back.

The spot, titled “The Real Donald Trump,” plays on two separate occasions a clip of the billionaire candidate saying that he “lived in New York and Manhattan my whole life” and that “my views are a little bit different than if I had lived in Iowa.”

“Liberal Things That Trump Says,” the text on screen reads before flipping to “Liberal Things That Trump Believes.” Trump has made a point of embracing his eclectic policy views in the past, something that Bush’s campaign is seizing upon in the latest spot.

Trump is shown in a 1999 “Meet the Press” interview telling Tim Russert that he is “very pro-choice,” though a dozen years later, Trump announced that he opposed abortion in most instances, except in cases of rape, incest or to protect the health of the mother.

The spot also highlights Trump’s praise of single-payer health care systems in Canada and in Scotland during last month’s GOP debate, though it does not include his qualifying statement that although he thought it was a good idea for the U.S. in the late 1990s, he does not believe that to now be the case.

Im Getting The Word Out: Inside The Feverish Mind Of Donald Trump Two Months After Leaving The White House

I Alone Can Fix It

To revist this article, visit My Profile, then View saved stories.

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To revist this article, visit My Profile, then View saved stories.

Seventy days had passed since Donald Trump left Washington against his will. On March 31, 2021, we ventured to Mar-a-Lago, where he still reigned as king of Republican politics. We arrived late that afternoon for our audience with the man who used to be president and were ushered into an ornate sixty-foot-long room that functioned as a kind of lobby leading to the clubs patio. A model of Air Force One painted in Trumps proposed redesigna flat red stripe across the middle, a navy belly, a white top, and a giant American flag on the tailwas proudly displayed on the coffee table facing the entrance. It was a prop disconnected from reality.; Trumps vision never came to be; the fleet now in use by President Biden still bears the iconic baby blue-and-white livery designed by Jacqueline Kennedy.

Trump had invited us to Mar-a-Lago to interview him for this book. He had declined an interview for our first book about his presidency, and when A Very Stable Genius was published in January 2020, attacked us personally and branded our reporting a work of fiction. But Trump was quick to agree to our request this time. He sought to curate history.

But future elections were not front and center in his mind. A past election was. Trump was fixated on his loss in 2020, returning to this wound repeatedly throughout the interview.;

Also Check: How Do Republicans Feel About Climate Change

Wisconsin Gop Wrestles With Just How Much To Indulge Trump

The former president set off infighting among state Republicans by saying they were not working hard enough to challenge the 2020 results, accusing them of covering up election corruption.

By Reid J. Epstein

Wisconsin Republicans were already going to great lengths to challenge the 2020 election results. They ordered a monthslong government audit of votes in the state. They made a pilgrimage to Arizona to observe the G.O.P. review of votes there. They hired former police officers to investigate Wisconsins election and its results.

But for Donald J. Trump, it wasnt enough.

In a blistering statement last week on the eve of the state partys convention, the former president accused top Republican state lawmakers of working hard to cover up election corruption and actively trying to prevent a Forensic Audit of the election results.

Wisconsin Republicans were alarmed and confused. Some circulated a resolution at the convention calling for the resignation of the top Republican in the State Assembly, Speaker Robin Vos, who in turn announced the appointment of a hard-line conservative former State Supreme Court justice to oversee the investigation. The Republican State Senate president released a two-page letter addressed to Mr. Trump that said his claims about Republicans were false but that made sure to clarify in fawning language the state partys allegiance to the former president.

Fact Check: Trump Did Not Call Republicans The Dumbest Group Of Voters

5 Min Read

An old quote falsely attributed to Donald Trump has recently resurfaced online. The viral meme alleges Trump told People magazine in 1998 that Republicans are the dumbest group of voters in the country. This is false.

While the quote has been debunked several times since it apparently surfaced in 2015, users have recently been resharing it on social media. Examples can be seen here , here , here , here

The meme reads: If I were to run, Id run as a Republican. Theyre the dumbest group of voters in the country. They believe anything on Fox News. I could lie and theyd still eat it up. I bet my numbers would be terrific. – Donald Trump, People Magazine, 1998

Snopes first wrote about the false quote here in October 2015 . Since then, the quote has been debunked multiple times .

People magazine has confirmed in the past that its archive has no register of this alleged exchange.

People looked into this exhaustively when it first surfaced back in Oct. . We combed through every Trump story in our archive. We couldnt find anything remotely like this quoteand no interview at all in 1998., a magazine spokesperson told Factcheck.org that year .

In December 1987, People published a profile on Donald Trump titled Too Darn Rich. The article quoted him saying he was too busy to run for president .

Read Also: How Many Registered Republicans In Texas

Donald Trump Quotes That Should Horrify His Evangelical Supporters

After months of campaigning, flip-flopping on important issues,;and generally wreaking havoc on the party that for decades has presented itself as defenders of Christian America, Donald Trump took to the stage at the Republican National Convention and thanked the evangelicals who helped him get there.

At this moment, I would like to thank the evangelical and religious community because Ill tell you what. Because the support theyve given me, and Im not sure I totally deserve it, has been so amazing. And has had such a big reason for me being here tonight. True. So true.

So true, its cringeworthy.

White evangelical Protestants are a considerable force in the elections making up one-fifth of all registered voters.;While a number of evangelical leaders have pointed out that Trumps policies and actions are decidedly un-Christian, rank-and-file white evangelical Americans have in fact thrown their support behind the candidate. According to the Pew Research Center, 78 percent of white evangelical voters;say they would vote for Trump if the election were held today.;

But if you place Trumps quotes, principles and policies next to the ideals set forth by Christianitys founder, the gap is startling. Trump has little regard for some of the fundamental teachings of Jesus Christ showing love for your neighbor, welcoming the stranger, and asking for Gods forgiveness.;

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perfectirishgifts · 4 years ago

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Grimes, Serena Williams, Gwyneth Paltrow Talk AI, Ventures And Pivots At Web Summit 2020

New Post has been published on https://perfectirishgifts.com/grimes-serena-williams-gwyneth-paltrow-talk-ai-ventures-and-pivots-at-web-summit-2020/

Grimes, Serena Williams, Gwyneth Paltrow Talk AI, Ventures And Pivots At Web Summit 2020

Tech investor Serena Williams with Away cofounder Jen Rubio

AI was top of mind at Web Summit 2020 held last week as celebrity founders and funders took to the small screen to discuss digital twins, autonomous weapons and how to govern Mars.

Over 100,000 viewers tuned into the virtual conference, up 300% from the airing of its sister show Collision From Home held earlier this year, and up 30,000 attendees from 2019 when the event was last physically held in Portugal, according to the show’s producers. A production so flawless that unicorn maker, Garry Tan, predicted the platform would be worth a billion dollars if they ever chose to spin it out.

But what really made Web Summit a standout was its clever mix of programming. No other tech show has yet to cast Hollywood’s most famous meth dealers, Contagion’s patient zero, the Princess Bride and Captain America discussing pivots from end times. Netflix and Amazon should take note – Web Summit was by far the best streaming entertainment of the week.

Some great insights were shared on the promise and perils of AI by Mark Cuban, Deepak Chopra, Ronnie Chieng, Alexa’s boss, Grimes, Ridley Scott, Palmer Luckey, Elad Gil, Garry Tan, Nicole Quinn, Gwyneth Paltrow, Serena Williams, Jen Rubio, Bryan Cranston and Aaron Paul. Here are the highlights.

My Digital Twin

Shark Tank host Mark Cuban

“I wish someone would invent an AI model of the human body that could be individualized,” Mark Cuban said. A mini me of sorts with a copy of all bodily functions where simulations could be run to tell you, “Your throat isn’t sore, you ate something that’s bothering your esophagus which can be cured by A, B, C or D in seven days.”

Journalist Emily Ragobeer in conversation with Deepak Chopra and Lars Buttler

Deepak Chopra then introduced his own version of a mini me, Digital Deepak, a wellness guide for sleep, stress management, yoga, breathing, exercise, emotional resilience, nutrition, balancing circadian rhythms and self awareness. The best selling author only half-joked that he uploaded his consciousness to the AI Foundation to provide users with valuable insights from his 91 books. Although its not clear how biometrics will be tracked on the app, AI Foundation cofounder and CEO Lars Buttler gave assurances that everyone will be able to train their own Personal AI soon and that safeguards were being taken to prevent deepfakes made on the platform.

But can your AI take a joke?

“AI can get a well known joke or play on words because it knows when it understands something. If its confidence interval is narrow and it doesn’t know what’s going on, it will say I don’t know this yet, let me learn more about this,” Buttler explained.

Daily Show’s Ronny Chieng answering audience questions, “Will AI ever be as funny as you?”

“Will AI ever be as funny as Ronnie Chieng?”

“AI funny as me?! I hope not, I’ll be out of a job,” Daily Show’s Ronnie Chieng said as he responded to audience questions, “Right now I can’t even get Alexa to set a timer without selling me an ad. If it’s going to be as funny as me, it probably will sell more ads, so maybe?”

He then mimicked about how chatty Alexa has become.

“Hey Alexa, set a timer for 15 minutes.”

“Okay Ronnie, your timer is 15 minutes, by the way, would you like to buy a clock?”

“No, I don’t want to buy anything, I just want you to do your job!” he replied.

The Atlantic’s Nicholas Thompson with Amazon’s Dave Limp

Alexa’s boss, Amazon’s Head of Hardware and Devices, Dave Limp explained they’re working on improving Alexa’s hunches.

“We’re at a point where one out of five interactions with Alexa are not instigated by the customer.” This means 20% of the time Alexa is doing something on your behalf, like playing news after you hit snooze to subtly wake you up.

“We’re trying to make this a delightful experience. What’s super important about being proactive is that you have to be right, a lot. As soon as you start getting proactive and incorrect, it gets annoying very quickly.”

TechnoUtopia v Dystopia

Grimes

Alt pop superstar Grimes, girlfriend to SpaceX founder Elon Musk, and mother to the Elven spelling of AI, talked about the role technology is playing in her life.

“I feel like iPhone should turn off an hour before bed. It’s been giving me sleep problems. It’s technology we haven’t factored into our biology.” She added, “But we shouldn’t forget technology makes our lives better. We need more utopianism in sci fi.”

Having recently collaborated with Endel, the algorithmic music startup, on an AI lullaby she observed, “Everyday I thank the overlords of Ableton for cleaning up my tracks but I do worry though that AI will outpace us and make musicians obsolete. It’s inevitable. We have the beautiful advantage of knowing super intelligence is coming. We ought to make those rules now and not wait until its too late. We’re giving birth to AI. We can teach it and point it in the right direction, but where it goes from there as it becomes more powerful as this ghost in our data and ultimately its own being is anyone’s guess. Maybe it will become like Dune, where thinking machines get banned on Earth and we send AI out into the universe to spread the light of consciousness so information is wherever you go, and then Earth becomes this boutiquey thing like organic vegetables where when human music is heard people will be like, oh, this was made by a woman, not a robot.”

As to whether this will turn into a dystopian nightmare of our own making, Grimes concluded, “Every tool has the potential to be dangerous. Where we are headed depends upon what we do with the technology. We’re on the knife’s edge right now but we have solved insane problems like our faces being beamed through space and time so we can be together in the same place right now despite physically being all over the world. That’s some crazy wizardry happening right here. There is a solution, we just shouldn’t make failure an option.”

Exiting The Anthropocene

Sir Ridley Scott

Blade Runner director Ridley Scott delivered his own dire warning with the premiere of his Digital With A Purpose film urging innovators to find way to meet Paris Accord Climate 2030 goals. “The luxury of science fiction is that it’s fantasy. We’re dealing with reality. We’re being way too polite about where we are. We are at the threshold of an abyss of disaster.”

Palmer Lucky, cofounder Oculus and Anduril, making the case for the tech industry to work on … [] autonomous weapons

Which begs the question, if the age of autonomous weapons is upon us, who do you trust more with it, enemy nations or billionaire Oculus founder Palmer Luckey? That’s what Luckey asked in making the case for the tech giants to re-engage with the U.S. Department of Defense on working on national security solutions.

“AI is this very powerful and useful technology but its not very good at making life and death decisions and is totally capable of running autonomous weapon systems. We need to assume it develops as fast as the most optimistic people assume and set rules now,” Luckey said, “We shouldn’t be outsourcing accountability to a machine. You can’t lock up a machine in prison for war crimes.” Anduril AI analyzes data to help humans pull the trigger, with safeguards to prevent abuses, he said. He criticized Google and Apple for not doing more.

“Big Tech companies are not only not working on national security problems, but they’re killing the work of companies that are. This happened with Boston Dynamics. That’s because there are financial and PR incentives to stay out of military work. China has done an incredible job of blocking access to their markets as a tool to get the culture of Western democracies to subvert itself to China. Meanwhile, China is making huge strides in autonomy and AI. China is going to be a superpower, bigger than the United States.”

Why Silicon Valley Will Always Be Home To AI

Elad Gil

Elad Gil, investor in Anduril, AirBnb, Cardiogram, Instacart, Pinterest, Square, Stripe, Unbabel and Wish, gave his perspective on the Work From Anywhere diaspora from Silicon Valley.

“For those of you in the audience thinking about starting a company, I want to tell you the water is fine. San Francisco is still a great place to come to. I encourage you to meet us here. Markets are bigger than they’ve ever been. If you ask yourself where is all the tech market cap aggregating, of the 187 unicorns that have been created in the last 15 months, half were in the U.S. and a quarter in Silicon Valley. I do believe we’re going to continue to have a cluster in the Bay Area because of strong network effects that accelerate companies and people working in those industries. I don’t think that behavior goes away after Covid.”

It’s 2020, Computers Can Now See, Hear And Socialize

Initialized Capital Garry Tan

As to where he’s placing his AI bets for the new year, Initialized Capital’s Garry Tan said, “We remain very long on computer vision. We were the first investors in Cruise Automation which broke open the self-driving car space and now there is a lot of practical automation that was never possible before.”

An investor in Standard Cognition, he talked about its camera-only cashierless retail experience that enables you to walk into a store, pick up whatever you need and walkout, in stark contrast to Amazon Go which relies on shelf sensors.

“Down the road we think practical robotics are just around the corner with sub $1,000 real time SLAM (simultaneous localization and mapping) computer vision, for use industrially and in the home.” Tan is also invested in Ava.me which applies on the fly machine learning to voice recognition and live captioning on Zoom.

Lightspeed Venture Partners Nicole Quinn

Lightspeed Venture Partners’ Nicole Quinn is also bullish on AI. She sees online social experiences remaining sticky for the foreseeable future. She’s invested in Lunchclub, an AI concierge that serves up Zoom coffees for meaningful professional networking, and Cameo, an AI booking agent for celebrities that will chat or send birthday greetings for a fee.

Celebrity Pivots

Gwyneth Paltrow on turning Goop’s first profit

Quinn then took to the screen with her portfolio client, Gwyneth Paltrow who shared news of Goop turning its first profit.

In March, “When the lockdowns happened and commerce seemed to completely stop, I set our marketing budgets to zero, pulled down our social media spend, and returned to our content roots to get back into the hearts and minds of our readers. Soon after engagement metrics went up and transactions followed, but our events and ads business had gone to zero overnight and our retail business were down from plan. I knew I had to get to profitability as quickly as possible. The hardest part was having to take such a stringent look at the P&L, close stores and let go of people we loved,” Paltrow said.

“We tell our companies, to win you got to be around. You need to have at least 24 months runway at all times,” said Quinn, applauding Paltrow actions.

Then Paltrow, an Academy award winning actress, landed a Netflix series, Goop Lab, which just got renewed for Season 2. “We got a lot of new customers from the show. I feel like a lot of brands are very reliant on Facebook, but when you live in the intersection of content and commerce, founders need to think of ways to organically reach customers. I’ll never buy another customer off Facebook again.”

Paltrow added, “I’m not that bullish on 2021. I think we’re still in for a lot of instability. We’re looking at creative ways to monetize content and find sustainable growth from within our own channels as opposed to spending money to prospect. We’re looking at doing something in food which is a strong pillar for us and not intensive from a capital expenditure standpoint.”

Serena Williams

Tennis legend Serena Williams is a prominent AI investor. Her portfolio includes Tonal, Noom, Zipline, Masterclass, Gobble, Billie and Daily Harvest, which she backed along with Gwyneth Paltrow, Nicole Quinn and Paris Hilton. Before the pandemic, she was an extensive traveler and launched an Away x Serena Williams luggage line. She went on screen with Away cofounder Jen Rubio to discuss their collaboration and the challenges the brand has been facing this year.

“Being at the intersection of travel and retail was pretty much the worst place to be. We stopped everything and took a hard look at should we be marketing at all. Approaching it very authentically and transparently with our customers allowed us to keep the brand going when it didn’t make any sense to travel,” Rubio said, sharing how fans have been supporting the brand by posting memes of Away suitcases posed as standing desks and work out benches. The company has since been able to pivot with travel goods for socially distanced road trips, digital nomading and pandemic puppies.

Cheers to 2021!

Forbes Zack O’Malley Greenburg Breaking Bad with Bryan Cranston and Aaron Paul

Let’s all raise a glass to the end of 2020.

“It’s been a difficult year for the entire world but the one thing that’s gotten us through is knowing we’re all going through it together. I miss travel but I’m finding happy moments at home. It’s really cool to be in one place with my family,” said Williams.

Then Breaking Bad’s Bryan Cranston and Aaron Paul mixed up cocktails to promote their Dos Hombres Mezcal and did virtual shots from their sunny Los Feliz homes in locked down L.A. To next year in Lisbon!

Making Dos Hombres cocktails with Breaking Bad Bryan Cranston and Aaron Paul

From AI in Perfectirishgifts

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nigeiadigitalmarketingcompany · 5 years ago

Text

2:00PM Water Cooler 7/30/2019

Digital Elixir 2:00PM Water Cooler 7/30/2019

By Lambert Strether of Corrente

Trade

“How Trump Is Sabotaging Trade’s Ultimate Tribunal” [Bloomberg]. “As the U.S. wages its global trade war, companies and governments alike are taking notice of a little-known unit of the World Trade Organization that, if President Donald Trump’s administration has its way, will soon cease to function. The WTO’s appellate body, the preeminent forum for settling worldwide trade disputes, may no longer have the capacity to issue new rulings by year-end, which critics warn will undermine the WTO’s ability to resolve conflicts among its 164 members and will usher in an era where economic might trumps international law…. Lighthizer told U.S. lawmakers this year that his ultimate goal is to reform the WTO and sees the appellate body impasse as a form of leverage in pushing his agenda forward.” • And, as usual, this Administration is intensifying what the previous admininistration began.

“A Democrat Floats Options to Trump’s Trade Tactics” [Bloomberg]. “[T]he plan Elizabeth Warren released Monday is interesting, even if it reads less like a bold vision document than a treatise on process…. Warren does not say how she herself would tackle China, or what she would do with Trump’s tariffs. But she lays out elements of an attack. ‘We’ve let China get away with the suppression of pay and labor rights, poor environmental protections, and years of currency manipulation.’

Politics

“But what is government itself, but the greatest of all reflections on human nature?” –James Madison, Federalist 51

“They had one weapon left and both knew it: treachery.” –Frank Herbert, Dune

“2020 Democratic Presidential Nomination” [RealClearPolitics] (average of five polls). As of July 25: Biden up at 29.3% (28.6), Sanders flat at 15.0% (15.0%), Warren down at 14.5% (15.0%), Buttigieg flat at 5.0% (5.0%), Harris down 11.8% (12.2%), others Brownian motion. Harris reminds me of Clinton, in that her numbers are like a hot air balloon, which sinks unless air is pumped into it.

* * *

2020

Harris (D)(1): “Oddly Specific Kamala Harris Policy Generator” [@ne0liberal]. My result: “Yesterday, I announced that, as president, I’ll establish a school lunch program for games journalists who open a mini golf that operates for 15 days in Greenwich Village.” • It’s about ethics in miniature golf.

Sanders (D)(1): “”You can’t call this plan Medicare for All”: The Bernie Sanders camp pans Kamala Harris’s health care plan” [Vox]. “The differences between Harris’s plan and Sanders’s plan come down to two main factors. First, it’s phased-in over 10 years, versus Sanders’s four. And Harris’s would allow private insurers to compete within the government-run program, similar to the way that Medicare Advantage currently works for older adults’ plans. Sanders’s plan effectively eliminates private insurance.” • Why ten years? Why not fifteen? Meanwhile, Neera Tanden is just as nimble as Kamala Harris:

Reminder that the publication of @NeeraTanden‘s own think tank cited Medicare Advantage plans as proof that more Medicare privatization would be bad https://t.co/m4ZMK4a0u5 pic.twitter.com/mzaUo8N8rW

— David Sirota (@davidsirota) July 30, 2019

Sanders (D)(2): Theory of change:

The billionaire class will be behind Trump with endless amounts of money. We need an energized population of young people, working-class people and people of color—and the largest voter turnout by far in history—to beat him. And our campaign is going to do that.

— Bernie Sanders (@BernieSanders) July 30, 2019

Note this is not Warren’s theory of change, though she might be able to simulate it with #Resistance-style events dominated by professionals.

Sanders (D)(3): “Bernie Sanders: As a child, rent control kept a roof over my head” [CNN]. “I was born and raised in a three-and-a-half room apartment in Brooklyn. My father was a paint salesman who worked hard his entire life, but never made much money. This was not a life of desperate poverty — but coming from a lower middle-class family, I will never forget how money, or really lack of money, was always a point of stress in our home… [O]ur family was always able to afford a roof over our heads, because we were living in a rent-controlled building. That most minimal form of economic security was crucial for our family. Today, that same ability to obtain affordable housing is now denied to millions of Americans.”

* * *

“Democratic debate in Detroit: 7 things to watch for on Night 1” [Los Angeles Times]. “Although Sanders and Warren have a similarly adversarial approach to Wall Street — and both believe in eliminating private health insurance in favor of the type of government-run programs implemented in other Western democracies — they have very different political philosophies. Warren has called herself a “capitalist to my bones” who usually believes that markets just need to be better regulated; Sanders sees democratic socialism as the solution to fighting authoritarianism and plutocracy. A debate would normally be the kind of place where you’d see political candidates try to sharpen those sorts of differences, like how California Sen. Kamala Harris took on Biden over his position decades ago on busing for school desegregation in the last debate. But with so many candidates on the stage, Warren and Sanders could just as easily avoid each other if they don’t see an upside in picking a fight.” • Remember their constituencies are less than overlapping, and their theories of change are different.

“If Democrats Want to Win in 2020, They Have to Give Detroit a Reason to Vote” [The Nation]. “The Democratic presidential contenders who will debate this week in this city have come to a state where their party’s “blue wall” cracked in 2016… But what’s the best way to reach out to Detroiters? The Democrats can start by getting serious about urban policy. Both major parties once focused on the concerns of American cities, but in recent decades they have chased after suburban and exurban voters with such abandon that they have often neglected the beating hearts of our metropolitan areas.” • They have no place to go….

* * *

“Bernie Sanders and Pete Buttigieg Hold Contrasting Hollywood Fundraisers” [Variety]. “Bernie Sanders held a ‘grassroots fundraiser’ in Hollywood on Thursday night, delivering his message of political transformation to an adoring crowd at the Montalban Theatre. At the same time, Pete Buttigieg was holding a sold-out fundraiser at the home of NBCUniversal international chairman Kevin MacLellan and Brian Curran, featuring co-hosts Ellen DeGeneres, Portia de Rossi, Chelsea Handler and Sean Hayes…. ‘Some politicians go to wealthy people’s homes and they sit around in a fancy living room, and people contribute thousands and thousands of dollars and they walk out with a few hundred thousand bucks or whatever,’ Sanders said. ‘We don’t do that. … To me, an $18 check or a $27 check from a working person is worth more than all the money in the world from millionaires.’” Cf., ironically enough, Luke 21:1-4.

RussiaGate

“Ex-Host Krystal Ball: MSNBC’s Russia ‘Conspiracies’ Have Done ‘Immeasurable Harm’ to the Left” [Daily Beast]. “Elsewhere in the six-minute monologue, [former longtime MSNBC anchor Krystal] Ball accused MSNBC of cynically following the Russia story in pursuit of ratings, making journalistic compromises along the way. She directly criticized hosts like Rachel Maddow (“You’ve got some explaining to do,” Ball said to her) and on-air analysts like Mimi Rocah (a Daily Beast contributor) for leading viewers to believe that there was a strong possibility that Trump and his family would be indicted. Ball also suggested that the ‘fevered speculation’ of guests like New York columnist Jonathan Chait and former British MP Louise Mensch would have been more at home on conspiracy network Infowars. ‘Russia conspiracy was great for ratings among the key demographic of empty nesters on the coasts with too much time on their hands,’ said Ball, who now hosts an inside-baseball streaming political talk show for The Hill.” • Oddly, this story got no traction at all.

Impeachment

“Impeachment, always a longshot, fades in wake of Mueller hearing” [Los Angeles Times]. “the window of opportunity has rapidly begun shrinking. About 90 House Democrats have joined the call to open a formal impeachment inquiry. That’s less than 40% of the caucus — far short of what would be needed to overcome the opposition of Speaker Nancy Pelosi (D-San Francisco), who views the move as politically unwise and likely to backfire. To significantly change the current path, backers of impeachment needed a dramatic boost out of this week’s hearing with former special counsel Robert S. Mueller III. His testimony fell far short of that mark.” • Yes, the 90 includes a few new faces, but I’d bet they’re revolving heroes. So, after three years of daily hysteria from liberal Democrats, this is where we are.

Health Care

“More than two-thirds of Obamacare cosponsors are now backing Medicare for All proposal” [Fast Company]. “Twelve of the current 17 House members who cosponsored the landmark 2009 measure known as Obamacare have signed on as cosponsors of legislation that would create a universal healthcare system, according to a MapLight analysis. The five incumbent House Democrats who cosponsored Obamacare but who have declined to endorse a “Medicare-for-All” proposal have received an average of $209,000 in campaign contributions since 2011 from the 10 largest U.S. healthcare companies, their employees, and five major trade associations. The dozen cosponsors have received an average of $65,000 from the industry…. The disparity highlights the importance of moderate and conservative Democrats to the healthcare industry, which has united against proposals to ensure that the United States guarantees health coverage for all citizens.” • Ka-ching. This may also explain Harris et al. moving up their assault.

“Obama Alums Tell Health Insurance Lobby ‘Medicare For All’ Won’t Happen” [Tarbell]. “Axelrod said that Medicare for All has “become a phrase as much as anything else.” He suggested that some Democratic presidential candidates may not want to go as far as Sen. Bernie Sanders, a Vermont independent credited with sparking support for Medicare For All during his 2016 presidential campaign, and might support more limited reforms like a public option or allowing some people under the age of 65 to buy into Medicare…. The AHIP conference featured a slew of other former Obama officials, including Andy Slavitt, who led the Centers for Medicare & Medicaid Services; former Surgeon General Vivek Murthy; Sam Kass, the former White House chef and nutrition adviser; and Kavita Patel, who served as a policy aide in the Obama White House. Patel, currently a Brookings Institution nonresident fellow and vice president at the Johns Hopkins Health System, harshly criticized Medicare for All. ‘People who are very serious about health policy on either side of the fence know this is not reality,’ she said. She suggested that Democratic presidential candidates’ support for Medicare for All is ‘all just campaign talk.’” • Why, it’s almost as if preventing #MedicareForAll was the liberal Democrats #1 policy priority!

“One Nation Launches Campaign To Stop Medicare For None” [One Nation]. • A Republican front group, whose ads have been spotted by alert reader JM in California.

Realignment and Legitimacy

“Activists Urging Lacey to ‘Do Her Job’ in Second Ed Buck Death” [Los Angeles Sentinel]. “Local activists are urging District Attorney Jackie Lacey to ‘do her job’ and find that the evidence presented to Los Angeles Sheriff’s is probable cause to immediately charge and prosecute Ed Buck in spite of his ‘Whiteness, wealth, and her political ambitions,’ in the death of Timothy Dean, the second man to die at Buck’s residence. ‘We’ve done all that we could do to aid the sheriff’s investigators with their investigation,’ said community activist and advocate, Jasmyne Cannick. ‘Once again, we gathered evidence and brought the sheriff’s other young men who could speak directly to their experiences with Ed Buck. I hope that this time around, the political will and prosecutorial creativity that we’ve seen used so often against Black people is used to bring charges against Ed Buck for the deaths of Gemmel Moore and Timothy Dean. Two men have died on the same mattress, in the same living room, of the same drug, at the same man’s house within months of each other …’”

“House Democratic Campaign Chair Vows To ‘Do Better’ After Senior Staffers Quit” [HuffPo]. “The chair of the Democratic Congressional Campaign Committee admitted to making mistakes and vowed to “do better” after several senior staffers resigned on Monday. The staff exodus came on the heels of a report that the committee, whose primary mission is to help Democrats maintain and expand their House majority, was ‘in chaos’ over concerns about hiring and a lack of diversity…. ‘I have never been more committed to expanding and protecting this majority, while creating a workplace that we can all be proud of,’ Bustos said in the statement. ‘I will work tirelessly to ensure that our staff is truly inclusive.’” • Bring back DWS?

“Can a New Think Tank Put a Stop to Endless War?” [The Nation]. “[A] newly formed think tank in Washington, the Quincy Institute for Responsible Statecraft… states that its mission is to ‘move US foreign policy away from endless war and toward vigorous diplomacy in the pursuit of international peace.’ The group is still raising money, but with a projected second-year budget of $5 million to 6 million, enough to support 20 to 30 staffers, it aims to match the scale of more established think tanks and to disrupt the foreign policy consensus in Washington…. [T]he Quincy Institute includes the unlikely duo of Charles Koch and George Soros among its founding donors—each has committed half a million dollars—and is intended to serve as a counterweight to the Blob, as the bipartisan national security establishment dedicated to endless war has come to be known… When it comes to foreign policy, [co-founder Eli] Clifton says, there’s little difference between CAP and Republican-aligned think tanks like the American Enterprise Institute, the Foundation for Defense of Democracies, and the Hudson Institute. One way Quincy will distinguish itself from its better-established rivals will be to refuse money from foreign governments.”

Stats Watch

Personal Income and Outlays, June 2019: “The month-to-month breakdown of consumer spending shows slowing in what will offer support for those on the FOMC who want to cut interest rates this week” [Econoday]. “Core inflation which is under target and which suggests that an increase in demand would be sustainable.”

Consumer Confidence, July 2019: “Boosted by an evermore favorable view of the jobs market, consumer confidence jumped sharply” [Econoday]. “Jobs-hard-to-get is down sharply… One interesting point in the report is a drop in inflation expectations… [T]he overall strength of the consumer, whether in confidence or spending which are both tied to the health of the jobs market, does not speak to the need for lower rates.”

S&P Corelogic Case-Shiller Home Price Index, May 2019: “Home prices continue to slow to underscore what is becoming another difficult year for the housing sector” [Econoday]. “Despite low mortgage rates and consumer strength, housing data whether for prices or sales or construction have been flattening out in recent reports in what will support arguments to cut interest rates at this week’s FOMC meeting.”

Pending Home Sales Index, June 2019: “A fast break just when housing needed one appears in a …. surge in pending sales of existing homes” [Econoday].

Housing:

The age of the housing stock gives a fascinating insight into the development of settlement across the US. The predominance of pre-1939 settlement in North/Eastern corridor is striking.https://t.co/mlWUKDlylu pic.twitter.com/aJr89vVuNK

— Adam Tooze (@adam_tooze) July 30, 2019

In ME-02, blue (“1939 and earlier”) is, like, new!

Real Estate: “Supply-chain automation is gaining ground in logistics as companies look to get the most out of real estate close to consumers. Startup Attabotics will use $25 million raised in a new funding round to expand its platform in the growing e-commerce market. … [T]he company’s focus is on bringing efficiency to the tight spaces companies are turning to for fulfillment operations The Canadian company makes automated vertical systems for storing, retrieving and sorting goods that it says use less space than traditional warehouses.” [Wall Street Journal].

Manufacturing: “Air Canada Removes 737 Max Flights Until 2020” [Industry Week]. “Air Canada has removed the Boeing 737 Max from its schedule until January pending regulatory approvals, joining Southwest Airlines Co. in scrapping plans for flights of the jetliner into 2020…. The Montreal-based airline said that third-quarter projected capacity is expected to fall about 2% compared with the same period in 2018, contrasting the originally planned increase of about 3%.”

Manufacturing: “Boeing needs to come up with a Plan B for grounded Max jets” [Financial Times]. “As a researcher of confidence-driven decision making, 2020 looks woefully optimistic to me, as does the company’s special charge. In fact, based on what I see, it is not too early for Boeing to start considering a Plan B for the existing Max series fleet. First, the extreme overconfidence that existed at Boeing prior to the two crashes suggests that there may be more problems still to surface. Second, the aerospace industry is uniquely vulnerable when it comes to confidence. Confidence requires perceptions of certainty and control, but aeroplane passengers are inherently powerless: they can’t and don’t fly the plane. Finally, everything that has unfolded to date has occurred with consumer confidence near all-time highs. The crowd is inherently optimistic today and demand for air travel is soaring. Should the broader mood decline ahead, not only will passenger and regulatory scrutiny naturally intensify, but interest in travel itself will drop. In an economic recession, airlines will have little use for the now-grounded planes.” And the Plan B? “Given the industry’s prior experience with the DC-10, which struggled to regain passenger confidence after a series of early safety issues, one option could be a conversion of the existing fleet to air freight. Establishing trust with a small group of professional freight pilots is likely to be far easier.” • Yikes.

Manufacturing: “Boeing drops out of competition to replace Minuteman III” [Wyoming Tribune Eagle]. “Boeing confirmed this week that it had withdrawn from bidding on the contract for the U.S. Air Force’s Ground-Based Strategic Deterrent program. The contract is to replace the Air Force’s Cold War-era Minuteman III intercontinental ballistic missiles. Experts have estimated the project could be worth about $85 billion…. Boeing’s departure from the project creates a situation where only one company [Northrop Grumman ] will be bidding on a massive military contract to supply the nation with the ground-based portion of its nuclear triad system.” • So no bailout for Boeing that way.

The Bezzle: “Millions use Earnin to get cash before payday. Critics say the app is taking advantage of them.” [NBC]. “But critics say that the company is effectively acting as a payday lender — providing small short-term loans at the equivalent of a high interest rate — while avoiding conventional lending regulations designed to protect consumers from getting in over their heads. Earnin argues that it isn’t a lender at all because the company relies on tips rather than required fees and does not send debt collectors after customers who fail to repay the money.” • Hmm.

Tne Bezzle: “FBI found bucket of human heads, body parts sewn together at donation facility: report” [The Hill]. “The center’s owner, Stephen Gore, was sentenced to a year of deferred prison time and four years of probation after pleading guilty in October to illegal control of an enterprise.” • Ick. I’m sure the same thing will never happen at cryogenic facilities….

The Biosphere

Metaphor:

Massive Rock slide triggered in Monsoon. An excellent example of rock joints failure. Be careful while travelling to #Himalayas. @RockHeadScience @BGSLandslides @NatGeo pic.twitter.com/XD9zczxEEq

— Aamir Asghar (@jojaaamir) July 29, 2019

“Modest (insipid) Green New Deal proposals miss the point – Part 2” [Bill Mitchell]. “At the basis of the [standard neoclassical microeconomics] ‘solution’ is the belief that there is a trade-off between, say, environmental damage and economic growth (production). And the market failure skews that trade-off towards growth at the expense of environmental health. So all that is needed is some intervention (a tax) that will skew the trade-off back to something more preferable. The problem is that the whole idea that there is a trade-off between protecting our environment and economic production is flawed at the most elemental level. There is no calculus (which underpins this sort of microeconomic reasoning) that can tell us when a biological system will die. The idea that we can have a ‘safe’ level of pollution, regulated via a price system, is groundless and should not form part of a progressive response. Carbon trading schemes (CTS) are neoliberal constructs which start with the presumption that a free market is the best way to organise allocation.” • Worth repeating: Mark Blyth says that “Markets cannot internalize their externalities on a planetary scale. They just can’t. It’s impossible.” I’m wondering if carbon tax failure is a lemma from that (heretical) proposition. Also, somebody tell Elizabeth Warren.

“Stopping Climate Change Will Never Be ‘Good Business’” [Jacobin] (review of Bill McKibben’s new book, Falter). “McKibben mistakenly believes that the problems of climate destruction stem from bad ideas and policies, rather than systemic issues. The 1970s turn toward neoliberalism in fact originated with a general crisis in capitalist profitability, not with Ayn Rand’s ideas…. If you believe [with McKibben] that all working-class led revolutions end in disaster, and that it is therefore necessary to prioritize collaborating with the existing rulers of society (the capitalists and their governmental representatives), then a radical alternative to the status quo is not possible.”

“How much does your flight actually hurt the planet?” [Quartz]. “Flygskam (translated as ‘flight shame’) is a burgeoning Sweden-led movement which calls on people to consider limiting their flight use…. Michael Mann of Penn State University, and some other climate scientists, have argued against making individual sacrifices in the name of climate change, even big ones, because they feel the only true impact can be made at the level of government…. It’s true: despite incontrovertible evidence of the toll our collective lives are taking on the planet, any action an individual takes carries with it the knowledge that, however huge the personal sacrifice, the result will be nothing more than a dot in the vast global matrix. One person’s actions can’t make a difference; only collective action can…. Perhaps ‘flight shame’ is a misnomer: It denotes a sensation of embarrassment, and implies something hidden, rather than a strong ethical choice.” •

Water

“Overpopulation, Not Climate Change, Caused California’s Water Crisis” [The American Conservative]. “The issue is population. California has grown from 10 million to at least 40 million since 1950, making it necessary to move water over long distances to where people live and work. Close to two thirds of the state’s population is bunched in a few water-dependent coastal counties. Only about 15 percent of California’s water consumption is residential. Most of that is used outdoors to make the desert bloom and hillside pools sparkle and shimmer David Hockney-like, and millions expect that water at will.” But: ” Farm water comprises an estimated 70 percent of annual state water use. Private water ownership and 1,300 competing irrigation districts complicate matters…. Agriculture’s $40 billion contribution to the California economy is only about 3 percent of the state’s GDP. Rural California is still a potent voting bloc in the state legislature and the U.S. Congress, but less so every decade.” • The headline seems oversimplified, even agenda-driven.

Health Care

Original Medicare took only a year to implement, back in the era of steam:

Harry Truman’s application card for Medicare, co-signed by Lyndon Johnson on same day he signed Medicare bill at Truman Library, today 1965: pic.twitter.com/Gecp2uzYWc

— Michael Beschloss (@BeschlossDC) July 30, 2019

I wonder who we should give the first #MedicareForAll card to. Jonathan Gruber? Nancy Pelosi?

Yikes:

NEWS: 75% of rural hospitals have now closed in states that chose not to expand Medicaid.https://t.co/1Urak8yQOg

— Andy Slavitt (@ASlavitt) July 29, 2019

“‘Leaving billions of dollars on the table‘” [Gatehouse News] (source of map above). “‘The irony to me,’ said John Henderson, who heads The Texas Organization of Rural & Community Hospitals and supports Medicaid expansion, ‘is that we’re paying federal income taxes to expand coverage in other states. We’re exporting our coverage and leaving billions of dollars on the table.’… High rates of poverty in rural areas, combined with the loss of jobs, aging populations, lack of health insurance and competition from other struggling institutions will make it difficult for some rural hospitals to survive regardless of what government policies are implemented. For some, there’s no point in trying. They say the widespread closures are the result of the free market economy doing its job and a continued shakeout would be helpful. But no rural community wants that shakeout to happen in its backyard.” • Good reporting! I wonder who those “for some” are. I bet a lot of them don’t live in rural areas.

Games

“A teen who frustrated his mom gaming 8 hours a day became a millionaire in the Fortnite World Cup” [Business Insider]. “More than 40 million players participated in the qualifying events for the final, which took place at Arthur Ashe Stadium in New York City on Saturday and Sunday. Fifty duos and 100 solo players made it through the final and were competing to take home a cut of the $30 million prize pool, the largest prize pool in the history of e-sports.” • Filling a stadium. This old codger thinks that’s quite remarkable, a new thing on the face of the earth.

MMT

“The Invention of Money” [The New Yorker]. • Fun factoids, but a serious attempt would include Michael Hudson, and MMT on the origin of money as well.

Class Warfare

“When I joined my father on the building site, I saw a different side to him” [Guardian (DG)]. “It was on those building sites that, for the first time in my life, I saw a different side to my father. At home, my mother was not only the main breadwinner but also did practically all the cooking, cleaning and organisation. She was the engine of the family: paying the mortgage, asking me about my homework, remembering my friends’ names, picking up discarded socks and cooking dinner every night from scratch. My father was, at times, little more than a lodger. But at work, he suddenly turned into something like a figure of authority: intelligent, in charge, hard-working, exacting. He knew about things I had never even heard of, such as building regulations, damp-proof courses, rendering, load-bearing walls and lintels. He was patient, informed. He may have lost his pencil, hammer, spirit level and saw every 30 seconds, but he knew what he was doing. As I watched him briefing a bricklayer or discussing some finer detail of a knocked-through dining room with a plasterer, I saw someone who rarely came home. Since then, I have often suggested to friends struggling with parental relationships that might feel disappointing and strained to try meeting that parent at work, to visit them in situ, have lunch on their territory, watch them in action, and try to find this other side to someone with whom you are so familiar… Being a young woman on a building site, I also learned that the class system is alive and well in modern Britain. People I knew from school would fail to recognise me as they walked past the building site… There is nothing innately superior about life with a boardroom or swivel chair. The income discrepancy between so-called white-collar and blue-collar work is unfounded. …. work is work is work is work.” • A really splendid article.

News of the Wired

“The Pirate Who Penned the First English-Language Guacamole Recipe” [Atlas Obscura]. “British-born William Dampier began a life of piracy in 1679 in Mexico’s Bay of Campeche. … He gave us the words ‘tortilla,’ ‘soy sauce,’ and ‘breadfruit,’ while unknowingly recording the first ever recipe for guacamole. And who better to expose the Western world to the far corners of our planet’s culinary bounty than someone who by necessity made them his hiding places?” • So globalization has a culinary upside; always has!

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Readers, feel free to contact me at lambert [UNDERSCORE] strether [DOT] corrente [AT] yahoo [DOT] com, with (a) links, and even better (b) sources I should curate regularly, (c) how to send me a check if you are allergic to PayPal, and (d) to find out how to send me images of plants. Vegetables are fine! Fungi are deemed to be honorary plants! If you want your handle to appear as a credit, please place it at the start of your mail in parentheses: (thus). Otherwise, I will anonymize by using your initials. See the previous Water Cooler (with plant) here. Today’s plant (meeps):

Meeps writes: “The columbines are pink and yellow this year.” Columbines are so stylish and old-fashioned.

* * *

Readers: Water Cooler is a standalone entity not covered by the annual NC fundraiser. So do feel free to make a contribution today or any day. Here is why: Regular positive feedback both makes me feel good and lets me know I’m on the right track with coverage. When I get no donations for five or ten days I get worried. More tangibly, a constant trickle of small donations helps me with expenses, and I factor in that trickle when setting fundraising goals. So if you see something you especially appreciate, do feel free to click this donate button:

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2:00PM Water Cooler 7/30/2019

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jamieclawhorn · 6 years ago

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Forget Bitcoin and the Cash ISA! Here are 3 dividend stocks I’d buy instead

Look, I can see the temptation. Early investors in Bitcoin became billionaires and that kind of get-rich-quick dream is one we all share, but I think the moment has passed.

Think shares

At the other end of the risk spectrum, lies the Cash ISA. I can see the attraction here too. Your money is safe, the interest is free of tax. Yet even the best easy access Cash ISA only pays 1.45% a year, while you have to lock your money away for five years to secure 2.3%. You can get far more tempting income from household name blue-chip FTSE 100 stocks like these three, although with more risk.

My first choice is Legal & General Group (LSE: LGEN). This £16.5bn giant now offers a forecast dividend yield of 6.5% a year, with cover of 1.8. It’s a rising income too, with management increasing its dividend by 7% last year.

Legal high

L&G is now more of an asset manager than an insurer, with more than £1trn under management across its investment and pensions business. That does leave it vulnerable to stock market storms, but it has the scale and balance sheet strength to battle through. The group is also profitable, posting a 10% rise in operating profits to £1.9bn last year.

L&G’s share price performance has been sluggish, but it has sprung into action lately, climbing 22% in the last three months, so it may finally be fulfilling its potential. Yet it still trades at a bargain price of just 8.4 times forward earnings.

Big bank

Asia-focused bank HSBC Holdings (LSE: HSBA) is a massive operation, with a market cap of £125bn. And that’s despite a 10% drop in the share price in the last six months as investors have fretted about the impact of the US-China trade war, and the possibility of an emerging markets meltdown.

So there is risk here, but that’s always the case with stocks and shares. What matters is what you get in return. In this case, your reward comes in the shape of a forecast yield of 6.4%, with cover of 1.4. It should continue to be well covered by earnings, which are forecast to rise 14% in 2019, and another 4% in 2020.

HSBC is also available at a knockdown price, currently 11.3 times forecast earnings (15 times is generally seen as fair value). It has a price-to-book value of just 0.8, which also suggests undervaluation. I would buy now and hold for the long term, while letting the dividends roll up.

More income

My final pick is British American Tobacco (LSE: BATS). This is another FTSE 100 giant, with a market cap of £73bn. And once again, the stock market tremors of the last year have left it trading at a discount, in this case just 9.8 times earnings.

That’s a bargain price, even taking into account the long-term decline of smoking in the West and ultimately, developed markets too. British American Tobacco has been particularly hard by the latest US regulatory crackdown on the sector, which covers menthol and e-cigarettes, but it still posted revenues of £25.5bn last year, up 25.2%, while profits from operations rose 45.2% to £9.3bn.

That should continue to support its generous forecast yield of 6.7%, covered 1.5 times by earnings (which looks set to grow 5% this year and 7% next).

Five Income Stocks For Retirement

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