#it's also delisted from my country LOL

[eurodynamic]

well this game died fast

[preciousmetals0]

Dow 25,000? Get Real; Robinhood’s Most Wanted … Is Carnival?

Dow 25,000? Get Real; Robinhood’s Most Wanted … Is Carnival?:

Enema of the State

I’m in a mood today, dear reader, so let this be a warning that a rant is incoming.

First, let’s start out with today’s astonishing development that sparked this Great Stuff mood.

The Dow Jones Industrial Average topped 25,000 today — the culmination of a 35% rush off its March lows. The S&P 500 Index is also on fire, gaining a similar 35% to trade north of 3,000.

Remember when everything tanked back in March? Wall Street was worried about the coronavirus’s impact on the U.S. economy and corporate earnings — and stocks took a roughly 35% haircut. (35% again? Is that like the new 42?)

The markets are now less than 12% from their February pre-pandemic plunge highs, and you need to ask yourself some critical questions as an investor…

Are things really that good right now?

People are going back to work with the “Grand Reopening,” but tens of millions remain unemployed. Business activity is picking up, but many consumers choose to stay home and stay safe from the virus. Even Federal Reserve Chairman Jerome Powell said last week that the economy might not fully recover until the end of next year.

On the corporate earnings front, first-quarter profits fell by the fastest rate in more than a decade.

Due to the coronavirus’s impact, S&P 500 companies saw earnings collectively plunge 13% on a per-share basis. And that data includes at least two months of a fully open U.S. economy. What will the next quarter look like? The one after that?

This certainly doesn’t look like a “12% away from all-time highs” market or economy to me. Does it to you?

So, Mr. Great Stuff, why are stocks rallying?

That’s an excellent question, and I have an answer: hope and unlimited stimulus.

In the movies, billionaires like Bruce Wayne step in with their snazzy PJs to save humanity from crises like these. They swoop down, solve the problem and everything goes back to normal in less than three hours on the big screen.

Despite what you might think about Elon Musk and his ilk, they aren’t pushing to reopen the U.S. economy for your benefit. They haven’t solved the coronavirus crisis. It’s still out there. It’s still rampaging across the country. More than 1.6 million are infected, and the numbers are rising. Nearly 100,000 are dead.

These supposed modern-day “superheroes” push to reopen the economy because they’ve seen profits plunge 13%. It’s hitting their bank accounts, and that’s serious.

Serious enough to push an economic reopening without a cure or approved treatment in place. That push fuels hope that things aren’t as bad as they seem.

Meanwhile, with unlimited stimulus propping up the whole shebang (and driving interest rates through the floor), what else will you do with your money? Save it? Pay down debt?

Lol, as if. This is America.

You’d buy stocks. You’d help drive the Dow and the S&P 500 back to their all-time highs — whether the economy reflects those gains or not.

But how long can you, the retail investor, hang on? Will you last through the coming second wave of coronavirus infections? Can you withstand a second economic shutdown?

One is coming. COVID-19 can lay dormant for two weeks without showing symptoms. We will all know just how sideways things have gone with the reopening in about a month. The question is: Will you be prepared for the fallout?

Click here to make sure you know what lies ahead … whether you think you’re prepared or know that you’re not.

The Good: [Insert Neo and The Matrix Joke Here]

Chinese electric-vehicle (EV) maker Nio Inc. (Nasdaq: NIO) clambered back into the headlines this week on positive sales data. According to China Daily, Nio CEO William Bin Li livestreamed a presentation on the company’s EVs, which led to 320 vehicle orders and $21 million in sales.

Not too shabby for a CEO livestream. Now imagine if he did it on TikTok!

The bigger excitement surrounding Nio, however, is the company’s deal with China’s Anhui province. Nio will reportedly move to Anhui’s capital city, Hefei, in exchange for $981 million in new funding. Anhui will also take a 24.1% stake in Nio.

There are two massive caveats for investors here:

First, as part of the deal, Nio and Anhui will create a new company that holds all of Nio’s assets. What that means for U.S. investors remains unknown.

Second, there’s that pesky U.S. Senate bill targeting Chinese companies listed on U.S. exchanges. The disclosure of foreign-government ownership could directly affect Nio under this new deal.

So, while Nio has become one of the most popular stocks on Robinhood, buyers really need to beware of the fine print on this Chinese stock.

Besides, we have better opportunities stateside — especially with Trump’s “Re-Declaration of American Independence,” his mission to bring manufacturing and growth back to American soil from overseas. Click here for the scoop.

The Bad: Robinhood’s Most Wanted

Coming in at No. 8 on Robinhood’s most wanted list, Carnival Corp. (NYSE: CCL) has seen an unnerving bout of enthusiasm lately.

The stock saw a significant boost this week following the Memorial Day holiday weekend, after throngs of people threw caution to the wind and rushed out into bars and local watering holes. Once again, we’re looking at you Lake of the Ozarks partygoers.

The idea is that once the CDC lifts its No Sail Order in July, Carnival ships will once again flood with passengers looking to party and forget weeks of at-home quarantine. I’m not sure what gives investors this level of confidence — especially since there’s no vaccine or cure for COVID-19 right now.

But CCL stock certainly is popular.

Even today’s announcement that AIDA Cruises (a Carnival subsidiary) would extend its pause in operations through July 31 didn’t faze CCL investors. AIDA said that international regulations surrounding the pandemic remained unclear, preventing its return to business as usual.

The easing of pandemic-related lockdowns is one thing. It’s another thing entirely to be locked up on a boat at sea for weeks (or potentially longer) if your ship happens to be unlucky enough to have an outbreak.

Once again, buyer beware.

The Ugly: Luckin Nuts

Shares of Chinese caffeine purveyor Luckin Coffee Inc. (Nasdaq: LK) have surged more than 89% in the past two days.

Why? Because investors be crazy. That’s why.

If you don’t remember Luckin, it’s the Chinese coffee company that fabricated roughly $300 million in sales. It just made up cash out of thin air like it was the U.S. Federal Reserve or something.

CEO Jenny Zhiya Qian and Chief Operating Officer Jian Liu were both fired over their roles in the scandal. Luckin faces the very real threat of bankruptcy. LK’s trading was suspended, and the company received a delisting notice from Nasdaq.

Seriously, though … why are people buying this garbage stock?

Well, according to a Reuters report, there’s a chance that Yum China Holdings Inc. (NYSE: YUMC) and other competitors are interested in buying Luckin’s assets, including the company’s popular smartphone app and its customer data.

Now, that sounds nice and all, but it doesn’t mean that the proceeds raised will save Luckin from insolvency. Furthermore, if the company sells its most valuable assets to stay afloat, what exactly are investors left with?

No, dear readers, avoid this coffee nightmare like the plague.

Debates over free speech? Whack.

Completely nonsensical market environments? Whack.

A Wednesday without your Poll of the Week? Now that would be whack.

It’s Poll of the Week time!

With all the divisive news out there, let’s talk about something that definitely won’t ruffle any feathers or split any political hairs — regulations! (OK, I could hardly keep a straight face there.)

Love it or hate it, the regulation pendulum could swing ‘round soon for overseas companies listed on U.S. stock exchanges. At least, if the House picks up what the Senate is putting down.

With the Luckin calamity top of mind, we want your take on Chinese stocks in particular today.

Are you buying up Chinese stocks amid the talks of tighter regulations or have you steered clear completely? Let us know below!

By the way, boy was last week’s Poll a blowout! We asked you whether or not you’ve invested in the biotech sector — you know, that whole medicine-making lifesaving shtick?

By and large, Great Stuff readers are gung ho about biotech investing, with about 82% of you having ventured into the sector.

Another 14% want to see what all the Big Pharma hoopla is about — and for good reason. I mean, Great Stuff readers have already seen an insane 117% gain on our trade with Inovio Pharmaceuticals Inc. (Nasdaq: INO) … not that I’m bragging or anything. Seriously, I’m proud of all of you who got in on that win!

Now, I can’t say when the next biotech opportunity will come up … you know, uncertain markets and whatnot. But trust me, you’ll be the first to know if a Great Stuff Pick comes along!

In the meantime, if you’re still want to chase the biotech bounty, just remember that it can be treacherous terrain until you find treasure.

Don’t go into the great biotech market alone — Click here!

Great Stuff: You Write, We Listen!

Another week, another edition of Reader Feedback! If we’re being honest here, this is one of my favorite parts of the week…

It’s simple: Every email you send us … every message you write … we appreciate it all! From the rants to the raves, you have the entire Great Stuff team in stitches sometimes.

So, why not drop us a line this week?

Send us a message at GreatStuffToday@BanyanHill.com, and you might see your email in tomorrow’s edition of Reader Feedback! Remember, you can always catch up on the latest Great Stuff on social media: Facebook and Twitter.

Until next time, stay Great!

Joseph Hargett

Editor, Great Stuff

[goldira01]

Enema of the State

I’m in a mood today, dear reader, so let this be a warning that a rant is incoming.

First, let’s start out with today’s astonishing development that sparked this Great Stuff mood.

The Dow Jones Industrial Average topped 25,000 today — the culmination of a 35% rush off its March lows. The S&P 500 Index is also on fire, gaining a similar 35% to trade north of 3,000.

Remember when everything tanked back in March? Wall Street was worried about the coronavirus’s impact on the U.S. economy and corporate earnings — and stocks took a roughly 35% haircut. (35% again? Is that like the new 42?)

The markets are now less than 12% from their February pre-pandemic plunge highs, and you need to ask yourself some critical questions as an investor…

Are things really that good right now?

People are going back to work with the “Grand Reopening,” but tens of millions remain unemployed. Business activity is picking up, but many consumers choose to stay home and stay safe from the virus. Even Federal Reserve Chairman Jerome Powell said last week that the economy might not fully recover until the end of next year.

On the corporate earnings front, first-quarter profits fell by the fastest rate in more than a decade.

Due to the coronavirus’s impact, S&P 500 companies saw earnings collectively plunge 13% on a per-share basis. And that data includes at least two months of a fully open U.S. economy. What will the next quarter look like? The one after that?

This certainly doesn’t look like a “12% away from all-time highs” market or economy to me. Does it to you?

So, Mr. Great Stuff, why are stocks rallying?

That’s an excellent question, and I have an answer: hope and unlimited stimulus.

In the movies, billionaires like Bruce Wayne step in with their snazzy PJs to save humanity from crises like these. They swoop down, solve the problem and everything goes back to normal in less than three hours on the big screen.

Despite what you might think about Elon Musk and his ilk, they aren’t pushing to reopen the U.S. economy for your benefit. They haven’t solved the coronavirus crisis. It’s still out there. It’s still rampaging across the country. More than 1.6 million are infected, and the numbers are rising. Nearly 100,000 are dead.

These supposed modern-day “superheroes” push to reopen the economy because they’ve seen profits plunge 13%. It’s hitting their bank accounts, and that’s serious.

Serious enough to push an economic reopening without a cure or approved treatment in place. That push fuels hope that things aren’t as bad as they seem.

Meanwhile, with unlimited stimulus propping up the whole shebang (and driving interest rates through the floor), what else will you do with your money? Save it? Pay down debt?

Lol, as if. This is America.

You’d buy stocks. You’d help drive the Dow and the S&P 500 back to their all-time highs — whether the economy reflects those gains or not.

But how long can you, the retail investor, hang on? Will you last through the coming second wave of coronavirus infections? Can you withstand a second economic shutdown?

One is coming. COVID-19 can lay dormant for two weeks without showing symptoms. We will all know just how sideways things have gone with the reopening in about a month. The question is: Will you be prepared for the fallout?

Click here to make sure you know what lies ahead … whether you think you’re prepared or know that you’re not.

The Good: [Insert Neo and The Matrix Joke Here]

Chinese electric-vehicle (EV) maker Nio Inc. (Nasdaq: NIO) clambered back into the headlines this week on positive sales data. According to China Daily, Nio CEO William Bin Li livestreamed a presentation on the company’s EVs, which led to 320 vehicle orders and $21 million in sales.

Not too shabby for a CEO livestream. Now imagine if he did it on TikTok!

The bigger excitement surrounding Nio, however, is the company’s deal with China’s Anhui province. Nio will reportedly move to Anhui’s capital city, Hefei, in exchange for $981 million in new funding. Anhui will also take a 24.1% stake in Nio.

There are two massive caveats for investors here:

First, as part of the deal, Nio and Anhui will create a new company that holds all of Nio’s assets. What that means for U.S. investors remains unknown.

Second, there’s that pesky U.S. Senate bill targeting Chinese companies listed on U.S. exchanges. The disclosure of foreign-government ownership could directly affect Nio under this new deal.

So, while Nio has become one of the most popular stocks on Robinhood, buyers really need to beware of the fine print on this Chinese stock.

Besides, we have better opportunities stateside — especially with Trump’s “Re-Declaration of American Independence,” his mission to bring manufacturing and growth back to American soil from overseas. Click here for the scoop.

The Bad: Robinhood’s Most Wanted

Coming in at No. 8 on Robinhood’s most wanted list, Carnival Corp. (NYSE: CCL) has seen an unnerving bout of enthusiasm lately.

The stock saw a significant boost this week following the Memorial Day holiday weekend, after throngs of people threw caution to the wind and rushed out into bars and local watering holes. Once again, we’re looking at you Lake of the Ozarks partygoers.

The idea is that once the CDC lifts its No Sail Order in July, Carnival ships will once again flood with passengers looking to party and forget weeks of at-home quarantine. I’m not sure what gives investors this level of confidence — especially since there’s no vaccine or cure for COVID-19 right now.

But CCL stock certainly is popular.

Even today’s announcement that AIDA Cruises (a Carnival subsidiary) would extend its pause in operations through July 31 didn’t faze CCL investors. AIDA said that international regulations surrounding the pandemic remained unclear, preventing its return to business as usual.

The easing of pandemic-related lockdowns is one thing. It’s another thing entirely to be locked up on a boat at sea for weeks (or potentially longer) if your ship happens to be unlucky enough to have an outbreak.

Once again, buyer beware.

The Ugly: Luckin Nuts

Shares of Chinese caffeine purveyor Luckin Coffee Inc. (Nasdaq: LK) have surged more than 89% in the past two days.

Why? Because investors be crazy. That’s why.

If you don’t remember Luckin, it’s the Chinese coffee company that fabricated roughly $300 million in sales. It just made up cash out of thin air like it was the U.S. Federal Reserve or something.

CEO Jenny Zhiya Qian and Chief Operating Officer Jian Liu were both fired over their roles in the scandal. Luckin faces the very real threat of bankruptcy. LK’s trading was suspended, and the company received a delisting notice from Nasdaq.

Seriously, though … why are people buying this garbage stock?

Well, according to a Reuters report, there’s a chance that Yum China Holdings Inc. (NYSE: YUMC) and other competitors are interested in buying Luckin’s assets, including the company’s popular smartphone app and its customer data.

Now, that sounds nice and all, but it doesn’t mean that the proceeds raised will save Luckin from insolvency. Furthermore, if the company sells its most valuable assets to stay afloat, what exactly are investors left with?

No, dear readers, avoid this coffee nightmare like the plague.

Debates over free speech? Whack.

Completely nonsensical market environments? Whack.

A Wednesday without your Poll of the Week? Now that would be whack.

It’s Poll of the Week time!

With all the divisive news out there, let’s talk about something that definitely won’t ruffle any feathers or split any political hairs — regulations! (OK, I could hardly keep a straight face there.)

Love it or hate it, the regulation pendulum could swing ‘round soon for overseas companies listed on U.S. stock exchanges. At least, if the House picks up what the Senate is putting down.

With the Luckin calamity top of mind, we want your take on Chinese stocks in particular today.

Are you buying up Chinese stocks amid the talks of tighter regulations or have you steered clear completely? Let us know below!

By the way, boy was last week’s Poll a blowout! We asked you whether or not you’ve invested in the biotech sector — you know, that whole medicine-making lifesaving shtick?

By and large, Great Stuff readers are gung ho about biotech investing, with about 82% of you having ventured into the sector.

Another 14% want to see what all the Big Pharma hoopla is about — and for good reason. I mean, Great Stuff readers have already seen an insane 117% gain on our trade with Inovio Pharmaceuticals Inc. (Nasdaq: INO) … not that I’m bragging or anything. Seriously, I’m proud of all of you who got in on that win!

Now, I can’t say when the next biotech opportunity will come up … you know, uncertain markets and whatnot. But trust me, you’ll be the first to know if a Great Stuff Pick comes along!

In the meantime, if you’re still want to chase the biotech bounty, just remember that it can be treacherous terrain until you find treasure.

Don’t go into the great biotech market alone — Click here!

Great Stuff: You Write, We Listen!

Another week, another edition of Reader Feedback! If we’re being honest here, this is one of my favorite parts of the week…

It’s simple: Every email you send us … every message you write … we appreciate it all! From the rants to the raves, you have the entire Great Stuff team in stitches sometimes.

So, why not drop us a line this week?

Send us a message at GreatStuffToday@BanyanHill.com, and you might see your email in tomorrow’s edition of Reader Feedback! Remember, you can always catch up on the latest Great Stuff on social media: Facebook and Twitter.

Until next time, stay Great!

Joseph Hargett

Editor, Great Stuff

[coin-river-blog]

Finance

In a chilling but sadly all-too-familiar sequence of events, UK banks have been targeting cryptocurrency owners. Individuals who have cashed out large amounts of cryptocurrency – legitimately – have had their assets frozen and accounts locked without warning, fueled by fears of money laundering and a general distrust of bitcoin. One victim even claims to have had their house raided and computer equipment seized in a follow-up operation by UK police.

Also read: Altcoin Purge Begins: Okex Delists 28 Token Pairs

The Legacy Banking War on Cryptocurrency Ramps Up

Legacy banks have a history of freezing crypto-related accounts

Traditional finance and cryptocurrency have been uneasy bedfellows ever since the start, but it didn’t have to be this way. While some jurisdictions have belatedly welcomed cryptocurrency with open arms – think Gibraltar, Malta, and Liechtenstein, where Binance has just opened a fiat-crypto exchange – the majority have taken an antagonistic stance. The UK is a prime example; unless you’re a bigshot like Coinbase, which recently secured a deal with Barclays, don’t count on retaining access to a bank account if you dabble in crypto. On P2P site Localbitcoins.com, UK traders exchange large amounts of BTC every day, requesting, in most instances, that the bank pay-in reference is something benign and unrelated to crypto. To do otherwise is to play a dangerous game.

This week, one British cryptocurrency figure discovered, to his peril, the speed and severity of the crackdown that’s initiated once a UK bank deems an individual to be persona non grata. The man, who we’ll refer to as John, has been involved in cryptocurrency for many years, actively mining it, occasionally trading it, and operating as a senior figure in the project team for a top 100 cryptocurrency. He has no criminal convictions, and has always accorded to UK laws concerning financial regulations and taxation. He told news.Bitcoin.com:

I had my bank account frozen and my funds taken hostage by Clydesdale Bank without any warning or explanation…I was eventually told by the branch manager that it no longer wanted to do business with “these type of people” [i.e cryptocurrency users]

Locked Out Without Warning

Clydesdale Bank cares a lot if you own cryptocurrency

John explains: “I tried to log in to my Clydesdale Bank current account (the one that I’ve had since childhood) late on Tuesday evening only to be presented with a message saying “Sorry, we’re no longer able to assist you online”. I then tried the app which said “Your account is locked, please call”. I called the help center only to be told that the guy on the other end of the phone also couldn’t access my account nor confirm whether or not my (six-figure GBP) balance was safe. I was told that he was completely unable to help and that I would need to call HQ in the morning.”

He continues: “I called HQ this morning and was put on hold for 20 minutes. When the guy came back, he told me that there was a letter in the post to me and that he couldn’t say anything more about what was happening or whether or not my balance was safe. So I requested to be put through to the most senior person available, who then told me that my account had been locked down but he was unable to tell me why, nor who put the lock on my account. He refused to even tell me which department placed the block. He told me that my only option was to go into my local branch and request a manual withdrawal of funds. However he explained that such a withdrawal would need to be approved by the bank and therefore I wasn’t guaranteed to get access to my cash.”

“My local countryside branch were as clueless as you’d expect. I sat watching the assistant phone head office to try to get to the bottom of WTF was happening. HQ refused to tell her while I was present so they instead went cloak and dagger by sending an email which she had to leave the room to go and check out. After another 20 minutes and a couple of phone calls that I could hear her make from the room next door, she finally reappeared with another guy who turned out to be the branch manager.”

“These Types of People”

John explains: “The branch manager sat down and explained that the bank had reviewed the transactions coming in and out of my account and decided that it no longer wanted to do business with “these type of people”. I immediately requested full withdrawal of my not insignificant balance to which he replied that he would need to seek approval for that to happen.”

John’s experience is by no means an isolated case. In Britain, as in many other countries, cryptocurrency users are having something they’ve always known reaffirmed: you can’t trust banks with your money. Previous character, credit rating, and occupation are all worthless should a legacy financial institution take a disapproving view of your involvement in cryptocurrency. A few days prior to John being locked out by a bank he’d been with for over 20 years, another British citizen was enduring an even more harrowing encounter.

“Got raided yesterday at 6:30am for cashing out 500,000 in Bitcoin back in December 2017, arrested for money laundering and possession of criminal property in the UK,” he told fellow members of the /biz/ messageboard. When pressed for details he elaborated:

My Bitcoins that were cashed out were legit bought back in 2012/13 and they have seized some of my crypto too, seized my PC, all my USB and hard drives and raided my whole house and took me to the police station, got given a solicitor and interviewed, they asked where I found out about Bitcoin and said 4chan and a poker site.

Raided by the Police for Cashing Out

The anonymous /biz/ poster continued: “I was released [from police custody] same day at like 4pm, solicitor said shit went well and was released not on bail but was “under investigation” i.e we have fuck all on you but lol we’re holding your shit anyway. they searched my house and I believe they thought I was a drug dealer and were kind of disappointed they didn’t find anything like that so I am guessing they jumped to conclusions, it’s my bank who started this shit by freezing it.”

News.Bitcoin.com cannot verify this story, but the level of detail supplied, accompanied by a picture purportedly showing the search warrant the police presented, suggests that it is authentic. The man’s problems began when he tried to cash out from crypto, which caused Natwest bank to freeze his account. John, on the other hand, explained to news.Bitcoin.com that he had recently sold various material assets to fund a new business venture that required access to fiat. In other words, John hadn’t suddenly cashed out a large sum of cryptocurrency that might have triggered the incident. The mere possession of a reasonable sum of fiat currency, coupled with a history for selling smaller amounts of crypto, was enough.

The warrant allegedly used to search the UK man’s house and seize his computer equipment

The /biz/ poster claims to have cashed out a significant amount of bitcoin in late 2017 partly to pay taxes, which he duly did with £110,00 of the money. This didn’t prevent him from falling under suspicion however. He asserts that the police “literally kidnapped me and stole my money on the basis of “we don’t know if you’ve committed a crime to obtain this money but lol we’re seizing your assets and raided your house.””

Funds Are Safu

John’s incident ended better than he at one point expected, with Clydesdale Bank eventually transferring his money to a new bank the man had hastily joined. He concludes: “I now have all of my funds in another account which I won’t name to prevent a repeat of this ridiculous discrimination. Being treated like a criminal (without proof nor cause) by an organisation that I’ve been loyal to for over 20 years has seriously pissed me off.”

The /biz/ messageboard user explains how the police raid went down

There may come a day when cryptocurrency users are treated with dignity and respect by legacy financial institutions. By the time that day arrives, however, the crypto economy may have evolved to the stage where bitcoiners may no longer need the banks that shunned them.

Do you think banks unfairly target cryptocurrency users, or are they simply doing their job? Let us know in the comments section below.

Images courtesy of Shutterstock, and /biz/.

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