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Is This Why The Status Quo Disdains Bitcoin? – The “Wrong People Are Getting Rich”

Is This Why The Status Quo Disdains Bitcoin? – The “Wrong People Are Getting Rich”
Authored by Charles Hugh Smith via OfTwoMinds blog, The wrong people--rebels, outsiders, nerds and techies-- got on the cryptocurrency boat while their insider/rentier "betters" blew it and are now raging bitterly onshore. The psychology of money, wealth and speculative manias is endlessly fascinating. Most of what's written on these subjects focus on the process of building wealth as if it... Read More

Now That Xmas Is Over – Mapping The US States With The Most People In Debt

Now That Xmas Is Over – Mapping The US States With The Most People In Debt
With Americans left with only one option - indentured servitude - to maintain any semblance of normal quality of life - especially at Christmas - we thought it worthwhile considering which US States have the most people in debt. Using data from anonymous consumer-level records from a major credit bureau, the Urban Institute was able to release figures on debt... Read More

Somebody Hacked Starbucks’ WiFi To Mine Cryptocurrencies

Somebody Hacked Starbucks’ WiFi To Mine Cryptocurrencies
As the values of the largest cryptocurrencies have multiplied this year, so too have reports of digital-currency miners stealing resources to amplify the profitability of their operations. In Venezuela, where electricity is heavily subsidized by the (crumbling) government, the government’s intelligence agents are ferreting out and jailing people caught mining bitcoin or other digital currencies. Yesterday, we reported that the... Read More

Gold Pops As Bitcoin Drops, Dollar Snaps Longest Win Streak Since Jan 2016

Gold Pops As Bitcoin Drops, Dollar Snaps Longest Win Streak Since Jan 2016
"Contained"...   Post-FOMC, Gold was the biggest gainer...   US Equities were holding to gains but tumbled in the last few minutes with the S&P turning red...   Nasdaq manged to hold gains after The Fed...   VIX was noisy around CPI early on and snapped higher into the close (breaking above the terrifying level of 10.00)...   Financials had... Read More

Stocks Soar To Most-Overbought In 22 Years But Bitcoin Futures Debut Dominate

Stocks Soar To Most-Overbought In 22 Years But Bitcoin Futures Debut Dominate
Bitcoin futures are here...   Small Caps and Trannies were today's biggest losers as Nasdaq led...   The S&P 500 has not been this overbought since 1995...   VIX briefly topped 10 after the NYC bomb explosion...but was clubbed into the close..   Utes ramped oddly in the afternoon but Energy stocks and Tech were best...   High-Tax stocks underperformed... Read More

The Seven Questions Goldman’s Clients Have About “Rational Exuberance”

The Seven Questions Goldman’s Clients Have About “Rational Exuberance”
In mid-November, just days after Barclays released its 2018 equity outlook with the title "Rational Exuberance"... ... Goldman's David Kostin decided that imitation was the sincerest form of unveiling a non-contrarian year-end forecast, and in presenting his revised S&P price target for 2018 of 2,850 - which accounts for GOP tax reform - "borrowed" the Barclays title for his own... Read More

Largest Crypto-Mining Exchange Confirms It Was Hacked, Over $50 Million In Bitcoin Stolen

Largest Crypto-Mining Exchange Confirms It Was Hacked, Over $50 Million In Bitcoin Stolen
As Bitcoin explodes higher on what now appears to be constant demand out of South Korea, there were unconfirmed (at least until recently) reports that Nice Hash, the largest crypto-mining marketplace, has been hacked with over 4,000 bitcoins worth over $50 million stolen. NiceHash has suffered a completely unpredictable and unforeshadowed cut and run^W^W^Whack, so much for the home miners... Read More

Stockman: “Bitcoin Is The Poster-Boy For An Unhinged Financial System”

Stockman: “Bitcoin Is The Poster-Boy For An Unhinged Financial System”
Authored by David Stockman via Contra Corner blog, The lemmings are now in full stampede toward the cliffs. You can literally hear the cold waters churning, foaming and crashing on the boulders far below. From bitcoin to Amazon, the financials, the Russell 2000 and most everything else in between, the casinos are digesting no information except the price action and are relentlessly rising... Read More

Deutsche Bank Explains The Five Biggest “Market Conundrums”

Deutsche Bank Explains The Five Biggest “Market Conundrums”
While pundits contemplate whether the bitcoin bubble is bigger, smaller or the same size as the dot com bubble, few are willing to admit that day to day events in the equity market are just as ridiculous, bubbly and bizarre as what takes place in the crypto realm. To address this lack of coverage, yesterday Bloomberg was nice enough to... Read More

A Little-Known Indicator Sees VIX Soaring To 30

A Little-Known Indicator Sees VIX Soaring To 30
While not quite as damning as its 2018 credit forecast, Morgan Stanley's chief equity strategist Michael Wilson released his 2018 equity outlook this morning, and unlike his last full year forecast which in retrospect was surprisingly accurate, is far more contained, if not outright pessimistic. Wilson himself is quick to remark on just how much conditions have changed over the... Read More