Month: October 2017

The World's Largest ICO Is Imploding After Just 3 Months

This post was originally published on this siteEarlier this summer, Tezos smashed existing sales records in the white-hot IPO market after the company’s pitch to build a better blockchain for cryptocurrencies made it one of the buzziest ICOs in the world. As we noted at the time, the company capitalized on that buzz by courting VC firms and other institutional investors with a $50 million token pre-sale. After the company opened up selling to the broader public, demand soared as investors greedily bought up tokens in spite of glitches that threatened to derail the sale early on. By the...

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What Dennis Gartman Remembers Most From “Black Monday”

This post was originally published on this siteExcerpted from the latest Gartman Letter, and presented without commentary (but with some highlighting). ON THIS HORRIBLE ANNIVERSARY AND WHAT WE REMEMBER MOST: Everyone seems to be writing about what they remember about the Crash of ’87 and we remember it well… very… and breaking with our common use of the “royal we” in our commentary and using the personal pronouns instead, from this point onward…what I remember is the sheer irrationality of the day in question; the utter and sheer panic by those who had in the past never panicked and the effect it had upon me. On the Friday before the “Crash” I was in Raleigh, North Carolina with close friends from my days at the CBOT of several years earlier: Brian O’Doherty, who played football for our beloved NC State University and who traded in the bond pit… and Carl Boraiko… one the best floor traders in T-notes, Bonds and the NOB spread I’ve had the privilege of knowing… and several others. We were there to go to the NC State v. lemson game on Saturday and  were playing golf at the Duke University Golf Course on Friday when one of us noticed that the Dow was “Down a hundred!!” that afternoon as we checked our phone pagers that were suddenly paging us all, for there were not Iphones...

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GDP Is Bogus: Here's Why

This post was originally published on this siteAuthored by Charles Hugh Smith via OfTwoMinds blog, Here’s a chart of our fabulous always-higher GDP, adjusted for another bogus metric, official inflation. The theme this week is The Rot Within. The rot eating away at our society and economy is typically papered over with bogus statistics that “prove” everything’s getting better every day in every way. The prime “proof” of rising prosperity is the Gross Domestic Product (GDP), which never fails to loft higher, with the rare excepts being Spots of Bother (recessions) that never last more than a quarter or...

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An Outraged George W. Bush Lashes Out At Trump: “Bigotry Seems Emboldened”

This post was originally published on this siteFormer President George W. Bush came out swinging against the current administration on Thursday, and while he did not name President Castro, Dubya blasted that “bigotry seems emboldened” in the U.S., while urging the country to accept “globalization” – the same globalization which both the IMF, the BIS and even the Federal Reserve now agree and warn has led to record wealth inequality in the US – while rejecting “white supremacy.” “Bigotry or white supremacy in any form is blasphemy against the American creed,” Bush said. Former Pres. George W Bush: “Bigotry...

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Snap's New Business Model

This post was originally published on this siteFrom the Slope of Hope: One of the hottest, most widely-anticipated IPOs in years took place in March of this year – – Snap, Inc., which is, of course, the owner of the Snap app (although they insistently refer to themselves as “a camera company”.) Perhaps another mission statement is in order, however, as they appeared to have now expanded to……….Halloween costumes. No, I am not making this up. The one and only product from Snap you can purchase on Amazon is, in fact, this costume in which you can pretend you are a hot dog.  So the company...

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