Following Monday's start-the-week-off-right rally, stocks have gyrated about the flatline the rest of the week, signaling that a good number of major players have already left the exchanges for holidays and that the recently-completed tax reform bill has been almost completely priced into stocks.
Thus, we're left with little other than churn as the days before Christmas dwindle to none. There are likely to be few surprises on Wall Street as the week closes out, though overnight, the cryptocurrency world had plenty upon which to contemplate going forward.
Bitcoin, the gold standard of cryptos, crashed below $13,000, marking a 17% drop in less than the past 24 hours.
A number of suspect factors are to blame for its recent demise, those consisting largely of rumors and some fact, such as large "whale" investors getting out while the mania is still hot, the emergence of Hashgraph, which was of mention here yesterday, and the abrupt realization by more than a few people that Bitcoin - due primarily to the severe slowness of clearing transactions and the unwieldy large amount of computing power necessary to mine coins - is unreliable and unworkable as a currency.
Within a short time, it's highly likely that bitcoin could be trading in the hundreds of dollars rather than in the thousands. Recall that its current price was largely achieved in just the past 12 months, growing from sub-1000 at the start of the year.
Other cryptos are being mercilessly battered, led by IOTA, down nearly 40% overnight, denoting the downside of 24/7 markets.
What goes up, must come down, and that is the lesson for the day. Stocks will also suffer at some point, though betting on that happening has been a fool's game since the worrisome days of 2008-09.
For now, it looks like a quiet day of trading stocks ahead, with downside risk prominent.
At the Close, Thursday, December 21, 2017:
Dow: 24,782.29, +55.64 (+0.23%)
NASDAQ: 6,965.36, +4.40 (+0.06%)
S&P 500: 2,684.57, +5.32 (+0.20%)
NYSE Composite: 12,800.21, +52.66 (+0.41%)
Showing posts with label Hashgraph. Show all posts
Showing posts with label Hashgraph. Show all posts
Friday, December 22, 2017
Thursday, December 21, 2017
Wall Street Yawns at Tax Reform; Hashgraph May Supercede Bitcoin
Wall Streeters aren't completely happy with the tax reform package that passed both houses of congress on Wednesday, despite howls of victory from assembled Republicans at the White House. If they had, the "sell the news" trading of the past two days would have been overwhelmed by a furious buying frenzy as US corporations see their federal tax burden reduced from 35% to 21%, below the world average.
While the politicians are happy back-slapping each other and highly paid traders on Wall Street see their tax burden increase due to the loss of some deductions for local taxes (SALT), there are bigger, less-well-defined events occurring far from DC or New York.
Bitcoin and other cryptocurrencies are all the rage, now that the CBOE has gotten into the game with bitcoin futures trading, assuring that the financial genii that DID NOT invent blockchain technology will be able to participate.
That's all the more reason that crypto is soaring, both in value and interest. The promise of the blockchain was initially to exclude current government and financial entities (banks, brokers, exchanges) from transactions, freeing up the new "money."
That has changed, but, outside that, a newer, potentially even more disruptive idea has emerged: Hashgraph, which speeds up transaction processing by light years over Bitcoin and provides even better security and privacy in a distributed ledger environment.
It's the latest development in a fast-changing game and deserves full attention to anyone who is thinking about freedom. Mike Maloney has put together an interesting look behind the scenes of the crypto world in his latest installment of the Hidden Secrets of Money (Episode 8) in Bitcoin to Hashgraph: The Crypto Revolution.
The video is over an hour long, but it should be tops on every Christmas list for thinking individuals, silver and gold bugs, heads of companies and anybody looking for better solutions than tax brackets, thousands of pages of federal tax code (estimated at over 70,000), a puzzling phalanx of rules, regulations and confusing calculations all of which are the bread and butter of the stock market and fractional reserve skimmers.
A day will come when stock prices, interest rates, and tax considerations aren't the most important financial parameters. That day is coming sooner than many people with knowledge want to accept.
Happy (Hashgraph) Holidays.
At the Close, Wednesday, December 20, 2017:
Dow: 24,726.65, -28.10 (-0.11%)
NASDAQ: 6,960.96, -2.89 (-0.04%)
S&P 500: 2,679.25, -2.22 (-0.08%)
NYSE Composite: 12,747.55, +0.01 (0.00%)
While the politicians are happy back-slapping each other and highly paid traders on Wall Street see their tax burden increase due to the loss of some deductions for local taxes (SALT), there are bigger, less-well-defined events occurring far from DC or New York.
Bitcoin and other cryptocurrencies are all the rage, now that the CBOE has gotten into the game with bitcoin futures trading, assuring that the financial genii that DID NOT invent blockchain technology will be able to participate.
That's all the more reason that crypto is soaring, both in value and interest. The promise of the blockchain was initially to exclude current government and financial entities (banks, brokers, exchanges) from transactions, freeing up the new "money."
That has changed, but, outside that, a newer, potentially even more disruptive idea has emerged: Hashgraph, which speeds up transaction processing by light years over Bitcoin and provides even better security and privacy in a distributed ledger environment.
It's the latest development in a fast-changing game and deserves full attention to anyone who is thinking about freedom. Mike Maloney has put together an interesting look behind the scenes of the crypto world in his latest installment of the Hidden Secrets of Money (Episode 8) in Bitcoin to Hashgraph: The Crypto Revolution.
The video is over an hour long, but it should be tops on every Christmas list for thinking individuals, silver and gold bugs, heads of companies and anybody looking for better solutions than tax brackets, thousands of pages of federal tax code (estimated at over 70,000), a puzzling phalanx of rules, regulations and confusing calculations all of which are the bread and butter of the stock market and fractional reserve skimmers.
A day will come when stock prices, interest rates, and tax considerations aren't the most important financial parameters. That day is coming sooner than many people with knowledge want to accept.
Happy (Hashgraph) Holidays.
At the Close, Wednesday, December 20, 2017:
Dow: 24,726.65, -28.10 (-0.11%)
NASDAQ: 6,960.96, -2.89 (-0.04%)
S&P 500: 2,679.25, -2.22 (-0.08%)
NYSE Composite: 12,747.55, +0.01 (0.00%)
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