Bitcoin Is A Faith-Based Religion - Mike Shedlock

Mish Shedlock, an excellent finance blogger on why Bitcoin is here to stay, believes the US Treasury wants to make the US Dollar digital to "make every cent traceable."

Mish Shedlock, an excellent finance blogger on why Bitcoin is here to stay, believes the US Treasury wants to make the US Dollar digital to submitted by zarroff to Bitcoin [link] [comments]

Overstock Surges 23% On News It Will Sell Retail Business, Launch tZero Crypto

Authored by Mike Shedlock via MishTalk,
In an obvious act of desperation, Overstock will sell its retail business to launch a crypto business called tZero.

Overstock CEO Patrick Byrne is so certain about blockchain technology that he’s planning to sell Overstock’s retail business to Launch tZero.
Byrne announced tZero in 2015 and it has been losing money ever since, along with everything else Overstock does.
Overstock has invested $175 million in a fully owned unit called Medici Ventures Inc. that houses tZero and a collection of startups developing new uses for blockchain technology a method of recording, sharing and securing data over public computer networks that underpins bitcoin and other cryptocurrencies.
One startup is working with the Rwandan government to develop a digital property-rights platform. Another, Voatz, ran a blockchain-based pilot with West Virginia that allowed military personnel serving overseas to cast their votes in the midterm elections through a smartphone app.
Mr. Byrne’s quest has been costly for Overstock. Medici lost $39 million through the first nine months of 2018, following a $22 million loss in 2017. (All told, Overstock lost $163.7 million through the first nine months of 2018.)
Overstock shares also have suffered. In 2017, the company’s stock traced bitcoin’s mania, rising from $15 in the summer to nearly $87 by January 2018

Overstock Losses

Cold Fusion

I don’t care whether tZero is losing $2 million a month,” Mr. Byrne said in an interview.“We think we’ve got cold fusion on the blockchain side.”
Byrne declined to name potential suitors, but expects to wrap up a deal by February.
He envisions a platform that would trade assets that could be easily traced and tracked. Initially, it would trade security tokens—a combination of a bitcoin-like digital token and a traditional bond or stock. It is also developing a product called digital locate receipt, a way of tracking equities borrowed for short selling.
Trying to get all the regulatory approvals for this has taken time, and tZero has blown past several expected launch dates. The company says it will go live in the first quarter.
Still, security tokens are still more theory than reality. Mr. Byrne said tZero will have one asset available for trading when it launches: its own security token. Earlier this year, tZero closed on an offering of the tokens that raised $134 million.

Appropriately Named tZero

I like the name. It will head _To Zero_ like most of the rest of the crypto business.
This is an act of pure desperation by a company that clearly running out of cash.
Of course, Byrne can stay in business as long as he can get get enough suckers to buy useless tokens.
submitted by rotoreuters to zerohedge [link] [comments]

Why the Federal Reserve Will Have to Restart QE Sooner Than Later Next Financial Crisis Six to Nine Months Away? Mike 'Mish' Shedlock - September 15, 2017 WallStforMainSt - YouTube MACRO ANALYTICS - 05 19 16 - Mish's Monthly Macro - May - w/Mish Shedlock Rigged Numbers, Rigged Economy:

Bitcoin is a free market construct. But it is primarily based on faith. — Mike "Mish" Shedlock (@MishGEA) January 2, 2020. Addendum. Change the title to remove faith-based Global Warming Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Bitcoin Supporters Cannot Answer One Simple Question. Bitcoin News discusses a Russia Proposal to Crackdown on Bitcoin. Details People face seven years in jail and fines of as much as $7,000 for utilizing BTC in monetary transactions.Penalties apply to buying crypto with cash or transferring to accounts opened with Russian banks.For corporations buying Bitcoin without approval from Russian central bank (there won't be any approvals), fines are as Please consider this January 2, 2020 post Bitcoin Kicks Off 2020 More Secure Than Ever as Hash Rate Hits Record. Bitcoin Hash Rate (Click on image to enlarge) Bitcoin vs Hash Rate. So are near record highs on the hash rate. Bitcoin peaked at $19,783 on December 17, 2017. It is now under $6,000. Please stop the nonsense that Bitcoin follows the — Mike "Mish" Shedlock (@MishGEA) July 27, 2020 Gold vs US Dollar Index 2019-12-16 Gold's vs the US Dollar: Correlation Is Not What Most Think. I posted the above chart on December 23, 2019 in Gold's vs the US Dollar: Correlation Is Not What Most Think. This was one of my comments at the time

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Why the Federal Reserve Will Have to Restart QE Sooner Than Later

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