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Elon Musk Skeptic Calls Tesla’s Bluff, Bets You $10,000 That Robotaxis Suck

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By CCN: Whitney Tilson has been shorting Tesla since 2014, and the former hedge fund manager and avid TSLA bear is at it once again. This time he’s willing to bet you $10,000 that Elon Musk’s robotaxi fantasy will crash and burn.

In a letter to investors this week, the 52-year-old took a stab at Tesla’s charismatic leader, predicting that he’ll fail to create one million robotaxis by the end of next year. Elon Musk made those bold claims at Tesla’s Autonomy Day in Palo Alto last month:

“I feel very confident predicting autonomous robotaxis for Tesla next year, Not in all jurisdictions because we won’t have regulatory approval everywhere, but I’m confident we will have … regulatory approval somewhere, literally next year.”

Elon Musk a ‘Zillion Miles Away’ from Commanding Robotaxi Army

tesla stock elon musk

Whitney Tilson doesn’t believe Tesla will come close to deploying 1 million robotaxis in 2020.| Source: FP PHOTO / ROBYN BECK

In true gaming style, Elon Musk is looking to level up his character by being the first to reach the holy grail of all autonomous vehicle (AV) research – Level five. Level five cars are fully automated, no adult supervision required. There’s a reason you won’t find one on the road right now though. They’re damn near impossible to create.

Value investor Whitney Tilson alleges the overly-ambitious Musk is a “zillion miles away” from seeing his robotaxi army becoming a reality. He cited the following video evidence of just how far Tesla (or any other AV company for that matter) still has to go to achieve that goal:

[embedded content] [embedded content]

Despite vast improvements in self-driving tech, autonomous cars still rely heavily on road lines and other static data that can’t predict a whole host of scenarios. A friend of Tilson’s goes on to explain:

“Just because a 5 year old or a monkey happened to handle a traffic situation correctly, after numerous attempts at getting it right, does not mean that you have a reliable product ready for deployment among the general population. You need human intuition and responsibility — and no computer has any of that.”

Self-driving Tesla’s already have a rather shady safety record. As one CCN op-ed writer argued, Musk’s shenanigans to juice up Tesla’s flagging stock price are a rather questionable tactic when lives are at stake.

Tesla Stock Falls to Lowest Level Since Obama Administration

There appears to be no middle ground in the ever-growing divide between Tesla bulls and bears. The stock has had a veritable roller-coaster ride since its listing in 2010. Recent price action, however, will have investors worried.

On May 13, Tesla’s (NASDAQ: TSLA) share price tumbled to lows not seen since the Obama administration, and on Tuesday it closed the session at $232.31 – a full 40% off its 52-week high.

Tesla Share Price

The fall comes in stark contrast with the rest of the tech sector. While Tesla sags, the Nasdaq Composite Index sits not too far from its recent all-time highs.

Whitney Tilson Opens $10,000 Bet to Everyone (Even You)

The odds are that Tilson is riding this recent market downturn while Tesla’s misfortunes unfold. The $10,0000 bet, however, is made in good spirits with all proceeds going to charity. If you’re a Tesla bull and fancy your chances, Mr. Tilson has opened up the bet to anyone to prove he’s wrong:

“You want to do a bet for charity that Tesla doesn’t come within a year of either of those promises (on that back of which, he raised over $2 billion)? I’ll extend this bet to anyone – up to $10,000.”

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John McAfee Living in a Constant State of Paranoia Launches Podcast

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By CCN: Following John McAfee’s triumphant return to Twitter after a brief hiatus, the software mogul and his wife on Tuesday announced a new podcast about life on the run.

McAfee’s Life on the Run

This John McAfee gif illustrates his MBTI

The outspoken bitcoin bull’s DGAF disposition. | Source: Giphy

In their announcement, McAfee and his wife describe living on the run and hiding from the government. The software mogul also informs followers that the couple’s brief social media absence was because of an incoming raid.

Can’t Keep John McAfee Down

The outspoken presidential longshot is also a fugitive who will face arrest upon return to the U.S. But McAfee – a bitcoin perma-bull – refuses to let any government keep him down. Following the couple’s announcement today, McAfee posted characteristic crypto advice on Twitter.

He addressed the bitcoin price, suggesting that people who ask him when bitcoin is trading at $7,900 whether they should wait to buy it sound more ridiculous than he looks while getting his hair processed.

“If you like bitcoin, buy it. Who cares whether it’s at $15 or $1,500 or $10,000. If it’s a good deal, f***ing buy it. End of story.”

He then promised to show everyone his hair after it’s done.

Although McAfee and his wife describe their podcast as a chronicle of the couple’s unconventional lives, one major theme is sure to touch on the benefits of decentralized money. If McAfee holds bitcoin, no matter where he goes, he can always use it. Governments may be able to seize the couple’s house, boat, and bank accounts, but they can’t stop bitcoin. At least not without shutting down the internet. Incidentally, McAfee recently expressed an interest in Dogecoin.

Craig Wright vs. McAfee

McAfee is reasonably popular among crypto proponents. But still, some argue that bitcoin and other cryptocurrencies were not designed to help people circumvent taxes or laws.  Among them is controversial figure Craig Wright.

Wright, who registered a copyright on the Bitcoin white paper this morning, is one of McAfee’s most vocal opponents. Wright will undoubtedly argue that McAfee’s podcast will slow mass adoption and increase the public perception that bitcoin’s primary use is for tax evasion and other nefarious purposes.

McAfee Doesn’t Give a F**k!

For those who might disparage McAfee’s unconventional methods of bitcoin evangelism, the presidential candidate has a message:

“As if I give a flying f**k what you think!”

Controversial, outspoken, and intelligent, John McAfee’s podcast is sure to attract a broad audience. But will the McAfee podcast “highlight” the advantages of a decentralized economy and fuel mass adoption or the opposite? Only time will tell.

Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.

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Binance’s BNB Token Hits All-Time High in Bitcoin Value

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Binance Coin (BNB), the token issued via the arena’s greatest cryptocurrency trade via industry quantity Binance, has prolonged its contemporary positive aspects to set a brand new all-time prime in bitcoin-denominated price.

At press time, BNB is buying and selling at 0.002619 BTC ($9.60) however in the past reached 0.002688 at 10:00 UTC Monday – the cryptocurrency’s easiest worth in its complete one and part 12 months historical past, in keeping with information from Binance. 

Binance first indexed BNB for buying and selling on July 14, 2017, and the token has accomplished a just about 9,600 % go back on funding from its December 2017 initial coin offering (ICO) worth of $0.10.

At the similar time, BNB nonetheless has a long way to move earlier than drawing near it’s all-time prime in USD price. Current figures constitute a decline of 58 % from BNB’s USD prime of $22.48 accomplished on Jan. 12, 2018, information from OnchainFX additional finds.

BNB’s BTC-tied prime got here after a duration of sturdy efficiency that performed out during the last a number of weeks.

As may also be observed within the desk under, BNB has considerably outperformed the marketplace chief and international’s greatest cryptocurrency bitcoin during the last 90-days, together with a 35 % building up previously seven days by myself when bitcoin rose simply five %.

BNB’s contemporary enlargement has catapulted it to transform the arena’s 10th greatest cryptocurrency via marketplace capitalization, which now registers $1.33 billion, in keeping with information from Coinmarketcap.com.

While BNB could also be the one well known cryptocurrency to hit a brand new report of types, it has no longer been the most efficient performer.

Data from OnchainFX finds 3 cryptocurrencies have outshined BNB previously seven days together with ARK, Dentacoin, and Theta Token who’ve published positive aspects of 35 %, 43 % and 43 %, respectively, towards the United States greenback.

Disclosure: The writer holds BTC, AST, REQ, OMG, FUEL, ZIL, 1st and AMP on the time of writing.

Binance phone symbol by means of Shutterstock

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New Proposed ETF Would Mix Bitcoin Futures With Sovereign Debt

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A brand new proposed exchange-traded fund (ETF) would spend money on bitcoin futures – even though handiest as a part of a bigger set of extra conservative investments.

Reality Shares ETF Trust, a department of Blockforce Capital, which already introduced one ETF with blockchain products, filed a Form N1-A with the U.S. Securities and Exchange Commission (SEC) Monday in partnership with NYSE Arca, taking a look to release the Reality Shares Blockforce Global Currency Strategy ETF.

If authorized, the fund would spend money on a portfolio which incorporates “high-quality, short-term sovereign debt instruments listed for trading on U.S. exchanges and denominated in U.S. dollar, euro, British pounds sterling, Japanese yen and Swiss francs,” in addition to bitcoin futures, cash marketplace mutual price range and/or different coins equivalents, in step with the submitting.

The fund would spend money on cash-settled bitcoin futures contracts, moderately than bodily settled. In different phrases, when the contract expires, the investor would obtain the money an identical of its worth, moderately than precise bitcoins. According to the submitting, “the fund will not invest directly in bitcoin.”

The proposal explains:

“The Adviser initially constructs the Fund’s portfolio by investing approximately (i) an equal-weight of 15 [percent] of the Fund’s net assets in Fixed Income Securities denominated in each Fiat Significant Global Currency; (ii) 15 [percent] of the Fund’s net assets representing notional exposure in Bitcoin Futures and (iii) 10 [percent] of the Fund’s net assets in Money Market Instruments for margin and/or cash management purposes, each as measured at the time of purchase (the ‘Target Portfolio’).”

Reality Shares’ submitting is going on so as to add that “the Adviser seeks to reallocate the Fund’s assets approximately to the Target Portfolio on the business day following the date that one or more of the Significant Global Currencies moves by more than 20 [percent] up or down from its original 15 [percent] portfolio equal-weight, calculated as a percentage of the Fund’s net assets.”

Initially, Reality Shares plans to spend money on the bitcoin futures presented via the main Chicago futures exchanges, Cboe and CME, even though it could search for different bitcoin futures merchandise sooner or later.

Bitcoin ETFs

Reality Shares’ proposal comes at the heels of 2 bitcoin-specific ETF filings made via Bitwise Asset Management and VanEck/SolidX last month. While Bitwise’s proposal used to be additionally filed via NYSE Arca, VanEck and SolidX are running with Cboe BZX Exchange.

The VanEck/SolidX proposal is famously just like an previous proposal that many was hoping will be the first bitcoin ETF authorized. However, the firms pulled the previous version after the extended U.S. government shutdown, pronouncing on the time that they had been not able to continue discussions about the proposal with the SEC.

Both of those bitcoin ETFs range from Monday’s submitting in that they don’t come with sovereign debt tools.

The SEC has now not but revealed Reality Shares’ rule trade proposal on its web page, indicating that it has now not but begun inspecting the product. Once the proposal is revealed within the Federal Register, the SEC could have at maximum 240 days to resolve whether or not to approve or reject the rule of thumb trade proposal.

T-bill image by the use of JHerbstman / Wikimedia Commons

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Central Bank of Laos Issues Warning Against Using Cryptocurrency

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The central bank of Laos has warned the public against the use, purchase or sale of digital currencies, local news outlet Vientiane Times reported on May 21.

The Bank of the Lao PDR has issued a warning to financial market participants and the public against cryptocurrency transactions as they are considered illegal in the country. The bank previously banned financial institutions from conducting any operations with cryptocurrencies, as well as making investments in such an asset.

The bank is purportedly concerned about the anonymity of the sender and receiver in a cryptocurrency transaction, which it worries increases the risk of digital assets’ use in money laundering. A source familiar with the matter told Vientiane Times that authorities do not have a relevant security system to protect cryptocurrency owners.

While some countries like, Canada, Malta and Switzerland have embraced the new asset class to varying degrees, officials around the globe are still expressing skepticism toward crypto, while some hardliners call for outright bans.

In the United States, where the legal status of crypto can vary state-to-state, California Congressman Brad Sherman recently called for a full ban on cryptocurrencies. Sherman claimed that crypto presents a threat to the power of the U.S. dollar to affect world economic developments.

In April, Cointelegraph reported that the Indian government was considering a complete ban of cryptocurrencies under the Prevention of Money Laundering Act since it could purportedly be used for money laundering. The Ministry of Corporate Affairs reportedly stated that cryptocurrencies are used in fraudulent schemes to “defraud gullible investors”.

That same month, news broke that Pakistan — which banned cryptocurrency trading last April — is implementing new cryptocurrency regulations in an effort to improve its track record in fighting financial crime. The move was reportedly in part a reaction to demands from international monitoring body the Finance Action Task Force, which has repeatedly voiced concerns about cryptocurrencies’ role in terrorist financing.

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Founder And CEO Of China’s Blockchain-Based Uber, Kuaidi Dache, Shows Concerns Of EOS Use

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Founder-and-CEO-of-Kauidi-Dache-Shows-Concern-About-Use-of-EOS

Founder-and-CEO-of-Kauidi-Dache-Shows-Concern-About-Use-of-EOS

Founder And CEO Of Kauidi Dache Shows Concern About Use Of EOS

  • CEO of Chinese tax hailing app criticizes the lack of decentralization in EOS.
  • The EOS blockchain network focuses on scalability above decentralization, which has earned it many critics.

Everyone has an opinion of cryptocurrency, whether it is about the industry as a whole or of the market. Weixing Chen, who founded and runs a taxi-hailing app called Kauidi Dache in China, recently commented about one particular crypto asset – EOS. In a statement from Weibo, Chen stated that he was worried about EOS and assets like it in their prioritization of scalability.

The statements were translated, as Chen said that he takes no issue with the technological advancements. Instead, the issue is found in “fraudulent propaganda,” according to the translated text. Chen referred to Million TPS and Next Generation Operating System as examples. He has quite a reputation in the venture capital sector of the Chinese economy as an anti-EOS figure.

Right now, EOS has a valuation of $5.8 billion, and it holds the record as the largest initial coin offering (ICO) to ever occur within the crypto industry. With no live product, the token managed to raise up to $4 billion in May 2018. The following month, the EOS blockchain protocol launched with 21 individuals to produce the blocks on the blockchain ledger with data from the transactions and smart contracts. These individuals are known as “block producers.”

Since the launch, EOS has become increasingly popular amongst users of decentralized applications (dApps). DappRadar reports that the EOS blockchain network is the host of the top three dApps right now, but that has not stopped experts from criticizing how decentralized the network is. The network primarily focuses on offering substantial scalability, along with a high capacity for large transactions, offering plenty of benefits to dApp developers.

Nick Szabo, a pioneer for smart contracts, stated that EOS makes it possible for anyone to freeze funds that users assume belong to them. Further explaining, he said, “Under the EOS protocol you must trust a ‘constitutional’ organization comprised of people you will likely never get to know. The EOS ‘constitution’ is socially unscalable and a security hole.”

This criticism came after a controversial article came out regarding the governance system of the blockchain network. The article says that an inactive account, after three years, can be put up for auction. All of the proceeds from that auction are “distributed to all Members according to the system contract provisions then in effect for such redistribution.”

The CTO of EOS, Dan Larimer, said in October 2018 that the high transaction capacity of EOS is based on the fact that the platform doesn’t solely focus on decentralization. He pointed out that the platform wants to focus on fighting censorship and for “robustness against being shut down.”

https://twitter.com/bytemaster7/status/1120028298573164544

Only the market can decide if prioritizing scalability for EOS is the right approach, but clearly, EOS is gaining interest in the market, or developers would not use the network with such abundance to develop their dApps. The flexibility and capacity for large transactions is appealing, but Chen and investors like him don’t condone the lack of decentralization.

Bitcoin was based on decentralization and ensuring that the public could have a currency that is not ruled by any one country or other entity. Still, the dApp market is new, and it is hard to tell which of the protocols amongst Ethereum, EOS, Cardano, TRON, and others are the right one. Presently, it is impossible to compare dApps to centralized applications, as the last 24 hours alone only show 10,000 users participating.

As of 2:00pm PST, the EOS token is trading at $6.36 after increasing by 1.14% in value in the last 24 hours.

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