There is no doubt that the crypto industry hasn’t been doing too hot over recent months.Since topping in June, Bitcoin (BTC) has collapsed by over 40%, falling from $14,000 to $7,800, where the cryptocurrency sits as of the time of writing this. This price collapse has been marked by a capitulation in investors and other industry participants, with many throwing in the towel as they believe that Bitcoin’s price qualms are a sign that the future of blockchain and cryptocurrency remains in disarray.Related Reading: Dr. Doom: Ethereum Still a Long Way From $0, Its True “Fundamental Value”A former partner at Indus Capital and Goldman Sachs, however, believes that this harrowing sentiment is irrational, quipping that quitting crypto now is ” akin to selling Alibaba and other internet startups in 2000-2003.”Don’t Quit Crypto, Analyst AssertsA partner of The Spartan Group, a blockchain advisory and investment firm, recently released an extensive Twitter thread regarding their latest thoughts on the crypto industry.The thesis of the individual, who goes by “SpartanBlack” on Twitter, is that there is a growing sense of despondency spreading amongst industry members, and is “putting crypto’s long-term growth” trajectory at risk.0/ I used to think that crypto people are crazily optimistic, but lately a sense of despondency seems to be spreading. Even some of the early crypto diehards are sounding the industry’s death knells. This gloomy narrative is wrong and puts crypto’s long term growth at risk.— SpartanBlack (@SpartanBlack_1) November 29, 2019 Indeed, he went on to explain that there are clear reasons for the pessimism spreading among the market: 1) despite 10 years of development, people within Bitcoin and cryptocurrency are still waiting on the “killer app that brings the industry and technology mainstream; and 2) funding for blockchain startups has collapsed due to a confluence of factors.Related Reading: Going to Talk Bitcoin at Thanksgiving? Here’s a Good StrategyAlthough what Spartan said may induce anxiety in investors, the analyst asserted that what is going on is healthy and that there remains an opportunity for much growth in crypto.“Many projects are either dead or dying a slow death… This is the law of natural selection and is a healthy development. Investors now play a critical role in identifying who will be the long term winners. Our job is to find the Amazon and Alibaba of crypto out of the wreckage, rather than write-off the whole industry,” Spartan wrote in a seeming bid to reassure his followers.Spartan continued by likening the current state of the crypto industry to that of the Dotcom industry in the wake of the blow-off top seen at the turn of the millennia, during which Internet stocks shed a majority of their value, projects died, and funding from external entities neared zero.Should history repeat, the next cycle of innovation, which the analyst claimed will be driven by institutional investors looking to implement crypto into their portfolios, will identify killer use cases for this industry at long last.Related Reading: Why Bitcoin Price May Soon Jump 15% to $8,500: Trader Who Foresaw Decline to $6,600Featured Image from Shutterstock
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Newsflash: Amazon Leads Massive $700 Million Funding Round in Tesla Competitor Rivian
Elon Musk and Tesla had higher be careful as a result of tech conglomerate Amazon simply led an enormous $700 million investment spherical in electrical automobile competitor Rivian.
Amazon Leads Major Funding Round in EV Startup Rivian
The Michigan-based Rivian has sought to carve out a phase of the burgeoning electrical automobile marketplace via focusing its efforts on construction pickup vehicles and SUVs.
Alongside Amazon, the investment spherical incorporated participation from current Rivian traders. The corporate didn’t reveal its new valuation.
“This investment is an important milestone for Rivian and the shift to sustainable mobility,” mentioned RJ Scaringe, Rivian Founder and CEO. “Beyond simply eliminating compromises that exist around performance, capability and efficiency, we are working to drive innovation across the entire customer experience. Delivering on this vision requires the right partners, and we are excited to have Amazon with us on our journey to create products, technology and experiences that reset expectations of what is possible.”
Should Tesla be Worried?
CCN up to now reported that analysts together with Morgan Stanley’s Adam Jonas had singled out Rivian as a possible foil to Tesla’s plan to dominate the electrical automobile marketplace.
“We believe companies like Rivian will take elevated importance in investors’ minds as EVs become the focus of OEM investment and strategy,” Jonas said, including that Morgan Stanley has a “strong belief that all-electric vehicle architecture will need a truly ‘clean sheet’ approach” to automobile building, versus “adapting existing legacy [original equipment manufacturer] architecture.”
Elon Musk has mentioned that Tesla plans to liberate an EV pickup truck able to withstanding the calls for of development websites and different heavy-duty environments, although this automobile has now not but been officially introduced. According to EV weblog Electrek, the automobile’s unveiling may just come once summer time 2019.
Unlike Tesla, Rivian has now not but begun to ship automobiles to shoppers. The corporate mentioned that its R1T pickup truck and R1S SUV – every of which boasts a variety of greater than 400 miles on a unmarried fee – will start transport to US consumers in overdue 2020.
If Tesla traders are involved, alternatively, they aren’t demonstrating it via dumping their stocks. Tesla inventory is up 0.nine % this morning, outperforming the Nasdaq 100 via a substantial margin.
Crowded EV Market Now Flush with Cash
Competition inside the EV marketplace is obviously ramping up.
Just remaining week, Softbank – Uber’s biggest shareholder – plowed $940 million into Nuro, an self sufficient automobile startup whose self-driving electrical trucks purpose to disrupt the grocery supply business.
Legacy carmakers have additionally begun to allocate extra sources into construction out their electrical lineups. Most significantly, GM not too long ago revealed that it might produce an all-electric Cadillac.
Amazon itself not too long ago made a high-profile funding in Aurora, an self sufficient automobile generation startup based via former Tesla and Waymo staff.
Developing…Check again for updates.
Featured Image from REUTERS / Mike Blake
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Christmas Shopping: Where to Buy With Crypto This Festive Season
Christmas is just around the corner, which means it’s time to get your holiday shopping out of the way for good. And while online retail giants such as Amazon and eBay have made online purchasing wonderfully simple for the average person, they do not really cater to a growing population of individuals who are looking to use their crypto for digital payment purposes.
While a number of startups have entered this space over the last three to four years due to issues relating to market volatility, certain remaining setbacks need to be tackled before the sector can really flourish.
But setting the issues aside, here is a list of online retailers that accept not just Bitcoin (BTC), but a whole host of other popular crypto assets.
Overstock.com is widely considered to be one of the best shopping destinations for Bitcoin holders. For Christmas shoppers especially, this website is an absolute treasure trove, as it allows users to purchase items ranging from television sets to furniture to golfing equipment using crypto. Not only that, even the checkout process is seamless, since all one has to do is click on the “Pay with Bitcoin” button and follow the instructions.
And while Overstock does not allow BTC payments on its mobile site, it does enable customers to use their Bitcoin in conjunction with any other valid gift cards, coupons, and credit points that they may own. Additionally, in the event of a refund, Overstock issues the exact amount of crypto per its price at the time of the transaction.
When it comes to making purchases from retail giants like Walmart, Home Depot and Amazon, most crypto enthusiasts have to first liquidate their coins and then process their payments in fiat. However, this holiday season, Alagoria is allowing its customers to get a 10% discount on all purchases made via HomeDepot and Walmart using cryptocurrencies.
To shop on Alagoria, customers simply need to copy and paste the URL of a product they want to buy into the search bar on the platform. They can then proceed to checkout and pay for the item using the crypto of their choice — with the conversion rate set before the payment takes place.
Once this process is done, Alagoria notifies customers of their completed orders and provides a tracking number. Most items are usually delivered within a period of three to four business days.
Lastly, the company allows customers to use discounted gift cards from Walmart and Home Depot to fulfill order payments, and even have an open buy-back offer on most gift cards from the aforementioned retailers at the moment.
People looking to present their loved ones with premium gift cards can use eGifter, a platform that enables customers to buy a wide range of gift cards from big-name brands like Amazon, Apple, Macy’s, Adidas and GameStop. Items can be purchased using digital currencies (like BTC, BCH, Dash, LTC and ETH) and can be obtained in either physical or digital form.
Also, quite like many other retail firms today, eGifter makes use of an internal point system, wherein regular customers can collect eGifter credit every time they buy a gift card. These points can then be used during future checkouts in lieu of instant discounts and other monetary benefits.
Florida-based Bitcoin Superstore is the perfect shopping avenue for people looking to make purchases from Amazon.com using their crypto savings. Even though the platform has its headquarters in the United States, it extends its shipping services to more than 50 countries across the globe.
Not only that, for couples and solo travelers looking to explore the world at this time of year, the platform enables flights and hotels to be booked through mainstream platforms such as Expedia or Priceline.
Navigating and operating Bitcoin Superstore is quite simple, as customers only have to copy and paste a product URL in the provided search column and add the price so the platform can automatically calculate the applicable sales tax and present the user with the final amount to be paid.
Bitcoin Superstore currently supports a large number of cryptocurrencies, including many popular ones. Not only that, but the website also sells a wide range of gift cards and discount coupons for merchants from industries such as electronics, travel and hospitality.
People looking to make a quick holiday getaway this Christmas can explore CheapAir.com, since it currently has a number of discount deals on flight tickets to destinations around the globe.
However, what makes this platform really stand out from the rest is the fact that it allows users to complete their purchases via Bitcoin. The entire process is quite straightforward and based on the digital currency’s USD value at the time of booking.
For tech enthusiasts looking to buy the latest electronics this Christmas season, Newegg is the place to be. The website offers users with a wide range of gadgets ranging from high-end gaming laptops, desktop computers, hardware components and audio/video peripherals. Additionally, the platform also offers customers quality products from big-name brands like Microsoft, GigaByte, Corsair, AMD, Msi and Seagate amongst others.
Regarding how the payment process works, customers can proceed to initiate a BTC payment after deciding on a product by simply scanning the provided QR code and sending the amount due in crypto to the given address. After the funds have been moved, the Newegg team sends an email confirmation containing all of the purchase and delivery details.
Christmas shoppers looking to buy clothing, jewelry, cosmetics and fashion accessories can consider Olodolo — a platform that specializes in helping people buy items on Aliexpress using cryptocurrencies.
The checkout process is similar to that of other retailers, and delivery is available to a large number of countries worldwide. All payments are processed by a POS operator called Coinpayments, and the final price (including shipping and other associated taxes) is displayed at the end along with the three cryptocurrencies supported — Bitcoin, Litecoin and Ethereum — that a customer can choose from to complete the process with.
Forra can be thought of as the Ebay equivalent of Olodolo, as it allows customers to purchase a wide range of Ebay listings using crypto assets such as BCH, BTC, LTC and ETH. In order to ensure the security of its internal monetary transactions, Forra makes use of an escrow system and charges users a flat 3% fee on each individual purchase.
For Christmas shoppers looking to buy electronic items (computers and laptops in particular), software, books and game titles, Forra is definitely a website worth checking out.
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50% Stock Surge Will Launch Amazon to a $1.3 Trillion Valuation: Analyst
By CCN: Billionaire Jeff Bezos should buckle up because Amazon stock will surge 50% over the next year to top $2,750 a share. That’s the bold prediction of Michael Levine, a senior analyst with New York equity-research firm Pivotal Research Group.
Analyst: Amazon’s Valuation Will Soar to $1.35 Trillion
Levine’s bullish Amazon price target is well above the second-highest forecast of $2,500 by Cowen, according to Tip Ranks.
Using Levine’s projection, that means Amazon — which is currently valued at about $893 billion — could rocket to $1.35 trillion by 2020.
‘A Must-Own Name With Huge Upside Potential’
Amazon stock will soar because it has “the highest-quality management and franchise within global internet,” Levine wrote in an investor note. Accordingly, it is “a must-own name with huge upside even from here.”
Moreover, Levine says Amazon’s move toward one-day shipping is a major catalyst that’s propelling it to “owning the consumer’s wallet.” Levine says even in spite of Amazon stock’s recent slowdown, it’s still set to explode in the near term.
“Despite deceleration, AMZN remains the most open-ended story in large-cap tech.”
Levine is also bullish about Amazon Web Services’ cloud business, which he claims “will surprise” investors with its meteoric growth.
Warren Buffett: Amazon Surpassed My Expectations
Michael Levine’s exuberant outlook echoes the unbridled optimism expressed by billionaire investor Warren Buffett. In early-May, Buffett revealed that he now owns Amazon stock and was “an idiot” for not investing in the e-commerce giant sooner.
As CCN reported, Buffett said he regretted underestimating Jeff Bezos and his relentless will to win.
“I’ve been an idiot for not buying [Amazon stock sooner].”
Jim Cramer: Jeff Bezos Is Relentless
In 2018, Buffett gushed that Amazon had exceeded his wildest expectations, and said he regretted dismissing it for so long.
“It’s far surpassed anything I would have dreamt could have been done. I had no idea that it had the potential. I blew it!”
If Amazon stock is soaring and its dominance continues to mushroom, it’s because its relentlessly ambitious CEO, Jeff Bezos, takes a ruthless approach to annihilate his competitors.
In April 2019, Amazon’s Whole Foods subsidiary launched a scorched-earth price war to decimate rival Walmart, which has a successful grocery-shopping business.
To this end, Amazon slashed prices on 500 grocery items at Whole Foods to chip away at Walmart’s market share. That was the third round of price cuts the specialty grocer instituted since being acquired by Amazon in 2017.
CNBC commentator Jim Cramer, who owns Amazon stock, says Jeff Bezos will stop at nothing to nuke his foes.
“They hate, hate, hate Walmart! Walmart is the biggest grocery chain in the country. Amazon will stop at nothing to take away the [market] share that Walmart has gained.”
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Samsung, Amazon, and Now Bosch, What’s Going on Behind the Scenes?
Days after Amazon the retail behemoth made its Amazon Managed Blockchain available, Ethereum is once more on the limelight. Bosch, the automotive giant, has also announced that it is running trials on Ethereum. Amazon Web Services released AMB to enable its clientele to set up blockchain-based platforms in their organizations.
The AMB platform uses both HyperLedger and Ethereum open source frameworks, and Amazon claims that its Blockchain is also scalable. The blockchain-as-a-service platform will enable the fast development of blockchain networks by eliminating the need for software, hardware as well as certificates for network settings configurations or access control.
Bosch On Ethereum
Bosch, however, has not yet made it clear to the public, how they intend to incorporate the Ethereum blockchain in its technology. Nevertheless, pundits who have been keeping a close eye on the multinational predict that Bosch has a use case with its charging ports for electric cars. The trials for the charging ports was announced in the Berlin BCW2019, and they are geared towards autonomously communicating and transacting with vehicles, which has been demonstrated as possible before on Ethereum.
Bosch has also mentioned on its website that “the Ethereum platform allows such projects, including for example, in the case of Bosch applications, autonomously charging and paying EV.” The multinational has however been on IOTA being a major proponent for IoT adoption. The firm is therefore quite at home with distributed ledger technology using IOTA’s Tangle whose model is ideally suited for the growing IoT economy.
The auto manufacturer has also vowed that it will stand against censorship and defend the openness of IoT. The company seems apprehensive about the potential and impact of retrogressive reactions to borderless technology such as blockchain. The Bosch CTO Dr. Michael Bolle said that “we cannot accept a situation in which the overwhelming reaction to digital innovations is mistrust and fear.”
Ethereum Foundation Setting Aside $30 Million For Ethereum 2.0
The South Korean king of electronics, Samsung is said to be closer to issuing its own token and has been building a mainnet based on the Ethereum blockchain. The firm has already unveiled its first blockchain project, the Samsung Galaxy S10 with crypto private keys, dApps, and digital signatures support. The firm also has a crypto wallet compatible with ETH and other ether-based ERC20 tokens.
The interest these large firms have taken on Ethereum has been fueling its slow but steady rise and as the good news, keeps streaming in the potential for even higher ETH values is on the horizon. The Ethereum foundation, for instance, is setting aside $30 million to boost the network with amount is geared towards Ethereum 2.0 and Plasma upgrades.
Ethereum 2.0 is a series of updates that will be address scalability, cementing Ethereum’s position. The updates will deal with the scaling and mining issues that hamper the network. It will also address security issues with features such as Raiden, Sharding, Casper FFG, and Plasma, amongst others.
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Alexandria Ocasio-Cortez’s Cringeworthy Reaction to Amazon’s HQ2 Pullout Proves How out of Touch She Really Is
U.S. House Rep. Alexandria Ocasio-Cortez and different New York politicians simply chased off 25,000 Amazon jobs that may have created salaries of a minimum of $115,000 jobs every. Unfazed and stunningly smug, those politicians are taking a victory lap following their doubtful luck.
AOC’s Cringeworthy Response To Amazon Decision
CCN reported previous lately that Amazon had scrapped the spacious campus it had deliberate to construct in Long Island City, Queens, which might have created kind of 25,000 well-paying jobs. The residual task advent used to be estimated to be an extra 67,000 jobs.
The cheers that adopted Amazon’s determination to drag out of New York are inaccurate and tough. Too many politicians appear tone-deaf to conventional beliefs, like task advent, of their relentless effort to denigrate anything else comparable to important cash.
Following Amazon’s announcement, probably the most loudest cheers got here from Alexandria Ocasio-Cortez. The freshman member of the U.S. House of Representatives had up to now described the e-commerce large’s HQ2 plans as “creeping overreach.”
Thursday, she proclaimed victory and confirmed as soon as once more she doesn’t see the destruction her inaccurate concepts may cause.
Anything is imaginable: lately used to be the day a gaggle of devoted, on a regular basis New Yorkers & their neighbors defeated Amazon’s company greed, its employee exploitation, and the facility of the richest guy on this planet. https://t.co/nyvm5vtH9k
— Alexandria Ocasio-Cortez (@AOC) February 14, 2019
If that wasn’t sufficient, she adopted up with feedback that point out it’s about her, no longer her constituents.
A reporter stuck up with Ocasio-Cortez Tuesday, and he or she gave the impression oblivious to the truth that her district is out hundreds of jobs and billions of bucks. Even extra annoying is her advice that she possesses a concrete, viable plan that might be higher than Amazon’s company plans.
She stammered to the reporter:
“We were subsidizing those jobs so for… the city was paying for those jobs. So frankly, if we were willing to give Amazon three…if we were willing to give away $3 billion for this deal, we could invest those $3 billion in our district ourselves if we wanted to.”
Amazon Stops Just Short of Calling Out Ocasio-Cortez via Name
In explaining why it couldn’t transfer ahead with construction in New York, Amazon strikingly mentioned it used to be because of the politicians.
In its statement in regards to the cancellation, Amazon mentioned:
“While polls show that 70% of New Yorkers support our plans and investment, a number of state and local politicians have made it clear that they oppose our presence and will not work with us to build the type of relationships that are required to go forward with the project we and many others envisioned in Long Island City.”
On the other finish of the spectrum, New York City Mayor Bill de Blasio attacked Amazon for forsaking its HQ2 plans.
“You have to be tough to make it in New York. We gave Amazon the opportunity to be a good neighbor and do business in the greatest city in the world. Instead of working with the community, Amazon threw away that opportunity.”
Maybe Ocasio-Cortez Should Retake Basic Math
Once once more, Ocasio-Cortez falls a little bit quick in simple arithmetic right here. Even CNBC’s Andrew Ross Sorkin took her to process. He identified that this might were a subsidy provided that the state were given not anything again for giving it.
Sorkin expressed his war of words on the subject of the massive overlooked alternative.
“It’s one thing to win the war on Twitter, it’s another when it happens in real life, and it happens to real people with real jobs and real families. I don’t get that upset about a lot of things. “[This] wins a great Twitter war. It looks great on Twitter, but in real life, it’s a very different story.”
New York to Miss out on $27 Billion from Amazon HQ2
The politicians appear to be lacking some just right out of date economics good judgment. Sorkin broke it down like this. The $three billion in subsidies will supply a large go back on funding within the type of financial spending and enlargement.
“[The state] would have effectively been paying out $3 billion in incentives for what would have likely been the equivalent of $27 billion over 25 years. You can play with the math, and you can tell me that there were going to be additional costs, and there likely would have been, but if I handed you $3 billion and you gave me $25 billion back, or you gave me $15 billion back, or $10 billion back, that could have been used for roads, schools, police, and subways, I think that’s a good deal.”
That slight from the De Blasio used to be much more unsettling since the mayor had ostensibly negotiated the deal in just right religion.
“Then it seems he hit them on the way out the door today.”
These reactions are foolish, infantile and no longer productive. Beyond the lack of Amazon and its related $27 billion in financial enlargement, they sign to different main firms that most likely states like progressive-leaning New York aren’t as pleasant to companies as officers appear to hoodwink other folks into believing.
Lots Of Cheering Now Turning Into Lots of Crying For Others
As the politicians bask within the glory of working off a significant company that may have equipped jobs for his or her constituents, they appear to be ignoring others who will probably be negatively affected.
A large number of strikes had began to be made after Amazon introduced plans that it could construct in Long Island City. For instance, over the process the 14 weeks for the reason that announcement, contracts to shop for houses, most commonly condos, jumped a mind-boggling 181% in comparison to the similar duration a yr in the past, in keeping with CNBC. Now it’s a must to wonder whether the ones individuals who signed the ones contracts will attempt to pull out.
Other Finalists Put Up ‘We Still Want You’ Signs
Long Island City gained out over 19 different towns that Amazon selected as finalists that sought after the corporate to construct their headquarters of their locales.
Arlington, Virginia’s native govt reassured citizens that Amazon nonetheless deliberate to continue with its new HQ2 campus in Crystal City.
Statement from Arlington County Board Chair Christian Dorsey on Amazon: “After talking with an Amazon consultant previous lately, now we have showed that we’re shifting ahead as deliberate with Amazon’s upcoming headquarters in Arlington – not anything has modified.” (1/3)
— ArlingtonVA (@ArlingtonVA) February 14, 2019
Summing up the fallout for New York City, Council Minority Whip Joe Borelli mentioned it just about completely, in an interview with Fox Business:
“Amazon was facing local politicians who weren’t going to negotiate in good faith for the real challenges that would befall anybody developing a large area of the city.”
Disclaimer: The perspectives expressed within the article are only the ones of the writer and don’t constitute the ones of, nor must they be attributed to, CCN.
Alexandria Ocasio-Cortez Image from Win McNamee / Getty Images / AFP
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BREAKING NEW GROUND
Here’s Why the Bitcoin Price Has Crypto Traders Railing at Bart Simpson
Bitcoin’s contemporary worth actions have crypto buyers in all places railing at Bart Simpson for roiling the marketplace. Below, we’ll...