Facebook’s Got A Fever For Crypto
“Let me get this straight,” our first contributor says, “the housing slowdown has been blamed on student loans (millenials can’t buy houses because of their student-loan burden).
“But people defaulting on loans at historic rates are the same ones we think would be great prospects for home loans?”
Another reader responds to a statement published at The Rundown: “The root of the problem is allowing anyone to buy an automatic weapon.”
To which he responds:
“I suppose one might be forgiven the absurdity of this statement, considering what passes for reporting these days.
“For the record, no mass shooter has ever used an automatic weapon – probably because they are extremely difficult (and expensive) to acquire.
“Of course, you’d never know it from news reports which typically include phrases such as ‘assault weapon’ or ‘weapon of war.’ Such phrases are inaccurate, yet serve the purpose of the statist media and their crusade against the 99.9% of firearm owners who are peaceful and law-abiding.
“On a final note, isn’t it odd that all of these shootings occur in ‘gun-free’ zones, and never at, say, gun shows or shooting ranges? It’s almost as if the presence of law-abiding, armed citizens is a deterrent…”
Your Rundown for Thursday, June 20, 2019:
Facebook Coin… Really?
About a month ago, we featured bitcoin at The Rundown… when we cross-examined its suitability as a safe haven. (Short story: too speculative.)
At the time, bitcoin’s price had surged 26%, up above the $8,000 mark.
Now, bitcoin’s at it again; on Sunday, the crypto market — that never sleeps — bounded above $9,000.
“The last time bitcoin hit a level as high as $9,000 was May 2018,” reports CNBC. Year-to-date? The flagship crypto’s up 140%.
So what’s got investors prying open their digital wallets to buy bitcoin? “The more than one year high comes amid news that Facebook is reportedly set to launch its own crypto token….”
CNBC continues: “Several news outlets have leaked details of the venture, with one saying it will let Facebook employees take their salary in the form of the new currency.”
Just a bad, bad idea.
We’re asking readers: Does a Facebook digital coin lend legitimacy to crypto as a whole? Or is it a flash in the pan?
Market Rundown for Thurs. June 20, 2019
S&P 500 futures up 29 points to 2,957.75 — a record high.
Oil is up $1.54 to $55.40 per barrel.
Gold’s added $36.70 to its per-ounce price of $1,385.50.
Bitcoin is down $2.00 to $9,277.80.
Have a good day. We’ll talk tomorrow.
For the Rundown,