You opinions on China’s threat to American intellectual property:
“If you don’t realize by now that China has cheated and stolen its way from a third-world nation to a superpower, then go ahead and keep your head in the sand…”
A second reader writes…
“My biggest fear about Chinese technology is the fact that most — if not all — of their current technology has been stolen from America through reverse engineering.
“The fact is they have firsthand knowledge about American technology and possibly the ability to hack into the most secure servers in the United States without leaving a trace of evidence.
“It is also possible that ‘back doors’ might be installed in any and all products that use computer systems to make it easier to hack these devices.
“Because of these possibilities, China could potentially destroy America from the inside out without ever going to war.”
Take what’s happening to the city of Baltimore — where Agora’s headquartered. A ransomware attack has all but crippled the city’s cyber infrastructure for almost two months now. How much will it cost the city to get up and running? Estimates come in at $18 million.
And that’s just one mid-size U.S. city presumably targeted by a group of non-state sponsored hackers. So our reader’s point is well taken.
Your Rundown for Thursday, June 27, 2019:
Facebook Threatens the U.S. Dollar
An article at Wired argues that giant corporations are racing to create their own ecosystems where consumers never leave — at least virtually.
In particular, the article zeroes in on Facebook’s efforts to roll out its own cryptocurrency called Libra. Early corporate investors in Libra include Visa, Mastercard, Uber, Spotify and PayPal… along with roughly 160 other corporate sponsors.
“Libra is meant to become the in-house currency for Facebook, Instagram, and WhatsApp’s combined 2.7 billion users,” says Wired.
“If that happens, it’ll create, almost overnight, a borderless collection of millions, maybe hundreds of millions, maybe even a billion or more people using the same platform to communicate, the same tools to shop and view ads and play games, and the same monetary system.” (emphasis added)
Then consider the world’s foremost currency — the U.S. dollar — is used by 350 million people around the globe. “That’s a little under 13 percent of Facebook’s claimed 2.7 billion users…
“Libra could be used by more people—if not actual amount spent—than the dollar, and without a whole lot of sweat from Facebook.”
And here we thought the biggest threat to the dollar’s hegemony was Russia and China.
Wire concludes: “Facebook has a massive stateless citizenry; a small, hand-picked ruling body; rapidly expanding infrastructure; and now, adoption willing, a unified currency.”
Market Rundown for Thurs. June 27, 2019
S&P 500 is up 10 points to 2,923.77.
Oil’s added 11 cents to its price of $59.49 for a barrel of WTI.
Gold is down $7.80 to $1,407.60 per ounce.
Bitcoin’s down $1,200 to $11,713.68.
Have a good day. We’ll talk tomorrow.
For the Rundown,