Our first contributor says no pain, no gain:
“China stealing IP is well-known by anyone doing business with them. It’s about time someone tried to stop it. There may be some short-term pain, but, in the long run, we will be better off.”
In response to our brief comment about Baltimore’s ransomware attack:
“Thanks for pointing out how stupid the Democratic leadership of Baltimore is. It sure wouldn’t cost $18 million if they had just installed a backup system before the hack.
“Any major enterprise that doesn’t use a backup system for their computers in this hack-fest environment is just plain stupid.”
Our guess is the beleaguered city didn’t have the money to beef-up systems — but they’re sure paying for it now. As for “stupid” leadership, we can think of some other adjectives, too.
Last, in answer to a question we asked earlier this week, a reader says…
“Yes, I saw the crypto rebound coming. I told all my friends to buy and spent all my spare money on bitcoin while the price was $3500 to $6000. Unfortunately, no one took my advice.
“The coming block reward halving is the primary factor driving the price up. That’s what caused the last run.
“I still think it’s a good idea to get some even at $13,000. We should hit $100,000 some time next year (barring government intervention).”
That’s quite the prediction. We’ll see how it pans out.
Your Rundown for Friday, June 28, 2019:
Mega Banks Onboard “Tokenization”
Yesterday we talked about Facebook entering the cryptoverse with Libra coin. A reader says…
“Facebook wants to branch out into crypto… which they know absolutely nothing about. What sane person would let Facebook sit on his money given Zuckerberg’s issues with selling user information?
“Does anyone realize that out of Facebook’s 2.7 billion users about 2.5 billion are kids who have no money, unless they confiscate mom and dad’s credit card?
“Is Zuckerberg really that stupid?”
We don’t have the stats on the average age of Facebook users but we’d guess — in the U.S. — the demographic’s trending older.
(When asked if he has a Facebook account, one 14-year-old in my sphere said: “What? Do I look like a 90-year-old woman?”)
From Facebook to Goldman Sachs, everyone, it seems, wants a piece of the crypto action as the mega bank’s CEO David Solomon says “absolutely” to blockchain and “tokenization”.
And Goldman Sachs isn’t flying solo; JP Morgan’s already created the JPM Coin “a digital token that will be used to instantly settle transactions between clients of its wholesale payments business,” CNBC reports.
“Solomon said regulators across the world are considering how blockchain will work and are very attentive to the flux of payments.”
“There will be an evolution in regulation, that’s certain,” says Solomon.
Market Rundown for Fri. June 28, 2019
S&P 500 futures up 8 points to 2,932.93.
Oil’s price is steady at $59.43 for a barrel of West Texas crude.
Gold is down $1.90 to $1,410.10 per ounce.
Bitcoin is up $689.24 to $11,840.03.
Have a great weekend. Don’t forget to check out the most talked-about story of the week tomorrow at The Rundown…
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