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Facebook Stock Down 0.4% after FB Shares Added 8% on Friday

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Following the boycott by major customers of Facebook ad offering, Bernstein analyst Mark Shmulik maintains his bullish call for Facebook stocks. FB shares are down in today’s pre-market.

The social media giant Facebook Inc (NASDAQ: FB) stock plunged down in today’s pre-market following the massive bullish rally it recorded on July 31. The stock plunged down by 0.42% at $252.60 per share. Facebook has seen two important events whose effect on the stock can best be described as antagonistic.

First, Facebook CEO Mark Zuckerberg appeared in an antitrust hearing of the American Congress Judiciary Antitrust Subcommittee. The virtual grilling session alongside three other top tech CEOs must have impacted on the company’s public image, a position not so favorable to investors.

Few days after the antitrust hearing event, Facebook released its Q2 earnings results which shows an impressive 11% growth in revenue. The pandemic brought an increased demand in social media services as reflective in Facebook’s advertising revenue for the quarter under review which all had a huge rub off on the overall company performance.

The released revenue upturned the damages the antitrust hearing had on the company and saw the company’s stock rise to 6% in the pre-market on Friday. Overall, Facebook currently has a market capitalization of $723.30 billion and its recent performances saw its stock trade near its 52-week record high of $250.15

Trying to make sense of today’s bearish pre-market position, Facebook investors may be reacting to news about another probable antitrust hearing. The antitrust hearing call this time is from the European Union, the 27 member body is looking to level up the playing field for all tech companies, and the dominance of the U.S. big 4 tech firms including Facebook is billed to be probed.

The resilience Facebook has shown which made it post the huge revenue in a coronavirus impacted Q2 may cause the firm’s stocks to upturn in the trading days ahead.

Advert Boycott and FB Stock

As if in a coordinated response, several companies have boycotted Facebook ads, the major source of the company’s revenues. With millions of advert paying companies and clients, the ad boycott involves key companies including Ford Motor Company (NYSE: F), Coca-Cola Co (NYSE: KO), Massachusetts Mutual Life Insurance Co., and many others.

While the ad boycott is to prompt Facebook to censor racist comments and occurrence on its platform, investors were generally unperturbed by the situation as the company’s stock hit Wall Street highs following the Q2 earnings report.

Commenting on the situation, Bernstein analyst Mark Shmulik wrote:

“Apparently, everything is just great! Imagine 1000+ customers pausing their subscriptions, you can’t sell half of your product in a major market or on a certain device, knowing users will spend less time in your store, and the uncertainty of a global pandemic, and yet Facebook is seeing a 10% [year-over-year, quarter-to-date] growth, and guide to keeping this level for Q3.”

Shmulik maintained his price target of $285 on Facebook.

Moving forward, the firm may try to restrategize following the allegations of monopoly by the house antitrust subcommittee. Its many divestment strides such as its stake in Jio Platforms will help it increase its income source from the traditional advertisement option.

While the air of uncertain blows over he company’s stock today, Bernstein and other analysts’ bullish position on FB may be enough to keep investors confident in the shares

Business News, Market News, News, Stocks, Wall Street

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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Curve Finance Votes to Disperse $3M in Fees to Governance Token Holders

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Curve Finance, a decentralized exchange, will distribute nearly $3 million in accrued fees to the platform’s governance token holders, following a community vote.

On Friday, a week-long voting period seeking to determine how “admin fees” were to be allocated closed in favor of token holders. Now, in three days, some $2,631,601.92 worth of fees – accrued before the vote opened – will head to community member coffers. 

The protocol will continue to disburse fees on a weekly basis following this initial payout, Curve CEO Michael Egorov told CoinDesk.

Curve’s recent vote could be seen as a successful exercise in distributed governance, where platform users are encouraged to participate by having skin in the game. The vote passed unanimously with 95 votes cast in favor, representing 49.75% of the entire eligible voting pool.

This point is all the more emphatic considering the confounding origins of Curve’s governance token. In August, an anonymous DeFi user preemptively deployed smart contracts for the decentralized autonomous corporation and token the team were building, without their knowledge or consent.

The Curve team adopted the front-run code due to intense community interest during the heyday of governance and liquidity token yield farming.

In order to vote, users must stake CRV tokens to the protocol’s voting contract which then supplies users with veCRV, creating a kind of voting escrow. Since September, veCRV holders have earned half of the 0.04% trading fee the protocol levies, with the other half going to liquidity providers. 

“The vote for this splitting already took place in the past, and the current vote activates the code to trustlessly distribute the fees now and in the future to veCRV token holders,” Egorov said. “While we’ve been writing and testing the code, the amount of fees accrued over 69 days, waiting for distribution, appeared to be $3 million.”

Curve is the sixth-largest DeFi protocol with approximately $882 million worth of cryptocurrencies locked in its various smart contracts. Token trading has been flat since the governance vote passed, according to DeFi Pulse. 





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Wholecoiner Wallets Take Huge Chunk Leaving 5% of BTC Market Cap to Rest

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Every year, the number of “wholecoiner” Bitcoin wallets holding at least 1 BTC has been increasing gradually. Now, the remaining addresses with less than 1 BTC account for just 5% of Bitcoin’s market cap.

Bitcoin wallets holding 1 BTC or more — dubbed “wholecoiner” wallets — take 95% of the popular cryptocurrency’s entire capitalization, according to new data that recently emerged. Meaning just 5% of the market cap remains, which users with a balance of less than 1BTC, assumed to be tens of millions, have to share amongst each other.

BTC Wholecoiner Addresses Rise Year-on-Year

Despite Bitcoin continuously displaying impressive price rallies, wholecoiner addresses numbers have risen steadily year-over-year since 2009. Addresses currently holding at least 1 BTC are anticipated to be over 800,000.

The total BTC value of less-than-wholecoin addresses is around $16 billion while those of wholecoiner addresses is almost $301 billion, according to Bit Info Chart. in early 2016, prior to the second BTC halving, the largest dip of wholecoiners occurred when there was a 13.5% fall in the number of addresses holders of at least 1 BTC, from 520,000 to 450,000 as revealed on the linear chart.

Wholecoiner growth also stagnated in the period for 12 months beginning from December 2017 throughout the whole year of 2018, when addresses numbers oscillated between roughly 720,000 and 690,000. Reportedly, balance-bearing Bitcoin wallets of wholecoiners is around 0.47% since Bitcoin addresses currently holding less value of BTC are over 32.95 million.

Addresses Holders with at Least 1 BTC Surge in 2020

In September, the Bitcoin wholecoiner club hit a new all-time high when the number of addresses rose to 823,000. Top-tier exchanges showed data points of retail traders accumulating, making the number of wallet addresses holding a whole Bitcoin to rise rapidly. Big capital inflows in the crypto market seen in August attracted not only institutional investors but also retail ones, causing the accumulation of the digital asset to occur at a rapid pace over the past weeks.

In April, the Bitcoin Twitter community turned a certain Colombian Sats Stacker to Wholecoiner in just Under 24 Hours. After revealing that he had bought an extra 0.3 BTC to increase his Bitcoin stack amount, the Columbian got donations ranging from a few thousand sats to 0.01BTC and even to an undisclosed value. The events made the Colombian the owner of a whole Bitcoin in just a matter of hours.

Investors Project Good Prospects Due to the Increase

The rise in the number of wholecoiners is crucial as it shows that a lot of people are pegged on increasing their crypto reserves. Meaning, if the number of addresses with at least one Bitcoin increase, trust in BTC’s medium and long-term prospects will significantly escalate as investors expect the cryptocurrency to bring good business.

Related to the wholecoiners, the whales have been causing a significant impact on the crypto environment. They are the risk-loving high-net-worth individuals who determine the direction of the cryptocurrency market. Through their bulk buying and selling activities, they are able to influence the price of BTC. For instance, yesterday, Coinspeaker reported whale activity having caused a sudden 11% drop in BTC price. At press time, BTC was just oscillating under the $17K mark.

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Bitcoin’s Carnivore Cult Is Both Stupid and Correct

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This entire article is Saifedean’s fault. 

Saifedean Ammous, author of “The Bitcoin Standard,” kept heaping steak tartare onto my plate at a Bitcoin meetup back in August 2018, in between jokes about liberal plebs.  

As the youngest woman in the room, per usual, I wanted acceptance from the Bitcoin clan. Despite nearly a decade of (fickle) vegetarianism, I accepted the author’s meat offerings in exchange for an off-the-record interview. I torpedoed questions his way between bites. Ammous told me last week, via direct message, that he couldn’t remember if that was his first public steak dinner. But there would be many that followed.

Long before he became a bitcoiner, Ammous was a carnivore.

“I was, independently, into low-carb keto,” he said, referring to ketogenic diets. “These two things started to merge together more and more as people who were interested in Austrian economics became interested in meat and good food.”

Over the past decade, bitcoin-themed steak dinners have become a global ritual, hosted by communities from San Francisco to Tokyo. It was the Kraken exchange’s Bitcoin evangelist Pierre Rochard who organized most of Ammous’ steak-and-bitcoin dinners in New York, inviting friends from the Socratic Seminar meetup. This was all pre-COVID, of course. (These days, there are a few outdoor gatherings at beaches and parks.)  

“I was traveling to the U.S. and Pierre told me to stop by in New York and he’d organize a dinner for me. Then 70 people showed up,” Ammous said. “After that, everyone on Twitter was constantly asking, and demanding, their own steak dinner in their own hometown.”

Becoming a Bitcoin-carnivore evangelist

Since then, Ammous organized Bitcoin-themed dinners in more than a dozen cities, including Hong Kong, Amman, Beirut, London, Madrid and Milan. Meanwhile, hundreds of Bitcoin fans routinely post meaty food porn via Twitter and Telegram groups like “Citadel Chefs.”  Like Ammous, they often profess they naturally found this a hobbyist combination, rather than following a demographic trend. As Crypto Twitter icon @cryptomedici wrote: I don’t follow the chad lifestyle, the chad lifestyle follows me.”

Ammous is among the most famous carnivore evangelists tweeting hot pics of fatty steaks, his version of thirst traps. In fact, the prolific economist penned a manifesto for grilling steak to “beat fiat food,” equating empty carb calories with inflationary government-issued money. 

The (tongue-in-cheek) narrative says bitcoiners like Ammous will simply avoid the impending collapse of Western civilization by re-inventing feudalism, as lords of private “citadel” meat-lockers paid for with the world’s “hardest” money. Loving meat is a part of some bitcoiners’ shtick, along with hating journalists and socialism. Memes and jokes abound comparing “Soy Boy” or vegan token fans to hyper-masculine bitcoiners.

“It’s very masculine to grill. In the Wild West, the cowboys are always seen having this massive steak,” nutritionist Lorraine Kearney said in a phone interview. “Especially if they’re trying to lift weights and bulk up, it’s always about eating more protein.”

Back in 2018, I told Ammous I’d try carnivory, if only to gloat when my body didn’t magically transform into a lean, mean hodling machine. To my great dismay, two weeks of a 90% meat diet left me feeling stronger, more energetic and less emotionally volatile than I’d ever been. By the third week I stopped craving sweets and my doctor noticed a significant improvement in my health, compared to my last annual physical.

As it turns out, I’m hardly the first liberal woman to fall in love with both bitcoin and grilled flesh. To the contrary, author Amber O’Hearn was one of the most influential authors in the early days of crypto-carnivory. She’s been writing about her keto diet experiments for nearly a decade.

“I’m off all medications,” O’Hearn said, describing how this diet helped after her bipolar diagnosis. “I’ve never had symptoms of the mood disorder again.”

Read more: The Bitcoiners Who Live ‘Permanently Not There’

Like any crypto trend, believers can seem quite fanatic. Zcash co-founder Zooko Wilcox even tweeted that keto diets can help treat cancer. (Wilcox and O’Hearn were once married, but have since continued their meat evangelism separately.) 

On the other hand, Kearney said high amounts of fat can contribute to issues like heart disease. Bitcoin-carnivores often dismiss this warning as “fake news” by the media-fiat-food-industrial complex, hell-bent on brainwashing the masses. Of course, every citadel-dwelling hero needs a “mainstream elite” villain to foil his own righteousness. However, the reality of carnivore diets may be more nuanced.

Plant-eaters clap back

Kearney agreed with O’Hearn, broadly speaking, that high-protein diets can be very healthy and every person’s body is different.

The nutritionist said she’s known clients who feel amazing after years of only eating animal protein, while others prefer low-carb diets with diverse plants. She added that grass-fed meat has many more nutrients, so results may depend on the quality of the ingredients.

“The carnivore diet has been around for a number of years. But the research will take a decade, if not longer, to provide the benefits of such diets,” Kearney said. “When people remove inflammatory, highly processed foods and introduce a more natural diet, like with meat, they’ll see results like a decrease in weight gain and bloating, less fatigue and better gut health.”

There may also be some truth to the bitcoiner mantra that established norms were based on inaccurate science. Kearney said the past four decades saw a “massive shift” among nutritionists.

“Some of the products they used to recommend were processed foods … it was all about restricting calories,” Kearney said. “Now it’s more about focusing on balance and understanding the psychological aspects as well.”

Read more: They Biked, Ran and Swam Over 200 Miles Across Europe – All for Bitcoin

There are also plenty of vegan bitcoiners, from Bitcoin Core developer Matt Corrallo to Lightning Labs CEO Elizabeth Stark.

“Bitcoin doesn’t care what you eat,” Stark said in a direct message.

The steak-loving author of “Bitcoin: Sovereignty Through Mathematics,” Knut Svanholm, agreed with Stark.

“I believe that we should probably leave diets out of any Bitcoin discussion,” Svanholm said. “It tends to be a bit silly and people are semi-religious when it comes to food preferences.”

Thanksgiving feasts

Meanwhile, Wilcox and O’Hearn are among many bitcoin aficionados who ate a predominately meat dinner for Thanksgiving 2020.

“I like fatty steak, roast beef, ground beef and bacon more than turkey. And that’s even more true on Thanksgiving, which is a celebration of plentitude and togetherness,” Wilcox said in a direct message.

For a festive twist on the holiday classics, O’Hearn combined turkey with a keto-friendly stuffing.

“Sausage stuffing with ground pork and pork rinds, to help absorb the fat the way bread does in a stuffing,” O’Hearn said over the phone, describing the menu. “I also eat eggs and dairy without having too much of a problem. So for holidays I might have eggnog.”

It was O’Hearn who convinced me that bitcoiners’ meat fetish isn’t primarily the result of loud men’s testosterone-induced, Freudian fixations.

“There are these ideals about what a woman ‘should be’ that dissuade women from taking pleasure in their bodies and being physical. Meat is connected to that,” O’Hearn said, contradicting the diet’s stereotype. “Meat is sexy and carnal … plus, one of my primary roles as a mother is to nourish my children, inside my body, next through breast-feeding and then preparing their food and nutrients.”

Read more: Gender and Income: Binance US and Stellar CEOs Debunk Myths for International Women’s Day

Like so many bitcoiners who ate Thanksgiving dinner with their families, O’Hearn said she was grateful for her healthy family. As for myself, I ate plenty of plants this holiday, despite knowing lean protein makes me feel better than pecan pie. Rather than travel to family, I joined an outdoor gathering of bitcoiners for turkey, my first friendsgiving as part of the clan. I no longer felt like an outsider, nor was I the sole young woman. But I did bring my own rosé, because we all know the bitcoin cowboys will only bring beer and whiskey.

It may be precisely because of our differences, instead of despite them, that we were so grateful to gather with diverse friends contributing, in our own ways, to the first open-source, digital money. Especially during the pandemic, we’re thankful to be a part of an economic shift that just might manage to outlive our BBQ-slathered grills and little stone castles.





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