The project is very promising, interesting and necessary for society. The company should bring enough benefits to the world. I want to be a part of this event, I would like more people to know and join it.
Thursday, December 16, 2021
The value of Bitcoin will continue to increase because the value of fiat currencies will continue to decline
Inflation is nothing new. On the one hand we have Bitcoin with limited supply and everything in between, you already know that. On the other hand we have fiat currencies, with potentially unlimited supply and you already know that too. Unless there is a catastrophe or an event that wipes Bitcoin out of the heads of all investors, the growth of its value against fiat is inevitable.
The purchasing power of major fiat currencies decreases over time and is part of their nature, nothing unexpected; this brings us to Bitcoin. Its rapid increase in value has generated significant gains for those who bought at the right time but the more its growth rate decreases the more the actual gain is reduced, for the simple fact that you can sell it for a greater amount of fiat which in the meantime has lost purchasing power.
In short: perhaps the point is not whether or when Bitcoin will hit the millions of dollars per coin but what those millions of dollars will be able to buy when that milestone is reached.
Will some altcoin be able to overtake Bitcoin in capitalization? who can it be?
At the moment, bitcoin runks first in capitalization. But I wonder for how long? After all, its capitalization is only 2 times higher than the capitalization of Etherium. Yes, you heard right, and perhaps in a short time he will get ahead and take the first place. But I wonder who will be a next competitor to bitcoin? Which altcoin will take the lead? I think that this is, of course, a token of promising blockchains, and with a possible altseason, a huge amount of funds can flow into it. And such tokens as NEAR SOLANA MATIC AVAX can really surprise us against the backdrop of good events. And get ahead, leaving the main cryptocurrency behind after all, progress does not stand still, everything changes and improves, new leaders come to the market, and investors have new preferences. And this is not me talking, it are talking history ...
Posts that predict the future and end in "Here's why." are clickbait moonfarming posts. Here's why.
Because no one knows shit about fuck. If someone had legitimate insider trading info, they won't be sharing it here on reddit. The market does whatever it wants and sometimes behaves irrationally.
Bitcoin will be 100k end of year? Yeah, here's a pandemic.
Fed announces they will begin curbing inflation, which should incentivize people to take a little bit away from their assets, but NOPE. All markets green today.
Big partnership announced with a particular project? Not even a blip in price action. Celebrity endorses a coin? 20% spike.
OMG coin is still around? Like, why?
So here's my advice - DCA and hold in projects you believe in, and don't sell until you need the money for something. Keep a small stash of fiat in the event of another black swan event so you can buy buy buy. Please join me in downvoting all posts that end with "Here's why" including this one.
Here's Your Daily Market Brief For December 16th
📰 Top News
S&P Futures: +0.61%; DOW Futures: +0.58%; Nasdaq Futures: +0.50%
US stock futures traded higher Thursday morning as investors digested news that the Federal Reserve would be aggressive on tapering and rate hikes in 2022.
Powell dials back money printer - Federal Reserve Chairman Jerome Powell announced that the run of ultra-easy monetary policy since the beginning of the pandemic is coming to a close. Note: Powell said the Fed would accelerate its tapering program and likely raise rates 3 times in 2022.
US passes massive defense spending bill - The US Senate has passed a $777 billion defense spending bill, with the final stages being a signature from President Joe Biden. Note: Most of the funds will go to the Pentagon with the remainder going to the Department of Energy
IRS wants a piece of crypto gains - The IRS has instituted a new reporting requirement requiring investors to report taxable transaction involving Bitcoin, Ethereum and Dogecoin among other cryptocurrencies. Note: The move comes as the White House and legislators attempt to crack down on tax cheats.
🎯 Price Target Updates
RBC downgrades AirBnB. ABNB downgraded to SECTOR PERFORM from OUTPERFORM - $175 (from $195)
Evercore ISI upgrades Shopify. SHOP upgraded to OUTPERFORM from IN LINE - $1,770
Morgan Stanley upgrades AT&T. T upgraded to OVERWEIGHT from EQUALWEIGHT - $28 (from $32)
📻 In Other News
That's not turbulence, that's 5G. - A group of aviation experts is warning that 5G cell networks set to go live soon may interfere with a critical piece of technology used by pilots. Note: AT&T and Verizon say that 5G has already rolled out in many countries without affecting aviation but will minimize energy at sites near airports.
It's a free market! - US House Speaker Nancy Pelosi scoffed at the idea of banning lawmakers and their spouses owning stocks in individual companies, saying they should be allowed to participate in the free market economy. Note: Stock purchases by some senators since the beginning of the Covid-19 pandemic have sparked some investigations.
EV truck plant coming to Georgia - Electric truck maker Rivian is expected to announce plans to build a $5 billion battery and assembly plant in Georgia. Note: The project is expected to employ 7500 workers and make it the largest industrial plant in Georgia history.
📅 This Week's Key Economic Calendar
Thursday: Initial jobless claims (wk end 11-Dec), Markit US Manufacturing PMI
Friday: No major economic events
📔 Snippet of the Day
Quote of the day: "Buy stocks as you would groceries: when they are on sale" - Christopher Browne
Here's Your Daily Market Brief For December 16th
📰 Top News
S&P Futures: +0.61%; DOW Futures: +0.58%; Nasdaq Futures: +0.50%
US stock futures traded higher Thursday morning as investors digested news that the Federal Reserve would be aggressive on tapering and rate hikes in 2022.
Powell dials back money printer - Federal Reserve Chairman Jerome Powell announced that the run of ultra-easy monetary policy since the beginning of the pandemic is coming to a close. Note: Powell said the Fed would accelerate its tapering program and likely raise rates 3 times in 2022.
US passes massive defense spending bill - The US Senate has passed a $777 billion defense spending bill, with the final stages being a signature from President Joe Biden. Note: Most of the funds will go to the Pentagon with the remainder going to the Department of Energy
IRS wants a piece of crypto gains - The IRS has instituted a new reporting requirement requiring investors to report taxable transaction involving Bitcoin, Ethereum and Dogecoin among other cryptocurrencies. Note: The move comes as the White House and legislators attempt to crack down on tax cheats.
🎯 Price Target Updates
RBC downgrades AirBnB. ABNB downgraded to SECTOR PERFORM from OUTPERFORM - $175 (from $195)
Evercore ISI upgrades Shopify. SHOP upgraded to OUTPERFORM from IN LINE - $1,770
Morgan Stanley upgrades AT&T. T upgraded to OVERWEIGHT from EQUALWEIGHT - $28 (from $32)
📻 In Other News
That's not turbulence, that's 5G. - A group of aviation experts is warning that 5G cell networks set to go live soon may interfere with a critical piece of technology used by pilots. Note: AT&T and Verizon say that 5G has already rolled out in many countries without affecting aviation but will minimize energy at sites near airports.
It's a free market! - US House Speaker Nancy Pelosi scoffed at the idea of banning lawmakers and their spouses owning stocks in individual companies, saying they should be allowed to participate in the free market economy. Note: Stock purchases by some senators since the beginning of the Covid-19 pandemic have sparked some investigations.
EV truck plant coming to Georgia - Electric truck maker Rivian is expected to announce plans to build a $5 billion battery and assembly plant in Georgia. Note: The project is expected to employ 7500 workers and make it the largest industrial plant in Georgia history.
📅 This Week's Key Economic Calendar
Thursday: Initial jobless claims (wk end 11-Dec), Markit US Manufacturing PMI
Friday: No major economic events
📔 Snippet of the Day
Quote of the day: "Buy stocks as you would groceries: when they are on sale" - Christopher Browne
CRYPTO Technical Outlook /Analysis DEC 16 📊⚡🧙♂️
- BTCUSD :
BTC turned bullish today from the Fed’s fundamental event as stock indices surged. I’ll be following the intraday chart tomorrow and will be looking for more scalp setups. Bitcoin should see more strength from this location 👀
- ETHUSD :
ETHBTC turned bullish today and $ETH also moved very bullish as a bullish Bitcoin accelerated the move. Above $4,080 Ethereum will get stronger and eventually it’ll tease the lower high trendline. I will be following the intraday chart tomorrow 🤔
- LTCUSD :
LTC is following Bitcoin’s footsteps and slight bullishness in LTCBTC is helping it to become more bullish but Litecoin will still keep following Bitcoin until LTCBTC has a breakout above 0.0034 BTC ⚡
- XRPUSD :
XRPBTC didn’t change much and $XRP is simply following Bitcoin as expected. I will be paying close attention to the intraday chart tomorrow and I will be looking for a quick scalp setup 😈
- LINKUSD :
LINK closed strongly bullish as both Bitcoin and LINKBTC were bullish. LINKBTC has huge room to move but LINK is still moving between the Daily range area with Bitcoin. I will be looking for a scalp setup from the intraday volatility tomorrow 🧐
CRYPTO Technical Outlook /Analysis DEC 16 📊⚡🧙♂️
- BTCUSD :
BTC turned bullish today from the Fed’s fundamental event as stock indices surged. I’ll be following the intraday chart tomorrow and will be looking for more scalp setups. Bitcoin should see more strength from this location 👀
- ETHUSD :
ETHBTC turned bullish today and $ETH also moved very bullish as a bullish Bitcoin accelerated the move. Above $4,080 Ethereum will get stronger and eventually it’ll tease the lower high trendline. I will be following the intraday chart tomorrow 🤔
- LTCUSD :
LTC is following Bitcoin’s footsteps and slight bullishness in LTCBTC is helping it to become more bullish but Litecoin will still keep following Bitcoin until LTCBTC has a breakout above 0.0034 BTC ⚡
- XRPUSD :
XRPBTC didn’t change much and $XRP is simply following Bitcoin as expected. I will be paying close attention to the intraday chart tomorrow and I will be looking for a quick scalp setup 😈
- LINKUSD :
LINK closed strongly bullish as both Bitcoin and LINKBTC were bullish. LINKBTC has huge room to move but LINK is still moving between the Daily range area with Bitcoin. I will be looking for a scalp setup from the intraday volatility tomorrow 🧐
Here's Your Daily Market Brief For December 16th
📰 Top News
S&P Futures: +0.61%; DOW Futures: +0.58%; Nasdaq Futures: +0.50%
US stock futures traded higher Thursday morning as investors digested news that the Federal Reserve would be aggressive on tapering and rate hikes in 2022.
Powell dials back money printer - Federal Reserve Chairman Jerome Powell announced that the run of ultra-easy monetary policy since the beginning of the pandemic is coming to a close. Note: Powell said the Fed would accelerate its tapering program and likely raise rates 3 times in 2022.
US passes massive defense spending bill - The US Senate has passed a $777 billion defense spending bill, with the final stages being a signature from President Joe Biden. Note: Most of the funds will go to the Pentagon with the remainder going to the Department of Energy
IRS wants a piece of crypto gains - The IRS has instituted a new reporting requirement requiring investors to report taxable transaction involving Bitcoin, Ethereum and Dogecoin among other cryptocurrencies. Note: The move comes as the White House and legislators attempt to crack down on tax cheats.
🎯 Price Target Updates
RBC downgrades AirBnB. ABNB downgraded to SECTOR PERFORM from OUTPERFORM - $175 (from $195)
Evercore ISI upgrades Shopify. SHOP upgraded to OUTPERFORM from IN LINE - $1,770
Morgan Stanley upgrades AT&T. T upgraded to OVERWEIGHT from EQUALWEIGHT - $28 (from $32)
📻 In Other News
That's not turbulence, that's 5G. - A group of aviation experts is warning that 5G cell networks set to go live soon may interfere with a critical piece of technology used by pilots. Note: AT&T and Verizon say that 5G has already rolled out in many countries without affecting aviation but will minimize energy at sites near airports.
It's a free market! - US House Speaker Nancy Pelosi scoffed at the idea of banning lawmakers and their spouses owning stocks in individual companies, saying they should be allowed to participate in the free market economy. Note: Stock purchases by some senators since the beginning of the Covid-19 pandemic have sparked some investigations.
EV truck plant coming to Georgia - Electric truck maker Rivian is expected to announce plans to build a $5 billion battery and assembly plant in Georgia. Note: The project is expected to employ 7500 workers and make it the largest industrial plant in Georgia history.
📅 This Week's Key Economic Calendar
Thursday: Initial jobless claims (wk end 11-Dec), Markit US Manufacturing PMI
Friday: No major economic events
📔 Snippet of the Day
Quote of the day: "Buy stocks as you would groceries: when they are on sale" - Christopher Browne
prepper
Doves become hawks
Stock index futures are on the march higher this morning following the best Fed Day session in over a year. The S&P 500 rose 1.6% on Wednesday, erasing losses from the previous two sessions, and ended two points away from an all-time high. The upward movement came despite the central bank's most hawkish policy pivot in years as it looks to put a lid on inflation (the pace of tapering will be doubled to $30B a month - with further reductions coming next year - while interest rate projections were updated to show a median forecast of three hikes in 2022).
Why are stocks going up? First of all, the market loves certainty. Knowing what to expect on the macroeconomic level next year goes a long way for investors that are closely watching their portfolios, as well as an assurance from the Fed that it is taking inflation seriously. Powell also balanced his rates outlook with a strong dose of optimism about demand and income, and confirmed that "we're making rapid progress toward maximum employment."
Heading into Wednesday, the 10-day average of the CBOE put-call ratio lingered near the highest level in 13 months. Even before that, total equities put volume over the past 50 days was already at an all-time high, meaning the market was ready for a bounce if sentiment shifted in that direction. Once equities found a floor, traders who bought into bearish options started to unwind them, propelling stocks in a late-day rally.
Analyst commentary: "We believe the initial positive equity market reaction is due to investors gaining confidence in the Fed's willingness and ability to fight inflation. As a result, they are decreasing the odds of stagflation and policy error," said Chris Harvey, head of equity strategy at Wells Fargo. "It seemed like there was some hedging demand into the event, perhaps relief that the event has happened, regardless of outcome," added Danny Kirsch, head of options at Cornerstone Macro. "The event is gone, sell your hedge and move on."
Sponsored By StartEngine StartEngine’s Current Funding Round Ends 12/19/2021
With a goal to help raise $10 billion by 2029, StartEngine has big plans... and they’re already gaining momentum:
146% revenue growth YoY in the first half of 2021.
500,000 prospective investors on the platform
Led by Howard Marks, co-founder of Activision (NASDAQ:ATVI).
Launched a first-of-its-kind trading platform
$400M raised for more than 500 companies.
Moving into wine collections, real estate, and more
Until December 19th, you can join over 30,000 other people and invest in StartEngine itself.
Check it out here for more information.
WallStreetBets goes to Wall Street
Online message board Reddit (REDDIT) has confidentially filed to go public, submitting a draft registration statement with the SEC. Not too many other details were disclosed, like how many shares would be offered or the price range for the proposed listing. As for the timing, Reddit said the IPO is "expected to occur after the SEC completes its review process, subject to market and other conditions."
Backdrop: Reddit was created in 2005 and Conde Nast Publications acquired the platform in 2006. It remained a part of the mass media company until it was made an independent subsidiary in 2011, and since then, Reddit has raised a series of funding rounds from venture capital firms. The most recent one came in August, when it raised $700M at a valuation of more than $10B (up from the $6B valuation recorded six months prior).
The shift to public markets will be interesting as Reddit looks to build on the attention it gained at the start of the year when the platform became a force on Wall Street. Its r/WallStreetBets forum transformed into a hot spot for retail traders who rallied around GameStop (GME), and coordinating their buying to drive up the prices of other stocks. The meme trading frenzy brought in millions of new users, as well as new advertisers, the source of the bulk of the company's revenue. In fact, Reddit reached $100M in advertising revenue during Q2 of 2021, up 192% from the previous year.
Go deeper: Over 900 companies have gone public in 2021, raising nearly $300B in 2021, including high-profile names like Affirm (AFRM), Robinhood (HOOD) and Rivian Automotive (RIVN). Reddit's IPO will come at the tail end of the banner year and CEO Steve Huffman hopes a lot of retail investors will participate in the listing. The message board platform, known for its "anything goes" ethos, had roughly 52M daily active users and over 100K communities, or "sub-reddits," as of October 2020.
Stalled in the Senate
Democrats had been hoping to wrap up their roughly $2T social spending bill by the end of the year, but those efforts are faltering. The so-called "human infrastructure" package would cover areas like education, healthcare and climate change, and would need the support of all 50 members of the Senate Democratic caucus to pass. However, Sen. Joe Manchin (D., W.Va.) is still not on board with the bill, saying "budget gimmicks hide the true cost" and it would temporarily fund programs that Democrats intend to later make permanent.
Bigger picture: Manchin's stance is somewhat in line with the latest estimate from the Congressional Budget Office, which found that a 10-year "permanent Build Back Better" would increase the budget deficit by $2.75T. That finding, released last Friday, evaluated the effect of the spending plan on the deficit if - at the time when provisions would otherwise expire - Congress were to extend them for the remainder of the 10-year period. Political wrangling immediately ensued and lawmakers retreated back to party lines.
"What we're talking about here is a fake CBO score that is not based on the actual bill that anybody is voting on," White House Press Secretary Jen Psaki said at a briefing. "This was an ask - request by Senator Graham to score a bill that is not currently being debated."
Outlook: President Biden has spoken with Manchin at least twice this week, though the two are still at loggerheads over the expanded child tax credit and other issues. Democrats also haven't solidified their opinion on the state and local tax deduction, and failure to pass the plan could have other long-term implications. The enhanced child tax credit will expire at the end of the year unless Congress extends it, while the developments could influence next year's midterm elections.
Omicron-specific
A booster is your best chance to fight Omricon, according to White House chief medical advisor Dr. Anthony Fauci, adding that "at this point, there is no need for a variant-specific booster." "So the message remains clear," he continued. "If you are unvaccinated get vaccinated, and particularly in the arena of Omicron if you are fully vaccinated, get your booster shot." Companies ranging from Pfizer (PFE) to Moderna (MRNA) were already researching shots that could be tailored specifically for Omicron and some had even forecast a delivery date in early 2022 if they were needed.
Statistics: The unvaccinated are 8x more likely to end up in the hospital and 14x more likely to die compared with people who are fully vaccinated, according to data from the U.S. Centers for Disease Control and Prevention. Director Rochelle Walensky also said that 36 states have detected Omicron so far, and the variant makes up about 3% of COVID-19 cases nationwide (and up 13% in New York and New Jersey).
Meanwhile, COVID-19 infections are soaring across the country and are starting to upend daily life in some places. NYU and Princeton just joined Cornell as the latest universities to cancel year-end events and move finals online (a major spike in infections has been seen at the schools despite them requiring vaccines). Lines at testing sights are also getting backed up, while Philadelphia's Health Commissioner even urged households to cancel their upcoming holiday plans.
Grim milestone: The U.S. just passed 800,000 COVID deaths since the start of the pandemic and many hospitals across the nation are now close to capacity. "We expected this to be a three- to six-month crisis and then we expected it to be over - instead it's 20 months," noted Dr. John Goldman, an infectious disease expert at UPMC Harrisburg. "We have been very busy since essentially March of 2020. It is very hard for people to continue that level of intensity."
Today's Economic Calendar
8:30 Initial Jobless Claims 8:30 Philly Fed Business Outlook 8:30 Housing Starts and Permits 9:15 Industrial Production 9:45 PMI Composite Flash 10:30 EIA Natural Gas Inventory 11:00 Kansas City Fed Mfg Survey 4:30 PM Fed Balance Sheet
Companies reporting earnings today »
Today's Markets
In Asia, Japan +2.1%. Hong Kong +0.2%. China +0.8%. India +0.2%. In Europe, at midday, London +0.9%. Paris +1.6%. Frankfurt +1.8%. Futures at 6:20, Dow +0.7%. S&P +0.8%. Nasdaq +0.8%. Crude +1.2% at $71.72. Gold +1.3% at $1786.50. Bitcoin +2% at $49189. Ten-year Treasury Yield -1 bps to 1.45%
What else is happening...
Rivian (NASDAQ:RIVN) set to report first quarterly results since going public.
Apple (NASDAQ:AAPL) indefinitely postpones workers' return to the office.
Visa (NYSE:V) discloses new $12B share repurchase program.
De-listing concerns: Alibaba (NYSE:BABA) leads Chinese stock losses.
Bitcoin (BTC-USD) rebounds as Fed doubles taper pace.
Xilinx (NASDAQ:XLNX) deal spread with AMD (NASDAQ:AMD) widens on China worries.
Delta (DAL) sets aggressive targets at Capital Market Day event.
Plant-based package maker goes public via SPAC Gores Holdings VIII (NASDAQ:GIIX).
Update: Regarding the Crypto Notice I Received Recently
Finally Visited Income Tax Department Office, Baroda on 15/12/2021 (Yesterday)
With all of the grammatical errors, I assumed it was a fake letter, but it is not. I physically met the officer and took a picture of the door where he summoned me. (Proof can be found in the images attached to this post)
Sharing my experience:
First, I proceeded to the office, where I was sent to the Investigations Wing (Room 316), where all of the subordinates were present, before being directed to the officers room.
I just had a few documents and had to present them to his assistant first. He instructed me to submit a submission by writing a letter and attaching all readily available documents. Fortunately, during my first summons, I purchased a summons letter from a consultant and hand-wrote a letter for submission.
They were busy with other work and kept me waiting for about 40-45 minutes (bas 5 minute) before calling me alone because I was at the office with my wife, but they only let me into the room.
Officer asked me all the pointed questions, such as what I do, how much I invest, do you file ITR on a regular basis, Are you displaying this investment on ITR as well?, and so on.
Sir, I am a blogger with a several blogs, and I provided him my honest responses.
He asked for the URLs of my two blogs and checked my blog post on his laptop.
He also inquired as to why I had so many cryptocurrency accounts. Then I informed him that I perform affiliate marketing and that I created accounts on various exchanges just to earn commissions from new users that join. Affiliate links banners are shown on my websites. Cryptocurrency is not my major source of income. I invested about50-60k throughout the 2017-18 financial year and then stopped since I was in loss at that time.
Then he let me go before I had to submit all of the documentation from their postal department.
Later, his assistant asked if I had put in 50-60 lac+, to which I told that I had just invested in 50-60k.
I was confident that I would provide them with the best answers because I file ITRs on a regular basis and haven't invested much. The officers appear cooperative as well, since they only want to know that the person is not investing big amounts of money and is not involved in any unlawful behavior by hiding income.
My advice to everyone is to go to the office if you get a summons, since I got the first letter and did not go to the office, therefore I received another one soon after.
Don't be worried about missing details such as crypto profit/loss statements, ITR, income source declarations, and so forth.
I simply took a few details, such as bank statements for the financial year 2017-18 and screenshots of crypto exchange insights.
Also, if you did not earn 5 lacs or more during the financial year, you should submit a NIL return. Consult a better CA who is up to date on all upcoming events.
Our system is still running back date since they are seeking for people who invested in 2017-18. There may well be a few more such letters in the near future, so be prepared and gather all relevant accounting information from today.
Sorry for such a long post. But, I simply want to let know our crypto community that they shouldn't be concerned if they too received a letter.
Please let me know if you need a summons response format. I purchased one from a financial consultant and will provide it to you if you need one. (For Free)
Thank You!
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