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Ness Labs: Make the most of your mind
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A Summary of
Money Stuff: Don’t Spend Your Litecoins at Walmart
Litecoin's Fake Partnership with Walmart
On Monday, GlobeNewswire announced that Litecoin was going to partner with Walmart, which sent the cryptocurrency soaring. Walmart later refuted the statement.
Litecoin's Twitter account posted a link to the article, confirming the press release but later took it down after realizing it was fake.
US authorities will probably be looking for whoever did it because this is surely wire fraud.
The SEC could get involved for securities fraud because Walmart's stock moved on the news after this fake press release.
ESG: Bar Charts
There are 3 theories of ESG:
Not investing in environmentally unfriendly companies will drive up their cost of capital, reducing their harmful impact on the world.
Unsustainable companies will eventually go bankrupt.
Invest in environmentally unfriendly companies to make them environmentally friendly through shareholder activism.
Engine No.1 successfully implemented the third theory by running a proxy fight with Exxon Mobil and placing their own directors on the board.
On Monday, a Bloomberg article reported Engine No.1 would integrate ESG data with conventional financial analysis to scrutinize companies and pick investments.
The reasoning here is that over time, companies will have to internalize their negative externalities by paying carbon taxes, losing employees, etc.
The "acitivism" part of this strategy is really confusing because "internalizing your externalities" simply reduces shareholder value.
Gary Gensler Interview/Congressional Testimony
Overview of what Gensler is up to at the SEC:
Mandating disclosure for positions in security-based swaps and related securities, which were at the heart of the failure of Archegos Capital.
Working to enhance disclosures concerning how Chinese companies issue securities in the U.S.
Considering ways to determine what information stands behind "sustainability" and "low-carbon" claims to ensure the public isn't misinformed.
Other opinions by Gensler:
He isn't fond of crypto because we don't have enough investor protection, leading to a lot of illicit activity.
Anything that the SEC does to bring investor protection to crypto has benefits.
Laws currently governing the market, which date back to the Great Recession, are sufficient to handle the modern crypto market.
Briefcase companies act as conduits for traders' bribes to officials, taking a cut and directing state business back to the traders.
Glencore Plc oil trader confessed to paying bribes, through these briefcase companies, to African government officials.
Sarah Meyohas has a new NFT called "Non-Existent Token," which is basically a Ponzi scheme. How it works:
Each bid must be 10% higher than the one before.
The winning bid receives an NFT in their wallet of a bubble.
As soon as there is a subsequent bid, the bubble passes on to the next winner.
The auction goes on forever.
This shows that a lot oof existing NFTs have almost no consumption value outside of participating in a bubble.
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