An editorial in the Times of London by Philip Aldrick. "In a Blackrock Investment Institute…
This Post Has 33 Comments
‘Million Dollar Listing New York has been ‘paused’ after airing for nine seasons on Bravo. The spin-off real estate show will not be returning anytime soon, according to an article on Tuesday by Variety. The network had no comment.’
‘Million Dollar Listing New York was a spin-off of Million Dollar Listing Los Angeles that premiered in 2006. The New York installment premiered in 2012 with Ryan Serhant, 38, and Fredrik Eklund, 45, among the original cast. Eklund took to social media in January to announce his departure from the franchise.’
BTW one segment of the Toronto detached market is off $700,000 since May. See the video.
It’s funny staging one room with a baby’s crib for a high rise condo. Eric Clapton could explain that the wrap-around balcony isn’t much a kid’s “backyard.”
‘Loft, a Brazilian proptech unicorn, has laid off about 380 employees, or 12% of its workforce, the company announced today. The layoff marks the company’s second round of cuts this year so far. In April, Bloomberg Linea reported that Loft had cut 159 jobs. That would mean that Loft has let go of nearly 540 workers this year so far. It currently has about 3,200 employees.’
‘In an emailed statement, Loft — which says it uses technology to simplify and enable real estate and credit transactions — described the move as “a reorganization of its operation.” It said that the affected employees were those who “serve Loft and acquired companies.”
When you learn that there are “tech unicorns” in Brazil, you know the everything bubble crash is has only just begun.
‘Daily revenue for public bitcoin firms sank to $18 million as of June, said analyst Jaran Mellerud, down from the high of $62 million a day in November. Stock prices for mining firms have seen a similar collapse, with miners like Stronghold and Terawulf losing nearly all of their market cap since crypto’s peak.’
‘That’s bad news, considering that many firms took out loans last year to finance new infrastructure for boosting mining operations when bitcoin demand was at its all-time high. According to CoinDesk, public mining firms hold at least $2.16 billion in debt that’s in danger of default, unless firms make enough to pay off their holdings.’
“The public bitcoin miners are fighting to survive the ruthless bear market,” Mellerud wrote in Arcane’s report. “The weakest will die, but the survivors will rise from the ashes stronger than ever.”
One tells of the past things that did not exist. The other hopes for future happenings, which can be mocked, but not disproved. So it’s not a myth.
Agreed.
It’s hopium woven in such a manner as to insure current desired outcomes regardless of cost or lives lost, and note that the beneficiaries typically contribute the least amount of inputs.
“… energy prices have skyrocketed amid Western sanctions against Russia: US natural gas rose past $9 per million British thermal units this May, the most expensive gas has been since 2008.”
This is true, but it is also true that natural gas prices have dropped to about $5.57 since then.
Application Specific Integrated Circuit Chips (ASIC) are used in mining bitcoin. Standard computers can not do the job efficiently and accurately.
The New Virtual Gold Rush
A small town in Washington state that lies a few hours away from Seattle is becoming the center of cryptocurrency mining for the United States. It appears that the rural town of Wenatchee is experiencing a major Bitcoin mining boom as people are flocking to the area to start up operations.
Steve Wright, the head of the local power utility, says that there are already a dozen major cryptocurrency miners in the area. That number is set to explode as he notes that another 75 have made inquiries about moving to Wenatchee. Wright says:
We’ve come from just a few people out there who have been knocking on the door all of a sudden to people who are banging on the door pretty loudly.
Why Wenatchee?
Moving to a small town in the name of high-tech crypto mining may sound counterintuitive, there are some great reasons why miners are choosing Wenatchee.
The first reason is the cost of power. Electricity is extremely cheap for the town, costing only 2 to 3 cents per kilowatt hour. Power is so cheap as that there’s plenty of hydroelectric power due to a series of dams on the Columbia River.
Mining rigs
Another reason why Wenatchee is a prime location is that it boasts cooler temperatures that keep the mining servers at the right temperature. To cap it all off, the town also has a tremendous internet capacity.
When you factor power cost, internet capacity, and average temperature together, you can see why Wenatchee is such a great spot to open up your very own crypto mine. Plus, Seattle is only 3 hours away if you want to take advantage of everything that a major metropolis has to offer.
However, Steve Wright is worried about the area’s new status of a Bitcoin mining boom town. He says:
What we don’t want is people who come here to make a quick buck off of our low-cost electricity and then leave town and leave us holding the bag, and leave the people of this community holding the bag.
In the long run, miners, just like every other business, will go to where they can generate a maximum profit by lowering costs. Perhaps Wenatchee should be happy that they can broaden their tax base a bit with the increased industry.
Video:
The housing market rollercoaster continues! Randy Bell with Colorado First Time Home Buyer shared with Nova how another housing market shift is making it’s way to the Springs and what that means for buyer’s and seller’s.
“Voyager’s bankruptcy filing basically confirms that the crypto lender did use its customers’ funds as a source of dollar liquidity and lent them to entities like 3AC as a leveraged trade of sorts while it would constantly borrow money itself to meet current withdrawal requests,” said Mikkel Morch, executive director at crypto hedge fund ARK36, using the acronym for Three Arrows Capital.’
‘In a country that was early to embrace crypto exchange-traded funds, investors have abandoned them quickly. Crypto asset ETFs “faced sudden outsized redemptions” and saw nearly C$700 million ($537 million) in net outflows in June, about 16% of assets under management, National Bank Financial analyst Daniel Straus said in a report.’
‘Equity ETF outflows came primarily from investors selling Canadian and US index funds. Total outflows for all Canada-listed ETFs were C$682 million in June, the first monthly decline in three years.’
‘RBC iShares, an alliance between Royal of Bank of Canada and BlackRock Inc., was hit with the biggest loss, more than C$1 billion in withdrawals. An iShares fund that tracks Canada’s large-cap S&P/TSX 60 Index was hit with C$719 million in outflows, or about 6% of assets.’
Hey Yellen the Felon, you know what else is “unfair”? Lying about the true rate of inflation so you can keep interest rates artificially suppressed, thus bilking savers out of trillions in interest income, and SS recipients out of honest cost-of-living adjustments. This arch-fiend is the last person who should be lecturing anyone about “unfair.”
Janet Yellen calls into question China’s ‘unfair’ economic practices
U.S. Treasury Secretary Janet Yellen raised concerns to China about the communist country’s “unfair, non-market” economic practices in a call with a Chinese official.
Yellen’s comments were made Monday during a call with Chinese Vice Premier Liu He, according to the U.S. Treasury Department. The two discussed U.S. economic sanctions and tariffs amid media reports suggesting the Biden administration may soon roll back some trade levies implemented by former President Donald Trump, Bloomberg News reported.
And just like that, Aussie housing speculator dreams of effortless riches died in the arse.
Markets predict mortgage payments could rise by $12,000 a year
Interest rates are well and truly on the rise – and a graph shows a horror market prediction for homeowners over the next year.
Homeowners could be paying an extra $12,000 a year in mortgage payments if interest rates rise in line with market expectations.
Yesterday the Reserve Bank of Australia (RBA) announced a 0.5 percentage point increase to the cash rate, bringing it to 1.35 per cent. In total, interest rates have risen by 1.25 percentage points since May.
Ahead of the move, the Commonwealth Bank hiked its fixed rate by a whopping 1.40 percentage points, a figure that shocked analysts and revealed the bank expects interest rates to rise substantially.
CoreLogic has released its June house price results for New Zealand, with dwelling values nationally recording their fastest quarterly decline since February 2009 following three consecutive 0.8% monthly declines:
The national measure of property values fell a further -0.8% in June, completing a hat-trick of months at the same rate of decline (-0.8% in both April and May). The quarterly fall of -2.3% is the biggest drop over a three month period since February 2009, which is just prior to when the market bottomed out (at an average value of $372,681 in March 2009) following the Global Financial Crisis (GFC).
Mass unemployment is a necessary sacrifice to make for the “world liberal order.”
Germany’s union head warns cutting off Russian gas could topple major industries
Mortgage rates dropped for the second week in a row, but that didn’t revive demand from homeowners or potential buyers.
Rates fell 10 basis points last week and have declined 24 basis points in the last two weeks, but total mortgage demand dropped 5.4% from one week ago, according to data from the Mortgage Bankers Association. This week’s results include a holiday adjustment to account for early closings the Friday before Independence Day.
Axtell, UT Housing Prices Crater 23% YOY As Utah Housing Market Careens Off A Cliff
‘Million Dollar Listing New York has been ‘paused’ after airing for nine seasons on Bravo. The spin-off real estate show will not be returning anytime soon, according to an article on Tuesday by Variety. The network had no comment.’
‘Million Dollar Listing New York was a spin-off of Million Dollar Listing Los Angeles that premiered in 2006. The New York installment premiered in 2012 with Ryan Serhant, 38, and Fredrik Eklund, 45, among the original cast. Eklund took to social media in January to announce his departure from the franchise.’
https://www.dailymail.co.uk/tvshowbiz/article-10985761/Million-Dollar-Listing-New-York-starred-Ryan-Serhant-Fredkrik-Eklund-gets-paused-Bravo.html
BTW one segment of the Toronto detached market is off $700,000 since May. See the video.
It’s funny staging one room with a baby’s crib for a high rise condo. Eric Clapton could explain that the wrap-around balcony isn’t much a kid’s “backyard.”
‘Loft, a Brazilian proptech unicorn, has laid off about 380 employees, or 12% of its workforce, the company announced today. The layoff marks the company’s second round of cuts this year so far. In April, Bloomberg Linea reported that Loft had cut 159 jobs. That would mean that Loft has let go of nearly 540 workers this year so far. It currently has about 3,200 employees.’
‘In an emailed statement, Loft — which says it uses technology to simplify and enable real estate and credit transactions — described the move as “a reorganization of its operation.” It said that the affected employees were those who “serve Loft and acquired companies.”
https://www.yahoo.com/lifestyle/brazilian-proptech-startup-loft-valued-222127367.html
When you learn that there are “tech unicorns” in Brazil, you know the everything bubble crash is has only just begun.
‘Daily revenue for public bitcoin firms sank to $18 million as of June, said analyst Jaran Mellerud, down from the high of $62 million a day in November. Stock prices for mining firms have seen a similar collapse, with miners like Stronghold and Terawulf losing nearly all of their market cap since crypto’s peak.’
‘That’s bad news, considering that many firms took out loans last year to finance new infrastructure for boosting mining operations when bitcoin demand was at its all-time high. According to CoinDesk, public mining firms hold at least $2.16 billion in debt that’s in danger of default, unless firms make enough to pay off their holdings.’
“The public bitcoin miners are fighting to survive the ruthless bear market,” Mellerud wrote in Arcane’s report. “The weakest will die, but the survivors will rise from the ashes stronger than ever.”
https://finance.yahoo.com/news/rising-energy-costs-plummeting-crypto-195246587.html
rise from the ashes stronger than ever
The rise of the Phoenix is a myth.
Yep, just like the Mount of Olives return myth.
One tells of the past things that did not exist. The other hopes for future happenings, which can be mocked, but not disproved. So it’s not a myth.
Agreed.
It’s hopium woven in such a manner as to insure current desired outcomes regardless of cost or lives lost, and note that the beneficiaries typically contribute the least amount of inputs.
“… energy prices have skyrocketed amid Western sanctions against Russia: US natural gas rose past $9 per million British thermal units this May, the most expensive gas has been since 2008.”
This is true, but it is also true that natural gas prices have dropped to about $5.57 since then.
Go here and see for yourself:
https://finviz.com/futures_charts.ashx?p=d1&t=NG
“…but the survivors will rise from the ashes stronger than ever…”
Because, why?
Because it’s the cool thing?
Because hot chicks dig BitCoin?
Jaran Mellerud has been watching too many late night movies.
Hmmm. Rising energy costs, decreased Bitcoin “value”, and debt to serviced must mean some soon to be sold “slightly used” high end computers.
Don’t those “mining farms” just have racks of generic Linux servers that cost about $1000 each? I doubt they have much resale value.
For example:
https://www.dell.com/en-us/work/shop/servers-storage-and-networking/poweredge-r250-rack-server/spd/poweredge-r250/pe_r250_15318_vi_vpps
I’ll bet you can buy used ones for a lot less.
Application Specific Integrated Circuit Chips (ASIC) are used in mining bitcoin. Standard computers can not do the job efficiently and accurately.
The New Virtual Gold Rush
A small town in Washington state that lies a few hours away from Seattle is becoming the center of cryptocurrency mining for the United States. It appears that the rural town of Wenatchee is experiencing a major Bitcoin mining boom as people are flocking to the area to start up operations.
Steve Wright, the head of the local power utility, says that there are already a dozen major cryptocurrency miners in the area. That number is set to explode as he notes that another 75 have made inquiries about moving to Wenatchee. Wright says:
We’ve come from just a few people out there who have been knocking on the door all of a sudden to people who are banging on the door pretty loudly.
Why Wenatchee?
Moving to a small town in the name of high-tech crypto mining may sound counterintuitive, there are some great reasons why miners are choosing Wenatchee.
The first reason is the cost of power. Electricity is extremely cheap for the town, costing only 2 to 3 cents per kilowatt hour. Power is so cheap as that there’s plenty of hydroelectric power due to a series of dams on the Columbia River.
Mining rigs
Another reason why Wenatchee is a prime location is that it boasts cooler temperatures that keep the mining servers at the right temperature. To cap it all off, the town also has a tremendous internet capacity.
When you factor power cost, internet capacity, and average temperature together, you can see why Wenatchee is such a great spot to open up your very own crypto mine. Plus, Seattle is only 3 hours away if you want to take advantage of everything that a major metropolis has to offer.
However, Steve Wright is worried about the area’s new status of a Bitcoin mining boom town. He says:
What we don’t want is people who come here to make a quick buck off of our low-cost electricity and then leave town and leave us holding the bag, and leave the people of this community holding the bag.
In the long run, miners, just like every other business, will go to where they can generate a maximum profit by lowering costs. Perhaps Wenatchee should be happy that they can broaden their tax base a bit with the increased industry.
Video:
The housing market rollercoaster continues! Randy Bell with Colorado First Time Home Buyer shared with Nova how another housing market shift is making it’s way to the Springs and what that means for buyer’s and seller’s.
https://www.fox21news.com/living-local/its-true-the-rollercoaster-continues-with-another-housing-market-shift/
https://www.msn.com/en-au/news/other/housing-price-falls-likely-to-be-widespread/ar-AAZeXUd
“And it has slowed quite quickly.”
“Voyager’s bankruptcy filing basically confirms that the crypto lender did use its customers’ funds as a source of dollar liquidity and lent them to entities like 3AC as a leveraged trade of sorts while it would constantly borrow money itself to meet current withdrawal requests,” said Mikkel Morch, executive director at crypto hedge fund ARK36, using the acronym for Three Arrows Capital.’
https://finance.yahoo.com/news/crypto-broker-voyager-seeks-bankruptcy-054126585.html
‘In a country that was early to embrace crypto exchange-traded funds, investors have abandoned them quickly. Crypto asset ETFs “faced sudden outsized redemptions” and saw nearly C$700 million ($537 million) in net outflows in June, about 16% of assets under management, National Bank Financial analyst Daniel Straus said in a report.’
‘Equity ETF outflows came primarily from investors selling Canadian and US index funds. Total outflows for all Canada-listed ETFs were C$682 million in June, the first monthly decline in three years.’
‘RBC iShares, an alliance between Royal of Bank of Canada and BlackRock Inc., was hit with the biggest loss, more than C$1 billion in withdrawals. An iShares fund that tracks Canada’s large-cap S&P/TSX 60 Index was hit with C$719 million in outflows, or about 6% of assets.’
https://finance.yahoo.com/news/canadian-etfs-bleed-biggest-outflows-000506844.html
Here is a chart that shows the results of a consumer sentiment survey. Keep in mind that our economy is seventy-percent consumer driven …
http://www.sca.isr.umich.edu/files/chicsr.pdf
Hey Yellen the Felon, you know what else is “unfair”? Lying about the true rate of inflation so you can keep interest rates artificially suppressed, thus bilking savers out of trillions in interest income, and SS recipients out of honest cost-of-living adjustments. This arch-fiend is the last person who should be lecturing anyone about “unfair.”
Janet Yellen calls into question China’s ‘unfair’ economic practices
https://www.foxbusiness.com/economy/janet-yellen-china-unfair-economic-practices
U.S. Treasury Secretary Janet Yellen raised concerns to China about the communist country’s “unfair, non-market” economic practices in a call with a Chinese official.
Yellen’s comments were made Monday during a call with Chinese Vice Premier Liu He, according to the U.S. Treasury Department. The two discussed U.S. economic sanctions and tariffs amid media reports suggesting the Biden administration may soon roll back some trade levies implemented by former President Donald Trump, Bloomberg News reported.
And just like that, Aussie housing speculator dreams of effortless riches died in the arse.
Markets predict mortgage payments could rise by $12,000 a year
https://www.news.com.au/finance/money/markets-predict-mortgage-payments-could-rise-by-12000-a-year/news-story/33f13de97d1ca1518b9b04dbf3f2835c
Interest rates are well and truly on the rise – and a graph shows a horror market prediction for homeowners over the next year.
Homeowners could be paying an extra $12,000 a year in mortgage payments if interest rates rise in line with market expectations.
Yesterday the Reserve Bank of Australia (RBA) announced a 0.5 percentage point increase to the cash rate, bringing it to 1.35 per cent. In total, interest rates have risen by 1.25 percentage points since May.
Ahead of the move, the Commonwealth Bank hiked its fixed rate by a whopping 1.40 percentage points, a figure that shocked analysts and revealed the bank expects interest rates to rise substantially.
Oh dear….
New Zealand house prices plummet
https://www.macrobusiness.com.au/2022/07/new-zealand-house-prices-plummet/
CoreLogic has released its June house price results for New Zealand, with dwelling values nationally recording their fastest quarterly decline since February 2009 following three consecutive 0.8% monthly declines:
The national measure of property values fell a further -0.8% in June, completing a hat-trick of months at the same rate of decline (-0.8% in both April and May). The quarterly fall of -2.3% is the biggest drop over a three month period since February 2009, which is just prior to when the market bottomed out (at an average value of $372,681 in March 2009) following the Global Financial Crisis (GFC).
Mass unemployment is a necessary sacrifice to make for the “world liberal order.”
Germany’s union head warns cutting off Russian gas could topple major industries
https://www.foxbusiness.com/politics/germans-union-head-warns-cutting-russian-gas-topple-major-industries?dicbo=v2-7f119001d06130a15803f54c76052ebf
No heating, no food, mass unemployment, possible war in their territory, … Western Europe sounds like a great place to visit this fall.
And a bunch of desperate refugees too.
How are those vaccine mandates working out for ya, air travelers?
Staff shortages at Frankfurt Airport may mean months of disruptions for travelers
https://english.alarabiya.net/business/aviation-and-transport/2022/07/06/Staff-shortages-at-Frankfurt-Airport-may-mean-months-of-disruptions-for-travelers
I wonder if the pay for those jobs has gone down.
Another “oh dear!” moment in time….
Mortgage demand sinks even as rates drop for second week in a row
https://dnyuz.com/2022/07/06/mortgage-demand-sinks-even-as-rates-drop-for-second-week-in-a-row/
Mortgage rates dropped for the second week in a row, but that didn’t revive demand from homeowners or potential buyers.
Rates fell 10 basis points last week and have declined 24 basis points in the last two weeks, but total mortgage demand dropped 5.4% from one week ago, according to data from the Mortgage Bankers Association. This week’s results include a holiday adjustment to account for early closings the Friday before Independence Day.
Axtell, UT Housing Prices Crater 23% YOY As Utah Housing Market Careens Off A Cliff
https://www.movoto.com/axtell-ut/market-trends/
As one national broker explained, “If you have a house you best get dumping it now if you expect to get anything at all for it.”