iBankCoin
CAPS LOCK IS CRUISE CONTROL FOR AWESOME
Joined May 7, 2012
64 Blog Posts

Arcade City WTF

Arcade City, the decentralized ride sharing service that will compete with Uber and run on Bitcoin, is available on the Apple App Store.

I downloaded the app and logged in. The message I got was below:

Arcadians in San Diego need a combined 1307402 karma to reach City Level 1 and unlock ridesharing functionality.

Current city Karma: 68 out of 1,307,402.

How much fucking karma do we need for you to include commas in large numbers? What I get from this message is that more people need to sign up for the service to be used in San Diego.

I give props to Arcade City for what they are attempting to do. I take props away for doing it so poorly.

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An $AAPL a day will make you gay

$AAPL broke ascending triple top triangle yesterday. (triangles are also gay)

I don’t believe this will stick. It’s iPhone hype. Still, noting a pattern on $AAPL is worth documenting. Let’s see how it plays out. What do you think?

The great thing about TA is it only deals with charts and doesn’t give a shit about my opinion, that was just extra sauce at no charge.

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$ILMN – feeling lucky?

Here’s an interesting chart on $ILMN. A close above $176 is a quadruple top break. A close above 178 breaks resistance going back to January.

Do you feel lucky looking at this chart? Well, do ya?

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And here’s another look with different timeframe:

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Bitcoin gets punked

Bitcoin hits resistance at $630 and shits the bed back to $600 in less than an hour.

Possible cause? Who the fuck knows. You have to love the volatility of Cryptocurrencies. Was it Hillary passing out at World Trade? Did some Chinese news hit?

Cryptocurrency makes Chinese Burritos look like old man 401k stocks.

Industry change (fintech) isn’t always pretty or smooth.

Happy Sunday.

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You won’t see this on CNBC

Here’s an interview with Riccardo Spagni AKA FluffyPony who is a core developer of the cryptocurrency Monero.

One of the interviewers spends the first couple minutes using a sharpie to draw a tie on his shirtless body.

In the first five minutes they joke about FluffyPony’s involvement in Monero as him playing the “long con” and his planned “exit scam”.

You can not make this shit up.

Then they get down to business and speak about Monero, programming, merchants etc.

Cryptocurrencies are here to stay and these are the early and important movers and shakers. Welcome to a whole new world.

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Britain to Mastercard: Bugger off

The Brits are suing Mastercard for $18 Billion citing high fees as an “invisible tax”.

The lawsuit comes after the European Union’s antitrust regulator found in 2014 Mastercard’s fees to store owners to process international payments within the EU were excessive.

Law firm Quinn Emanuel said the lawsuit was the largest damages claim in British history and would be brought under a law meaning consumers would automatically be claimants unless they opt out.

Any person living in Britain who used a credit card, cash or checks and was over 16 years old in the period covered by the lawsuit will automatically be part of the claim.

The reality is the only group that stands to make money from this lawsuit are the lawyers but it does send a message. 3% fees to process payments are ludicrous. Banks make BILLIONS processing payments yet they aren’t satisfied as they push for a cashless society.

$MA opened off 1% and has already regained most of that loss.

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Bitcoin vs Gold

One year chart. Gold performed well over past 12 months but Bitcoin performed better.

Bitcoin will crush your dreams if you chase it. It’s up from $575 to $630. Above this resistance we have $700+ within reach. A trip back to $575 would be a buying opportunity.

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Will $YELP follow $LNKD?

LNKD broke above a downtrend and has continued upwards almost 10% above resistance as part of a multi month move upwards.
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$YELP is up against resistance now. Will it follow in $LNKD’s footsteps? Are you a buyer with a tight stop here?

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Economics in One Lesson

Economics in One Lesson, written in 1946 by Henry Hazlitt, is an excellent book. From Chapter 1:

Doesn’t everyone know, in his personal life, that there are all sorts of indulgences delightful at the moment but disastrous in the end? Doesn’t every little boy know that if he eats enough candy he will get sick? Doesn’t the fellow who gets drunk know that he will wake up next morning with a ghastly stomach and a horrible head? … do not the idler and the spendthrift know, even in the midst of their glorious fling, that they are headed for a future of debt and poverty.

Yet when we enter the field of public economics, these elementary truths are ignored. These are men regarded today as brilliant economists, who deprecate saving and recommend squandering on a national scale as a way of economic salvation; and when anyone points to what the consequences of these policies will be in the long run, they reply flippantly, as might the prodigal son of a warning father: “In the long run we are all dead.” And such shallow wisecracks pass as devastating epigrams and the ripest wisdom.

Sound familiar to anyone?

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Here’s the One Lesson Hazlitt shares in Chapter One and then illustrates through the rest of the book:

The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.

The gist of the book is that economic policies are enacted to fix or change something. That is the visible side of the policy eg., the public works project to provide jobs visibly shows jobs and a bridge as a result. Why almost all policies fail is that there is an invisible side of every policy, a side that takes critical thinking to discover as the impact is higher taxes and lost opportunity for all industries not in the bridge building business.

 

 

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