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In the Shade of Afternoon | Monthly FI Portfolio Update – August 2019

It is idle, having planted an acorn in the morning, to expect that afternoon to sit in the shade of the oak.
Antoine de Saint-Exupéry, Wind, Sand and Stars
This is my thirty-third portfolio update. I complete this update monthly to check my progress against my goals.
Portfolio goals
My objectives are to reach a portfolio of:
Both of these are based on an expected average real return of 4.19%, or a nominal return of 7.19%, and are expressed in 2018 dollars.
Portfolio summary
Vanguard Lifestrategy High Growth Fund – $750 246 Vanguard Lifestrategy Growth Fund – $43 194 Vanguard Lifestrategy Balanced Fund – $79 500 Vanguard Diversified Bonds Fund – $110 418 Vanguard Australian Shares ETF (VAS) – $102 977 Vanguard International Shares ETF (VGS) – $20 184 Betashares Australia 200 ETF (A200) – $258 984 Telstra shares (TLS) – $1 982 Insurance Australia Group shares (IAG) – $14 056 NIB Holdings shares (NHF) – $8 868 Gold ETF (GOLD.ASX) – $104 149 Secured physical gold – $16 759 Ratesetter* (P2P lending) – $19 968 Bitcoin – $158 330 Raiz* app (Aggressive portfolio) – $16 223 Spaceship Voyager* app (Index portfolio) – $2 104 BrickX (P2P rental real estate) – $4 395 Total value: $1 712 337 (-$2 653)
Asset allocation
Australian shares – 40.5% (4.5% under) Global shares – 22.2% Emerging markets shares – 2.4% International small companies – 3.1% Total international shares – 27.7% (2.3% under) Total shares – 68.3% (6.7% under) Total property securities – 0.3% (0.3% over) Australian bonds – 5.1% International bonds – 10.1% Total bonds – 15.1% (0.1% over) Gold – 7.1% Bitcoin – 9.2% Gold and alternatives – 16.3% (6.3% over)
Presented visually, below is a high-level view of the current asset allocation of the portfolio.
[Chart]
Comments
The portfolio experienced a small decline this month, with an overall decrease of $2 600. This movement comes after a strong period of expansion through the first half of the year in the value of the portfolio.
[Chart]
As with last month, the fall occurs despite some significant new investments being made, meaning the absolute size of the decline is somewhat obscured. Renewed concerns about global trade and a relative weakening in the outlook for future earnings played a significant role in the overall movement of the portfolio.
[Chart]
Once again movements this month within the portfolio have been relatively limited in terms of the size of the portfolio.
Equity holdings have declined by around $28 000 when contributions are accounted for, whilst appreciation in the price of gold has offset just over a third of that loss. In fact, despite no recent purchases, the gold component of the portfolio is currently at the highest nominal value it has ever held.
On the topic of gold, this 2013 paper (pdf) provides a comprehensive and skeptical empirical analysis of the range of claims made to support holding gold, including tracing the real gold value of average soldiers pay across 2000 years.
This month has seen a continuing 'averaging in' of the capital from July distributions. These have been directed to purchases of Vanguard's Australian shares ETF (VAS). This is to bring the allocation closer to my original targets - with my Australian shares allocation currently further underweight than the international shares allocation. Psychologically, a weakening Australian dollar has also made purchasing unhedged international shares more problematic.
Risk, volatility, markets and economies
There has been significant market volatility this month, and discussion around the future of Australian and global growth in the midst of trade tensions between US and China.
In such times, something to remember as this St Louis Federal Reserve piece points out, is that the economy and sharemarket are not the same thing. This means that bad (or good) news for one, does not necessarily imply anything about the other. Missing this has the potential to lead to overconfident investment actions predicated on assumptions of future national economic trends (which will themselves most likely be priced into equity markets well before any retail investor reading the news arrives).
The volatility in equity markets has brought out many well-intentioned injunctions to remain calm and fixed on the objective of contributing capital with a long-term view in mind.
At times, however, this wise advice can shade into a form of near complacency - for example, for people to invest confident in the knowledge that long-term returns are (almost) guaranteed. No doubt this is generally good advice, directed at easing particularly new investors' concerns about investing at the "wrong" time, and reducing the potential damage from selling into falling markets due to panic.
Even as I continue to invest amidst volatility, it is important to reflect on Elroy Dimson's definition that 'risk means more things can happen than will happen', and to consider that the history of equity markets available to us provides only a basis for sound conclusions around what has happened, not what could happen. This is the definition of the risk assumed in markets by investors.
None of this is to suggest that starting, saving and regular investing with a view to one's individual risk tolerances are not the most important steps in the path to FI. There is a need to pause, however, and acknowledge that at times common financial independence investment precepts bear a disconcerting passing resemblance to the declaration and mathematical proof offered by famous stock promoter Jacob J Raskob in the well-known Ladies Home Journal (pdf) article exactly 90 years ago. This declaration was that with a steady investment in equities, based on the past patterns of returns, 'everybody ought to be rich'.
Nearly 90 years happened to be just before the Great Depression devastated equity markets and employment prospects alike, and US equity investors were behind in nominal terms for around 25 years. Interestingly, however, this New York Times article argues that deflation, higher dividend yields and impacts from changes in the Dow index composition could theoretically have shortened the real losses of any investor to just 4.5 years, provided they possessed the resources and fortitude to hold on to average stocks.
Progress
Progress against the objectives, and the additional measures I have reached is set out below.
Measure Portfolio All Assets Objective #1 – $1 598 000 (or $67 000 pa) 107.1% 145.4% Objective #2 – $1 980 000 (or $83 000 pa) 86.5% 117.4% Credit card purchases - $73 000 pa 98.3% 133.4% Total expenses - $89 000 pa 80.7% 109.4%
Summary
Progress against my goals and benchmarks has been static this month, with the exception of the 'total expenditure' benchmark. My detailed review of expenditure last month identified that I could lower this to recognise some double-counting of fixed expenses, and this has meant a leap forward in progress in that aim of 5.8 per cent. This moves the clock forward appreciably for achieving that benchmark.
As a general rule, it is always later than we think. For example, on a recent lunch time walk it occurred to me that if my progress to my current FI target of $1.98 million is considered in terms of the length of an ordinary working day, it is currently approximately 3.50pm in the afternoon. Quite late, and just over an hour until heading home.
This perspective, of being further towards the tail end than expected, is explored fully and powerfully in the blog Wait but Why here. It helps frame the remaining journey. Viewed in this way, wishing time away seems less useful and fitting than seeking to fill the remaining time with as much meaning, learning, knowledge transmission and patience as feasible. Yet it also explains why in a FI context at this stage sharp changes in investing approach, or commencing new 'side hustles' have limited appeal.
Despite it being late afternoon from this one perspective, there are a couple of other considerations or viewpoints. One is the potentially deceptive role of compounding later in the journey, which means that - at least in a stylised world of 'smooth returns' - the end goal is actually likely closer than any purely linear measure would suggest.
The other counterpoint to this is that while in my case the absolute journey to FI has involved serious investments over around 18 years, this is not the whole story. Viewed in terms of the average 'age' of dollars actually contributed or invested, the journey of the average dollar in the portfolio has been shorter.
In fact, in terms of dollars contributed, around 50 per cent have been contributed since January 2016. So, in some ways, it is more akin to mid-morning for the portfolio as a whole, meaning perhaps that I should not reasonably expect to shade myself under the oak tree just yet.
Finally, this month also saw Pat the Shuffler emerge from a short hiatus and provide a honest and well-argued insight into his rethink on investment options between LICs and ETFs. I also enjoyed reading the start of another Australian FI voice at Fire for One.
The past few months has also had many interesting podcasts related to FI - from The Escape Artists' Chris Reining on Equity Mates, to a really fascinating practical ChooseFI episode on David Sawyer's on the UK Path to FI. On the slightly more technical and future focused side of finance, the outgoing address of the Bank of England's Governor to the Jackson Hole central bankers gathering provides much food for thought on current and longer term monetary and currency issues, particularly as global bond rates continue to cross the 'zero-bound' into uncharted territory.
The post and full charts can be seen here.
submitted by thefiexpl to fiaustralia [link] [comments]

J.P. Morgan Early Look at the Market – Mon 10.16.17 - **PLEASE DO NOT FORWARD THIS DOCUMENT**

J.P. Morgan Early Look at the Market – Mon 10.16.17

SEC DISCLAMIER: PLEASE DO NOT FORWARD THIS DOCUMENT

Morning Levels

Trading Update

Top Headlines for Monday

Catalysts – big events to watch over the coming months

Full catalyst list

  • Wed Oct 18 – Fed speakers: Dudley, Kaplan.
  • Wed Oct 18 – US housing starts for Sept. 8:30amET.
  • Wed Oct 18 – US building permits for Sept. 8:30amET.
  • Wed Oct 18 – US Beige Book. 2pmET.
  • Wed Oct 18 – earnings before the open: ABT, Akzo Nobel, ASML, MTB, MTG, NTRS, Reckitt Benckiser, SVU, USB
  • Wed Oct 18 – earnings after the close: AA, AXP, BDN, BHE, BXS, CCI, CCK, EBAY, GHL, HXL, KALU, LLNW, SLG, SLM, STLD, TCBI, URI.
  • Thurs Oct 19 – China Q3 GDP and Sept retail sales, IP, and FAI (Wed night/Thurs morning)
  • Thurs Oct 19 – US Leading Index for Sept. 10amET.
  • Thurs Oct 19 – earnings before the open: ADS, BBT, BK, BX, DGX, DHR, DOV, GPC, KEY, Nestle, NUE, Pernod Ricard, Philips Lighting, PM, PPG, Publicis, RCI, Roche, SAP, SNA, SON, Thales, TRV, TSMC, TXT, Unilever, VZ, WBC, WGO.
  • Thurs Oct 19 – earnings after the close: ASB, ATHN, ETFC, ISRG, LHO, MXIM, NCR, PBCT, PFPT, PYPL, WDFC, WERN.
  • Fri Oct 20 – BOJ’s Kuroda speaks. 2:30amET.
  • Fri Oct 20 – US existing home sales for Sept. 10amET.
  • Fri Oct 20 – Yellen speaks to National Economists Club in Washington. 7:15pmET.
  • Fri Oct 20 – earnings before the open: Assa Abloy, BHGE, CFG, CLF, Daimler, DST, GE, GNTX, HON, InterContinental Hotels, KSU, MAN, PG, SLB, STI, SYF, TomTom, Volvo.
  • Mon Oct 23 – China Sept property prices (Sun night/Mon morning).
  • Mon Oct 23 – US Chicago Fed Activity Index for Sept. 8:30amET.
  • Mon Oct 23 – earnings before the open: HAL, HAS, ITW, KMB, LII, Philips, STT, STX, VFC
  • Mon Oct 23 – earnings after the close: ARNC, CR, JBT, OI, ZION.
  • Tues Oct 24 – Eurozone flash PMIs for Oct. 4amET.
  • Tues Oct 24 – ECB bank lending survey. 4amET.
  • Tues Oct 24 – US flash PMIs for Oct. 9:45amET.
  • Tues Oct 24 – earnings before the open: AMTD, Anglo American, BASF, BIIB, CAT, CLB, CNC, CVLT, ETR, Fiat Chrysler, FITB, GLW, GM, INFY, IPG, LLY, LMT, MAS, MCD, MMM, Novartis, PCAR, PHM, PNR, R, RF, SAH, SHW, SWK, UTX, WAT, WDR.
  • Tues Oct 24 – earnings after the close: AKAM, AMP, AXS, Canadian National Railway, CMG, COF, CYBE, DFS, ESRX, HLI, IRBT, IRM, MANH, NUVA, RGC, T, TSS, TXN.
  • Wed Oct 25 – US durable goods for Sept. 8:30amET.
  • Wed Oct 25 – US FHFA home price index for Aug. 9amET.
  • Wed Oct 25 – US new home sales for Sept. 10amET.
  • Wed Oct 25 – Bank of Canada rate decision. 10amET.
  • Wed Oct 25 – Brazilian rate decision (after the close).
  • Wed Oct 25 – earnings before the open: ALK, ALLY, ANTM, Antofagasta, AOS, APH, BA, BAX, BTU, Capgemini, Dassault Systemes, DPS, FCX, FLIR, Fresnillo, HBAN, Heineken, IP, IR, KO, LEA, LH, Lloyds Banking Group, NDAQ, NSC, NYCB, OC, Peugeot, SIRI, SLAB, TMO, TUP, V, WBA, WEC, WYN.
  • Wed Oct 25 – earnings after the close: ABX, ACGL, AFL, AMGN, CA, CLGX, DLR, FFIV, FNF, FTI, KIM, LSTR, MC, MLNX, NOW, NXPI, ORLY, PKG, PLXS, RJF, SSNC, TSCO, TYL, UNM, VAR, WCN, XLNX.
  • Thurs Oct 26 – Riksbank decision. 3:30amET.
  • Thurs Oct 26 – ECB rate decision. 7:45amET press release, 8:30amET press conf.
  • Thurs Oct 26 – US wholesale inventories for Sept. 8:30amET.
  • Thurs Oct 26 – US advance goods trade balance for Sept. 8:30amET.
  • Thurs Oct 26 – US pending home sales for Sept. 10amET.
  • Thurs Oct 26 – earnings before the open: ABB, ABX, Aixtron, ALLE, ALV, Anheuser Busch, APD, Bayer, BEN, BMS, BMY, BSX, BWA, CCMP, CELG, CHTR, CMCSA, CME, COP, Deutsche Bank, ENTG, EQT, EXLS, F, GNC, HLT, HSY, LUV, MMC, MKC, NEM, Nokia, OAK, ODFL, PX, Santander, Schneider Electric, SPGI, STM, TWTR, UNP, UPS, VC, VNTV, WM, XEL, XRX.
  • Thurs Oct 26 – earnings after the close: AIV, ATEN, CB, CDNS, CENX, CLS, EXPE, FLEX, FTNT, FTV, GILD, GOOG, HIG, INTC, LPLA, MAT, MSFT, NATI, PFG, PRO, SGEN, SIVB, SYK, VDSI, VRSN.
  • Fri Oct 27 – China Sept industrial profits (Thurs night/Fri morning).
  • Fri Oct 27 – US Q3 GDP, personal consumption, and core PCE for Q3. 8:30amET.
  • Fri Oct 27 – US Michigan Confidence numbers for Oct. 10amET.
  • Fri Oct 27 – earnings before the open: B, MRK, PSX, SC, TRU, Volkswagen, WY, XOM.
  • Mon Oct 30 – US personal income/spending and PCE for Sept. 8:30amET.
  • Mon Oct 30 – US Dallas Fed index for Oct. 10:30amET.
  • Mon Oct 30 – analyst meetings: CSX
  • Mon Oct 30 – earnings before the open: HSBC
  • Mon Oct 30 – earnings after the close: AVB, CGNX, RE, RTEC, VNO
  • Tues Oct 31 – BOJ rate decision (Mon night/Tues morning).
  • Tues Oct 31 – US Employment Cost Index for Q3. 8:30amET.
  • Tues Oct 31 – US Case-Shiller home price index for Aug. 9amET.
  • Tues Oct 31 – US Chicago PMI for Oct. 9:45amET.
  • Tues Oct 31 – US Conference Board Sentiment readings for Oct. 10amET.
  • Tues Oct 31 – earnings before the open: ADM, AET, Airbus, AMT, Barclays, BNP, CMI, ECL, FIS, GGP, K, MA, OSK, PFE, XYL.
  • Tues Oct 31 – earnings after the close: APC, CHRW, CXO, PLT, WFT, X
  • Wed Nov 1 – US ADP jobs report for Oct. 8:15amET.
  • Wed Nov 1 – US Markit Manufacturing PMI for Oct. 9:45amET.
  • Wed Nov 1 – US Manufacturing ISM for Oct. 10amET.
  • Wed Nov 1 – US construction spending report for Sept. 10amET.
  • Wed Nov 1 – US auto sales for Oct.
  • Wed Nov 1 – FOMC meeting decision. 2pmET.
  • Wed Nov 1 – earnings before the open: AGN, APO, CEVA, CLX, EL, GRMN, HFC, LFUS, Novo Nordisk, ORBK, Standard Chartered, TAP, TRI.
  • Wed Nov 1 – earnings after the close: ALL, BHF, BXP, CACI, CAVM, CSGS, EGOV, FB, LNC, MANT, MET, MUSA, OXY, PRU, QCOM, ULTI, XPO.
  • Thurs Nov 2 – BOE rate decision. 8amET.
  • Thurs Nov 2 – US nonfarm productivity and unit labor costs for Q3. 8:30amET.
  • Thurs Nov 2 – earnings before the open: ADP, AN, BCE, CI, Credit Suisse, DISCA, H, ICE, LDOS, Royal Dutch Shell, Sanofi, Swiss Re, WRK.
  • Thurs Nov 2 – earnings after the close: AAPL, AIG, ATVI, CBS, CRUS, FLR, HLF, JCOM, RMAX, SBUX, UNIT.
  • Fri Nov 3 – US jobs report for Oct. 8:30amET.
  • Fri Nov 3 – US trade balance for Sept. 8:30amET.
  • Fri Nov 3 – US factory orders and durable goods orders for Sept. 10amET.
  • Fri Nov 3 – US non-manufacturing ISM for Oct. 10amET.
  • Mon Nov 6 – Fed’s Dudley speaks at The Economist Club of New York.
  • Tues Nov 7 – RBA rate decision. Mon night/Tues morning.
  • Tues Nov 7 – US JOLTs jobs report for Sept. 10amET.
  • Tues Nov 7 – US consumer credit for Sept. 3pmET.
  • Thurs Nov 9 – US wholesale trade sales/inventories for Sept. 10amET.
  • Fri Nov 10 – US Michigan Confidence preliminary numbers for Nov. 10amET.
  • Tues Nov 14 – US PPI for Oct. 8:30amET.
  • Wed Nov 15 – US CPI for Oct. 8:30amET.
  • Wed Nov 15 – US Empire Manufacturing for Nov. 8:30amET.
  • Wed Nov 15 – US retail sales for Oct. 8:30amET.
  • Wed Nov 15 – US business inventories for Sept. 10amET.
  • Thurs Nov 16 – US import prices for Oct. 8:30amET.
  • Thurs Nov 16 – US industrial production for Oct. 9:15amET.
  • Thurs Nov 16 – US NAHB housing index for Nov. 10amET.
  • Fri Nov 17 – US housing starts and building permits for Oct. 8:30amET.
  • Mon Nov 20 – US Leading Index for Oct. 10amET.
  • Tues Nov 21 – US existing home sales for Oct. 10amET.
  • Wed Nov 22 – US durable goods for Oct. 8:30amET.
  • Wed Nov 22 – US final Michigan Confidence numbers for Nov. 10amET.
  • Wed Nov 22 – FOMC 11/1 meeting minutes. 2pmET.
  • Fri Nov 24 – US flash PMIs for Nov. 9:45amET.
J.P. Morgan Market Intelligence is a product of the Institutional Equities Sales and Trading desk of J.P. Morgan Securities LLC and the intellectual property thereof. It is not a product of the Research Department and is intended for distribution to institutional and professional customers only and is not intended for retail customer use. It may not be reproduced, redistributed or transmitted, in whole or in part, without J.P. Morgan’s consent. Any unauthorized use is strictly prohibited.
submitted by SIThereAndThere to wallstreetbets [link] [comments]

Financial investor and cryptocurrency trader looking to become fiscal resident in UAE

Hello.
I’m thinking of moving my fiscal residence to UAE from UK. The best way seems to create a company in a free zone to sponsor myself to get a visa.
My idea for the company is to not carry out any economic activity, just use it to get the visa as sponsor. I read that it won't be a problem but I'd like to hear your opinions about it.
My other big concern is about the money earned in cryptocurrencies, I've heard things like "the UAE banks can freeze your money if it comes from crypto exchanges" and I can't find any good information about this, relatively, new thing.
General information
Residence during the year:
I have a few questions I'm trying to get solved before heading to UAE and start all the process, if some of you can provide some information I'd really appreciate.
All the information will be welcome guys!
Thanks.
UPDATE
It seems like I won't be able to apply for a Tax Certificate of Residence (TCR) in UAE if I don't live there 180 days within the year preceding the applications for the certificate. All my plan has gone to the garbage.
submitted by Brog146 to dubai [link] [comments]

Power-Hungry Crypto Mines clean Up As Cost Of Electricity Grows

Renewable energy is becoming the preferred way of mining cryptocurrencies like bitcoin as prices surge and the industry seeks more computing power
Vakhtang Gogokhia’s plan to extract cryptocurrencies from the netherworld of cyberspace relies on a strategy familiar to many old-school manufacturers who use a lot of energy—the cheaper the fuel, the better.
That’s why Gogokhia, who heads a startup called Golden Fleece, put a cargo container with Chinese-built computers inside a dilapidated Soviet-era tractor factory in Georgia, about 60 miles (100 kilometers) east of the Black Sea. The site made sense for running servers 24 hours a day because it has access to low-cost electricity generated by water flowing from the nearby Caucasus Mountains. There also are plans for solar panels and wind turbines.
Renewable energy is becoming the preferred way of mining digital currencies like bitcoin as prices surge and the industry seeks more computing power. While traditional fuels like coal remain staples for many utility grids, big miners including Bitmain Technologies Ltd, HIVE Blockchain Technologies Ltd and Bitfury Group are tapping clean power in places like Canada, Iceland and Paraguay—and luring investors worried about the industry’s carbon footprint.
“To conquer the riches of cryptocurrency,”
said Gogokhia, Golden Fleece’s 28-year-old chief executive officer and a former employee of the state-owned electricity grid,
“we undertook the quest to build cheap, green and sustainable mining farms in Georgia.”
It’s easy to see why energy sources are getting more attention. The increasingly difficult computations for creating new blockchains—the encrypted digital ledgers that underpin cryptocurrencies —require ever-more powerful computers. And many of the big server farms need air conditioning to keep from overheating. The industry’s electricity use jumped almost eight-fold in the past year, and spending on power can eat up 30% to 60% of revenues, Bloomberg New Energy Finance estimates.
“The price of electricity mostly drives where mining is taking place,”
said Christian Catalini, who founded the Cryptoeconomics Lab at the Massachusetts Institute of Technology (MIT) outside of Boston.
“If the price of electricity increases in one location, mining will likely just move somewhere else.”
A move toward increased mobility by producers has prompted Austria’s Hydrominer GmbH and Switzerland’s Envion AG to build computer-packed data centers into cargo containers that can be hauled off to new locations.
Over the past year, creating cryptocurrencies almost anywhere got more profitable as prices skyrocketed, sparking a rapid global expansion of mining activities along with hundreds of new kinds of tokens. Bitcoin alone was valued at more than $325 billion in December—exceeding the market capitalization of Wal-Mart Stores Inc., after jumping to almost $20,000 each from less than $800 a year earlier.
Still, the computers needed to create and sustain bitcoin require as much electricity every day as 30 nuclear power reactors running at full capacity, and the industry already is using more than all the world’s electric vehicles, BNEF estimates. While the technology around creating cryptocurrencies may evolve to be more efficient, requiring less energy, electricity costs remain a key concern for miners, especially after Bitcoin fell to below $8,000 this month.
Compounding the risk from volatile prices, some older operations are under pressure from regulators and investors, even in places where electricity prices are low.
In China, the world’s the biggest cryptocurrency producer, many server farms rely on cheap, surplus power from coal-fired plants that contribute to pollution. The government has forced industries to limit climate-warming emissions, and officials are contemplating new taxes to assert more control over domestic power markets and digital currency operations. About 70% of major bitcoin-mining pools are based in China or owned by Chinese companies, according to Blockchain.info.
With the prospect of new limits in China, investors are looking elsewhere. In Georgia, which gets about three-quarters of its electricity from hydroelectric plants, Golden Fleece will pay $50 per megawatt-hour, or well below the world average of $121, BNEF data show. Iceland and Switzerland are even cheaper, while Canada and Paraguay are among those at half the global average.
“Mining with clean energy is possible and economically sound in those places,”
said Guy Lane, director of the Long Future Foundation, an Australian-based non-profit. The foundation promotes ideas to protect the planet and has studied the impact of cryptocurrencies on the environment.
The industry’s increasing enthusiasm for finding clean power comes at a time when renewable energy has become a staple in utility grids around the world as the technology improved and costs fell. In the US, renewables like wind and solar accounted for 17% of electricity supply last year, twice the market share of a decade earlier, reducing demand for coal, government data show.
Renewables will capture $9 of every $10 spent on new power projects through 2040, according to BNEF estimates, with startups from Australia to Texas to Estonia trying to give rooftop solar and windmill owners the chance to sell directly to consumers.
Places with surplus hydroelectric capacity are also drawing more attention.
In Paraguay’s Ciudad del Este, a municipality on the Parana River across the border of southern Brazil, cryptocurrency miners are setting up in the city’s free-trade zone. They are tapping cut-rate power generated from the nearby 14-gigawatt Itaipu hydropower plant, the world’s second-biggest dam, which produces more electricity than Paraguay can consume. Prices are about a quarter of what they are in neighboring Brazil.
“Miners are looking for where they can have higher margins,”
said Brazilian miner Rocelo Lopes, adding that his 6,000 computers in Ciudad del Este are South America’s biggest cryptocurrency operation.
“It is a very volatile market, and from one day to the next, you can lose money.”
In Canada, utilities Hydro Quebec and BC Hydro are courting cryptocurrency miners, according to Harry Pokrandt, the CEO at Vancouver-based HIVE Blockchain Technologies. But cheap electricity isn’t the only consideration, he said. The local speed and reliability of the internet and a solid legal framework are almost as important, and climate matters because cooler weather means lower costs to keep their computers cool.
Back in Georgia, Golden Fleece is trying to raise $40 million—through an initial coin offering that promises investors a dividend paid in a digital currency. The cash would be used to build servers to mine Etherium, an increasingly popular token that recently fetched $1,125, up from $230 as recently as September. The country’s richest man, former Prime Minister Bidzina Ivanishvili, helped BitFury set up a mining centre in a Tbilisi free-trade zone that cost more than $100 million.
“Miners are looking for where they can have higher margins,”
said James Butterfill, the executive director and head of research and investment strategy at ETF Securities UK Ltd.
“It is a very volatile market, and from one day to the other, you can lose money. So having a cheap source of power is very important.”
submitted by KiranKiller to CryptoCurrency [link] [comments]

[Table] IAmA: I am former SEC Chairman Arthur Levitt. I am here with Motif Investing CEO Hardeep Walia. We would love to discuss Wall Street, financial regulation and disruptive financial technology. Ask us anything!

Verified? (This bot cannot verify AMAs just yet)
Date: 2015-05-01
Link to submission (Has self-text)
Questions Answers
Certain people have postulated that the abundance of outstanding student loan debt could be the next "bubble to burst" potentially causing financial turmoil in the future, do you think this will be the case? Arthur...I'm not certain what the next bubble will be or what will cause it. I am certain that there will be a bubble because that's the nature of our economy. There are no perfect cures and I wish the small investor was not the first to get hurt. But ultimately we must each protect ourselves by investing knowledgably not emotionally and buying low expense ratio funds rather than individual stocks.
Hardeep: I am worried about student loans. From a financial perspective and a personal perspective.
I wrote a piece on Forbes on the topic.
Here it is: Link to www.forbes.com
How has the financial – tech / financial start-up space evolved since your early days at Shearson/Shearson Lehmann Brothers/Smith Barney Shearson to today? Arthur...It sure has. I feel so fortunate to be advising seven hi tech companies in different parts of America and in different technologies. Today it's a large part of the American economy rather than the back water business it was in the 70's. The number of success stories are greater than just Apple and Microsoft and they span the whole gamut of American enterprise. What a difference! In the Sheraton days it was Tech Aerofoam (retirement) and Topper (toys)
How can a lower to middle class person navigate the intricacies of the financial market (to earn for retirement by investing) without devoting their lives to the process? Also, do you see the financial sector as over regulated, under regulated, or just right? Arthur...No I do not believe that the financial sector is over regulated. It's based on full disclosure and that's the best way to protect investors. But nothing is better for investors than being certain they know what they are doing and put emotionalism aside. Remember that most individuals are better off investing in passive, low price ration funds than picking stocks. I am dead set against stock picking except for the most experienced investors.
Does Motif have plans to trade on international (non-US) exchanges? What I mean: will it be possible (eventually) to include stocks in my Motif that are only traded on these non-US exchanges? There are many solar stocks for example that are traded in HK exchange only. We are starting opening up Motif to international residents by late summer i am hoping. it depends on international regulators.
Opening up international markets to US residents will depend on how the first phase goes. Hopefully next year in specific markets.
Right now markets on our first wave are Hong Kong, UK and Australia.
You can invest in international markets through US listed international stocks and ETFs.
Thanks for doing this AMA. What's your biggest regret during your time as SEC chairman, what was the one thing that you wish you had done differently or wanted to do but couldn't to shape or change the financial community? Arthur...What a great question and what an easy answer. I greatly regret not supporting Brooksley Borne (Chairman of the CFTC) when, in the President's working group she called for regulating derivatives. I was persuaded by the Secty of the Treasury and Alan Greenspan that this was a very disruptive step. I should have held my ground and called for the regulation that is just being rolled out sixteen years too late.
Arthur, Hardeep, Which stock has been your best investment ever? Which motif right now are you personally most bullish on? Arthur...Probably the best investment I ever made was in the stock of the M& T Bank corporation which has one of the best managers in American business. I like "On the Road" and "Vice"
Hardeep: Rising Interest Rates and Sharebuybacks.
Compliance: this does not constitute advice please consult your financial advisor.
What exactly caused the financial melt down 07-08? Lots of people have lots of responses and no one I believe is absolutely certain. Clearly our markets were out of kilter. Expectations were ridiculous and banks were lending to much to too many. Personally I believe the change from Glass Steagall played a real role . This is Arthur.
When do you plan on supporting trading securities like bonds (not bond ETFs) and mutual funds on Motif Investing? Thanks. We just received permission to do mutual funds from FINRA.
Honestly i am not a big fan of mutual funds but our customers have been asking for them so we are looking into right now.
Bonds will come later--we need to do this. We need some scale here to be competitive. Lots of opportunity here.
Which way do you think the supreme court will judge on expensive mutual funds and employee accounts? I think so much innovation is needed in 401K space. Something i am personally very passionate about.
I am hoping the Supreme Court rules in favor of the employees. It will shake up the industry and make it even easier for motif to play in this space. I am watching closely.
Arthur, Hardeep, which is your favourite book to learn about investing? Whats your biggest personal learning in investing? Unconventional Success by Dave Swensen.
He was my professor Yale and i did my senior thesis with him.
Brilliant investor and more importantly a brilliant human being.
ARTHUR...My Book Take on the Street.
That too... :) Hardeep.
Motif Investing is truly evolutionary from all other online brokerages. It has been a financially disruptive technology. How are you going to make Motif Investing revolutionary? We spent most of last year migrating our system to BNY's Pershing platform. It put is in a great position to scale in the US and globally. But it did slow down our product/feature launches.
You will start to see some revolutionary products launched in the next few months. Stay tuned...
Between your public sector / publicly traded private sector and start-up lives – which one (if you had to choose one) did you enjoy the most? Arthur...I must say my public sector life and my high tech lives have brought me the most professional satisfaction. In both these areas I find that I am able to make a difference.In fairness I must say that over 60% of my life has been luck not genius. Probably true of all of us.
What steps is Motif taking for financial and investing education so that more people invest in an informed way understanding the risks and rewards? We are going to be launching an investor education center this summer.
We are also going to be launching new products to help investors understand risk.
For all our motifs, we measure relative valuation and volatility.
We need to better here. thanks.
Where can i get more info on the investor education center and the new products? I am a trader / trainer and passionate about financial education and would like to contribute in any way I can. Shoot me mail. or tweet me. hardeep.
We are already licensing our platform to teach 6-th graders investing for free.
Do you plan on providing support in Motif Investing for automatic dividend reinvestment? Hardeep: Yes--we are working on it.
We have to solve the automated handling of corporate actions first. That is a REALLY hard problem.
We are very close to completing this. Dividend reinvestment is next.
Thanks for doing this AMA Arthur, really appreciate it! I enjoy following your twitter account and listening to your podcast, you have some fantastic economic insight. I was pleased to hear that you're bringing your expertise to the Bitcoin space as I believe your traditional finance background can help Bitcoin reach its enormous potential. I'm interested to know where you think Bitcoin will be in 5 years time? Arthur. Thank you. I really love doing radio. As for the Bitcoin space. Its clearly here as an important vehicle. Cryptocurrency in some form or other is going to evolve . Im not certain whether it will be bitcoin as it is now or some evolutionary form but the banks are now buying in and international needs are growing. I am a strong supporter of bitcoin.
The rise to prominence of mortgage-backed securities obviously led to a vast crisis in the financial community for a variety of reasons. What do you see as the next financial instrument to pose such potential danger, in regards to lack of regulation and otherwise? Arthur. It's hard to tell which product or group of products will contribute to the next meltdown. I have a feeling that b to B lending will play a role. Too many people are looking a lending as the open sesame to riches. This is important but we must be careful. This is Arthur.
What is your take on high frequency trading and some of the 'gaming the system' that comes along with it? Do you have an opinion on the future of where HFT will go? Thanks. I believe that High Frequency trading is going to be quite different in several years Probably because of regulation and part because of changes in technology. There will be a new game. Arthur.
Of all the innovative companies out there why did you pick Motiff? The major reason I agreed to advise and then serve on the board of Motif was because of the quality of the founder. His persistence made all the difference to me.
Hardeep, was it hard to find the 1st round investors for Motif? Hardeep: We got super lucky. Took us about five weeks end to end.
Stressful but wasn't as hard as i thought.
Subsequent rounds are easier than your first.
You do a lot of charity work. How do you pick the causes you support? Arthur...Again...its based on what I perceive to be the need as well as my personal interests and whether the work or funds I devote are used efficiently.
Respectfully, how much does Robinhood (new, fee-free stock trading brokerage) pose serious competition to Motif Investing? Hardeep: I am always paranoid about competition.
I have seen us under-estimate competition too much at Microsoft.
Stay tuned. Lots of new products about to launch.
Last updated: 2015-05-05 20:35 UTC
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