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Bitcoin Ascends on Twitter While Major Altcoins Hit Multi-Year Lows

Bitcoin Ascends on Twitter While Major Altcoins Hit Multi-Year Lows

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Data suggests major altcoins are finding it hard to maintain a strong presence on Twitter amid the market downturn.

Major altcoins have seen their Twitter presence greatly reduced in the wake of the recent cryptocurrency market crash. According to data from Bitinfocharts, major altcoins such as Ethereum, Litecoin, and XRP now find their Twitter mentions nearing two and even three-year lows.

Meanwhile, Bitcoin’s Twitter presence doubled in the first three months of 2020, though its tweet count remains a long way off of its 2017 all-time high.

XRP tweets hit 21 month low

Earlier this week, on March 21st, tweets bearing the hashtag #XRP numbered 2,542. That’s a 60% drop since January 2020 alone, when XRP tweets ranged between 6,000 and 7,000.

The last time XRP’s daily tweet count fell as low as 2,500 was in July 2018, almost 21 months ago.

XRP’s all-time high Twitter surge didn’t come during the 2017-2018 bull run, unlike most other coins. Instead, the peak of XRP Twitter engagement to date remains September 21st, 2018, when XRP was tweeted out 20,000 times according to Bitinfocharts.

As readers may recall, that date coincides with the first whispers regarding the then-rumoured launch of Ripple Labs’ xRapid - an XRP-based payment solution for financial institutions. Boosted by the much anticipated product launch, the price of XRP almost tripled in the week leading up to September 21st.

Litecoin reverts to 2 year tweet low

When daily Litecoin tweets fell as low as 344 earlier this month, it was the lowest Twitter engagement witnessed on behalf of Litecoin since March 2017.

That was the month in which Litecoin began its ascension leading up to its 2018 bull run. Between March and May of 2017 alone, the price of LTC increased ten times over, from $3 to $30.

From there, both the coin’s price and Twitter engagement continued climbing up and up. Remarkably, Litecoin’s return to the Twitter doldrums coincides with its fall back to the aforementioned $30 range.

Currently, Litecoin tweets currently number just 1.3% of their previous all-time high of 31,000.

Ethereum tweets down 95% from peak

Following a similar trend, Ethereum’s Twitter presence is at one of its lowest ebbs in over three years. Currently numbering around 2,500, Ethereum’s tweet-count has only sunk this low once in the past three years - that being New Year’s Day of 2020.

Barring that dip, the last time ETH’s Twitter engagement fell so low was February of 2017. That was also the month in which ETH began a 60-day, 5x increase which carried the coin price from $10 to $50.

From December 2017’s peak of 51,000 tweets in one 24-hour period, Ethereum’s Tweet-count has fallen over 95%.

Bitcoin sees twitter resurgence in 2020

Bitcoin’s Twitter engagement on March 26th amounted to 24,722 tweets. That’s a substantial drop from December 2017’s peak of 155,000, but unlike most altcoins, Bitcoin has shown a resurgent Twitter trend in 2020.

After recording as little as 12,000 tweets back in January of this year, Bitcoin tweets have since more than doubled.

Searching for reasons why, one might assume that Bitcoin’s lesser drop in value compared to most altcoins has something to do with it. After all, social media engagement surrounding cryptocurrencies tends to follow price.

However, another cause could be the uncertainty surrounding the coronavirus, which reignited discussion surrounding Bitcoin’s value as a safe-haven asset.

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Crypto

Amazon will pay you $10 in credit for your palm print biometrics

How much is your palm print worth? If you ask Amazon, it’s about $10 in promotional credit if you enroll your palm prints in its checkout-free stores and link it to your Amazon account. Last year, Amazon introduced its new biometric palm print scanners,..

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How much is your palm print worth? If you ask Amazon, it’s about $10 in promotional credit if you enroll your palm prints in its checkout-free stores and link it to your Amazon account.

Last year, Amazon introduced its new biometric palm print scanners, Amazon One, so customers can pay for goods in some stores by waving their palm prints over one of these scanners. By February, the company expanded its palm scanners to other Amazon grocery, book and 4-star stores across Seattle.

Amazon has since expanded its biometric scanning technology to its stores across the U.S., including New York, New Jersey, Maryland and Texas.

The retail and cloud giant says its palm scanning hardware “captures the minute characteristics of your palm — both surface-area details like lines and ridges as well as subcutaneous features such as vein patterns — to create your palm signature,” which is then stored in the cloud and used to confirm your identity when you’re in one of its stores.

Amazon’s latest promotion: $10 promotional credit in exchange for your palm print. (Image: Amazon)

What’s Amazon doing with this data exactly? Your palm print on its own might not do much — though Amazon says it uses an unspecified “subset” of anonymous palm data to improve the technology. But by linking it to your Amazon account, Amazon can use the data it collects, like shopping history, to target ads, offers and recommendations to you over time.

Amazon also says it stores palm data indefinitely, unless you choose to delete the data once there are no outstanding transactions left, or if you don’t use the feature for two years.

While the idea of contactlessly scanning your palm print to pay for goods during a pandemic might seem like a novel idea, it’s one to be met with caution and skepticism given Amazon’s past efforts in developing biometric technology. Amazon’s controversial facial recognition technology, which it historically sold to police and law enforcement, was the subject of lawsuits that allege the company violated state laws that bar the use of personal biometric data without permission.

“The dystopian future of science fiction is now. It’s horrifying that Amazon is asking people to sell their bodies, but it’s even worse that people are doing it for such a low price,” said Albert Fox Cahn, the executive director of the New York-based Surveillance Technology Oversight Project, in an email to TechCrunch.

“Biometric data is one of the only ways that companies and governments can track us permanently. You can change your name, you can change your Social Security number, but you can’t change your palm print. The more we normalize these tactics, the harder they will be to escape. If we don’t [draw a] line in the sand here, I am very fearful what our future will look like,” said Cahn.

When reached, an Amazon spokesperson declined to comment.

 

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Economics

The Death Of Commuting

The Death Of Commuting

By Nick Colas of DataTrek Research

The rising interest in remote work is largely an American phenomenon and an important trend to understand for its long-run impact on US productivity growth. The bottom line is that..

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The Death Of Commuting

By Nick Colas of DataTrek Research

The rising interest in remote work is largely an American phenomenon and an important trend to understand for its long-run impact on US productivity growth. The bottom line is that remote work is here to stay; workers hate commuting. The increasing popularity of remote work combined with new technology should lead to higher US productivity than the last 2 decades.

This is a story about commuting and the increasing popularity of work-from-home, and we will start with an anecdote:

Many of you know I grew up in New York City (Upper West Side Manhattan, to be precise) in the 1960s and 1970s. Since my parents both worked, I was on my own getting to and from school and any after-school activities. I learned at a very early age (8-9 years old) how to read people on the street, look for trouble and avoid it, and generally navigate what was then a not very safe city.

The families of many childhood friends moved to the suburbs during this period and, when we visited them, I always wondered why we couldn’t live that way. It seemed a lot nicer. Trees, outdoor activities, backyards … It was like another world.

When I asked my mom why we couldn’t live in a house too, her reply was always “Your father refuses to commute”. He worked in midtown Manhattan and wanted to be able to wake up at 8am but still be at his desk by 9am, even if he had to walk. Nothing would sway him from that point of view. In truth, my mother had her own reasons for staying put. She wanted her children to have a cosmopolitan upbringing. Long story short, we never moved.

Copious amounts of psychological research has since validated my father’s seeming stubbornness: commuting is an unalloyed negative for mental health. Because it is inherently unpredictable, it creates stress. The longer the commute time, the more stress there is. This affects both job performance and general life satisfaction. Commuting is also expensive. Assuming a typical American commute of 40 miles/day and $3/gallon gas prices, that works out to $1,500/year. Mass transit into a major US city like NY can cost several hundred dollars/month.

I think this is the most important and still underappreciated story about the work-from-home phenomenon and it applies to the United States much more than, say, Europe. Here’s why:

  • Daily commute times are actually about the same between the US and the EU – about 25-27 minutes each way.

  • But … Americans work an average of 1,767 hours/year according to the OECD. In France, for example, it is 1,402 hours/year and in Germany it is 1,332 hours/year.

  • That’s an average differential of 400 hours/year, or almost 2/hours a working day. Some of this difference is due to vacations, of course. Still, the net result is that Americans work many more aggregate hours AND must also budget time for their essentially 1-hour typical commute.

Millions of American workers have, over the last 16 months, seen what a non- or less-commuting life looks like and (no surprise) they really like it. It may not put them on par with their French and German counterparts but clawing back an hour of their work-related day closes the gap by half. The financial savings obviously help as well, as does the possibility of relocating to lower-cost parts of the country if entirely remote work is a possibility.

That’s why US Google search volumes for queries like “remote work” and “remote jobs” remain higher than pre-pandemic levels (the former) or still rising quickly (the latter):

I see echoes of this fact everywhere in the current US labor market data, but the most important systematic issue is what it will do to American labor force productivity over the next economic cycle. Economic growth is a function of just 2 factors: labor force population growth and how much the average worker can produce. We know the American population only grows at about 1 percent, so getting real GDP growth to run hotter than that requires workers to increase their output every year. That is productivity growth, and it is also the engine of wage growth.

This chart shows US labor force productivity back to 1990. The choppiness is due to recession effects (those spots to the right of the grey bars), but the trend is clear enough.

Peak US structural (i.e., non-cyclical) productivity was in 1999 – 2000 (3-4 pct, as noted). That’s what you’d expect to see given the widespread rollout of Internet 1.0 and personal computing.

Since then, normalized productivity has declined. In the early 2000s cycle it was 1-3 pct (2004 – 2007) and more like 0-2 pct in the last cycle (2011 – 2019).

The bottom line is that US labor force productivity has been in secular decline for 2 decades and how the shift to remote work affects it will be a determining factor in US economic growth over the next decade. One can just as easily paint a rosy or dire picture:

  • Positive: less commuting means less worker stress and a happier, more focused workforce at the margin.

  • Negative: less human contact and in-person supervision/training will lead to lower growth in output/worker.

The “DataTrek take” is that US labor productivity will rise from last decade’s lows because of two factors. First, labor shortages are forcing companies to invest heavily in productivity solutions. Good news for structural profit margins, but bad news for many workers who may be sitting out the current hot labor market environment. Second, venture capital is funding a raft of new companies that are creating the next wave of productivity-enhancing software.

I’ll close with another story, this one about the use of electricity at the start of the 20th century. Thomas Edison had started running commercial generators and selling electric power in the 1880s, but through the 1910s most factories still ran steam-powered machines. It took the post-World War I boom to see them convert to electricity. This allowed factory owners to lay out their shop floors to maximize output rather than needing to locate power-hungry devices closest to the steam engine. Efficiency increased dramatically (link below to a BBC article with more details).

We are in a similar position today. As with electricity in 1910 the technological infrastructure is in place for a productivity surge, but it is deeply underutilized. Persistent labor market shortages are the catalyst to change that. Yes, this will require worker retraining, but the 1920s US economic boom shows technological shifts need not lead to structurally high unemployment.

Sources: BBC Article on the adoption of electricity: https://www.bbc.com/news/business-40673694

Tyler Durden Mon, 08/02/2021 - 14:55

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Stocks

Best Penny Stocks to Buy Now? 3 to Watch In Early August

Are these penny stocks worth adding to your watchlist next month?
The post Best Penny Stocks to Buy Now? 3 to Watch In Early August appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

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3 Penny Stocks For Your Early August Watchlist 

With a new month here, the time to find the best penny stocks to buy is now. But, it’s not as easy as making a watchlist and hoping for profits. Rather, investors need to understand where the stock market is headed, and which penny stocks may benefit. In 2021, it’s all about considering how short-term trends may result in heightened popularity or volume with certain penny stocks. 

And because there are so many events going on simultaneously, it can be a lot to keep track of. However, by paying attention to the news and understanding wholly how it could affect different industries or companies in specific, investors can work to stay one step ahead of the game. The best trader will always be the one with the most information on hand. And in 2021, information is more accessible than ever. 

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With the Robinhood IPO occurring only a few days ago, we see that trading is open to all. Because the stock market is so democratized right now, billions in capital have flooded in over a short time frame. So, recognize that volatility is high, but the chance of turning a profit can be equally high if you know how to trade penny stocks. With all of this in mind, let’s take a look at three to watch in early August.

3 Hot Penny Stocks to Watch Right Now 

  1. New Oriental Education & Technology Group Inc. (NYSE: EDU
  2. Ebang International Holdings Inc. (NASDAQ: EBON
  3. Globalstar Inc. (NYSE: GSAT

New Oriental Education & Technology Group Inc. (NYSE: EDU)

In the past few months, the trend of education penny stocks has increased greatly. And one of the more interesting companies in this field right now is New Oriental Education & Technology Group Inc. This company offers K-12 private educational test preparation services. As of May 31st, 2020 the company’s services and programs were offered in 104 schools, 1,361 learning centers, and 12 bookstores. This is a substantial reach for the company and one that could prove to be beneficial to it in the long run. 

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Only recently, the Chinese government placed a ban on for-profit tutoring. While this expectedly resulted in a price drop for EDU stock, shares did make a small comeback shortly after. Over the past year, EDU stock has lost over 85% of its value.

However, in the past few days, shares have climbed by over 15%. In addition, the company’s volume during that time has also increased substantially. Needless to say, the situation in China may still have more questions than answers so a more speculative sentiment has materialized in the market. Based on this information, it’s up to you to decide if EDU stock is worth watching or not.

Ebang International Holdings Inc. (NASDAQ: EBON)

Ebang International Holdings Inc. is a blockchain penny stock that we’ve been covering for quite some time. The company creates a large range of blockchain-related products. And for that reason, its share price is usually highly correlated with that of certain cryptocurrencies.

In specific, Ebang manufactures Bitcoin mining machines for sale in the U.S., China, and Hong Kong. The company provides mining machine hosting services for remote usage as well. This has become a popular trend among Bitcoin miners, as remote hosting is much more efficient than running in-person operations.

With cryptocurrencies like Bitcoin and DogeCoin exploding in value at certain points in 2021, the company has experienced a lot of positive momentum as well. 2021 has been a landmark year for crypto because of its large growth in popularity and massive attention in the news. And as stated before, it’s important to stay up to date with the price of crypto as EBON stock often moves with the crypto industry as a whole. In addition, the large microprocessor shortage witnessed over the past few months has been a major benefit to EBON. 

As a provider of Bitcoin mining machines, Ebang has seen the demand for its products rise substantially during that time. In the past five days, shares of EBON have risen by over 3.5%. While this may not seem like a major gain, it is substantial considering EBON’s trajectory throughout the last six months or so. With this information in mind, is EBON a contender for your penny stock watchlist?

Penny_Stocks_to_Watch_Ebang_International_Holdings_Inc_EBON_Stock

Globalstar Inc. (NYSE: GSAT)

Globalstar Inc. is a communications penny stock that has continued to make moves in the market over the last year or so. YTD, shares of GSAT stock are up by a staggering 305% or so. And while prices are down in the last month, we can look at the future prospects that Globalstar has to see where it could be headed. 

For some context, Globalstar is a company that provides mobile satellite services such as GPS tracking for emergency locations, anti-theft, asset tracking, and more. In addition to this, it offers IoT tracking devices for cargo, container, and rail cars. With the increasing globalization of the world, devices like these are important to keep the transport industry running. And, it also works as a complement to Globalstar’s other assets. 

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On July 1st, Globalstar announced its partnership with FocusPoint International Inc. FocusPoint will provide crisis assistance services under the Global Overwatch & Rescue Plan to Globalstar customers.

“We are so pleased to extend this valuable service to Globalstar customers. Many of our users partake in extreme sports and engage in higher than average travel frequency making this offering a service that can help further improve our customers’ peace of mind. FocusPoint provides a comprehensive risk consulting service that is a great compliment to the connectivity we provide our customers.” 

The CEO of Globalstar, David Kagan

The safety market is one that is both large and growing. With the pandemic coming back for a fourth wave, many are forgoing vacations to large population areas, and instead choosing to stay outdoors. This means that there could be heightened demand for GSATs products if all goes according to plan. Keeping this recent announcement in mind, will GSAT stock be on your watchlist?

Penny_Stocks_to_Watch_Globalstar_Inc._(GSAT_Stock_Chart)

Which Penny Stocks Are You Investing In?

Finding the best penny stocks in 2021 can be challenging. But, by learning how to trade penny stocks, investors can stay ahead and feel confident in their strategies moving forward. With all of this in mind, which penny stocks are you investing in right now?

The post Best Penny Stocks to Buy Now? 3 to Watch In Early August appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

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