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Ciyee

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- CiyeeCiyee
  ·2021-04-21
  Drop more so I can buy. Please like and comment.
  Tesla stock dropped more than 2% in morning trading
  Tesla stock dropped more than 2% in Wednesday morning trading.The launch of Tesla's super plant in B
  Tesla stock dropped more than 2% in morning trading
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- CiyeeCiyee
  ·2021-04-19
  Too volatile. Please like and comment. Thanks
  Bitcoin plunges 15% in biggest intraday drop since February
  SINGAPORE (BLOOMBERG) - Bitcoin plunged the most in more than seven weeks, just days after reaching
  Bitcoin plunges 15% in biggest intraday drop since February
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- CiyeeCiyee
  ·2021-04-18
  This is bad!!! Please help to like and comment. Thanks.
  Taiwan's Drought Poses Additional Threat To Looming Global Chip Crisis: WSJ
  Taiwan’s severe drought could aggravate the ongoing global chip crisis as semiconductor producers required a massive water supply to clean the wafer base, etch patterns, polish layers and rinse components throughout the manufacturing process, the Wall Street Journal reports.Taiwan’s semiconductor wafer-fabrication factories accounted for two-thirds of the global manufacturing capacity. Most of that capacity belonged to contract chip manufacturer Taiwan Semiconductor Manufacturing Co Ltd .Taiwan
  Taiwan's Drought Poses Additional Threat To Looming Global Chip Crisis: WSJ
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- CiyeeCiyee
  ·2021-04-15
  Please help me to like and comment
  非常抱歉，此主贴已删除
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- CiyeeCiyee
  ·2021-04-14
  $Apple(AAPL)$please like and comment
  796 评论
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- CiyeeCiyee
  ·2021-04-14
  Please help to like and comment
  非常抱歉，此主贴已删除
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- CiyeeCiyee
  ·2021-04-13
  $Apple(AAPL)$booms
  668 评论
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- CiyeeCiyee
  ·2021-04-12
  Please like and comment
  非常抱歉，此主贴已删除
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- CiyeeCiyee
  ·2021-04-12
  Bitcoin too booms
  Is Bitcoin Displacing Gold As An Inflation Hedge?
  Silver and Gold, and Bitcoin How to explain bitcoin? As I said a couple of weeks ago, it’s hard to d
  Is Bitcoin Displacing Gold As An Inflation Hedge?
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- CiyeeCiyee
  ·2021-04-11
  Please like and comment
  非常抱歉，此主贴已删除
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Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/378153231","repostId":"1114709501","repostType":4,"repost":{"id":"1114709501","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1619012348,"share":"https://www.laohu8.com/m/news/1114709501?lang=&edition=full","pubTime":"2021-04-21 21:39","market":"us","language":"en","title":"Tesla stock dropped more than 2% in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1114709501","media":"Tiger Newspress","summary":"Tesla stock dropped more than 2% in Wednesday morning trading.The launch of Tesla's super plant in B","content":"<p>Tesla stock&nbsp;dropped&nbsp;more&nbsp;than&nbsp;2%&nbsp;in&nbsp;Wednesday morning trading.The launch of Tesla's super plant in Berlin is likely to be significantly delayed,according to&nbsp;German business daily.</p><p><img src=\"https://static.tigerbbs.com/b525edb3c12a6ee6740baf665aa59a9e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Previously, Zhengzhou Zhengdong New District Municipal Supervision Bureau ordered Tesla to provide the complete driving data half an hour before the accident unconditionally; in addition, in the first quarter, the registration volume of model 3 in California dropped 54% to 8060 vehicles year on year.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla stock dropped more than 2% in morning trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla stock dropped more than 2% in morning trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-04-21 21:39</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Tesla stock&nbsp;dropped&nbsp;more&nbsp;than&nbsp;2%&nbsp;in&nbsp;Wednesday morning trading.The launch of Tesla's super plant in Berlin is likely to be significantly delayed,according to&nbsp;German business daily.</p><p><img src=\"https://static.tigerbbs.com/b525edb3c12a6ee6740baf665aa59a9e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Previously, Zhengzhou Zhengdong New District Municipal Supervision Bureau ordered Tesla to provide the complete driving data half an hour before the accident unconditionally; in addition, in the first quarter, the registration volume of model 3 in California dropped 54% to 8060 vehicles year on year.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114709501","content_text":"Tesla stock dropped more than 2% in Wednesday morning trading.The launch of Tesla's super plant in Berlin is likely to be significantly delayed,according to German business daily.Previously, Zhengzhou Zhengdong New District Municipal Supervision Bureau ordered Tesla to provide the complete driving data half an hour before the accident unconditionally; in addition, in the first quarter, the registration volume of model 3 in California dropped 54% to 8060 vehicles year on year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":424,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379441386,"gmtCreate":1618791700545,"gmtModify":1634290938281,"author":{"id":"3575884970491860","authorId":"3575884970491860","name":"Ciyee","avatar":"https://static.tigerbbs.com/f238f1407bb4e41e6f9ae4eab6de2d56","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575884970491860","authorIdStr":"3575884970491860"},"themes":[],"htmlText":"Too volatile. Please like and comment. Thanks&nbsp;","listText":"Too volatile. Please like and comment. Thanks&nbsp;","text":"Too volatile. Please like and comment. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/379441386","repostId":"2128863736","repostType":4,"repost":{"id":"2128863736","kind":"news","pubTimestamp":1618790032,"share":"https://www.laohu8.com/m/news/2128863736?lang=&edition=full","pubTime":"2021-04-19 07:53","market":"sg","language":"en","title":"Bitcoin plunges 15% in biggest intraday drop since February","url":"https://stock-news.laohu8.com/highlight/detail?id=2128863736","media":"The Straits Times","summary":"SINGAPORE (BLOOMBERG) - Bitcoin plunged the most in more than seven weeks, just days after reaching ","content":"<div>\n<p>SINGAPORE (BLOOMBERG) - Bitcoin plunged the most in more than seven weeks, just days after reaching a record.\nThe biggest crypto coin fell 8.5 per cent to US$55,810.32 (S$74,480) as of 2.52pm in ...</p>\n\n<a href=\"http://www.straitstimes.com/business/companies-markets/bitcoin-plunges-15-in-biggest-intraday-drop-since-february\">Web Link</a>\n\n</div>\n","source":"straits_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin plunges 15% in biggest intraday drop since February</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin plunges 15% in biggest intraday drop since February\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-19 07:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://www.straitstimes.com/business/companies-markets/bitcoin-plunges-15-in-biggest-intraday-drop-since-february><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SINGAPORE (BLOOMBERG) - Bitcoin plunged the most in more than seven weeks, just days after reaching a record.\nThe biggest crypto coin fell 8.5 per cent to US$55,810.32 (S$74,480) as of 2.52pm in ...</p>\n\n<a href=\"http://www.straitstimes.com/business/companies-markets/bitcoin-plunges-15-in-biggest-intraday-drop-since-february\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"http://www.straitstimes.com/business/companies-markets/bitcoin-plunges-15-in-biggest-intraday-drop-since-february","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2128863736","content_text":"SINGAPORE (BLOOMBERG) - Bitcoin plunged the most in more than seven weeks, just days after reaching a record.\nThe biggest crypto coin fell 8.5 per cent to US$55,810.32 (S$74,480) as of 2.52pm in Singapore on Sunday (April 18), after declining as much as 15.1 per cent to US$51,707.51. Ether, the second-largest token, fell almost 18 per cent before paring losses.\nSeveral online reports attributed the plunge to speculation the US Treasury may crack down on money laundering that's carried out through digital assets.\n\n\n\nBitcoin hit a record high of US$64,869.78 last week ahead of the debut trade for the cryptocurrency exchange Coinbase Global on the Nasdaq on Wednesday. The original crypto coin, bitcoin is valued at more than US$1 trillion after a more than 800 per cent surge in the past year.\nGrowing mainstream acceptance of cryptocurrencies has spurred bitcoin's rally, as well as lifted other tokens to record highs. Interest in crypto went on the rise again after companies from PayPal to Square started enabling transactions in bitcoin on their systems, and Wall Street firms like Morgan Stanley began providing access to the tokens to some of the wealthiest clients.\nThat's despite lingering concerns over their volatility and usefulness as a method of payment. Dogecoin, a token created as a joke and which has been boosted by the likes of Elon Musk and Mark Cuban, rallied more than 110 per cent on Friday before dropping the next day. Demand was so brisk for the token that investors trying to trade it on Robinhood crashed the site, the online exchange said in a blog post on Friday.\n\n\n\n\nGovernments are inspecting risks around the sector more closely as the investor base widens.\nFederal Reserve chairman Jerome Powell last week said Bitcoin \"is a little bit like gold\" in that it's more a vehicle for speculation than making payments. European Central Bank president Christine Lagarde in January took aim at bitcoin's role in facilitating criminal activity, saying the cryptocurrency has been enabling \"funny business.\"\nTurkey's central bank banned the use of cryptocurrencies as a form of payment from April 30, saying the level of anonymity behind the digital tokens brings the risk of \"non-recoverable\" losses. India will propose a law that bans cryptocurrencies and fines anyone trading or holding such assets, Reuters reported in March, citing an unidentified senior government official with direct knowledge of the plan.\nCrypto firms are beefing up their top ranks to shape the emerging regulatory environment and tackle lingering skepticism about digital tokens. Bitcoin's most ardent proponents see it as a modern-day store of value and inflation hedge, while others fear a speculative bubble is building.","news_type":1},"isVote":1,"tweetType":1,"viewCount":589,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379387952,"gmtCreate":1618676015976,"gmtModify":1634291449957,"author":{"id":"3575884970491860","authorId":"3575884970491860","name":"Ciyee","avatar":"https://static.tigerbbs.com/f238f1407bb4e41e6f9ae4eab6de2d56","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575884970491860","authorIdStr":"3575884970491860"},"themes":[],"htmlText":"This is bad!!! Please help to like and comment. Thanks.","listText":"This is bad!!! Please help to like and comment. Thanks.","text":"This is bad!!! Please help to like and comment. Thanks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/379387952","repostId":"1155509413","repostType":4,"repost":{"id":"1155509413","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1618587639,"share":"https://www.laohu8.com/m/news/1155509413?lang=&edition=full","pubTime":"2021-04-16 23:40","market":"us","language":"en","title":"Taiwan's Drought Poses Additional Threat To Looming Global Chip Crisis: WSJ","url":"https://stock-news.laohu8.com/highlight/detail?id=1155509413","media":"Benzinga","summary":"Taiwan’s severe drought could aggravate the ongoing global chip crisis as semiconductor producers required a massive water supply to clean the wafer base, etch patterns, polish layers and rinse components throughout the manufacturing process, the Wall Street Journal reports.Taiwan’s semiconductor wafer-fabrication factories  accounted for two-thirds of the global manufacturing capacity. Most of that capacity belonged to contract chip manufacturer Taiwan Semiconductor Manufacturing Co Ltd .Taiwan","content":"<p>Taiwan’s severe drought could aggravate the ongoing global chip crisis as semiconductor producers required a massive water supply to clean the wafer base, etch patterns, polish layers and rinse components throughout the manufacturing process, the&nbsp;Wall Street Journal reports.</p>\n<p>Taiwan’s semiconductor wafer-fabrication factories (fabs) accounted for two-thirds of the global manufacturing capacity. Most of that capacity belonged to contract chip manufacturer&nbsp;<b>Taiwan Semiconductor Manufacturing Co Ltd</b>&nbsp;(NYSE:&nbsp;TSM).</p>\n<p>Taiwan derived most of its water reserves from seasonal typhoons. However, a lack of storms last year had choked supplies, prompting the government to start water rationing for over a million businesses and residents.</p>\n<p><b>Samsung Electronics Co Ltd</b>&nbsp;(OTC:&nbsp;SSNLF) had to&nbsp;temporarily shut down&nbsp;two of its Austin chip factories due to Texas weather anomalies. Auto chip manufacturer&nbsp;<b>Renesas Electronics Corp’s</b>&nbsp;(OTC:&nbsp;RNECF) Japanese plant was&nbsp;hampered by&nbsp;the February earthquake and a March fire.</p>\n<p>Taiwan’s three science industrial parks responsible for most of the chip-making facilities had to limit their water intake but were exempt from stoppages to date. However, it was affecting some of the companies.</p>\n<p>Alternative sources of water and acceleration of conservation would escalate the production costs after supply to one of its chip facilities were reduced, stated&nbsp;<b>Micron Technology Inc</b>&nbsp;(NASDAQ:&nbsp;MU), which had facilities in Taichung and Taoyuan.</p>\n<p>Hsinchu-based TSM and&nbsp;<b>United Microelectronics Corp</b>&nbsp;(NYSE:&nbsp;UMC) had secured alternate water supply sources. TSM was also trying to utilize groundwater from their construction sites.</p>\n<p>TSM did not estimate any significant impact on operations despite the tight water supply.</p>\n<p>However, Taiwan’s water crisis fueled by climate change could jeopardize global chip production due to their high production concentration in the island country, stated its officials and scholars.</p>\n<p>Taiwan introduced a drought disaster response agency in October.</p>\n<p>The government stopped the water supply for two days per week to some parts of the island from April. TSM aimed to reduce its water requirement per unit by 30% from 2010 levels by 2030.</p>\n<p>TSM accounted for around 4.5% of Taiwan’s GDP in 2018, and chip sales accounted for 64% of Taiwan’s export growth on average over the past five years.</p>\n<p>Germany has sought Taiwan’s assistance to secure chip supply for German car manufacturers.</p>\n<p><b>Price action:</b>&nbsp;TSM shares traded flat at $118.35 on the last check Friday.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Taiwan's Drought Poses Additional Threat To Looming Global Chip Crisis: WSJ</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTaiwan's Drought Poses Additional Threat To Looming Global Chip Crisis: WSJ\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-04-16 23:40</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Taiwan’s severe drought could aggravate the ongoing global chip crisis as semiconductor producers required a massive water supply to clean the wafer base, etch patterns, polish layers and rinse components throughout the manufacturing process, the&nbsp;Wall Street Journal reports.</p>\n<p>Taiwan’s semiconductor wafer-fabrication factories (fabs) accounted for two-thirds of the global manufacturing capacity. Most of that capacity belonged to contract chip manufacturer&nbsp;<b>Taiwan Semiconductor Manufacturing Co Ltd</b>&nbsp;(NYSE:&nbsp;TSM).</p>\n<p>Taiwan derived most of its water reserves from seasonal typhoons. However, a lack of storms last year had choked supplies, prompting the government to start water rationing for over a million businesses and residents.</p>\n<p><b>Samsung Electronics Co Ltd</b>&nbsp;(OTC:&nbsp;SSNLF) had to&nbsp;temporarily shut down&nbsp;two of its Austin chip factories due to Texas weather anomalies. Auto chip manufacturer&nbsp;<b>Renesas Electronics Corp’s</b>&nbsp;(OTC:&nbsp;RNECF) Japanese plant was&nbsp;hampered by&nbsp;the February earthquake and a March fire.</p>\n<p>Taiwan’s three science industrial parks responsible for most of the chip-making facilities had to limit their water intake but were exempt from stoppages to date. However, it was affecting some of the companies.</p>\n<p>Alternative sources of water and acceleration of conservation would escalate the production costs after supply to one of its chip facilities were reduced, stated&nbsp;<b>Micron Technology Inc</b>&nbsp;(NASDAQ:&nbsp;MU), which had facilities in Taichung and Taoyuan.</p>\n<p>Hsinchu-based TSM and&nbsp;<b>United Microelectronics Corp</b>&nbsp;(NYSE:&nbsp;UMC) had secured alternate water supply sources. TSM was also trying to utilize groundwater from their construction sites.</p>\n<p>TSM did not estimate any significant impact on operations despite the tight water supply.</p>\n<p>However, Taiwan’s water crisis fueled by climate change could jeopardize global chip production due to their high production concentration in the island country, stated its officials and scholars.</p>\n<p>Taiwan introduced a drought disaster response agency in October.</p>\n<p>The government stopped the water supply for two days per week to some parts of the island from April. TSM aimed to reduce its water requirement per unit by 30% from 2010 levels by 2030.</p>\n<p>TSM accounted for around 4.5% of Taiwan’s GDP in 2018, and chip sales accounted for 64% of Taiwan’s export growth on average over the past five years.</p>\n<p>Germany has sought Taiwan’s assistance to secure chip supply for German car manufacturers.</p>\n<p><b>Price action:</b>&nbsp;TSM shares traded flat at $118.35 on the last check Friday.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电","MU":"美光科技"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155509413","content_text":"Taiwan’s severe drought could aggravate the ongoing global chip crisis as semiconductor producers required a massive water supply to clean the wafer base, etch patterns, polish layers and rinse components throughout the manufacturing process, the Wall Street Journal reports.\nTaiwan’s semiconductor wafer-fabrication factories (fabs) accounted for two-thirds of the global manufacturing capacity. Most of that capacity belonged to contract chip manufacturer Taiwan Semiconductor Manufacturing Co Ltd (NYSE: TSM).\nTaiwan derived most of its water reserves from seasonal typhoons. However, a lack of storms last year had choked supplies, prompting the government to start water rationing for over a million businesses and residents.\nSamsung Electronics Co Ltd (OTC: SSNLF) had to temporarily shut down two of its Austin chip factories due to Texas weather anomalies. Auto chip manufacturer Renesas Electronics Corp’s (OTC: RNECF) Japanese plant was hampered by the February earthquake and a March fire.\nTaiwan’s three science industrial parks responsible for most of the chip-making facilities had to limit their water intake but were exempt from stoppages to date. However, it was affecting some of the companies.\nAlternative sources of water and acceleration of conservation would escalate the production costs after supply to one of its chip facilities were reduced, stated Micron Technology Inc (NASDAQ: MU), which had facilities in Taichung and Taoyuan.\nHsinchu-based TSM and United Microelectronics Corp (NYSE: UMC) had secured alternate water supply sources. TSM was also trying to utilize groundwater from their construction sites.\nTSM did not estimate any significant impact on operations despite the tight water supply.\nHowever, Taiwan’s water crisis fueled by climate change could jeopardize global chip production due to their high production concentration in the island country, stated its officials and scholars.\nTaiwan introduced a drought disaster response agency in October.\nThe government stopped the water supply for two days per week to some parts of the island from April. TSM aimed to reduce its water requirement per unit by 30% from 2010 levels by 2030.\nTSM accounted for around 4.5% of Taiwan’s GDP in 2018, and chip sales accounted for 64% of Taiwan’s export growth on average over the past five years.\nGermany has sought Taiwan’s assistance to secure chip supply for German car manufacturers.\nPrice action: TSM shares traded flat at $118.35 on the last check Friday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":617,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347519359,"gmtCreate":1618500827371,"gmtModify":1634292470798,"author":{"id":"3575884970491860","authorId":"3575884970491860","name":"Ciyee","avatar":"https://static.tigerbbs.com/f238f1407bb4e41e6f9ae4eab6de2d56","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575884970491860","authorIdStr":"3575884970491860"},"themes":[],"htmlText":"Please help me to like and comment","listText":"Please help me to like and comment","text":"Please help me to like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/347519359","repostId":"1146658160","repostType":4,"isVote":1,"tweetType":1,"viewCount":643,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344508220,"gmtCreate":1618413051360,"gmtModify":1634293095021,"author":{"id":"3575884970491860","authorId":"3575884970491860","name":"Ciyee","avatar":"https://static.tigerbbs.com/f238f1407bb4e41e6f9ae4eab6de2d56","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575884970491860","authorIdStr":"3575884970491860"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>please like and comment","listText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>please like and comment","text":"$Apple(AAPL)$please like and comment","images":[{"img":"https://static.tigerbbs.com/44dec510ddc460c1db515202b2332149","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/344508220","isVote":1,"tweetType":1,"viewCount":796,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":344501259,"gmtCreate":1618412997571,"gmtModify":1634293095599,"author":{"id":"3575884970491860","authorId":"3575884970491860","name":"Ciyee","avatar":"https://static.tigerbbs.com/f238f1407bb4e41e6f9ae4eab6de2d56","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575884970491860","authorIdStr":"3575884970491860"},"themes":[],"htmlText":"Please help to like and comment","listText":"Please help to like and comment","text":"Please help to like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/344501259","repostId":"1166763312","repostType":4,"isVote":1,"tweetType":1,"viewCount":595,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345643951,"gmtCreate":1618312883973,"gmtModify":1634293794045,"author":{"id":"3575884970491860","authorId":"3575884970491860","name":"Ciyee","avatar":"https://static.tigerbbs.com/f238f1407bb4e41e6f9ae4eab6de2d56","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575884970491860","authorIdStr":"3575884970491860"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>booms","listText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>booms","text":"$Apple(AAPL)$booms","images":[{"img":"https://static.tigerbbs.com/ff75170fa2837546611503288357116a","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/345643951","isVote":1,"tweetType":1,"viewCount":668,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":342241273,"gmtCreate":1618225658692,"gmtModify":1634294336529,"author":{"id":"3575884970491860","authorId":"3575884970491860","name":"Ciyee","avatar":"https://static.tigerbbs.com/f238f1407bb4e41e6f9ae4eab6de2d56","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575884970491860","authorIdStr":"3575884970491860"},"themes":[],"htmlText":"Please like and comment","listText":"Please like and comment","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/342241273","repostId":"1121930993","repostType":4,"isVote":1,"tweetType":1,"viewCount":822,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342241318,"gmtCreate":1618225640434,"gmtModify":1634294336771,"author":{"id":"3575884970491860","authorId":"3575884970491860","name":"Ciyee","avatar":"https://static.tigerbbs.com/f238f1407bb4e41e6f9ae4eab6de2d56","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575884970491860","authorIdStr":"3575884970491860"},"themes":[],"htmlText":"Bitcoin too booms","listText":"Bitcoin too booms","text":"Bitcoin too booms","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/342241318","repostId":"1121930993","repostType":4,"repost":{"id":"1121930993","kind":"news","pubTimestamp":1618224287,"share":"https://www.laohu8.com/m/news/1121930993?lang=&edition=full","pubTime":"2021-04-12 18:44","market":"us","language":"en","title":"Is Bitcoin Displacing Gold As An Inflation Hedge?","url":"https://stock-news.laohu8.com/highlight/detail?id=1121930993","media":"zerohedge","summary":"Silver and Gold, and Bitcoin\nHow to explain bitcoin? As I said a couple of weeks ago, it’s hard to d","content":"<p><b>Silver and Gold, and Bitcoin</b></p>\n<p>How to explain bitcoin? As I said a couple of weeks ago, it’s hard to dismiss the digital currency as a classic investment bubble because —&nbsp;unlike any of the other historical manias which have seen similarly extreme gains in price —&nbsp;it has formed a series of bubbles, which have burst&nbsp;and then reinflated.<b>Bubbles aren’t supposed to do this</b>: They are booms grown so large that they cannot gently deflate and must burst, never to return.</p>\n<p>Bitcoin has many of the symptoms of a speculative mania, led by the sheer excitement it inspires in its believers. But it’s&nbsp;hard to say what the digital asset’s value should be. Like gold, value is in the eye of the beholder. It has no intrinsic value, and while the same is true of banknotes, it has no government standing behind it.</p>\n<p>Plenty of people are grappling with the same issue, and the value of bitcoin might best be derived from its absence. To see how this works, look at the odd relationship between gold and Treasury bonds, in this chart from Gavekal Research Ltd.<b>Generally, Treasuries beat gold when people aren’t too worried about inflation, while gold wins when there are inflationary concerns. Except at present, both are falling:</b></p>\n<p><img src=\"https://static.tigerbbs.com/a8f06f8cd9731b383f9d0181930e6289\" tg-width=\"500\" tg-height=\"345\" referrerpolicy=\"no-referrer\">This is happening despite widespread belief in a new wave of reflationary growth, and a historic amount of money-printing, normally inflationary, illustrated here by growth in M2:</p>\n<p><img src=\"https://static.tigerbbs.com/1f6aff63854c5946c003f9782f80a755\" tg-width=\"500\" tg-height=\"371\" referrerpolicy=\"no-referrer\"><b>Gold is generally thought of as an inflationary hedge, but if we judge it instead in terms of silver, we see that its price has roughly halved since the Covid panic last year.</b>Gold has grown steadily more expensive relative to silver since the bizarre year of 1980 when prices of both precious metals went bonkers. The last year has seen a spike and then a reversal for the ages:</p>\n<p><img src=\"https://static.tigerbbs.com/90325ba5146c527b0fe6c902382b31c3\" tg-width=\"500\" tg-height=\"281\" referrerpolicy=\"no-referrer\"><b>What drives the gold price, then?</b>Dhaval Joshi of BCA Research Inc. comes up with a different idea. The following chart shows three centuries of the gold/silver ratio. The relationship was stable until confidence in the gold standard eroded and then collapsed after the First World War. During the decades of the soft gold standard of the postwar Bretton Woods agreement&nbsp;the ratio returned to its old level, only to head back to the stratosphere once Bretton Woods broke down 50 years ago:</p>\n<p><img src=\"https://static.tigerbbs.com/77d3e6c10076e2672025d9f70cf13fa0\" tg-width=\"500\" tg-height=\"252\" referrerpolicy=\"no-referrer\">Joshi contends that this shows demand for gold over silver is driven by its perception as a superior “anti-fiat” asset. If people are worried about the long-term buying power of government-issued currencies, they will be prepared to pay more for gold, with its perceived role as a store of value. How then do we explain gold’s sudden fall in silver terms over the last year?</p>\n<p><b>The Joshi argument is that bitcoin has risen as an alternative anti-fiat asset. It has been popular because of the libertarian anti-government ideas that have accompanied the digital currency since its inception. Bitcoin’s increase in&nbsp;scale to become better known and much easier to obtain now makes it a much more viable competitor for the shiny metal.</b></p>\n<p>There is circumstantial evidence that some money has flowed directly from gold into bitcoin. The following chart is from Charles Morris of ByteTree Asset Management Ltd.&nbsp;and shows flows into investment funds holding both assets since last May:</p>\n<p><img src=\"https://static.tigerbbs.com/ecdeb7acff0aeb1150b22b1daed5e655\" tg-width=\"500\" tg-height=\"301\" referrerpolicy=\"no-referrer\"><b>Not all of the money leaving gold has gone into bitcoin, but quite a big chunk has.</b>Institutions appear to be making a decision to allocate some money to bitcoin as a hedge against a fiat collapse. (Another important destination appears to be Chinese bonds.) Bitcoin’s strength in the last few months has come despite a distinct drop-off in Google searches for the term, which might be taken as a proxy for retail interest, or&nbsp;the kind of excitement that typically accompanies a bubble:</p>\n<p><b>Bitcoin’s performance over the last year is directly aligned with movements in bond yields.</b>When yields rise, so does bitcoin. This implies that the digital currency benefits directly from the “reflation trade” —&nbsp;or the belief that inflation is coming. And to be clear, before anyone accuses me of chart crime, this one has two scales. Bitcoin is prone to much more titanic moves than Treasury bonds. The point is that they both move in the same direction at the same time:</p>\n<p>A rather more scientific analysis by the British research firm Quant Insight Ltd. shows bitcoin’s key sensitivity is to inflation breakevens.<b>The same is true of gold. The difference, at present, is that bitcoin is positively correlated with breakevens, gaining when fears about inflation rise, while gold is negatively correlated.</b></p>\n<p><img src=\"https://static.tigerbbs.com/f4914e4b3acf9a51a825d944e7be4c89\" tg-width=\"500\" tg-height=\"281\" referrerpolicy=\"no-referrer\"></p>\n<p>Adding another layer, Morris of ByteTree suggests that bitcoin is behaving like a growth stock, and gold has never done that:</p>\n<blockquote>\n Bitcoin seems to have it all. It is one of the few assets that seems to benefit from a rising bond yield – something we reserve for true growth stocks and those cyclicals enjoying recovery. Conversely, this is normally detrimental to traditional low-growth safe assets such as gold, defensive yield stocks and bonds. Unlike defensive stocks and bonds, Bitcoin and gold are both inflation-sensitive, but gold is happiest when the world faces a downward spiral. In contrast, Bitcoin prefers a stronger economy, when the yield is rising. This is where we are today.\n</blockquote>\n<p><b>The current drive in bitcoin therefore looks like a bid to protect against currency debasement, by means of a measured transfer from gold, which is deemed the weaker anti-fiat asset for the moment.</b>Bitcoin’s recent pause (at a level where its price is still double what it was at the start the year) overlaps with a pause in the bond market, which had seemed to get ahead of itself. Real 10-year yields have essentially moved sideways for more than a month since their big rise ended in late February:</p>\n<p><b>If this is what is motivating people to buy bitcoin, with resurgence in fears of debasement and inflation accounting for its persistent recovery after crashes, the question of exactly how we should value it remains.</b>Joshi looks at the merits of an anti-fiat asset as being tied up with its ability to avoid major losses. Gold can also have big drawdowns, but nothing like the epic losses that bitcoin periodically inflicts on its holders before rallying again. As bitcoin’s declines tend to be three times bigger, risk can be equalized by holding three times as much gold as bitcoin —&nbsp;which implies buying more bitcoin from here:</p>\n<p><img src=\"https://static.tigerbbs.com/2b2771040ef04af0bbee37892e4443fc\" tg-width=\"500\" tg-height=\"644\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Is bitcoin really that direct a substitute for gold?</b>It’s a tough proposition to handle. I am typing this with a very small piece of gold around my ring finger. I am confident that I will never swap my wedding ring for one made of bitcoin. Gold at least has an intrinsic use as the raw material for much-desired jewelry. Bitcoin has nothing so straightforward to fall back on. Official action might easily&nbsp;limit use of the digital asset if it grew big enough to challenge the government’s monopoly of currency issuance.</p>\n<p>One final issue is that, as with gold, there is so little to hold on to. Yes, there are some measures that can justify a rising price. Bitcoin has been ingeniously designed so that the supply of new coin will reduce over time, and so that price declines will reduce the incentive to spend money on increasing supply. Network effects can also make the currency more useful —&nbsp;the more applications are developed, and the more easily and swiftly it can be used, the more it becomes a viable currency. But it still provides no yield to compare it to other assets. And its continued susceptibility to massive crashes messes up its use as a means of exchange, while ensuring that it continues to be an unreliable store of value.</p>\n<p>The technology undergirding bitcoin and other cryptocurrencies continues to develop. Like the laser, in its early days known as a “solution in search of a problem,” cryptocurrencies and the blockchain could solve all kind of problems for us. This is a reasonable hope, if not something that can be pinned down and valued with discounted cash flow analysis.</p>\n<p><b>For now, bitcoin fills a demand for a wider array of alternatives to fiat currencies at a time when many are deeply skeptical of monetary policy, while also promising the kind of exciting growth that tech stocks have done.</b>It’s understandable that there would be wide demand for such an asset. And while that demand is strong, it is aided by that other universal force in markets; fear of missing out. If reflation doesn’t&nbsp;come through on cue, however, it might be as well to brace for another bitcoin bump.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Bitcoin Displacing Gold As An Inflation Hedge?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Bitcoin Displacing Gold As An Inflation Hedge?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-12 18:44 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/crypto/bitcoin-displacing-gold-inflation-hedge><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Silver and Gold, and Bitcoin\nHow to explain bitcoin? As I said a couple of weeks ago, it’s hard to dismiss the digital currency as a classic investment bubble because — unlike any of the other ...</p>\n\n<a href=\"https://www.zerohedge.com/crypto/bitcoin-displacing-gold-inflation-hedge\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.zerohedge.com/crypto/bitcoin-displacing-gold-inflation-hedge","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121930993","content_text":"Silver and Gold, and Bitcoin\nHow to explain bitcoin? As I said a couple of weeks ago, it’s hard to dismiss the digital currency as a classic investment bubble because — unlike any of the other historical manias which have seen similarly extreme gains in price — it has formed a series of bubbles, which have burst and then reinflated.Bubbles aren’t supposed to do this: They are booms grown so large that they cannot gently deflate and must burst, never to return.\nBitcoin has many of the symptoms of a speculative mania, led by the sheer excitement it inspires in its believers. But it’s hard to say what the digital asset’s value should be. Like gold, value is in the eye of the beholder. It has no intrinsic value, and while the same is true of banknotes, it has no government standing behind it.\nPlenty of people are grappling with the same issue, and the value of bitcoin might best be derived from its absence. To see how this works, look at the odd relationship between gold and Treasury bonds, in this chart from Gavekal Research Ltd.Generally, Treasuries beat gold when people aren’t too worried about inflation, while gold wins when there are inflationary concerns. Except at present, both are falling:\nThis is happening despite widespread belief in a new wave of reflationary growth, and a historic amount of money-printing, normally inflationary, illustrated here by growth in M2:\nGold is generally thought of as an inflationary hedge, but if we judge it instead in terms of silver, we see that its price has roughly halved since the Covid panic last year.Gold has grown steadily more expensive relative to silver since the bizarre year of 1980 when prices of both precious metals went bonkers. The last year has seen a spike and then a reversal for the ages:\nWhat drives the gold price, then?Dhaval Joshi of BCA Research Inc. comes up with a different idea. The following chart shows three centuries of the gold/silver ratio. The relationship was stable until confidence in the gold standard eroded and then collapsed after the First World War. During the decades of the soft gold standard of the postwar Bretton Woods agreement the ratio returned to its old level, only to head back to the stratosphere once Bretton Woods broke down 50 years ago:\nJoshi contends that this shows demand for gold over silver is driven by its perception as a superior “anti-fiat” asset. If people are worried about the long-term buying power of government-issued currencies, they will be prepared to pay more for gold, with its perceived role as a store of value. How then do we explain gold’s sudden fall in silver terms over the last year?\nThe Joshi argument is that bitcoin has risen as an alternative anti-fiat asset. It has been popular because of the libertarian anti-government ideas that have accompanied the digital currency since its inception. Bitcoin’s increase in scale to become better known and much easier to obtain now makes it a much more viable competitor for the shiny metal.\nThere is circumstantial evidence that some money has flowed directly from gold into bitcoin. The following chart is from Charles Morris of ByteTree Asset Management Ltd. and shows flows into investment funds holding both assets since last May:\nNot all of the money leaving gold has gone into bitcoin, but quite a big chunk has.Institutions appear to be making a decision to allocate some money to bitcoin as a hedge against a fiat collapse. (Another important destination appears to be Chinese bonds.) Bitcoin’s strength in the last few months has come despite a distinct drop-off in Google searches for the term, which might be taken as a proxy for retail interest, or the kind of excitement that typically accompanies a bubble:\nBitcoin’s performance over the last year is directly aligned with movements in bond yields.When yields rise, so does bitcoin. This implies that the digital currency benefits directly from the “reflation trade” — or the belief that inflation is coming. And to be clear, before anyone accuses me of chart crime, this one has two scales. Bitcoin is prone to much more titanic moves than Treasury bonds. The point is that they both move in the same direction at the same time:\nA rather more scientific analysis by the British research firm Quant Insight Ltd. shows bitcoin’s key sensitivity is to inflation breakevens.The same is true of gold. The difference, at present, is that bitcoin is positively correlated with breakevens, gaining when fears about inflation rise, while gold is negatively correlated.\n\nAdding another layer, Morris of ByteTree suggests that bitcoin is behaving like a growth stock, and gold has never done that:\n\n Bitcoin seems to have it all. It is one of the few assets that seems to benefit from a rising bond yield – something we reserve for true growth stocks and those cyclicals enjoying recovery. Conversely, this is normally detrimental to traditional low-growth safe assets such as gold, defensive yield stocks and bonds. Unlike defensive stocks and bonds, Bitcoin and gold are both inflation-sensitive, but gold is happiest when the world faces a downward spiral. In contrast, Bitcoin prefers a stronger economy, when the yield is rising. This is where we are today.\n\nThe current drive in bitcoin therefore looks like a bid to protect against currency debasement, by means of a measured transfer from gold, which is deemed the weaker anti-fiat asset for the moment.Bitcoin’s recent pause (at a level where its price is still double what it was at the start the year) overlaps with a pause in the bond market, which had seemed to get ahead of itself. Real 10-year yields have essentially moved sideways for more than a month since their big rise ended in late February:\nIf this is what is motivating people to buy bitcoin, with resurgence in fears of debasement and inflation accounting for its persistent recovery after crashes, the question of exactly how we should value it remains.Joshi looks at the merits of an anti-fiat asset as being tied up with its ability to avoid major losses. Gold can also have big drawdowns, but nothing like the epic losses that bitcoin periodically inflicts on its holders before rallying again. As bitcoin’s declines tend to be three times bigger, risk can be equalized by holding three times as much gold as bitcoin — which implies buying more bitcoin from here:\n\nIs bitcoin really that direct a substitute for gold?It’s a tough proposition to handle. I am typing this with a very small piece of gold around my ring finger. I am confident that I will never swap my wedding ring for one made of bitcoin. Gold at least has an intrinsic use as the raw material for much-desired jewelry. Bitcoin has nothing so straightforward to fall back on. Official action might easily limit use of the digital asset if it grew big enough to challenge the government’s monopoly of currency issuance.\nOne final issue is that, as with gold, there is so little to hold on to. Yes, there are some measures that can justify a rising price. Bitcoin has been ingeniously designed so that the supply of new coin will reduce over time, and so that price declines will reduce the incentive to spend money on increasing supply. Network effects can also make the currency more useful — the more applications are developed, and the more easily and swiftly it can be used, the more it becomes a viable currency. But it still provides no yield to compare it to other assets. And its continued susceptibility to massive crashes messes up its use as a means of exchange, while ensuring that it continues to be an unreliable store of value.\nThe technology undergirding bitcoin and other cryptocurrencies continues to develop. Like the laser, in its early days known as a “solution in search of a problem,” cryptocurrencies and the blockchain could solve all kind of problems for us. This is a reasonable hope, if not something that can be pinned down and valued with discounted cash flow analysis.\nFor now, bitcoin fills a demand for a wider array of alternatives to fiat currencies at a time when many are deeply skeptical of monetary policy, while also promising the kind of exciting growth that tech stocks have done.It’s understandable that there would be wide demand for such an asset. And while that demand is strong, it is aided by that other universal force in markets; fear of missing out. If reflation doesn’t come through on cue, however, it might be as well to brace for another bitcoin bump.","news_type":1},"isVote":1,"tweetType":1,"viewCount":578,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346799323,"gmtCreate":1618109441362,"gmtModify":1634294867560,"author":{"id":"3575884970491860","authorId":"3575884970491860","name":"Ciyee","avatar":"https://static.tigerbbs.com/f238f1407bb4e41e6f9ae4eab6de2d56","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575884970491860","authorIdStr":"3575884970491860"},"themes":[],"htmlText":"Please like and comment","listText":"Please like and comment","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/346799323","repostId":"1142324412","repostType":4,"isVote":1,"tweetType":1,"viewCount":588,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":false}