Former Facebook executive says Google, Facebook are ‘surveillance states’ and risk more regulation

  • Even though he was once an executive at Facebook, Chamath Palihapitiya, CEO of Social Capital Hedosophia Holdings, favors investing in Amazon instead, he told CNBC’s “Fast Money: Halftime Report” on Thursday.
  • But Palihapitiya said he thinks that Facebook and Google face more regulatory risk, given the many retailers that compete with Amazon.
  • “Amazon is a microscopic portion of global consumption today, so ultimately I think it has more room to grow before it invites regulatory overview,” Palihapitiya said.
  • Palihapitiya noted that many big technology companies have seen their stocks soar, making it tempting to take gains.
  • But with tools like Alexa, robots and cloud, Amazon’s technology could lead it to victory over “laggard competitors,” Palihapitiya said.

Chamath Palihapitiya’s holding company, which also includes former Twitter executive Adam Bain, hit the public markets on Thursday.
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JPMorgan’s top quant strategist, echoing CEO, compares bitcoin to ‘pyramid scheme’

  • JPMorgan’s top quant strategist backed his boss this week in bashing bitcoin, warning that the cryptocurrency is likely a “pyramid scheme.”
  • Earlier this week, JPMorgan CEO Jamie Dimon called bitcoin a “fraud,” saying that the cryptocurrency “won’t end well.”
  • Bitcoin plunged about 13 percent Thursday after one of the biggest exchanges in China said it will shut down its operation.
  • Former JPMorgan strategist Tom Lee said the cryptocurrency could surge another 600 percent in five years.
  • “It’s not worth it to look at bitcoin two months, two weeks ahead,” Lee argued, saying he still believes each bitcoin will be worth $25,000 in five years.

JPMorgan’s Marko Kolanovic reinforced his boss this week in bashing bitcoin, warning that the cryptocurrency is likely a “pyramid scheme.”
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John McAfee challenges Jamie Dimon’s bitcoin skepticism

John McAfee challenges Jamie Dimon's bitcoin skepticism

  • “You called bitcoin a fraud,” McAfee told CNBC’s “Fast Money” on Wednesday.
  • Miners invest “massive” amounts of supercomputing power and electricity in creating bitcoins, McAfee said.
  • “And the fact that bitcoin is consistently growing in its use and its value has to say something,” McAfee said.
  • McAfee made a lewd bet on Twitter earlier this summer that bitcoin would reach $500,000 within three years.
  • Plus, the long-term trend of bitcoin has been consistently up, McAfee added.

Dimon called bitcoin a “fraud” that will eventually blow up. McAfee disagreed.
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Dennis Gartman shares why he is staying away from bitcoin: ‘Don’t understand it’

  • Bitcoin hit another record Monday, but commodities whiz Dennis Gartman still isn’t buying.
  • Gartman said he appreciates bitcoin’s introduction of blockchain technology.
  • “What bothers me is that something that can move 5, 10, 15, 18 percent in the course of the day for what’s supposed to be a pricing mechanism,” Gartman said.
  • How can you buy Starbucks with bitcoin when the price is going to fluctuate as [dramatically] as it has?”
  • When bitcoin was introduced, it was supposed to be better than common currencies like the dollar or euro because it was supposed to be finite, Gartman said.

Bitcoin hit another record high on Monday, but commodities whiz Dennis Gartman still isn’t buying.
Continue reading “Dennis Gartman shares why he is staying away from bitcoin: ‘Don’t understand it’”

Dennis Gartman shares why he is staying away from bitcoin: ‘Don’t understand it’

  • Bitcoin hit another record Monday, but commodities whiz Dennis Gartman still isn’t buying.
  • Gartman said he appreciates bitcoin’s introduction of blockchain technology.
  • “What bothers me is that something that can move 5, 10, 15, 18 percent in the course of the day for what’s supposed to be a pricing mechanism,” Gartman said.
  • How can you buy Starbucks with bitcoin when the price is going to fluctuate as [dramatically] as it has?”
  • When bitcoin was introduced, it was supposed to be better than common currencies like the dollar or euro because it was supposed to be finite, Gartman said.

Bitcoin hit another record high on Monday, but commodities whiz Dennis Gartman still isn’t buying.
Continue reading “Dennis Gartman shares why he is staying away from bitcoin: ‘Don’t understand it’”

Bitcoin bug calls out Peter Schiff’s gold infatuation

  • While not exactly Lincoln vs. Douglas, perma-gold bull Peter Schiff squared off against Bitcoin bull Brian Kelly in a lively, no-holds-barred debate about what is the better investment on Monday’s “Fast Money” on CNBC.
  • Bitcoin “is digital fool’s gold — today’s bitcoin could be tomorrow’s Beanie Babies,” said Schiff, who serves as CEO of Euro Pacific Capital.
  • Bitcoin hit an all-time high on Monday; gold is up 9 percent in 2017.
  • However, “Fast Money” trader Brian Kelly believes the prospects in gold pale in comparison to the opportunities that Bitcoin will soon offer “Bitcoin is more than digital gold,” explained Kelly.
  • Furthermore, Kelly views Bitcoin as a platform wherein global financial systems will undergo major “Not since the internet has so much been built on top of a platform,” exclaimed Kelly.

Peter Schiff takes on Brian Kelly over whether gold or bitcoin is the better investment.
Continue reading “Bitcoin bug calls out Peter Schiff’s gold infatuation”

Bitcoin bug calls out Peter Schiff’s gold infatuation

  • While not exactly Lincoln vs. Douglas, perma-gold bull Peter Schiff squared off against Bitcoin bull Brian Kelly in a lively, no-holds-barred debate about what is the better investment on Monday’s “Fast Money” on CNBC.
  • Bitcoin “is digital fool’s gold — today’s bitcoin could be tomorrow’s Beanie Babies,” said Schiff, who serves as CEO of Euro Pacific Capital.
  • Bitcoin hit an all-time high on Monday; gold is up 9 percent in 2017.
  • However, “Fast Money” trader Brian Kelly believes the prospects in gold pale in comparison to the opportunities that Bitcoin will soon offer “Bitcoin is more than digital gold,” explained Kelly.
  • Furthermore, Kelly views Bitcoin as a platform wherein global financial systems will undergo major “Not since the internet has so much been built on top of a platform,” exclaimed Kelly.

Peter Schiff takes on Brian Kelly over whether gold or bitcoin is the better investment.
Continue reading “Bitcoin bug calls out Peter Schiff’s gold infatuation”