Saturday, October 30, 2021

From Jenna Orkin

Canadian defence company bankrupted due to arms embargo against Turkey

Mexico’s Highest Court Rejects Appeal of GM Corn Ban

ICO to step in after schools use facial recognition to speed up lunch queue

Heirs step up as COVID deaths rock Bangkok’s famous street-food stalls

Bill Bonner:  Shiba Inu is a breed of dog. It became popular with crypto enthusiasts in 2013, after it became the face, or let us say the image, on the Dogecoin (DOGE), which was meant as an inside joke by its creators, Billy Markus and Jackson Palmer.
Then, the Shiba Inu coin (SHIB) was created as a “dogecoin killer” by someone, who – like the creator of bitcoin – wisely decided to remain anonymous, but who goes by the name Ryoshi, which means “hunter” in Japanese...
Knowing these facts, however, would in no way give you an advantage as an investor.
You might conclude, for example, that the whole thing was like a game you weren’t invited to play. You buy a coin. Others buy one, too. Noticing that it is moving up, you buy more.
And then you ask: Why did anyone buy it in the first place?
With a quadrillion coins in circulation, the “Shib” would not seem a very likely improvement on the U.S. dollar, neither as a store of value nor as a means of exchange.
Nevertheless, the Shiba Inu has gained value, not steadily… but more like the rocket the Chinese recently tested. It went hypersonic, say the papers.
In the case of the Shiba Inu, it gained 33% on Wednesday… bringing it up more than 158 million percent since its debut in August 2020.
The coin… or whatever it is… is now worth more than Deutsche Bank.

 

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