The owners of the website Freebitco.in have announced a coronavirus relief fund following the myriad of other crypto companies donating funds to help fight the covid-19 pandemic. Freebitco.in is an extremely popular gaming website that saw more than 40 million visitors last month in web traffic and the site ranks #2,379 globally according to Alexa ratings. The website is donating 20% of the house edge to an organization that will be coordinating with public health authorities in order to provide protective equipment.
The coronavirus outbreak has massively disrupted the world’s economy and a lot of people are in need of food and healthcare resources. This has caused a lot of firms in the private sector to start providing much-needed supplies and relief funds to those affected by the financial calamity. News.Bitcoin.com recently reported on a slew of crypto companies donating funds to coronavirus relief efforts during the last few weeks. For instance, the organization Binance Charity designated $5 million toward a covid-19 aid program.
Now the team behind the popular crypto gaming web portal Freebitco.in has initiated a fund to assist those in need during these times of stress. Freebitco.in is a well known gambling site that was launched in 2013 and the website gets around 40-46 million visitors per month. The gaming web portal’s fundraiser says the site will donate 20% of the house edge toward covid-19 relief efforts. Freebitco.in’s covid-19 fundraiser announcement states:
The proceeds from this fundraiser will be donated to Direct Relief, an organization that is coordinating with public health authorities, nonprofit organizations and businesses in the U.S. to provide personal protective equipment and other items to health workers responding to coronavirus (covid-19). Please join us to help the masked superheroes on the front lines that are risking their health to keep us safe.
So far, statistics on April 4 show there are 1.1 million coronavirus cases worldwide and 62,735 people have died from the pandemic. Freebitco.in has a lot of visitors playing games like “free bitcoins every hour,” “hi-lo game,” “the wagering contest,” “dice game,” and “peer-to-peer event prediction.” Freebitco.in recently added a “bitcoin cash price prediction” bet to the platform which allows players to wager on the future price of BCH. People wagering on the “multiply BTC game between 8 to 11 UTC on Sunday, April 5 will see 20% of house edge revenue contributed during the donation window to the coronavirus relief fund.”
Freebitco.in is very web prominent as Alexa ratings note the site ranks #2,379 worldwide and the web portal is also very well known in Russia. Russian traffic statistics show that Freebitco.in ranks #692 in the country. With 1.72 million page visits a day, the site could generate a notable amount of funds for coronavirus relief. There is a shortage of medical supplies, masks, and ventilators worldwide, and the private sector is dedicating lots of energy to sending much-needed supplies to hospitals and makeshift ICUs. The private sector and a slew of crypto companies dedicating time and efforts toward helping those in need clearly shows there’s still a lot of good moral fiber in the world of business and finance.
What do you think about Freebitco.in’s coronavirus relief effort? Let us know in the comments section below.
The post Freebitco.in Gaming Site Launches Covid-19 Relief Fund – Donating 20% House Edge to Healthcare Efforts appeared first on Bitcoin News.
If you’re looking for something fun to do with the family while you’re all staying at home, Cards Against Humanity has a new family-friendly version of the game available that you can download and print at home.
Officially speaking, makeup brushes should be cleaned once a week. But here’s a fun fact: Makeup brushes, and other personal grooming items like toothbrushes and razors, are considered high-touch items that you should be more considerate of keeping clean during The Troubles.
The coronavirus outbreak has sent shockwaves through the world’s economy and this has caused politicians and central bankers to react in various ways. However, global market leaders, Wall Street CEOs and hedge fund managers had one of the best years in more than a decade since the 2008 financial crisis. In fact, evidence shows that the bureaucracy and the modern banking cartel knew a crash was on the horizon, as the covid-19 crisis was simply the pin that popped the balloon.
Toward the end of 2019 market players and Wall Street’s top CEOs discussed whether or not the U.S. was facing a recession in 2020. This was after the stock market, S&P 500, and Dow Jones Industrial Average broke records last year. A few months before the coronavirus started spreading wildly, central banks like the Federal Reserve were already slashing rates and funneling billions into the hands of private banks. It’s almost as if the elite knew the bubble would pop in 2020, as bonds were manipulated by banks and stocks were massively overvalued. In fact, a majority of bankers predicted that 2020 would suffer from a really bad recession that could be worse than the last economic fallout. Central banks started easing up on monetary policy and created vast amounts of stimulus throughout the months of August, September, and October of last year.
When 2020 started, the smoke signals were everywhere, as hedge fund managers and strategists warned that the stock market was extremely overvalued. On January 14, financial experts reported on how the stock market has never been this big relative to the economy. “Such elevated valuations in past periods have weighed on equity returns over the subsequent five years and lowered the odds of positive outcomes,” Goldman Sachs strategist Sharmin Mossavar-Rahmani noted in the company’s 2020 outlook. “That the bulk of last year’s returns came from higher valuations, and not growth in earnings, only compounds investors’ concerns,” Mossavar-Rahmani added. Despite, the warnings of a massive stock market bubble, a few Wall Street execs continued to shill company shares that many people had deemed “overpriced.”
Additionally, analysts also cautioned retail investors about how far apart Wall Street trading and the real world economy really is compared to the hyped up news headlines. Markets today are made up of algorithms, futures, options, high-frequency trading, and passive funds and there’s whopping $532 trillion in global derivatives markets. Most of the time stock market derivatives are not even traded by real people, as estimates note that 75% of all trades are computer-driven.
Moreover, derivatives like futures and options are usually not dealing with the physical goods themselves and they are simply trading pieces of paper that represent corn, oil, gold, and other commodities. The reason the derivatives markets could be frightening is due to the large separation from real-world goods. Megabanks and financial institutions did not learn from their prior mistakes and many of them are highly leveraged with derivatives products today. This means when real-world prices crash, highly leveraged institutions suffer major losses when spot prices are extremely turbulent like they were in 2008.
For centuries now, a number of people have been aware that the politicians and central banks have manipulated and ruined global economies. The U.S. is a perfect example of how the American bureaucracy and Wall Street moguls from the ‘House of Morgan’ destroyed the nation’s economy by introducing a fraudulent Ponzi system. History shows that the banker families in the early 1900s are the very same banking families who run the country’s finances today. The fraudulent banking cartel is likely the direct cause of all of the economic destruction modern Americans have seen in the last three decades.
The Wall Street crashes in 1907, 1929 and in the early ‘30s, all stemmed from the greed and fraudulent activities invoked by the House of Morgan, otherwise known as the ‘Money Trust.’ Members of the Money Trust included the families of JP Morgan, JD Rockefeller and a small group of finance moguls. Morgan’s empire consisted of U.S. Steel, General Electric, International Mercantile Marine, International Harvester, AT&T, and approximately 21 railroads. Interestingly, during the Great Depression years, a slew of politicians and financiers stepped down months before the crash and many large firms restructured.
The 2020 crash which started on March 12, otherwise known as ‘Black Thursday,’ was a surprise for most Americans watching the stock market that day. However, today’s Wall Streeters, hedge fund managers, politicians, and bankers didn’t seem surprised by the bubble bursting at all. In fact, one could assume that the banking cartel and the American bureaucracy knew exactly when the crash was coming. One of the biggest signs of the elite knowing the crisis was imminent was how Q4 2019 had the most CEOs step down in years as 1,300 top executives left in November 2019.
CEOs from mega-companies and financial institutions stepped down in record numbers again in December 2019. The public also witnessed the same trend in January and February, as January 2020 set a record for the most CEO departures in America recorded in a 30-day time span. 219 major chief execs unexpectedly left their positions with little to no warnings. Even though some of these CEOs ran these companies for decades, they stepped down abruptly. Disney’s CEO Bob Iger stepped down, Adam Bierman from Medmen suddenly up and left, and Mandy Ginsberg of Tinder and Match Group stepped away from her firm’s as well. The list of noteworthy CEOs who stepped down is quite exhaustive, but includes people like Hulu’s Randy Freer, Mastercard’s Ajay Banga, IBM’s Ginni Rometty, Tmobile’s John Legere, Harley Davidson’s Matt Levatich, Linkedin’s Jeff Weiner, Microsoft’s Bill Gates, Salesforce’s Keith Block, Lbrand’s (Victoria’s Secret, Bath & Body Works, Pink) Leslie Wexner, and many more well known chief executives.
The protectors of today’s corporatists and monopolies, otherwise known as U.S. politicians, were also scrutinized for knowing about the economic impact in advance. Senator Kelly Loeffler (R-GA) was accused of sharing insider information and she dumped millions in shares after the Senate’s coronavirus briefing took place.
Loeffler wasn’t the only bureaucrat accused of dumping on the stock markets before ‘Black Thursday,’ as U.S. representatives like North Carolina’s Richard Burr, California’s Dianne Feinstein, and Oklahoma’s James Inhofe all sold stocks before the Senate’s classified briefing on January 24. None of these politicians or corporatists warned the general public of a looming stock market crash.
Cryptocurrency advocates have been warning about the monetary manipulation for well over a decade and many bitcoiners predicted these events. The money system has been fraudulent for a very long time and digital currencies like bitcoin could transform the world’s monetary system for the better. Reading this article should tell you that there is no free market within the United States and the capitalism that exists is really cronyism mixed with manipulative profits.
Concepts like cryptocurrencies and free markets are becoming more enticing to people every single day. The reason for this trend is largely because central bankers and politicians are making it blatantly obvious that they are screwing society. The elite knowing about the mid-March stock market fallout well beforehand should be no surprise to those who understand the collusion between the state and central banks. More than ever, activists and free market advocates wholeheartedly believe that the desire to separate money from the state is a goal worth fighting for. Especially since we have solid proof of fraudulent behavior from our so-called representatives and banking institutions.
What do you think about politicians and the elite knowing about the crash well before covid-19? Let us know what you think in the comments below.
The post Evidence Shows Politicians and Wall Street CEOs Expected the Market Crash Well Before Covid-19 appeared first on Bitcoin News.
With a significant portion of the country under stay-at-home orders, HBO is making staying at home a little more entertaining by making a lot of its content free to stream without a subscription.
Malaysia’s Securities Commission has given full approval to a cryptocurrency exchange operator to legally operate in the country despite the nationwide lockdown due to the coronavirus pandemic. Recently, Japan also approved a new cryptocurrency exchange as the country continues to fight the covid-19 outbreak.
Suruhanjaya Sekuriti Malaysia, the Securities Commission Malaysia (SC), has approved a cryptocurrency exchange despite the current coronavirus pandemic crisis the country is facing. The nationwide lockdown has already been extended until at least April 14. By that time, the Malaysian government hopes that aggressive testing will have contained the pandemic.
During the lockdown, crypto exchange operator Tokenize Malaysia received full approval from the Securities Commission Malaysia to operate a digital asset exchange (DAX), several local media reported Friday. The platform can now accept clients.
Referring to the covid-19 pandemic, Tokenize Malaysia CEO Hong Qi Yu was quoted by Malaysian national news agency Bernama as saying:
The digital asset industry is by far one of the best equipped and it is business as usual for us as the industry is used to working and communicating effectively across time zones and managing teams remotely.
On Suruhanjaya Sekuriti Malaysia’s website, the regulator explained that it has registered three recognized market operators (RMOs) to establish and operate cryptocurrency exchanges in Malaysia. This followed the coming into force of “the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019” on Jan. 15 last year, designed to regulate DAX operators.
The three conditionally-approved crypto exchange operators were Luno Malaysia, Sinegy Technologies, and Tokenize Technology. According to the national news agency, out of 23 crypto exchanges that applied, only the aforementioned three received any form of approval. Among them, Luno became the first to meet the regulatory requirements and received full approval. Suruhanjaya Sekuriti Malaysia also published digital asset guidelines in January this year outlining the requirements for digital token offerings. The regulator previously clarified:
Entities which have not been approved by the SC, including those which have previously been operating under the transitional period, are required to cease all activities immediately and return all monies and assets collected from investors.
Last week, Japan set an example by approving a new cryptocurrency exchange to operate in the country despite the coronavirus pandemic. The Land of the Rising Sun now has a total of 23 registered crypto exchanges.
What do you think about Malaysia approving a crypto exchange despite the lockdown? Let us know in the comments section below.
The post Malaysia Becomes the Next Country to Approve Cryptocurrency Exchange Amid Covid-19 Crisis appeared first on Bitcoin News.
While travel is out of the question right now, Puerto Rico is offering would-be travelers a way to take a virtual trip to the island with a celebrity tour guide: Lin-Manuel Miranda.
Si vous avez un VPS sous Linux, vous pourrez vous facilitez vos tâches d’administrations grâce à Webmin. Webmin propose une interface graphique Web pour administrer et surveiller votre serveur Linux. Il est disponible pour de nombreuses distributions et il est souvent utilisé par les administrateurs de machine Linux en complément de la ligne de commande. …
Venezuela’s President Nicolas Maduro has announced that he is airdropping cryptocurrency to every doctor in his country as a token of appreciation for their work to combat the coronavirus outbreak. The national cryptocurrency, the petro, will be distributed via the Homeland card (Carnet de la Patria).
The president of Venezuela, Nicolas Maduro, is airdropping the country’s cryptocurrency, the petro (PTR), to all doctors in Venezuela as a special bonus for their work to combat the coronavirus pandemic. The Twitter account for the Homeland card (Carnet de la Patria) announced on Wednesday:
Thanks to President Nicolas Maduro, the delivery of the special bonus for all doctors of the country has begun in the amount of 1 petro through the Carnet de la Patria.
Carnet de la Patria is the Venezuelan identity document that includes a unique personalized QR code; it was created in 2016 by the Venezuelan government.
Venezolana de Televisión, a state-run TV station based in Caracas, noted that “through the Homeland platform, this benefit will be delivered to all those doctors as part of the recognition and thanks for the support to carry out the noble work of protecting the health of the Venezuelan people in the midst of the covid-19 pandemic that plagues humanity.”
This is not the first time Maduro airdrops the petro to Venezuelan citizens. Last year, he airdropped it to retirees and pensioners and claimed in January this year that almost 6 million families in the country had used the cryptocurrency as a payment method.
According to the Venezuelan government’s official exchange rate, at the time of this writing, one petro can be exchanged for 0.00874729 BTC, 58.92 U.S. dollars, 4,989,701 bolivars, 54.23 euros, or 417.23 yuan.
However, the petro can be purchased on the open market at a fraction of the price set by the Venezuelan government, as news.Bitcoin.com previously reported. Venezuelans can use the Petroapp, provided by the government, to manage their petros and other cryptocurrencies: BTC, LTC, and DASH. The app also lets them exchange, buy, or transfer the petro, as well as use it to pay for goods and services.
Maduro and a number of high-ranking Venezuelan officials have been charged by the U.S. government with “narco-terrorism, corruption, drug trafficking and other criminal charges,” the Department of Justice (DOJ) announced last week.
Several of the Venezuelan government officials charged allegedly partnered with the Fuerzas Armadas Revolucionarias de Colombia (FARC), Colombia’s largest rebel group, to “flood” the U.S. with cocaine, the DOJ claims.
Furthermore, the U.S. Department of State is offering rewards of up to $15 million for information leading to the arrest and/or conviction of Maduro. A $10 million bounty has also been placed on a few other high-ranking Venezuelan officials. Meanwhile, last month, Maduro ordered bank closures amid the coronavirus scare.
What do you think about Maduro airdropping one petro to all doctors in Venezuela? Let us know in the comments section below.
The post Pandemic Assistance: Maduro to Airdrop Cryptocurrency to All Doctors in Venezuela appeared first on Bitcoin News.
The Bitcoin Cash (BCH) network will face a halving in four days and many BCH proponents are getting ready for the big day. Unfortunately, the covid-19 outbreak has overshadowed the halving and BCH has dropped in value by roughly 30% since the end of February.
BCH supporters are getting ready for the big halving day, at least the best they can since most of the world has been stuck at home due to the coronavirus. So far, roughly 87.4% of the 21 million BCH available are in circulation and there’s around 18,366,500 BCH at the time of publication. Every four years, the BCH network sees a reward halving as the system’s rules are meant to make the issuance rate harder.
The Bitcoin Cash halving will take place in four days on or around Passover, April 8. Typically, there’s about 1,800 BCH mined per day, which gives the chain an inflation rate of 3.6%. Bitcoin cash miners finding a block on the BCH network today get approximately 12.5 BCH, but after the halving they will only get 6.25 coins.
The Bitcoin Cash network’s drop in issuance will change the inflation rate to an estimated 1.8% per annum. The mathematical and probable monetary system is a stark contrast to the unpredictable monetary system that the world’s central banks provide. Central banks, like the Federal Reserve, claim to keep the inflation rate at 2%, but reports from shadowstats.com note that the real U.S. rate could be as high as 10%. No one knows how bad the inflation rate will get now that central banks worldwide have started creating trillions in fiat currencies out of thin air.
The Fed’s schemes are completely different from the issuance rate Satoshi Nakamoto designed and the 1.8% per annum inflation rate for BCH will continue to get better. For instance, by the end of 2024, it is estimated that the BCH inflation rate will be around 1.1% and it will drop to 0.9% the very next year. By the end of 2028, around 20.5 million BCH should be mined by then and the inflation rate is expected to be about 0.5%.
Four days before the halving, there’s around 3.63 exahash per second (EH/s) mining the Bitcoin Cash chain. On Friday, there are 10 different mining pools hashing away at the BCH chain. This includes operations like Antpool, Viabtc, Bitcoin.com, Btc.top, P2pool, Huobi, Poolin, Mining-Dutch, Btc.com, and Prohashing. Antpool captures the most hashpower on April 3, with 32% of the overall hashrate, while 6.5% of the hashrate is mined by stealth miners.
Miners have about 8,500 coins left to mine and there are about 680 blocks left until the halving. BCH difficulty is around 486,638,039,618 and mining profitability between BTC and BCH has been less volatile lately. At the time of writing, it is 1.6% more profitable to mine the BTC blockchain and BTC miners face a halving in 39 days.
BCH fans are excited about the upcoming halving and a number of proponents discussed the subject two days ago, when there were six days left until the halving. Electron Cash developer Calin Culianu (Nilac the grim) said that he hopes things work out for the best. “Lord help us make it through these all-around crazy times better than we were entering into them,” Culianu wrote. “Interesting times ahead indeed,” Reddit user Jackandjill22 responded. The following day, Poolin executive Alejandro De La Torre tweeted:
Only five days to go for the bitcoin cash halving. This is an event to monitor, might be indicative of what’s to come with the bitcoin halving.
With the covid-19 outbreak, it’s likely that there won’t be any Bitcoin Cash halving parties come April 8. Most people will be monitoring the BCH reward reduction from home and they will surely be watching the price and the hashrate after the halving kicks in. If you are interested in reading about specific halving countdown websites for every Bitcoin branch reward reduction, then check out this article on the subject.
What do you think about the upcoming BCH halving? Let us know in the comments section below.
The post The Bitcoin Cash Halving Countdown – 50% Less Block Reward in 4 Days appeared first on Bitcoin News.
Not to dismiss the very real struggles happening around the world right now, I must say, my butt hurts. In fact, this is the second time I’ve stressed this fact just this week. I’m sitting at home, working A LOT, and as a result, my butt hurts. So, of course, after turning to our readers for your recommendations of…
Dans une étude au ton satirique mais néanmoins sérieuse, trois chercheurs mettent en évidence le peu d’intérêt à continuer à chercher de nouveaux dopants pour améliorer les propriétés électrochimiques du graphène.
It’s been a very long three weeks since many cities in the U.S. issued shelter-in-place orders to combat the spread of COVID-19, and life isn’t going to get back to normal any time soon. Now is the time to escape into TV shows that make you feel good—or at least make you feel something other than overwhelming…
No matter how well you prepared when you first found out you’d need to stay at home for a few weeks, no reasonable grocery stash lasts forever. And whether you’re avoiding your local store or discovered that your usual Amazon/Fresh Direct/Walmart delivery is delayed for what feels like an eternity, you might be…
Mid-pandemic is no time to run to the pharmacy for last-minute supplies, so it makes sense to stock up before you get sick. Here’s what you’ll need to weather a mild bout of COVID-19 or, for that matter, a regular old cold or flu.
Despite what gold bug Peter Schiff says, economists are uncertain that gold will shine during the current coronavirus crisis. While gold and other precious metals have seen decent gains in the last few weeks, a few investors are terrified that central banks will use their flight-to-safety assets in order to save their economies. Data shows that the U.S. owns the biggest stockpile of gold reserves and the Federal Reserve could very well unload the bullion in times of extreme financial stress.
Just like digital assets like bitcoin, investors are curious about gold and whether or not the metal will rise much higher during the financial meltdown. For over a millennia, gold has been considered a safe-haven asset and the yellow metal is far more scarce than the unlimited fiat central banks create regularly. Despite the scarcity, economists understand that central banks are the largest holders of gold and there’s a great possibility they could dump on the market at any time. In 2019, central banks worldwide purchased the most tonnage of gold in more than 50 years.
Interestingly, in the midst of the coronavirus outbreak, Russia’s central bank surprisingly stopped buying gold and gave no official reason. Russia was not the only country to curb gold purchasing as Kazakhstan, and Uzbekistan brought gold purchases to a grinding halt. Speculators assume central banks are simply using gold for its flight-to-safety purpose and they will have to sell the bullion when economies get crushed.
Statistics show that the U.S. is the largest holder of gold reserves with 8,965 tons to-date. This is followed by Germany (3,709t), the International Monetary Fund (3,101t), Italy (2,702t), France (2,684t), Russia (2,504t), China (2,159t), Switzerland (1,146t), Japan (842t), India (686t), Netherlands (674t), and the European Union (556t).
Financial columnist David Fickling explains in a recent editorial that investors should not “expect a crisis to be good for gold.” “It might be argued that the current crisis is precisely the sort of emergency that proves the enduring value of gold for a central bank, as an asset with no counterparty risk that can be sold in an exchange for any currency if things get tight,” Fickling wrote on April 1. Fickling continued:
It’s worth reflecting that the surging price of gold is increasing the share of bullion in most central banks’ reserves right now, in some cases to the point where they need to think about selling.
Further, even though investors might want to get some gold to hold onto as a safe haven asset, financial news outlets are reporting on gold dealers explaining there are “big shortages of small bars and coins.” Small bars and coins are popular among retail consumers and people looking to grab some are paying “well above the per-ounce prices being quoted on financial markets.”
“People want to buy, not to sell gold,” detailed Mark O’Byrne, the founder of the firm Goldcore. “We have a buyers’ waiting list and we emailed our clients seeing who wished to sell their gold. At this time there are roughly only one or two sellers for every 99 buyers,” O’Byrne added.
In fact, retail premiums for gold “have exploded,” remarked Markus Krall, CEO of Degussa, a German-based precious metals dealer for retail investors. Krall said that the price of bullion at certain shops can be 10-15% above spot prices. Furthermore, Ronan Manly, an analyst at Singapore dealer Bullionstar told the press that Kilobars distributed by Argor-Heraeus SA are selling for 6% above spot. Even though there’s a shortage of small bars and coins, gold bugs like Peter Schiff still think that the yellow metal will surely skyrocket in the near future. Thanks to the stimulus plans across the world, gold proponents have always said that gold will be the best store of value. Many other gold proponents agree with Schiff and Bob Haberkorn, senior commodities broker with RJO Futures feels the same way.
“With all of the stimulus money, interest rates at zero, loss of jobs and multiple battles on the economic front, I can’t see how gold is not higher next week,” Haberkorn told Kitco on Thursday.
While analysts and wealth managers ponder if gold will be a safe haven asset during the current crisis many believe digital assets like bitcoin will be king. There are various reasons why bitcoiners think crypto is better than gold and one of the biggest is the fact that bitcoin is much harder to confiscate. Gold investors are often reminded of when the U.S. stole everyone’s gold in the 1930s, back when President Franklin D. Roosevelt (FDR) outlawed the yellow metal. Bitcoin is far more portable than gold, as traveling with the metal could weigh hundreds of pounds, which often leads to storing it with a third party.
Additionally, bitcoiners are more confident in the BTC supply and there’s no central banks to dump on the market. Moreover, BTC’s rate of issuance continues to outshine gold as 3,300 tons of new gold or $200 billion is mined every year. There’s a myriad of reasons why bitcoin and cryptocurrency assets are built for economic calamities such as the one we are experiencing today. If you are interested in learning more about bitcoin then check out our guides and educational resources today.
What do you think about gold during the economic crisis? Let us know in the comments below.
The post Gold Investors Are Terrified Central Banks Might Dump Bullion During the Economic Crisis appeared first on Bitcoin News.
Now that we’re all spending a lot more time inside, we’ve got a lot more time to watch live content—and there’s suddenly a lot more live content to watch, especially on Instagram. Watching videos on your phone, however, isn’t always an ideal experience. But you can actually watch those Instagram Live videos from your…
The summer Olympics were scheduled to take place in Tokyo, Japan beginning July 24th. On March 24, the International Olympic Committee announced the Tokyo Games would be postponed until July 23, 2021. The Paralympic Games will also be postponed and start on August 24, 2021. Which leaves people who had flights and/or…
My family and I have been in quarantine for approximately 14 days and already we have begun to run out of our cache of emergency junk food supplies. Already, two half-gallons of death by chocolate ice cream have been devoured, and as of 2pm today, our Pop-Tart reserves have diminished to a single lowly strawberry one…
It’s Friday, or at least that is what my phone tells me, but every day pretty much feels like every other day, and the “weekend” no longer hits the same. But, as the Contessa reminded us yesterday, traditions are important, so we might as well have a little IGIF—“I Guess It’s Friday”—cocktail.
If the coronavirus outbreak has you feeling less than enthusiastic about going to the laundromat—or even using your building’s shared-laundry facilities—I’m here to tell you that you can indeed wash by hand nearly everything that needs washing at home; I’ve done it before, often for extended periods of time.
Guys, we need to talk. While my body needs exercise as much as ever, my brain is exhausted. I’m keeping up with strength training on my own, but I have to admit I love the idea of turning over the decisions about how to exercise to somebody on a screen who is going to make sure I have a good time.
Parenting young children is hard enough. Parenting young children during this pandemic is a whole new level of difficult. Between juggling work, child care and the worries brought on by a rapidly spreading disease and rapidly crashing economy, parents are stretched to a breaking point. No one would fault them for …
It’s been several weeks since we’ve begun “physical distancing,” and everyone is figuring out how to maintain their social relationships with people they can’t see anymore. But what about the people you are forced to see too much?
Dav Pilkey—author and illustrator of the Captain Underpants and Dog Man children’s book series—is, like most of us, stuck at home. So he’s teaming with the Library of Congress to read to our kids and help them learn to draw some of his most beloved characters.
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The coronavirus has managed to seep into every facet of the global economy and it seems nothing will escape its financial wrath. During the last two weeks as unemployment levels have skyrocketed in the U.S.; analysts, economists, and wealth managers have been warning about another subprime mortgage crisis. Most of these observers believe there’s no doubt the real estate market will collapse again, as economists understand that the loss of jobs, wages, and severe reduction of business activity has devastated the American economy.
There are a number of individuals and organizations that predict the covid-19 economy will destroy the American housing market and it might be far worse than the 2008 subprime mortgage crisis. One of the biggest reasons people think that the real estate economy is about to be hit hard is because of the number of U.S. citizens that are unemployed right now. This has caused mortgage borrowers to stop paying loans due to not having funds. Debtors who are landlords are suffering too, as renters cannot come up with the money to pay monthly rent expenses because they are out of work. At the time of publication, estimates note that roughly 40% of New York tenants may not be able to pay their rent this month which in turn hurts the landlord paying the mortgage.
Estimates from Moody’s Analytics chief economist Mark Zandi note that 30% of Americans with mortgages might not be able to pay their loans. Zandi says that figure is around 15 million American households and it could grow worse if the economy is shut down through the summer months. Property owners and renters are concerned about the unpredictable economy and a great majority of earners are seeing a smaller paycheck thanks to fewer shifts, hours, and layoffs across the board.
The U.S. government’s safety nets are not working and the ones that are available only cover a fraction of homeowners. Many Americans are upset because government-backed home loans through the FHA, Freddie Mac, Fannie Mae, and the VA are allowing deferred payments for mortgages. In some instances, these lenders are allowing up to a year of deferred payments. But government-backed loans only cover 60% of the nation and the 40% leftover have traditional real estate loans with banks.
What's the break lease policy at the moment if they don't offer a rental reduction? If we can't afford rent anymore do we just say to our real estate agent like… 'here's my notice sorry?' I'm 5 months into a 1 year lease.
— Michael Beveridge (@mickyb273) April 3, 2020
Similarly, property owners who rent might not get monthly payments for a very long time. As individuals in the U.S. are finding themselves out of work, they can’t pay the rent to their landlords. Some renters and politicians in various states are calling for an emergency rent freeze and eviction moratorium until the covid-19 threat is behind us.
Landlords with mortgages could be crushed as the Rental Housing Finance Survey (RHFS) estimates there are more than 22.5 million rental properties nationwide. Some economists think that super hosts from Airbnb could cause the housing market to buckle as well, thanks to the unwinding Airbnb rental economy. Mega or ‘super hosts’ are Airbnb landlords who mortgaged multiple homes in order to profit on the platform’s rental market.
“Watch the real estate market, my neighbor is an Airbnb super host,” tweeted Spencer Noon. She is on forums with other hosts [and] many of them have 10+ mortgages. 0 guests are booking their properties [and] they are running out of cash.”
Even small banks and real estate lenders are being told by the government they have no idea how long the industry shut down will last. “Nobody has any sense of how long this might last,” explained Andrew Jakabovics, an executive from Enterprise Community Partners, a nonprofit affordable housing group. “The forbearance program allows everybody to press pause on their current circumstances and take a deep breath. Then we can look at what the world might look like in six or 12 months from now and plan for that.”
On March 21, news.Bitcoin.com reported on how Lendingtree’s chief economist Tendayi Kapfidze predicted a complete “shutdown in the housing market.” Today, Kapfidze says with the government in “bailout everyone mode,” they probably will try to stop mass foreclosures. “I expect policymakers to do whatever they can to hold the line on a financial crisis,” Kapfidze told the press. “And that means preventing foreclosures by any means necessary,” he added.
In addition to the looming subprime mortgage crisis; office, retail, industrial, and multi-family homeowners invested a lot of upfront funds expecting a good season in the spring. “If the pandemic has taught us anything, it’s how quickly everything can change. Just weeks ago, mortgage lenders were predicting the biggest spring in years for home sales and mortgage refinances,” Bloomberg’s recent real estate coverage explains. Meanwhile, on April 2nd, financial publications wrote: “Real estate spring buying season could be catastrophic.”
Throughout the covid-19 economy, wealth managers and economists are curious about which safe-haven asset will society be confident in during the financial meltdown. While many predict precious metals will be the avenue, history shows that during the 2007-2008 subprime mortgage crisis bullion markets were manipulated by central banks.
The current black swan event, covid-19 may call for a black swan asset like bitcoin because it’s not manipulated as easily as real estate property and precious metals. Traditionally, investing in real estate outperforms a myriad of other investment assets, but cryptocurrencies have outshined property investment by a longshot. In fact, in contrast to real estate investment which gained 70-100% in ten years, BTC gained 8.9 million percent over the last decade.
Moreover, analysts can clearly see that office, retail, industrial, and multi-family investors will take a big hit from the covid-19 economy. Even U.S. President Donald Trump is having issues coming up with funds to pay for his Florida properties and his administration asked Deutsche Bank and Palm Beach County to give him leniency.
What do you think about the real estate industry’s hardships in the near future? Let us know what you think in the comments below.
The post Homeowners Can’t Pay: US Lenders Prepare for Catastrophic Real Estate Market appeared first on Bitcoin News.
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