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| November 15, 2018

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Khloe Kardashian & Tristan Thompson Still Together, Doing Thanksgiving

November 15, 2018 |

Khloe Kardashian and Tristan Thompson are NOT broken up or on the rocks, contrary to reports — but they could very well be breaking up a turkey wishbone very soon … TMZ has learned. Sources tell us … rumors that Khloe and TT have split or…


Chuck Liddell Says Calabasas Home Still Standing After Evacuating for Wildfires

November 14, 2018 |

Chuck Liddell is keeping tabs on his Calabasas home while training for his huge fight with Tito Ortiz … telling TMZ Sports his house is still standing amid the Southern California wildfires. “The Iceman” was training at Kings MMA in WeHo leading…

Defeated Republican Could Still Get Senate Seat

November 14, 2018 |

After it became clear that Democrat Kyrsten Sinema had an insurmountable lead in the Arizona Senate race, Republican Martha McSally delivered a gracious concession speech —so gracious that she might end up in the Senate after all. Arizona’s other Senate seat is currently held by Republican Sen. Jon Kyl, who…

Brexit Negotiators Still at Odds, Leaving All Options Open

November 14, 2018 |

With fewer than 20 weeks until Britain’s planned departure from the EU, it isn’t clear whether any deal Prime Minister Theresa May negotiates with the bloc would secure the support of her own cabinet, let alone the U.K. Parliament. What’s News Europe

California Inc.: Hollywood hopes Potter-less Harry Potter can still work magic

November 12, 2018 |

Welcome to California Inc., the weekly newsletter of the L.A. Times Business Section.

I’m Business columnist David Lazarus, and here’s a rundown of upcoming stories this week and the highlights of last week.

We got a peek the other day at the much-anticipated Disney streaming service, dubbed Disney+,…

L.A. Times – Business

Disney appears to gain a friendly majority in Anaheim City Council. The ‘living wage’ initiative is still too close to call

November 8, 2018 |

After butting heads for two years with the Anaheim City Council, Walt Disney Co. appears to have won a favorable majority on the panel as candidates backed by the media giant were well ahead in a wide field of hopefuls.

Three City Council candidates, including the mayor, who received campaign support…

L.A. Times – Business


Kanye’s Relationship with Candace Owens is Still Good, So Are ‘Blexit’ Sales

November 5, 2018 |

Kanye West distancing himself from politics hasn’t affected his relationship with Candace Owens, nor has it affected her “Blexit” numbers … at least, so says Candace Owens. The conservative provocateur tells TMZ … her apology to Kanye was…

E. coli still haunts desert romaine lettuce season

November 3, 2018 |

Lettuce growers in the desert valleys of the U.S. Southwest will face more federal scrutiny during the winter growing season, in hopes of preventing the type of contamination with E. coli bacteria that killed five and sickened another 205 people earlier this year.

The Food and Drug Administration…

L.A. Times – Business


Iran is still exporting oil as sanctions deadline looms

November 2, 2018 |

US sanctions have failed so far to shut down Iranian oil exports, and some countries are reportedly close to being granted exemptions to allow them to continue buying from Tehran without fear of punishment. – RSS Channel – World

Morgan Stanley Is Still Struggling to Understand Bitcoin

November 1, 2018 |

Like many late arrivals to cryptocurrency, Morgan Stanley doesn’t quite know what to make of bitcoin. The investment bank understands money, unless that money is peer-to-peer digital cash, in which case it struggles. Its latest report into the cryptocurrency ecosystem reveals its shifting stance on bitcoin.

Also read: Store Now Offers Hundreds of Top-Branded Gift Cards

Morgan Stanley’s ‘Morphing Thesis’
Is Code for ‘We Were Wrong’

Morgan Stanley Is Still Struggling to Understand BitcoinInvestment banks, while less risk-averse than their central banking peers, still take a conservative stance on cryptocurrencies. It’s only now, a decade on from Bitcoin’s inception, that they’re starting to give this digital asset class serious attention. In its report on bitcoin, cryptocurrencies and blockchain, dated Oct. 31, Morgan Stanley begins by speaking of a “rapidly morphing thesis” on bitcoin and cryptocurrencies. Given that its previous report arrived earlier this year, during which time bitcoin has scarcely changed, this could be interpreted as an admission of them having gotten things wrong.

“Bitcoin Decrypted: A Brief Teach-In and Implications” lists no less than seven phases of bitcoin, during which time the cryptocurrency was understood by Morgan Stanley to hold different utilities. The first of these, which supposedly runs from 2009-2016, is bitcoin as digital cash, which runs concurrently with bitcoin as an “antidote to incumbent financial system and central bank” and as “replacement for existing payment system.” While bitcoin has many applications, a sizable number of cryptocurrency proponents would dispute the assertion that its use as digital cash effectively ended in 2016.

From ‘No Tangible Intrinsic Value’ to
‘New Institutional Investment Class’

Morgan Stanley Is Still Struggling to Understand BitcoinAccording to its Oct. 31 report, Morgan Stanley’s current interpretation of bitcoin and cryptocurrencies is as a “new institutional investment class,” which it dates from 2017 to the present. Bitcoin’s suitability as an investment vehicle is something that many of its staunchest supporters have known for years, and their conviction in this has earned them thousand-percent returns. Any institutional investors arriving at this decision a year ago, in comparison, would have realized a loss of around 10 percent.

Morgan Stanley’s current understanding of bitcoin as being suitable for institutional investment differs considerably from its report in January of this year. Then, the investment bank referred to bitcoin as a “controversial asset,” and pondered whether it might be “a new currency, a new type of gold, or a speculative fad?” Deploying its own version of the “blockchain not bitcoin” meme, the January report opined that “while the future of bitcoin and other cryptocurrencies remains to be seen, the concept and technology behind them may influence innovation going forward.”

Morgan Stanley Is Still Struggling to Understand BitcoinThis view contrasts with its latest report, which, on the application of blockchain technology in the financial sector, notes that the benefits are “mainly unclear.” In January, Morgan Stanley wrote that “cryptocurrencies remain an experimental concept that is not regulated or backed by any central bank worldwide and has no tangible intrinsic value.” In just 10 months, its “morphing thesis” of bitcoin has changed considerably. Bitcoin, on the other hand, has not shifted one bit.

What are your thoughts on Morgan Stanley’s morphing thesis on bitcoin? Let us know in the comments section below.

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The post Morgan Stanley Is Still Struggling to Understand Bitcoin appeared first on Bitcoin News.

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