Permanent distortion, p.39

Permanent Distortion, page 39

 

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  38. Reuters Staff. “ECB’s Lagarde Calls for Regulating Bitcoin’s ‘Funny Business.’” Reuters, January 13, 2021. Accessed January 15, 2022. www.reuters.com/article/us-crypto-currency-ecb/ecbs-lagarde-calls-for-regulating-bitcoins-funny-business-idUSKBN29I1B1.

  39. Dellatto, Marisa. “Crypto’s Super User: Young Men. 43% of U.S. Males Aged 18 to 29 Have Bought the Currency.” Forbes, November 11, 2021. Accessed March 5, 2022. www.forbes.com/sites/marisadellatto/2021/11/11/cryptos-super-user-young-men-43-of-us-males-aged-18-to-29-have-bought-the-currency/?sh=36b26f65349a.

  40. Horowitz, Julia. “Crashing Crypto Prices Spooked Some New Investors. Others Are Doubling Down.” CNN, June 5, 2021. Accessed January 15, 2022. www.cnn.com/2021/06/05/investing/cryptocurrency-investing-crash/index.html.

  41. Shapira, Ariel. “Visa, MasterCard Are Taking Crypto. So What’s next?—Opinion.” Jerusalem Post, April 25, 2021. Accessed January 15, 2022. www.jpost.com/crypto-currency/visa-mastercard-are-taking-crypto-so-whats-next-opinion-666319.

  42. EDGAR. “Coinbase Global, Inc: Form S-1 Registration Statement.” Securities and Exchange Commission, February 25, 2021. Accessed January 15, 2022. www.sec.gov/Archives/edgar/data/1679788/000162828021003168/coinbase globalincs-1.htm.

  43. Browne, Ryan. “Bitcoin and Ether Set Fresh Record Highs Ahead of Landmark Coinbase Listing.” CNBC, April 14, 2021. Accessed January 15, 2022. www.cnbc.com/2021/04/14/bitcoin-btc-and-ether-eth-prices-rally-ahead-of-coinbase-listing.html. Tse, Crystal, Katie Roof, and Olga Kharif. “Coinbase’s Whipsaw Debut Takes It Past $100 Billion, Then Back.” Bloomberg, April 14, 2021. Accessed January 15, 2022. www.bloomberg.com/news/articles/2021-04-14/coinbase-tops-100-billion-value-in-landmark-for-cryptocurrency.

  44. Mohamed, Theron. “‘Big Short’ Investor Michael Burry Slams Bitcoin as a ‘Speculative Bubble’—and Says a Crash Is Coming.” Business Insider, March 1, 2021. Accessed January 17, 2022. https://markets.businessinsider.com/news/currencies/big-short-michael-burry-says-bitcoin-speculative-bubble-crash-coming-2021-3.

  45. Musk, Elon (@elonmusk). “Tesla & Bitcoin.” Twitter, May 12, 2021. Accessed January 17, 2022. twitter.com/elonmusk/status/1392602041025843203?s=20. Klebnikov, Sergei. “Elon Musk Is $20 Billion Poorer Since Hosting ‘Saturday Night Live.’” Forbes, May 13, 2021. Accessed January 17, 2022. www.forbes.com/sites/sergeiklebnikov/2021/05/13/elon-musk-is-20-billion-poorer-since-hosting-saturday-night-live.

  46. Kharpal, Arjun. “As Much as $365 Billion Wiped off Cryptocurrency Market After Tesla Stops Car Purchases with Bitcoin.” CNBC, May 13, 2021. Accessed January 17, 2022. www.cnbc.com/2021/05/13/bitcoin-btc-price-falls-after-tesla-stops-car-purchases-with-crypto.html.

  47. Kharpal, Arjun. “A Major Chinese Bitcoin Mining Hub Is Shutting Down Its Cryptocurrency Operations.” CNBC, April 9, 2021. Accessed January 17, 2022. www.cnbc.com/2021/03/02/china-bitcoin-mining-hub-to-shut-down-cryptocurrency-projects.html. Shead, Sam. “China’s Bitcoin Mining Is Threatening Its Climate Change Targets, Study Says.” CNBC, April 9, 2021. Accessed January 17, 2022. www.cnbc.com/2021/04/08/chinas-bitcoin-mining-is-threatening-its-climate-change-targets.html.

  48. Ziady, Hanna. “Bitcoin Tumbles After Elon Musk Tweets Breakup Meme.” CNN, June 4, 2021. Accessed January 17, 2022. www.cnn.com/2021/06/04/investing/elon-musk-bitcoin-breakup/index.html.

  49. Ledger. “Energy Consumption—Crypto vs Fiat?” May 27, 2020. Accessed January 17, 2022. www.ledger.com/energy-consumption-crypto-vs-fiat.

  50. Mellor, Sophie. “CO2 Emissions after China’s Bitcoin Crackdown May Increase.” Fortune, July 15, 2021. Accessed January 17, 2022. https://fortune.com/2021/07/15/china-bitcoin-crackdown-mining-emissions-hash-rate.

  51. Perez, Sarah. “Jack Dorsey Says Bitcoin Will Be a Big Part of Twitter’s Future.” TechCrunch, July 22, 2021. Accessed January 17, 2022. https://techcrunch.com/2021/07/22/jack-dorsey-says-bitcoin-will-be-a-big-part-of-twitters-future.

  52. CNBC. “CNBC Transcript: Senator Cynthia Lummis Speaks with Ylan Mui from the CNBC Financial Advisor Summit.” June 29, 2021. Accessed January 17, 2022. www.cnbc.com/2021/06/29/cnbc-transcript-senator-cynthia-lummis-speaks-with-ylan-mui-from-the-cnbc-financial-advisor-summit.html.

  53. Sigalos, MacKenzie. “Miami’s Mayor Looks to Woo Chinese Bitcoin Miners with Low Energy Prices and Clean Nuclear Power.” CNBC, June 17, 2021. Accessed January 17, 2022. www.cnbc.com/2021/06/17/miami-mayor-francis-suarez-trying-to-win-over-chinese-bitcoin-miners.html.

  54. Ostroff, Caitlin, and Caitlin McCabe. “What Is Dogecoin, How to Say It, and Why It’s No Longer a Joke.” Wall Street Journal, June 2, 2021. Accessed January 17, 2022. www.wsj.com/articles/what-is-dogecoin-how-to-say-it-and-why-its-no-longer-a-joke-thanks-elon-11612820776.

  55. Elena R. “Dogecoin Price Prediction—Will DOGE Mania Burst Price To $1 In 2021?” Coinpedia, December 14, 2021. Accessed January 17, 2022. https://coin pedia.org/price-prediction/dogecoin-price-analysis.

  56. Schild, Darcy. “Elon Musk’s Mom, Maye Musk, Joked on ‘SNL’ That She Hopes Dogecoin Isn’t Her Mother’s Day Gift.” Yahoo!, May 9, 2021. Accessed January 17, 2022. https://ca.movies.yahoo.com/elon-musks-mom-maye-musk-133049485.html.

  57. Scribner, Herb. “Mark Cuban Says Dogecoin Is Better than ‘a Lottery Ticket.’” Deseret News, May 1, 2021. Accessed January 17, 2022. www.deseret.com/2021/5/1/22411726/dogecoin-mark-cuban-investment-prediction.

  58. Locke, Taylor. “Dogecoin Rallies After Elon Musk Agrees with Mark Cuban That It’s the ‘Strongest’ Cryptocurrency as a Medium of Exchange.” CNBC, August 16, 2021. Accessed January 17, 2022. www.cnbc.com/2021/08/16/dogecoin-rallies-after-mark-cuban-and-elon-musk-agree.html.

  59. Crawley, Jamie. “Watford FC Sports Dogecoin Logo in Sponsorship Deal Worth Almost $1M.” CoinDesk, September 14, 2021. Accessed January 17, 2022. www.coindesk.com/markets/2021/08/16/watford-fc-sports-dogecoin-logo-in-sponsorship-deal-worth-almost-1m.

  60. Becker, Samuel. “What Is Crypto Staking?” SoFi, October 22, 2021. Accessed January 17, 2022. www.sofi.com/learn/content/crypto-staking.

  61. ETF Database. “Blockchain ETF List.” January 17, 2022. Accessed January 17, 2022. https://etfdb.com/themes/blockchain-etfs.

  62. Browne, Ryan. “Bitcoin Is at a Tipping Point and Could Become ‘Currency of Choice’ for Global Trade, Citi Claims.” CNBC, March 8, 2021. Accessed January 17, 2022. www.cnbc.com/2021/03/01/bitcoin-btc-is-at-a-tipping-point-citi-says.html.

  63. Surane, Jennifer. “Citigroup Joins Rivals Helping Wealthy Clients Access Crypto.” Bloomberg, June 24, 2021. Accessed January 17, 2022. www.bloomberg.com/news/articles/2021-06-24/citigroup-joins-rivals-helping-wealthy-clients-access-crypto.

  64. Reuters Staff. “JPMorgan to Give All Wealth Clients Access to Crypto Funds—Business Insider.” Reuters, July 22, 2021. Accessed January 17, 2022. www.reuters.com/business/finance/jpmorgan-give-all-wealth-clients-access-crypto-funds-business-insider-2021-07-22.

  65. McShane, Alex. “Bitcoin Price Could 10x, but JPMorgan CEO Jamie Dimon Doesn’t Care.” Nasdaq, September 27, 2021. Accessed January 17, 2022. www.nasdaq.com/articles/bitcoin-price-could-10x-but-jpmorgan-ceo-jamie-dimon-doesnt-care-2021-09-27.

  66. Nik. “World Famous Hotel Chain, Pavilions Hotels & Resorts, to Accept Bitcoin Payments.” Bitcoin Magazine, July 6, 2021. Accessed January 17, 2022. https://bitcoinmagazine.com/culture/famous-hotel-bitcoin-payment. Cooling, Sam. “The Pavilions Hotels and Resorts to Accept Crypto Payments from Today.” Yahoo! Finance, July 7, 2021. Accessed January 17, 2022. https://finance.yahoo.com/news/pavilions-hotels-resorts-accept-crypto-091010603.html.

  67. Resorts World Las Vegas. “Resorts World Las Vegas Announces Partnership With Cryptocurrency Exchange Gemini.” Cision, May 6, 2021. Accessed January 17, 2022. www.prnewswire.com/news-releases/resorts-world-las-vegas-announces-partnership-with-cryptocurrency-exchange-gemini-301285716.html.

  68. Williams, Roxanne. “Aston Villa Has Signed an Agreement with eToro to Become the Club’s Primary Sponsor.” CryptoNewsZ, August 27, 2021. Accessed January 17, 2022. www.cryptonewsz.com/aston-villa-has-signed-an-agreement-with-etoro-to-become-the-clubs-primary-sponsor/.

  69. Namcios. “Mercado Bitcoin Is the New Sponsor of Brazilian Football Club Corinthians.” Bitcoin Magazine, September 3, 2021. Accessed January 17, 2022. https://bitcoinmagazine.com/business/mercado-bitcoin-sponsor-corinthians-brazil-club. Martin, Nicolas. “Venezuelans Try to Beat Hyperinflation with Cryptocurrency Revolution.” Deutsche Welle, April 16, 2021. Accessed January 17, 2022. www.dw.com/en/venezuelans-try-to-beat-hyperinflation-with-cryptocurrency-revolution/a-57219083. Reuters Staff. “Bitcoin to Become Legal Tender in El Salvador on Sept 7.” Reuters, June 24, 2021. Accessed January 17, 2022. www.reuters.com/technology/bitcoin-become-legal-tender-el-salvador-sept-7-2021-06-25. Browne, Ryan. “PayPal Launches Its Cryptocurrency Service in the UK.” CNBC, August 23, 2021. Accessed January 17, 2022. www.cnbc.com/2021/08/22/paypal-crypto-service-launches-in-the-uk.html.

  70. Associated Press, Dave McMenamin, and Ohm Youngmisuk. “Staples Center to Become Crypto.com Arena in Reported $700 Million Naming Rights Deal.” ESPN, November 17, 2021. Accessed January 17, 2022. www.espn.com/nba/story/_/id/32650662/staples-center-become-cryptocom-arena-rich-naming-rights-deal. Lowery, Steve. “AEG Sells Staples Center Naming Rights to Crypto.com for $700M.” Los Angeles Business Journal, November 22, 2021. https://labusinessjournal.com/news/2021/nov/22/aeg-sells-staples-center-naming-rights-cryptocom-7.

  71. Lee, Isabelle, and Will Daniel. “Bitcoin vs. Gold: 10 Experts Told Us Which Asset They’d Rather Hold for the Next 10 Years, and Why.” Business Insider, February 20, 2021. Accessed January 17, 2022. https://markets.businessinsider.com/news/currencies/bitcoin-vs-gold-experts-cryptocurrency-precious-metals-analysis-2021-2.

  72. Popper, Nathaniel. Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money. New York: Harper, 2016. Newbery, Emma. “Mnuchin’s Bitcoin U-Turn: It Could Be Digital Gold.” The Motley Fool, July 18, 2021. Accessed January 17, 2022. www.fool.com/the-ascent/cryptocurrency/articles/mnuchins-bitcoin-u-turn-it-could-be-digital-gold.

  73. Brunnermeier, Markus K., Harold James, and Jean-Pierre Landau. “BIS Working Papers No 941: The Digitalization of Money.” Bank for International Settlements, May 2021. Accessed January 17, 2022. www.bis.org/publ/work941.pdf.

  74. Jones, Marc. “Central Bank Digital Currencies Get Full BIS Backing.” Reuters, June 23, 2021. Accessed January 17, 2022. www.reuters.com/business/central-bank-digital-currencies-get-full-bis-backing-2021-06-23.

  75. Jones, Marc. “Central Bank Digital Currencies Get Full BIS Backing.” Reuters, June 23, 2021. Accessed January 17, 2022. www.reuters.com/business/central-bank-digital-currencies-get-full-bis-backing-2021-06-23.

  76. Rosenfeld, Liran. “The Number of Cryptocurrencies Is Exploding. This Is How You Can Learn About the Different Altcoins and Safely Get Involved.” Yahoo! Finance, June 1, 2021. Accessed March 5, 2022. https://finance.yahoo.com/news/number-cryptocurrencies-exploding-learn-different-124923879.html.

  77. Tergesen, Anne. “Saving for Retirement? Now You Can Bet on Bitcoin.” Wall Street Journal, June 25, 2021. Accessed January 17, 2022. www.wsj.com/articles/saving-for-retirement-now-you-can-bet-on-bitcoin-11624613435.

  78. McGeever, Jamie. “Column: Hedge Funds Get Smoked on Sterling by Boe Sizzler.” Reuters, November 8, 2021. Accessed January 17, 2022. www.reuters.com/business/finance/hedge-funds-get-smoked-sterling-by-boe-sizzler-mcgeever-2021-11-08.

  79. Macheel, Tanaya. “Bitcoin Tumbles Nearly 10% as El Salvador Adopts It as Legal Tender.” CNBC, September 7, 2021. Accessed January 17, 2022. www.cnbc.com/2021/09/07/bitcoin-retreats-from-the-highest-level-since-may-as-el-salvador-adopts-it-as-legal-tender.html.

  80. Majcher, Kristin. “El Salvador’s President Says It Will Use Bitcoin Surplus to Build a Pet Hospital.” The Block, October 10, 2021. Accessed January 17, 2022. www.theblockcrypto.com/post/119994/el-salvadors-president-tweets-plan-to-use-bitcoin-profits-to-build-an-animal-hospital.

  81. Browne, Ryan. “Bitcoin Tops $60,000 for First Time in Six Months as Traders Bet on ETF Approval.” CNBC, October 15, 2021. Accessed January 17, 2022. www.cnbc.com/2021/10/15/bitcoin-is-inches-away-from-reaching-60000-amid-etf-speculation.html.

  82. Ponciano, Jonathan. “Solana Leads Massive Altcoin and Bitcoin Rally as JPMorgan Warns Crypto Markets Are Looking Bubbly Again.” Forbes, September 7, 2021. www.forbes.com/sites/jonathanponciano/2021/09/06/solana-leads-massive-altcoin-rally-as-jpmorgan-warns-crypto-markets-are-looking-bubbly-again.

  83. Konish, Lorie. “Financial Advisors Feel Pull of Cryptocurrency Wave as More Clients Express Interest.” CNBC, June 14, 2021. www.cnbc.com/2021/06/06/advisors-feel-pull-of-cryptocurrency-wave-as-clients-ask-questions.html.

  84. Perrin, Andrew. “16% Of Americans Say They Have Ever Invested in, Traded or Used Cryptocurrency.” Pew Research Center, November 11, 2021. www.pewresearch.org/fact-tank/2021/11/11/16-of-americans-say-they-have-ever-invested-in-traded-or-used-cryptocurrency.

  85. Namcios. “Survey: 48% of Brazilians Want to Make Bitcoin a Legal Currency.” Bitcoin Magazine, September 10, 2021. Accessed January 17, 2022. https://bitcoin magazine.com/markets/brazilians-want-to-make-bitcoin-a-legal-currency.

  86. Coinbase. “Bitcoin (BTC) Price, Charts, and News.” n.d. Accessed January 17, 2022. www.coinbase.com/price/bitcoin.

  87. Coinbase. “Ethereum (ETH) Price, Charts, and News.” n.d. Accessed January 17, 2022. www.coinbase.com/price/ethereum.

  Chapter 10: The Future Is Distortion

  1. Cartwright, Mark. “Gold in Antiquity.” World History Encyclopedia. Accessed January 10, 2022. www.worldhistory.org/gold.

  2. Statista. “Number of Active Online Banking Users Worldwide in 2020 with Forecasts from 2021 to 2024, by Region.” Accessed January 19, 2022. www.statista.com/statistics/1228757/online-banking-users-worldwide.

  3. Desjardins, Jeff. “Visualizing 200 Years of U.S. Stock Market Sectors.” Visual Capitalist. Accessed January 19, 2022. www.visualcapitalist.com/200-years-u-s-stock-market-sectors.

  4. CGTN. “China to Lead Global Growth, India to Surpass U.S. in 2024.” October 22, 2019. https://news.cgtn.com/news/2019-10-22/China-to-lead-global-growth-India-to-surpass-U-S-in-2024-KZQQxOV6rC/index.html.

  5. I News. “Which Countries Abstained from UN vote on Ukraine? Result of General Assembly’s Resolution on Russia Explained.” March 3, 2022. Accessed March 5, 2022. https://inews.co.uk/news/un-vote-ukraine-russia-countries-abstained-general-assembly-result-resolution-explained-1495346.

  6. Guterres, António. “Secretary-General’s Address to the 76th Session of the UN General Assembly Secretary-General.” United Nations, September 21, 2021. Accessed January 12, 2022. www.un.org/sg/en/node/259283.

  7. Competence Centre on Foresight. “The Population Is Growing.” European Commission. Accessed January 12, 2022. knowledge4policy.ec.europa.eu/foresight/topic/increasing-demographic-imbalances/population-growth_en.

  8. Ball, Jeffrey. “The Electrification of the Auto Industry Is Speeding Up—and Shaking Up the Energy Economy.” Fortune, May 24, 2021. https://fortune.com/2021/02/16/auto-industry-climate-change-electric-cars-gm-general-motors-exxon-mobil-green.

  9. Kizzier, Kelley. “COP26 Ends with a Strong Result on Carbon Markets and an International Call to Action for the Most Urgent Climate Priorities.” Environmental Defense Fund, November 13, 2021. www.edf.org/media/cop26-ends-strong-result-carbon-markets-and-international-call-action-most-urgent-climate.

  10. Deloitte. “2022 Renewable Energy Industry Outlook.” November 29, 2021. www2.deloitte.com/us/en/pages/energy-and-resources/articles/renewable-energy-outlook.html.

  11. Clark, Larry. “Innovation in a Time of Crisis.” Harvard Business Publishing: Corporate Learning, March 26, 2020. www.harvardbusiness.org/innovation-in-a-time-of-crisis.

  12. Starling, Mike. “The World’s Most Valuable Companies.” The Week. Accessed January 12, 2022. www.theweek.co.uk/business/companies/955282/worlds-most-valuable-companies.

  13. Ladenheim, Brock. “Microsoft CEO Satya Nadella Sells Half His Equity.” Nasdaq, November 30, 2021. Accessed January 12, 2022. www.nasdaq.com/articles/microsoft-ceo-satya-nadella-sells-half-his-equity.

  14. WebFindYou. “How the Rapid Evolution of the Internet Might Affect Your Business: Adapt or Die Trying.” May 31, 2018. Accessed January 13, 2022. www.webfindyou.com/blog/how-the-rapid-evolution-of-the-internet-might-affect-your-business-adapt-or-die-trying.

  15. Sozzi, Brian. “Metaverse Will Disrupt Human Life—Here Are 7 Companies That May Win Big.” Yahoo! Finance, December 6, 2021. Accessed January 13, 2022. https://finance.yahoo.com/news/metaverse-will-disrupt-human-life-here-are-7-companies-that-may-win-big-183756942.html.

  16. CGTN. “5G-Powered Medical Remebot Performs Remote Brain Surgery in 60 Seconds.” China Global Television Network, November 8, 2021. Accessed January 14, 2022. news.cgtn.com/news/2021-11-08/5G-powered-medical-Remebot-performs-remote-brain-surgery-in-60-seconds-151tj2h2CXu/index.html.

  17. Balasubramanian, Sai. “The Next Frontier for Healthcare: Augmented Reality, Virtual Reality, and the Metaverse.” Forbes, November 20, 2021. Accessed December 10, 2021. www.forbes.com/sites/saibala/2021/11/29/the-next-frontier-for-healthcare-augmented-reality-virtual-reality-and-the-metaverse.

  PublicAffairs is a publishing house founded in 1997. It is a tribute to the standards, values, and flair of three persons who have served as mentors to countless reporters, writers, editors, and book people of all kinds, including me.

  I.F. STONE, proprietor of I. F. Stone’s Weekly, combined a commitment to the First Amendment with entrepreneurial zeal and reporting skill and became one of the great independent journalists in American history. At the age of eighty, Izzy published The Trial of Socrates, which was a national bestseller. He wrote the book after he taught himself ancient Greek.

 

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