Saturday, February 4

Economics

Economics

Guy Who Knocked on Luna Boss Door Says He Lost Millions In Crypto Crash
Economics

Guy Who Knocked on Luna Boss Door Says He Lost Millions In Crypto Crash

Photo: Hasbi Sahin (Shutterstock)The man who allegedly tried to pay a visit the head honcho of the Terra blockchain May 13 finally spoke out Tuesday, telling reporters the crash of Terra and Luna left him financially devastated, and that he wanted to hear directly from Terra’s boss what the man’s plans were for the cryptocurrencies.The BBC reported that the crypto streamer who only goes by the username “Chancers” said that after the crash “I felt like I was going to die.” Chancers, whose face was concealed by a mask, hat and sunglasses as he talked to reporters, claimed he had started investing in crypto in 2017, but lost $2.4 million in Luna coins when the cryptocurrency started to crash the weekend of May 8. This was despite the nonprofit Luna Foundation Guard propping up the platform wi...
London’s railway of the future is finally here
Economics

London’s railway of the future is finally here

London has the oldest underground railway in the world, and on May 24th, it will welcome its newest addition to the family. Crossrail is the realization of a dream first mooted in 1941, but one that would only start being built in 2009. It is one of the biggest infrastructure projects in the western world, arriving several years late and several more billion pounds over budget. But it’s hoped that this gigantic system will spur growth, relieve congestion on its Victorian-era network and remind the world of what Britain can do when it puts its mind to something. No pressure, then. The London Underground as it exists today was borne out of a historical railway boom, with competing companies building routes to serve the city’s major economic hubs. Its many quirks are a consequence of nearl...
Why the looming bear market will be different
Economics

Why the looming bear market will be different

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. London CNN Business  —  When a bear market arrives, it’s not pretty, especially for investors making short-term decisions. But it happens — and a recovery arrives eventually. Quick refresher: A “bear market” refers to when stocks drop 20% or more from their recent peak. They’re a sign of extreme negative sentiment on Wall Street and are more severe than garden-variety sell-offs. Since World War II, the S&P 500 has experienced 17 bear markets or near bear markets, accord...
Why You Can’t Just Order Baby Formula From Canada
Economics

Why You Can’t Just Order Baby Formula From Canada

Photo: The Toidi (Shutterstock)With baby formula continuing to be in short supply, parents of infants are looking for creative ways to get their hands on that precious Enfamil—but a simple, seemingly ingenious solution that’s going viral right now will not work as described. The suggestion that’s spreading on Facebook and Twitter advises parents to go to Amazon and change their account’s country from the U.S. to Canada. The claim is that if you do this, you will be rewarded with all kinds of baby formula-purchasing options—because Canada doesn’t have a major formula shortage. The problem, however, comes when you want to get the formula (or anything else) actually delivered from Amazon Canada. The company will only ship products within Canada, so unless you have a friend in Manitoba, it’s n...
The videos that don’t work on YouTube and the future of the creator business with Nebula CEO Dave Wiskus
Economics

The videos that don’t work on YouTube and the future of the creator business with Nebula CEO Dave Wiskus

One of our recurring jokes at The Verge is that every YouTuber eventually makes a video where they talk about how mad they are at YouTube. Whether it’s demonetization or copyright strikes or just the algorithm changing, YouTubers have to contend with a big platform that has a lot of power over their business, and they often don’t have the leverage to push back. On this episode of Decoder, I’m talking to Dave Wiskus, the CEO of two really interesting companies: one is called Standard, which is a management company for YouTubers, and the other is Nebula, an alternative paid streaming platform where creators can post videos, take a direct cut of the revenue, and generally fund work that might get lost on YouTube. What really stood out to me here is that Dave is in the business of making ...
Expert economist: Recession is not a certainty but a pretty scary risk
Economics

Expert economist: Recession is not a certainty but a pretty scary risk

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Could solar power solve Puerto Ricos energy nightmare?
Economics

Could solar power solve Puerto Ricos energy nightmare?

"From an environmental, financial, fiscal, economic point of view - probably even a legal point of view, they should be investing in renewable energy as the predominant resource. And they're not," says Tom Sanzillo, director of financial analysis at the Institute for Energy Economics and Financial Analysis.
Elon Musk Says Deal to Buy Twitter Is Temporarily On Hold, Surprising No One
Economics

Elon Musk Says Deal to Buy Twitter Is Temporarily On Hold, Surprising No One

Tesla CEO Elon Musk is having second thoughts about buying Twitter.Photo: Patrick Pleul/Pool/AFP (Getty Images)After bullying Twitter employees and saying he wants the former president of the swamp, and the U.S., Donald Trump back on the platform, Tesla CEO Elon Musk did what everyone thought he might do anyway. He thought long and hard about what it meant to really buy Twitter, and is apparently having second thoughts.Early on Friday, Musk tweeted that his $44 billion deal to buy Twitter was “temporarily on hold” because he was waiting for confirmation that the amount of spam and fake accounts on the platform did indeed represent less than 5% of users.“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,...