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Opinion Why the crypto bubble has finally imploded

Adam Lashinsky is a former executive editor at Fortune magazine and the author of “Inside Apple: How America’s Most Admired — and Secretive — Company Really Works.”
The bursting of the cryptocurrency bubble will end the way other speculative crazes have concluded: in a trail of wreckage across companies, continents — and unlucky investors. Crypto has had a horrible year. We saw the terra “stablecoin” wipeout in May, the unraveling of the FTX trading exchange this week and the shriveling of trading in non-fungible tokens all year long.


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Small-time investors already have fled, their grubstakes or life savings decimated. Well-heeled venture capitalists, badly burned by each successive bust-up, will wash their hands and move on to the next shiny object. The side-hustling crypto-ambassadors (insert any big name from professional sports here, please) will slip back backstage. And regulators, as is their wont, will finally issue their overdue rules, long after the damage is done.



There’s a critical difference with crypto, though, compared with past bubbles: It had virtually no intrinsic merit.
Before and after their bubble burst in the mid-1600s, tulips were still pretty flowers. American railroads begot massive (and positive) change well before the Panic of 1873 and are still vital almost 150 years later. The promise of email in the 1990s — and its dot-com derivatives — was real and epochal. Even badly abused subprime mortgages were a lamentable innovation on hard-to-get loans for home purchasers — a market that survived the financial crisis of 2008.
“Crypto,” a still poorly understood catchall phrase for digital currencies and other securities not controlled by a government, won’t be able to make the same claim. Crypto was supposed to be a haven in inflationary times, the way hard-metal commodities such as gold often are. Yet confections like bitcoin and ethereum have plummeted as inflation has skyrocketed. They promised a way to store value. Clearly, they do not.



More egregiously, crypto was supposed to have all sorts of other uses, from easy cross-border remittance to pegging a value for newly created forms of digital art. None of this has come true at any scale worth bragging about.
In our system, entrepreneurs, and the investors who back them, provide a valuable service by taking risks on unproven ideas. Without them, we wouldn’t have Apple or Google — or Post-it notes. But we now know the crop of swaggering financiers who dreamed up the new category of investments casually known as web3 have been kidding themselves.
A common justification for these investments has been that they captured the fascination of software coders and entrepreneurs, leading to the dreamy conclusion that a real market for digital assets of all kinds was emerging.

What emerged instead is another example of one of the worst ills that afflicts Sand Hill Road, the heart of Silicon Valley’s venture-capital industry: confirmation bias. The enthusiasm the VCs mistook for an investment thesis was often just the result of too much cash chasing too few truly good ideas.






Nerds aren’t stupid: If someone offers them oodles of money to chase a fad, they’ll start coding. Hence, crypto.
The past 15 years or so of venture-capital investing can be in many ways explained by the low-interest-rate environment in which it exploded. With endowments and pension funds (and many an ordinary multimillionaire) unable to earn safe returns in bonds for more than a decade, their money managers opted instead to place riskier bets.

Consider the Ontario Teachers’ Pension Plan, Canada’s third-largest. Three years ago, it set up a special fund to make venture-capital-stage investments. It invested $95 million in FTX, a leading crypto trading platform. On Thursday, it noted that “not all of the investments in this early-stage asset class perform to expectations.” It added that its FTX investment — presumably none of which it will ever see again — represents a tiny percentage of overall investments.


For years now, the folly of such investment strategies translated, essentially, into free money for entrepreneurs. It didn’t take a genius to spin up a company when the cost of capital was next to zero.
Now, that era is over. Higher interest rates will allow pension funds such as the one in Ontario to seek safer investments. As a result, the flow of funds to VCs and start-ups will slow. Only the best companies and VCs will emerge on the other side.

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JonBenet Ramsey

Saw a special on her murder today. This year marks the 20 year anniversary. Dad may not have done it but he was there. Most monsters like this grab and go. Whoever did this took their time and committed the crime onsite. Saw Dad give 2 interviews. The first one was with Patsy. He displayed zero emotion. Mom shed a few tears. The second interview was with his new wife post Patsy's death. Completely different man. Almost as if he is the only person left who knows the truth.
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Crash Davis would not approve of this idea

MLB is going to modify the PitchCom system and give pitchers the option of calling their own signals. The experiment will start on February 24 and the league will evaluate the results during spring training to decide whether or not to use it during the regular season.

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Hallmark Christmas Movies 2022

We have seen at least 7 so far. (Hey it gets the wife in the mood....to make me hot chocolate:)

A Magical Christmas Village - watchable
Lights, Camera, Christmas! - watchable
In Merry Measure - above average
The Royal Nanny - nanny is undercover agent for royalty-I liked it more than the wife.
Three Wisemen and a Baby-Above average. Think 3 Men and a Baby at Christmas time.
A Tale of Two Christmases - watchable
Haul Out the Holly - fast paced comedy and my favorite so far.

https://www.hallmarkchannel.com/chr...oOxDbca6BvAaApBgEALw_wcB&gclsrc=aw.ds#slide-0
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Rob Reiner Teases Details of ‘Spinal Tap’ Sequel

The director Rob Reiner has said that an upcoming sequel to his 1984 documentary parody “This Is Spinal Tap” is scheduled to begin shooting in late February and will feature Paul McCartney, Elton John and Garth Brooks, among other stars.
“Spinal Tap” satirized a bungled tour by a fictitious British heavy-metal band of that name, as well as the process of documenting it. The film, which was mostly improvised, was inspired by “The Last Waltz,” a Martin Scorsese documentary about the rock group the Band.
Plans for “Spinal Tap II” were first announced last year. The entertainment news outlet Deadline reported at the time that the members of the fictitious band — the actors Christopher Guest, Michael McKean and Harry Shearer — would all return for the sequel. Over the years, the three have played real-life concerts as their Spinal Tap characters.
Reiner announced new details about the “Spinal Tap” sequel during an episode of a podcast hosted by the comedian Richard Herring that was released on Monday. The film had initially been scheduled for release in 2024, but that was before strikes that disrupted filming schedules in Hollywood. No updated release date has been announced, according to Variety.
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Without elaborating, Reiner said that there would also be a few other surprise appearances in the film.

For most of the podcast episode on Monday, Herring and Reiner mostly talked about Reiner’s new podcast, “Who Killed JFK?” But they also discussed the original “Spinal Tap” movie, his directorial debut, which Herring said was his favorite film of all time.
Asked if he regretted anything about what was and wasn’t in the 1984 film, Reiner said no. And did he anticipate how influential it would prove to be? Also no.
“When we first previewed it, we previewed it in a theater in Dallas, Texas, and people … they didn’t know what the heck they were looking at,” Reiner said.
“They came up to me afterward and said, ‘I don’t understand. Why would you make a movie about a band that nobody’s ever heard of? And they’re so bad! Why would you do that?’” Reiner recalled. “They said, ‘You should make a movie about the Beatles or the Rolling Stones.’”





“I said, ‘Well, it’s a satire,’” Reiner said on the podcast. “I tried to explain, you know. But over the years, people got it, and they started to like it.”
Reiner’s comments on Herring’s podcast were reported earlier by the music magazine NME and other outlets.

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Japan trip - SIM card (Mobal) or US Cellular ?

About $35/month ($70 total for me and my daughter) for an 8 day trip to Tokyo and Osaka next month, if I go the US Cellular route. 150 MB plan for each line, which doesn't seem like a lot depending on what my daughter is doing lol.

For almost the exact same amount I can get an 8 day unlimited Mobal (company) data plan (piggybacks on existing carriers in Japan) and change out SIM cards once we land. They have another 30 day plan that includes Voice and Text for about twice that.

The Mobal plan is a known cost - not sure what to expect from US Cellular if there are additional fees or if I hit the 150 MB limit. I just browse the internet, but daughter may be streaming a small amount and doing a lot of social media.

Any thoughts from International travelers?

The Monkees’ last-living member sues FBI for secret files on the band

The Monkees weren’t exactly the poster children of the anti-Vietnam War movement in the late 1960s, but the pop-rock band was still the subject of an FBI file. In it, an agent reported seeing “subliminal messages” on a screen at one of their concerts, depicting racial-equality protests and “anti-U.S. messages on the war in Vietnam.”


That heavily redacted file from 1967 was declassified about a decade ago. But now, the last surviving member of the American rock group, Micky Dolenz, wants to know more. On Tuesday, Dolenz, 77, sued the Justice Department to release information the FBI gathered on the band and its members from that time period.
“If the documents still exist, I fully expect that we will learn more about what prompted the FBI to target the Monkees or those around them,” attorney Mark Zaid, who is representing Dolenz, told The Washington Post.






The Justice Department did not immediately respond to a request for comment from The Post about Dolenz’s lawsuit, which was first reported by Rolling Stone.
The Monkees were put together in 1966 by television producers for a sitcom that ran for two seasons. Their style largely mimicked British-invasion bands likes the Beatles, and the Monkees put out numerous hits, including “I’m a Believer” and “Last Train to Clarksville.” The band broke up in 1970.
In the 1960s, J. Edgar Hoover’s FBI infamously surveilled and harassed civil rights and counterculture figures, as The Post and other news outlets revealed at the time. That surveillance sometimes centered on pop-culture icons who spoke out against the Vietnam War, like John Lennon and Jimi Hendrix.

The Monkees were also caught up in the government’s surveillance. In a 2016 interview with Rolling Stone, Dolenz said that his band’s 1966 hit “Last Train to Clarksville” was an antiwar song about a man going to an Army base and not knowing when he’d return to his girlfriend. But exactly what caught the FBI’s attention about the band — aside from what the agent called “left-wing” images during the 1967 concert — is unclear.










Much of the seven-page memo released by the agency is redacted, though Zaid told The Post it’s possible other files exist based on what’s shown on the declassified document.
“It’s pretty obvious that there are other linked files,” he said. “Now, it may not be directly on the Monkees — it could be peripheral — but these files are connected to other files.”

It was Zaid who suggested that Dolenz, whom he met through a mutual friend in April, demand more information about his band’s FBI’s files, he told The Post. The Washington-based attorney has represented government whistleblowers, including the one who filed the complaint that ultimately set off President Donald Trump’s first impeachment trial.
But the 55-year-old lawyer has a personal interest in the Monkees case. When he was a kid, his babysitter from across the street gave him all of her Monkees albums, and when the band went on its reunion tour in 1986, Zaid was there. He saw them live about eight more times, he told The Post.










“I mean, literally, this is fun for me,” Zaid, who is working on the case pro bono, said of filing the lawsuit for the FBI files.

With Zaid’s help, Dolenz filed a Freedom of Information Act request for the documents with the FBI in June. He requested the agency review the redacted document and provide other possible files relating to the band and its members, according to the lawsuit.
The government has 20 business days to respond to FOIA requests, barring “unusual circumstances.” Dolenz has so far only received acknowledgments of his requests, the lawsuit says.
“Any window into what the FBI was up to can lead to the opening of another window,” Zaid said. “That’s the beauty of gaining access to these types of files — because there are little nuggets and pieces within them that can lead to a bigger picture in understanding what was going on within the FBI at the time.”

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