Category Archives: Financial

Las Vegas Strip casino revenue down for month after shooting

Casinos on the Las Vegas Strip saw a 6 percent drop in revenue in October compared with the same month last year, but state’s gambling regulatory agency did not attribute the decrease exclusively to the mass shooting that took place in the city that month.

Data released Thursday by the Nevada Gaming Control Board show casinos on the Strip took in almost $528.7 million from gamblers last month. That’s about $34 million less than what they won in October 2016.

Casinos statewide faced a difficult comparison going into October since it had one fewer weekend day than the same month last year. In addition, the establishments on the Strip had seen a 14 percent revenue increase in October 2016.

“I’m sure it played a part of it. I’m sure it played into the decrease, but it’s really difficult to quantify,” Michael Lawton, senior research analyst for the board, said. “What I can quantify, I can tell you that it was a difficult comparison.”

On Oct. 1, a high-stakes gambler killed 58 people and injured hundreds more after he shattered windows of his hotel suite on the 32nd floor of the Mandalay Bay hotel-casino and unleashed withering gunfire at a country music festival below before killing himself.

The city’s tourism officials also on Thursday reported that visitation to the gambling oasis last month fell 4.2 percent to 3.6 million tourists. The Las Vegas Convention and Visitors Authority blamed the drop to trip cancellations and postponements following the shooting.

Statewide, casinos in Nevada won about $988.8 million last month. The revenue remained practically flat over the year.

In southern Nevada, casinos in the Boulder Strip saw the highest increase in revenue with almost $78.7 million, a 17.1 percent jump compared with the previous year. Winnings in downtown Las Vegas were up 10 percent to about $63.6 million.

Meanwhile, revenues at casinos in Washoe County were up 3.3 percent to about $71.9 million.

The revenue report also shows that gamblers enthusiastically wagered at Nevada’s sports books. For the second month in a row, they broke the state’s all-time record for sports betting.

People bet $566.4 million, of which the sports books took in $31.5 million, a decrease of 25.7 percent over the year. Baseball fans put down $101.5 million on their favorite teams, setting a record for betting on that sport for the month of October.

“So, that can pretty much safely assume that the World Series was the most-heavily bet World Series ever,” Lawton said.

The state benefited with almost $59.7 million in percentage fees based on the taxable revenues generated in October. That’s an increase of almost $79,000 or .13 percent from a year earlier.

California Residents Increasingly Ditching Their Massive Tax Bills And Unaffordable Housing For Las Vegas

Los Angeles residents have apparently had just about enough of their city’s excessive home prices, unaffordable rents, crushing personal and corporate tax rates, overly burdensome regulations, polluted air, etc. and are increasingly leaving for a better life in Sin City.  As Los Angeles Times columnist Steve Lopez puts it, “the rent steals so much of your paycheck, you might have to move back in with your parents, and half your life is spent staring at the rear end of the car in front of you.”

As Jonas Peterson points out, his family made the move from LA to Las Vegas in 2013 and were able to double the size of their house while lowering their mortgage payment all while enjoying the added benefits of moving from one of the most over-taxed states in America to one of the lowest taxed.

Las Vegas is one of the most popular destinations for those who leave California. It’s close, it’s a job center, and the cost of living is much cheaper, with plenty of brand-new houses going for between $200,000 and $300,000.

Jonas Peterson enjoyed the California lifestyle and trips to the beach while living in Valencia with his wife, a nurse, and their two young kids. But in 2013, he answered a call to head the Las Vegas Global Economic Alliance, and the family moved to Henderson, Nev.

“We doubled the size of our house and lowered our mortgage payment,” said Peterson, whose wife is focusing on the kids now instead of her career.

Part of Peterson’s job is to lure companies to Nevada, a state that runs on gaming money rather than tax dollars.

“There’s no corporate income tax, no personal income tax…and the regulatory environment is much easier to work with,” said Peterson.

Of course, while many residents of metropolitan areas like Los Angeles get addicted to the ‘large’ salaries they can earn in big cities, others, like Michael Van Essen who recently made a move from LA to Mason City, Iowa, realize that the purchasing power of your income is far more important that the nominal dollars printed on the front of your paycheck.

You’d like to think it will get better, but when? All around you, young and old alike are saying goodbye to California.

“Best thing I could have done,” said retiree Michael J. Van Essen, who was paying $1,160 for a one-bedroom apartment in Silver Lake until a year and a half ago. Then he bought a house with a creek behind it for $165,000 in Mason City, Iowa, and now pays $500 a month less on his mortgage than he did on his rent in Los Angeles.

“If housing costs continue to rise, we should expect to see more people leaving high-cost areas,” said Jed Kolko, an economist with UC Berkeley’s Terner Center for Housing Innovation.

Of course, Los Angeles isn’t the only place where residents are increasingly fleeing in search of greener pastures.  As we’ve pointed out before, there is a growing wave of domestic migrants that are abandoning over-taxed and generally unaffordable metropolitan areas like San Francisco, New York, Chicago and Miami in search of better lifestyles in the Southeast and Texas.

Domestic Migration

Not surprisingly, the dark areas on the map above seem to match perfectly with the dark areas on this map which indicate those with the highest state income tax rates.

Taxes by State

Tack on a rising violent crime rate and things in Illinois have grown so unbearable that the state is losing 1 resident every 4.6 minutes.

illinois outmigration

Of course, while liberal politicians often bemoan the existence of the Electoral College, these domestic migration trends could spell disaster for their opponents in national elections over the long-term as pretty much every major migratory pattern involves a mass exodus from blue states, like New York and California, into Red or Purple states like Texas, Florida, Arizona and Nevada.

‘Perfect cryptocurrency’: Kim Dotcom outlines plans for new universal money

‘Perfect cryptocurrency’: Kim Dotcom outlines plans for new universal money

Kim Dotcom has sketched out his vision for a “perfect cryptocurrency” that would be fast, cheap and popular enough to keep it outside the influence of the world’s largest financial institutions.

Dotcom gave fans the broad strokes of his plan in a Twitter post, saying that high-speed transactions and low fees of a universal cryptocurrency would help transfer control from banks and corporations back to the individual. The tweet was punctuated with the hashtag “#Goals,” suggesting this is a vision the self-described “tech freedom fighter” is working towards. 

Beyond the benefits of developing a financial system outside corporate control, the entrepreneur may have a personal interest in seeing his vision come to fruition. In September, Dotcom unveiled his new file-sharing service, K.im, which allows uploaders to be paid for their content using BitCache, a bitcoin-based payment service.

He previously hailed BitCache as a service that will take “Bitcoin to the mass market” and “ultimately replace credit card payments on the internet.” Amidst its steady rise in recent years, Bitcoin has also seen its value fluctuate wildly following media reports of corruption and regulatory crackdowns in countries across the world, according to Investopedia.

The German-born entrepreneur is fighting extradition from New Zealand to the US where he faces charges of copyright infringement related to a previous project, Megaupload, an online storage service used by many people for illegally sharing copyrighted material. It was taken down by the the FBI in 2012.

Earlier this month, Dotcom revealed he has been working on creating an “alternative internet” that would be controlled by its users and, free from the influence by internet giants Google and Facebook, would secure and defend their online privacy.

“When it goes live our dream of true Internet Freedom shall become reality,” he wrote on Twitter, adding that the BitCache project would mark the beginning of the new internet age.

 

Meanwhile, the value of Bitcoin continues to rise. Over the weekend, former Fortress hedge fund manager Michael Novogratz told CNBC that he believed the price of Bitcoin could be as much as $40,000 by the end of 2018. His comments come after the cryptocurrency broke the $10,000 mark on South Korea’s cryptocurrency exchange, Bithumb.

Joseph Stiglitz Calls For The Use Of Violence Against Peaceful Bitcoin Users On State Propaganda TV

If someone has won a Nobel prize and they are regularly on television programming, you can be assured that they are a shill for the globalist system whose role is to keep people enslaved.

 

In fact, at this point, Nobel prize winners should likely be some of the first people targeted in the upcoming bitcoin assassination markets.
Just look at Nobel peace prize winner, Barack Drone Bomber, who did not have one day of peace his entire presidency as one ridiculous example.
Or Nobel prize in economics winner, Paul Krugman, who is certifiably insane and whose list of demented ideas include making a $1 trillion coin to get around the debt ceiling and faking an alien invasion to boost the economy!
Now, Nobel prize winner Joseph Stiglitz, who never saw government intervention and the use of its violence that he didn’t like, has come forward with his thoughts on bitcoin.

 

If you don’t want to lose more brain cells than a lifelong Mike Tyson sparring partner, then I warn you not to watch that video.
It is basically two manifest morons who know nothing about economics or cryptocurrencies trying to use big words, bow ties and act like they know something about economics and cryptocurrencies.
The first thing Stiglitz said was, “One of the main functions of government is to create currency.”
Yes, he is already in the wrong starting with the opening sentence. Governments rarely create currency… that is usually done by the central banks.
But government did not invent money or currency. And it is not government’s role to issue it or regulate it. The market invented money as a way to solve the barter problem.
Just like the market created bitcoin in order to get around the fraudulent monetary system, which the government took over as a scheme… another way to tax us… a way to shuffle wealth and investment to Wall Street… a way for the banks to expand their assets… a way for the military industrial complex to advance its goals. The elastic dollar can be stretched in these ways.
That aside, there is no legitimate function of government. Government is an illicit criminal organization that extorts groups of people in a certain geographical area.
In any case, Stiglitz was obviously told by his handlers what his role was in this interview as he barely got in two sentences before stating that bitcoin should be outlawed!
As I mentioned earlier, Stiglitz has never seen anything in which using government violence isn’t the answer… and that’s why he was given the Nobel prize and why he is featured on the television mind programming regularly.
And, why should it be outlawed? According to Stiglitz, bitcoin should be outlawed because it doesn’t serve any “useful social functions.”
But that’s like saying money serves none either.
He doesn’t understand the value of decentralization because he sees the market as the root of all evil and like all Marxists believes it is unstable and needs regulating.
Which is interesting because then this interview between two morons took a turn into the bizarre.
Considering that Stiglitz is essentially a Marxist, Tom Keene, the Bloomberg host, then attacked bitcoin saying investors are relying on Marx’s “theory of value” and going back to “middle Marxian” theories to determine bitcoin’s value.
What Marx was getting at with that term is that exchange value is an “objective” value, like a money price, which can be different than its actual underlying use value, usually because of speculators and capitalist exploitation. He tended to explain away this “exchange value” as notional and as a reason to suppress trade and exchange.
The host interviewing Stiglitz did not seem to be able to distinguish between that and the subjective value theory of goods that was contributed to economics by Menger, Mises, and the Austrian School. Marx believed that all the value belonged to labor and that value itself owed to labor, that it derived from labor, which came from the erroneous classical school view that value derived from the costs that go into production.
So it was somewhat ironic that the Marxian host questioned a neo-classical economist about why the free market was adopting a Marxian theory, when in fact it is actually adopting the subjective theory of value that neither a Marxian nor Classical economist would ever understand, but which has come to dominate economic thinking in the modern day.
In this theory, value and exchange value are synonymous, and not Marxian in that value is derived from the utility of the good to its consumers and users, and not according to costs or how much labor went into its creation.
But money is a different good altogether, which neither Marx nor the Classical school understood at all. It is the only good whose value does not rely solely on its utility to consumers or capital, but whose value relies on the fact that it already has a price.
The service that money provides is as a store of purchasing power (not wealth), and its value relies on what other goods it can buy.
The guy in the video was basically trying to say that exchange value meant that bitcoin had no real value, and relied on the greater fool theory, which is a crude and bad understanding of how money does increase in value, and why.
In the case of bitcoin, what the free market is actually adopting is the subjective value theory.
And so, to summarize.
Stiglitz incorrectly believes government’s role is to issue currency. Therefore, he thinks government should use violence to “outlaw” bitcoin. And, the two buffoons think that the reason bitcoin is trading at such high levels is because investors are relying on Marxist theories, when, in fact, they are the Marxists and bitcoin investors are relying on Austrian, free market, subjective value theory.
In other words, the entire interview was misinformation, wrong assumptions and calling for acts of violence against computer code and those who believe it has value.
These guys don’t even know what they are talking about, but if you were to have listened to them over the last few years, you would have missed out on the biggest investment returns in the history of the world.
Hopefully, you are smart and just use your TV as a computer monitor now to access things like The Dollar Vigilante and only watch propaganda like Bloomberg or CNBC solely for a good laugh.
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Why Bitcoin-Mining May Be Elon Musk’s Next Big Problem…

If you thought Tesla was burning cash now, wait until this latest scheme goes mainstream…

As EcoMotoringNews.com reports, some creative Tesla owners came up with a way to make a few bucks from their parked EVs: Cryptocurrency mining.

This raises questions that shouldn’t just be aimed at bitcoin mining, or even electric vehicles.

For those unfamiliar, cryptocurrencies only work because there is a network of distributed computing that processes the transactions. To reward those offering the computing power, cryptocurrencies give fractions of new bitcoins to those who did the work of running the network. This is referred to as “mining” bitcoins and other cryptocurrencies. This was an expensive and power-hungry task that could wear out computer components much faster than usual.

Initially, many doing this used high-end graphics processing units, but as the money earned per device diminished, miners turned to specialized computer units, called ASICs, to do the task faster with less electricity. But the units are still not free and they still can use kilowatts of electricity for a handful of them. To reduce the overall cost of running mining computers, some miners put the computers throughout their homes to act as small space heaters and reduce their heating bill. Others run their rigs on solar panels to avoid a monthly power cost.

Any source of electricity you don’t have to pay the normal rate for, or that you don’t have to pay for at all, is an opportunity for miners to increase their already thin profits. Teslas and other EVs have free access to power at many charging stations, so it was probably only a matter of time until somebody decided to plug their mining computers in.

One member of the Tesla Owners Worldwide on Facebook suggested the idea, possibly in jest. Then another owner went ahead and did it, posting a photo of his setup (above). Some members suggested that his setup could pull as much as 3 kilowatts of power and would probably require the vehicle’s air conditioning to be on for cooling. Other members raised ethical questions.

Is it stealing to use the power for something other than driving?

On the one hand, this could be a good way to offset the cost of owning an electric vehicle. On the other hand, it lowers the efficiency of the vehicle and increases the environmental impact. But then again, the mining was going to be done somewhere anyway, so does it really? Will many EV owners do this? Will they do it at places they were going to charge anyway, or will there be opportunistic fleets of EVs blocking up charging stations to make a quick buck? How will charging station owners respond?

But really, these questions shouldn’t just be aimed at bitcoin mining. Computing power is going to be in higher and higher demand going forward. Self-driving cars are already running on graphics processing units like bitcoin miners once all used. Infotainment systems are getting more and more powerful, and that power needs to come from somewhere. Mobile devices used by passengers are going to need more and more power to charge. Even beyond that, there are “V2H” systems that can run a house on an electric vehicle’s battery, and that goes far beyond the tiny bit of power needed to run a few mining computers.

And these questions shouldn’t just be applied to electric vehicles. Many of these power strains will apply to hybrid, regular gas and regular diesel vehicles. Alternators, the parts that charge most car’s 12v batteries, are already a big part of the car’s fuel consumption. Ecomodding hobbyists have gained as much as 15% fuel efficiency by removing them, and that amount is only going to grow as more demand is placed on it. Some companies are suggesting waste heat recovery to generate the electricity needed for the future.

When we look at these wider power issues, it becomes clear that bitcoin mining is just a drop in the bucket. Even if a large number of EV owners did it, it would still be nothing compared to the other computing future cars will eventually be doing. Where that power is going to come from is a good question we shouldn’t just be aiming at the odd bitcoin miner.

There is just one thing preventing Elon Musk’s vision from coming true: The laws of physics

When Elon Musk stepped on stage at Tesla’s product-launch event earlier this month, he knew the market’s confidence in Tesla’s brand had sunk to an all-time low since he took over the company a decade ago. So, he resorted to a tactic that should be familiar to anybody who has been following the company: Shock and awe.

While the event was ostensibly scheduled to introduce Tesla’s new semi-truck – a model that won’t make it’s market debut for another two years, assuming Tesla sticks to its product-rollout deadline – Musk had a surprise in store: A new model of the Tesla Roadster that, he bragged, would be the fastest production car ever sold.

Musk made similarly lofty claims about the battery life and performance of both vehicles. The Tesla semi-trucks, he said, would be able to travel for 500 miles on a single charge. The roadster could clock a staggering 620 – more than double the closest challenger.

There was just one problem, as Tesla fans would later find out, courtesy of Bloomberg: None of it was true.

In fact, many of the promises defy the capabilities of modern battery technology.

Elon Musk knows how to make promises. Even by his own standards, the promises made last week while introducing two new Tesla vehicles—the heavy-duty Semi Truck and the speedy Roadster—are monuments of envelope pushing.

To deliver, according to close observers of battery technology, Tesla would have to far exceed what is currently thought possible.

Take the Tesla Semi: Musk vowed it would haul an unprecedented 80,000 pounds for 500 miles on a single charge, then recharge 400 miles of range in 30 minutes. That would require, based on Bloomberg estimates, a charging system that’s 10 times more powerful than one of the fastest battery-charging networks on the road today—Tesla’s own Superchargers.

The diminutive Tesla Roadster is promised to be the quickest production car ever built. But that achievement would mean squeezing into its tiny frame a battery twice as powerful as the largest battery currently available in an electric car.

These claims are so far beyond current industry standards for electric vehicles that they would require either advances in battery technology or a new understanding of how batteries are put to use, said Sam Jaffe, battery analyst for Cairn Energy Research in Boulder, Colorado. In some cases, experts suspect Tesla might be banking on technological improvements between now and the time when new vehicles are actually ready for delivery.

“I don’t think they’re lying,” Jaffe said. “I just think they left something out of the public reveal that would have explained how these numbers work.”

While Jaffe seems inclined to give Tesla the benefit of the doubt, there’s little, if anything, in Musk’s recent behavior to justify this level of credulity. In recent months, Musk has repeatedly suffered the humiliation of seeing his lies and half-truths exposed. For example, the self-styled “visionary” claimed during the unveiling of the Model 3 Sedan that he would have 1,500 copies of the new model ready for customers by the end of the third quarter. Instead, the company managed a meager 260 models as factory-line workers at its Fremont, Calif. factory struggled to assemble the vehicles by hand as the Model 3 assembly line hadn’t been completed.

Increasingly agitated customers who placed deposits with Tesla back in March 2016 have begun asking for refunds, only to be chagrined by the company’s sluggish response. While nobody in the mainstream press has (somewhat bafflingly) made the connection, Tesla revealed earlier this month that it burned an unprecedented $1.4 billion of cash during the third quarter – or roughly $16 million per day – despite Elon Musk’s assurance that Tesla had its “all-time best quarter” for Model S and X deliveries.

And let’s not forget the fiasco surrounding Tesla’s autopilot software. Musk has repeatedly exaggerated its performance claims. And customers who paid more than $8,000 for a software upgrade more than a year ago have been repeatedly disappointed by delays and sub-par performance.

Musk’s exaggerations about the Tesla Roadster were particularly egregious.

Tesla claims that its new $200,000 Roadster is the quickest production car ever made, clocking zero to 60 in 1.9 seconds. Even crazier is the car’s unprecedented battery range: some 620 miles on a single charge. That’s a longer range than any battery-powered vehicle on the road—almost twice as long as Tesla’s class-leading Model S and Model X.

To achieve such power and range, Musk said the tiny Roadster will need to pack a massive 200-kilowatt-hour battery. That’s twice the size of any battery Tesla currently has on the road. Musk has previously said he won’t be making the packs bigger on the Model S and Model X because of space constraints. So how can he double the pack size in the smaller Roadster.

BNEF’s Morsy has a twofold answer. First, he expects Tesla will probably double-stack battery packs, one on top of the other, beneath the Roadster’s floor. That creates some engineering problems for the battery-management system, but those should not be insurmountable. Still, Morsy said, the batteries required would be too large to fit in such a small frame.

“I really don’t think the car you saw last week had the full 200 kilowatt hours in it,” Morsy said. “I don’t think it’s physically possible to do that right now.”

Is it possible that, thanks to incremental improvements in battery density and cost, Musk somehow manages to hit these lofty targets? Perhaps, though, as Bloomberg points out, the fact that Musk is basing these claims on a set of projections that haven’t yet been realized is hardly confidence inspiring.

To be sure, there’s an important caveat to Musk’s claims. While they may be staggeringly exaggerated, there’s still the possibility that incremental improvements in battery technology will make these targets more feasible by the time the models hit the market.

Again, Musk may be banking on the future. While Tesla began taking deposits on the Roadster immediately—$50,000 for the base model—the first vehicles won’t be delivered until 2020. Meanwhile, battery density has been improving at a rate of 7.5 percent a year, meaning that by the time production starts, packs will be smaller and more powerful, even without a major breakthrough in battery chemistry.

“The trend in battery density is, I think, central to any claim Tesla made about both the Roadster and the Semi,” Morsy said. “That’s totally fair. The assumptions on a pack in 2020 shouldn’t be the same ones you use today.”

However, in its analysis of the feasibility of Musk’s claims, Bloomberg overlooked one crucial detail: Back in August, the company’s veteran director of battery technology, Kurt Kelty, unexpectedly resigned to “explore new opportunities,” abruptly ending a tenure with the company that stretched for more than a decade, and comes at a critical time for Elon Musk.

Kelty’s resignation – part of an exodus of high-level executives that is alarming in and of itself – hardly inspires confidence in Tesla’s ability to innovate. We’ve noticed a trend with Tesla: The more the company underdelivers, the more Musk overpromises.

In our opinion, this is not a sustainable business strategy.  

Via Zero Hedge

A Letter To The IRS: Go Fuck Yourselves You Bunch Of Criminals

Many people will tell you that the IRS and income tax in the US are unconstitutional.

 

That is totally true… but the CONstitution is also a scam to enslave people while telling them they are free… so who cares.

In any case, bitcoin and cryptocurrencies pose the biggest threat to central banks and governments in their entire, evil history.

“Taxes”, which is just another word for extortion, are not voluntary and the only way to “collect” them is to use violence or threats of violence.

This worked fairly well for many decades as most transactions were not easy to conceal and governments could easily waltz in and take whatever they like out of your bank account by threatening violence against the bank.

Enter bitcoin.

Now it is quite easy to conceal most transactions AND it is impossible for any government to seize your funds.

This is a big problem for their worldwide extortion racket and they know it.

On top of that, less than 80,000 people work for the IRS.  That means that there is only one communist extortionist for every 4,000 tax slaves.

Of course, there are also the repugnant order following policemen who dole out violence against anyone who does not bow down to the extortion racket, but they are a tiny minority as well.

This video shows how ludicrous the whole operation is… and if enough people woke up to it, the entire extortion racket would disappear overnight and any valuable services it did offer would be quickly offered by competing entrepreneurial enterprises for much cheaper and with a far superior quality of service.

Because the extortionists have such a tiny minority, they have to use lies, propaganda, threats of violence and violence in order to try to scare tax slaves into being extorted.

We saw that again today when the IRS announced that, under threat of violence, Coinbase has submitted to giving the extortion racket information on 14,000 of its accounts.

This is all to put fear into the tax slaves to give the IRS information and actually, voluntarily (but under duress) give the IRS money it has no right to.

They need to do this because, between 2013-2015 less than two thousand people voluntarily told the IRS about their gains on bitcoin.

Those two thousand people, by the way, are spineless, pathetic zombies who are helping to destroy the world and should be ashamed of themselves.

The IRS hopes that by making it look like their few thousand agents are scouring through Coinbase’s records that they can scare people to voluntarily file their capital gains and send money to them. It’s a bigger scam than any Nigerian prince email… it actually nets trillions of dollars from suckers every year!

I would never voluntarily submit my information to any criminal organization! Never provide extortion rackets and terrorist agencies like the IRS with ANY information it does not already have. Doing so is like inviting the vampire into your own home. By voluntarily giving them information they don’t have, you are actually, on a spiritual level, consenting to their aggression.

Instead, I would never file anything with them. If, by chance, you are one of a few people who gets targeted, and they do look through some transaction records and can show that you bought bitcoin at lower levels and want to force you to pay them, here is what I would do.

Transfer that bitcoin from one account to another account and then tell them you lost your bitcoin due to theft. And then tell them you’d like to file a Capital Loss for the year.

And then tell them to fuck off and get a real job.

Anarcho-Capitalist.  Libertarian.  Freedom fighter against mankind’s two biggest enemies, the State and the Central Banks.  Jeff Berwick is the founder of The Dollar Vigilante and host of the popular video podcast, Anarchast.  Jeff is a prominent speaker at many of the world’s freedom, investment and cryptocurrency conferences including his own, Anarchapulco, as well as regularly in the media including CNBC, Bloomberg and Fox Business.  Jeff also posts exclusive content daily to the new blockchain based social media network, Steemit.

Tesla Is Blowing Through Half a Million Dollars Every Hour, Report Says

Tesla is fresh off a splashy reveal of its upcoming electric semi truck and a surprise unveiling of a world-beating new Tesla Roadster, but a new report from Bloomberg portends some trouble on the horizon if the company keeps burning cash at a rate of almost $500,000 every hour without more money from investors or a greater return from its fledgling Model 3. 

According to Bloomberg’s numbers, Tesla is currently going through about $8,000 a minute—extrapolated out, $480,000 every hour—as it continues to recover from the massive costs incurred during the development of its lower-priced, mass-market electric car. Additionally, Tesla has sunk billions into building out its Nevada Gigafactory, and will likely spend billions more to get the Semi and Roadster off the ground. At the current rate, Bloomberg estimates it will use up its entire stockpile of cash by August of next year.

Of course, that’s no sure thing. It is hard to take a snapshot of a company’s finances in a particularly turbulent moment and use it as an accurate barometer of the future. For one, the automaker will continue to build and sell the Model S and Model X. And despite several missed deadlines this year, CEO Elon Musk is still adamant that production of the Tesla Model 3 will be ramping up in earnest in the first quarter of 2018, and new agreements with suppliers will cut costs even further. Updated numbers haven’t been released yet, but just 440 Model 3s had been built by the end of October.

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Then there’s the biggest reason the company won’t run out of cash, at least not yet: Its practice of taking deposits for cars that haven’t been built yet. Despite the short sellers on Wall Street, Musk has no shortage of investors willing to give him money, but Tesla has also been buoyed by the 500,000 would-be Model 3 buyers who each plunked down $1,000 for a spot in line before the first prototype was even built, generating $500 million for the company. Reservations opened for both the Semi and the Roadster before last week’s presentation even finished—the latter of which requires a $50,000 deposit.

Still, it probably won’t be smooth sailing for Musk as he continues to chart a course toward an electric future, at least in the short term. Aside from the Model 3, the company will also be spending billions over the next few years to get the Tesla Semi and Roadster production lines off the ground. The company could also sell more equity to raise more cash, but Musk has previously been unwilling to dilute existing shareholders, including his personal 20 percent stake.

“Whether they can last another 10 months or a year, he needs money, and quickly,” Bloomberg Intelligence Senior Analyst Kevin Tynan said, adding that he believes Tesla will have to raise at least $2 billion in new capital by mid-2018 to stay afloat. A Tesla spokesman declined to comment on the record.

Zionist BitCoin Beast System Penetrates Truth Researchers #PIZZAGATE

VIDEO:

Ed. Note: One man’s harsh opinion on Bitcoin…

BitCoin will be controlled by Zionist Israel if it isn’t already. People think CryptoCurrency is a good way to escape the RothChild Federal Reserve when in all reality it is the perfect plan to put people into a one world CryptoCurrency being controlled by the beast system itself. SHARE THE VIDEO, I know I’ll get hate for this, but I DO NOT CARE. http://www.jpost.com/Opinion/Israel-a…

More from this producer…

Q Annon, Hugh Hefner CIA MK Ultra “Wonder Land” Studio Exposed (White Rabbit) #PIZZAGATE

 

The IRS Now Has Moved Beyond Extortion To Outright Theft While the Police Rob Americans Blind

People need to realize what government is. It isn’t there to protect you. All government really is is a criminal enterprise that is the most successful one in each geographical jurisdiction.

The only difference between the mafia and government is size. And the IRS is just the largest protection racket in the US.

If you pay the IRS its “protection money,” which they call taxes, they won’t kidnap you and put you into a rape camp. That’s the “protection.”

But now the US government is so bankrupt financially and morally that it is going beyond an outright mafia operation to straight up robbing people.

In the US today both yourself and your property are guilty until proven innocent.

“Asset forfeiture,” which is just theft by the police, that Donald Trump is a big fan of, is now the leading cause of robbery in the US coming in at over $5 Billion USD annually.

People are brainwashed in 12 years of government indoctrination camps and thousands of hours of pro-police propaganda on their television programming to believe that without government police they’d be getting constantly robbed by others.Well, it turns out that the police rob Americans of more money than all private criminals combined. And they can do it with complete immunity too.

And, in this latest report, the jealous IRS has gotten in on the act because they wanted a piece of the action too.

The IRS already steals more from Americans than any other entity at over $2 trillion per year in taxes. But even that isn’t enough, according to this latest report. On top of all the taxation theft, they are just outright stealing money from people’s bank accounts now.Banks are forced to report bank deposits of greater than $10,000 in the USSA, which leads many business owners to divvy up their deposits into smaller increments to not set off any red flags with the thieving IRS.

And, in the land of the free, where everything is illegal, a law called the Bank Secrecy Act deems it illegal to deliberately make smaller deposits to specifically avoid the reporting requirements that are associated with depositing sums greater than $10,000.

The main reason people deposits sums under the 10,000 threshold is out of sheer fear. Most don’t recognize it consciously, because of all the “land of the free” brainwashing they’ve had since birth… but on an unconscious level, most in the US know they live in a tyrannical fasco-communist police state and that almost anything they do can make them the target of the government. Plus, on a more conventional level, no one wants to deal with the sheer stack of paperwork involved in the declaration process above the arbitrary $10,000 limit.

When someone intentionally deposits chunks of money under $10,000 this supposed “crime” is called “structuring” and the official reason given for it is to combat terrorism, drug dealing, and “other serious criminal activity.”

Ironically, it’s the US government – the maker of the rule – who is the biggest state sponsor of crime and terrorism in the world. But, those aren’t the truthful reasons anyway. The real reason is to make sure that every transaction done in the US is monitored by the government so it can plunder as much of it as possible.

According to the recently released Inspector General’s (IG) report, the IRS went after hundreds of cases of people suspected of “structuring” that otherwise gave no indication of criminal activity outside of making deposits of less than $10k.

The IG took a sample of over 250 IRS forfeiture actions where the primary reason for asset seizure was solely because the associated dollar value of deposits was consistently less than $10,000 and they found that in over 90% of those cases the businesses or individuals had obtained that money legally.

Moreover, the IG report found that the IRS, being the thugs they are, knew that most of these entities such as jewelry stores, gas stations, and restaurant owners – all who deal mainly with cash – had made their money legally and as a consequence decided to deliberately target them.

In this tyrannical extension of the war on cash, the IRS agents are only questioning these affected business owners after they had already seized their assets!

So in the USSA today you can neither travel in your car with assets of any significant value without road pirates stealing them nor can you deposit them into your bank account in increments of less than 10,000 without raising red flags and also getting them stolen.

And, if you somehow avoid all that then you’ll still be extorted for up to 50% of your wealth via income tax.And so here at TDV, we continue to advocate keeping your assets outside of the Western financial system and especially out of the reach of the thieving fasco-communist paws of the US federal government and their road pirate minions.

One of the best ways to do that is via cryptocurrencies. That is why the government constantly tries to make cryptocurrencies, like bitcoin, look bad. Because if everyone started using them, then most of their extortion rackets wouldn’t work anymore.

But, that’s just one good reason to look into bitcoin and other cryptocurrencies. The other good reason is that many other people are beginning to realize the value in them and are driving the price of bitcoin and other cryptos higher.

We recommended one to TDV newsletter subscribers (see more on how to subscribe here) called Dash recently. We recommended it to subscribers at $17.15 and it has since skyrocketed past $100 before correcting to just over $60 as of the time of this writing.

To get more information on bitcoin and other cryptocurrencies, click here.

Or view all the presentations from our recent Dollar Vigilante Internationalization & Investment Summit which featured a lot of information on cryptocurrencies here.

You’ve been brainwashed, since birth, that the government and police are here to protect you. They’re not. They are the biggest enemy to your freedom and your prosperity. Take steps to protect yourself from them today.