When Bitcoin Plunges, Buttcoin Cheers : The Online Community Praying For The End of Crypto

As bitcoin plunged below $20,000 in mid-June, many cryptocurrency users were distraught over massive losses – with some reporting they had lost their life savings. But one corner of the internet was cheering: Buttcoin, a Reddit subforum launched in 2011 to poke fun at cryptocurrency.

“I’m addicted, I need help,” read one popular post. “I just love watching line go down too much. I always tell myself ‘after it breaks through this next support line, you’ll be satisfied’ but there’s ALWAYS another lower level after that.” “I’m actually hoping it levels off at 20K for tonight,” said another user. “I’m kinda tired and need more time to think of new lower priced memes.”

One tech industry worker who frequents Buttcoin told the Guardian they stayed up until 3am one night to watch the crash unfold. “I know this may sound pathetic but I get a dopamine hit when I see the bitcoin price going down. It was so exciting.” The cryptocurrency flirted with its two-year low again this week, which meant a festive mood at Buttcoin. With about 135,000 members, the subreddit is tiny compared with the millions of people who chat on Reddit’s many pro-cryptocurrency forums.

But frequent contributors to the community – whose logo replaces bitcoin’s golden “B” with a pair of golden buttcheeks – describe it as a kind of digital support group, laced through with dark humor, for people who are horrified by the proliferation of crypto scams and pyramid schemes. Though they may not have the power to destroy crypto, they can make jokes when it stumbles. As Buttcoin members say, instead of mining useless digital coins – they’re “mining comedy gold”.

Just like the crypto culture it mocks, Buttcoin has its own set of memes. Some of them simply flip crypto sayings. Instead of baying for token prices to rise “to the moon”, Buttcoin users chant “to the floor”. But Buttcoin’s most popular jokes take pro-crypto logic and push them to sarcastic extremes. To skewer crypto promoters’ habit of spinning negative news, Buttcoin users comment “This is good for bitcoin” under stories of cryptocurrency catastrophes. (Bitcoin’s been banned in a major country? Good for bitcoin. Bitcoin’s price is plummeting? Good for bitcoin. Someone lost their life savings to a bitcoin scam? You guessed it… good for bitcoin.)

Another crypto catchphrase smugly referencing the technology’s complexity, “Few understand,” has been become a Buttcoin meme in its own right. (For example: a Buttcoin user jokes that a 2003 Toyota Camry’s rising price amid the crypto crash makes the Camry a superior “store of value”. “Every 2003 Camry has a unique VIN and you can drive it to the supermarket too … Few understand,” another replies. “This is good for Toyota,” a third chimes in.)

Buttcoin’s most senior moderator, an IT worker who goes by spookmann, told the Guardian that the 11-year-old forum has “changed as crypto itself as grown and festered. “Originally the tone was almost entirely ‘Haha… that’s so silly!’ And certainly that element is still present, but nowadays there’s an increasingly tragic element of ‘Ugghh… so many people are having their lives ruined by this damn thing!’”

The biggest posts on Buttcoin are shot through with schadenfreude. The subreddit invariably celebrates when bitcoin, the largest cryptocurrency, dips below symbolic price levels – which to many Buttcoin users, proves that the scam is unraveling. “I definitely get hopeful when it starts seriously dipping or when some stablecoin scheme goes to zero,” said Joe, a systems engineer who browses Buttcoin every day. “There’s a kind of thrill to the validation of it, right? Especially since the crypto bro stereotypes are so obnoxious whenever it goes up in a new bubble.”

But the more controversial posts mock crypto investors themselves for losing money – though there’s disagreement over how far to go. Some highly rated posts on the subreddit argue that there should be no sympathy for victims. “They can go fuck themselves,” read one post in late June, with more than 1,500 upvotes: “Criticizing scams is not being mean. This also isn’t a support group to help console people who lost all of their money on ElonDogPoop Coin.” Not all Buttcoin users agree. “Even if they are assholes, I don’t relish the idea of the average [investor] losing their life savings even if they should have been able to see the scam for what it is. That unambiguously sucks,” Joe says.

There’s a “shared enjoyment of watching things go up in flames”, said M, a Buttcoin user and a tech industry worker, but he still has “sympathy for those drawn into crypto by family members or by the promise of a better life … Times are tough for most.” He pointed to the victims of Celsius, an unlicensed crypto “bank” that offered massive returns to over a million investors in an alleged ponzi scheme that collapsed earlier this summer. The court testimonies – which included pleas from ordinary people who lost their life savings – were “heartbreaking”, M said.

Because Reddit’s pro-cryptocurrency forums quickly delete critical posts, Buttcoin also attracts users looking to commiserate over loved ones who have been caught up in the scam. One support seeker was Izzycc, a 23-year-old social work student whose boyfriend of eight years had become depressed after getting sucked into the NFT fad and losing money.

“I’m absolutely fucking praying for the downfall of cryptocurrency,” she wrote. “It would mean a wakeup call for him, he might finally pull out of this scam, and maybe even start to feel a little better not staring at a number that’s only going down.” Buttcoin users urged Izzycc to break up with her boyfriend – and so she did. “It was for a couple of reasons, but the NFT stuff was kind of a big one,” she told the Guardian.

“I just hated being around it all the time. I hated when he would talk to my family about it. It was just kind of embarrassing, I guess.” She’s doing “a lot better now”, but still browses Buttcoin: “The people are funny, and I know too much about cryptocurrency to not at least casually browse the site at this point.”

Buttcoin sometimes deals with heavier tragedy. In August, a user described a close friend who had gone all-in on crypto before he killed himself. “I was secretly making fun of him,” the user wrote, “till I recently heard the bad news … and it’s hard to feel sorry for crypto bros, but now that I’m here, I do.” “I’m tearing up hearing about this,” wrote one user. Another user observed: “This sub makes a lot of jokes that I consider comic relief, but everything about this sucks, in reality.”

That’s the tension that runs through Buttcoin: beneath the memes lies real pain – and a frustration of watching helplessly as more people around you get hurt. “I think if the crypto cult was just a bunch of dudes off in the woods with a server farm and a maypole there wouldn’t be any real call for Buttcoin to exist,” said Joe. “But it apparently intends to stick around and become a sufficiently big part of the world overall that I don’t have that option.”

Buttcoin isn’t so much a force for resistance as it is a coping mechanism, Joe said, and one that at least for him, may even be backfiring.

“I’m pretty sure the algorithms have actually been sending me more crypto ads since I started posting regularly because they can’t tell the difference between ‘I’m reading about how absurd this is’ and ‘I’m reading about this as a potential sucker/customer.’” He refreshes Buttcoin anyway, hoping he’ll one day witness the price go all the way to the floor.

Source: When bitcoin plunges, Buttcoin cheers: the online community praying for the end of crypto | Bitcoin | The Guardian

Critics by Sabrina Toppa

A Reddit forum devoted to skewering cryptocurrency investors and the industry’s neverending scams says it’s “mining comedy gold” instead of Bitcoin, which it prefers to label Buttcoin. Home to 135,00 members, the Buttcoin community arose in 2011, well-ahead of the current bear market in the crypto industry, which has wiped out some people’s savings. The subreddit’s emblem is gilded butt-cheeks, according to the Guardian.

For dark comic relief, Buttcoiners take widely-used crypto catchphrases by Bitcoin boosters like “going to the moon” and derisively supplant them with going “to the floor.” They also ironically label objectively catastrophic events as “good for Bitcoin,” such as when a country levies a nationwide prohibition on crypto or an entire crypto lender goes bankrupt, leaving destitute creditors in their wake. Other gripes with Bitcoin include its lack of utility in the world and the high environmental footprint associated with mining. 

In recent months, there’s been an uptick in groups chronicling the failure of decentralized finance and crypto. From Molly White’s “web3 is going just great” to the Cryptic Critics’ Corner podcast, these places are seen as an antidote to the often breathless coverage of crypto in some corners of the internet.

According to the Guardian, some subreddit users even get a dopamine hit when the price of Bitcoin plunges. “I definitely get hopeful when it starts seriously dipping or when some stablecoin scheme goes to zero,” a Redditor named Joe told the Guardian.

But even Joe has the self-awareness not to plunge too deeply into schadenfreude: “Even if they are assholes, I don’t relish the idea of the average [investor] losing their life savings even if they should have been able to see the scam for what it is. That unambiguously sucks.”

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Coinbase Losses Exceed Expectations As Sales Deteriorate

Leading crypto exchange Coinbase reported a Q2 net loss of just under $1.1 billion this afternoon, or $4.98 a share, as sales fell more than had been expected and the company’s company’s stock tumbled 6%.

The beleaguered exchange has been hit hard in recent months by a confluence of declining cryptocurrency market conditions, regulatory pushback and investor uncertainty that has dragged its stock price down over 55% since late March.

Coinbase recorded the majority of its $802.6 million in revenue last quarter–over 80%–from transaction fees on sales and exchanges of cryptocurrency. That’s down 61% from the corresponding 2021 quarter and 35% less than Q1.

Analysts had predicted revenue of $868.4 million for the quarter and an adjusted per share loss only about half as severe as reported. In Q2 2021, the company earned $1.6 billion.

The below-consensus revenue may have been reflected rising use of the exchange by customers who aren’t there currency trading, according to Michael Miller, an equity analyst at Morningstar. “Coinbase’s problem wasn’t so much that customers abandoned it — transacting users were essentially flat sequentially — but that there was a shift toward non-traders, such as those involved in staking.”

Despite the flood of red ink, Coinbase has an ace in the hole: its $6.2 billion of cash in the bank, barely changed from Q1. That figure includes $362 million of stablecoin USDC.

“Coinbase is really caught out with its cost structure, and now that crypto prices have come way down, they’re in a position where they do need to cut costs pretty dramatically,” says Miller. “While they are caught out on the costs side, though, they did go into this crypto downturn with a very strong balance sheet.”

The exchange cut costs aggressively last quarter, laying off 1,100 employees, 18% of its workforce, in mid-June and reducing its marketing outlays from a high point last fall (in which it spent $14 million on a single 60-second Super Bowl ad). Operating expenses, adjusted to remove cryptocurrency impairments, fell to $1.48 billion in Q2 from more than $1.5 billion in each of the two previous quarters but were still higher than $1.3 billion a year earlier.

“Expenses haven’t come down much—they were more or less flat sequentially. Coinbase did reduce cost guidance for the rest of 2022, though,” says Miller. “It does sound like they’re comfortable with this level of losses—they were within the guardrails they set. Unless revenues decline further, I wouldn’t expect to see any further layoffs.”

Coinbase’s web engagement fell dramatically, according to data from Simliarweb: visits to coinbase.com fell 45% in June, even while U.S. sites of competitors like FTX showed them more than doubling. Moreover, Coinbase’s weekly web display ads have dropped by over 35% since early June.

“By looking at web traffic and app traffic, you just see a trend towards somewhat of a decline in engagement for cryptocurrency in general,” says David Carr, senior insights manager at Similarweb. “But for Coinbase, the decrease in the percentage of customers using the app on a regular basis and the decrease in the amount of time they spend on the app are signs of lesser enthusiasm.”

Ben Weiss, CEO of crypto financial services and Bitcoin ATM provider CoinFlip, says the market may be overly pessimistic. “I feel that the market is conflating the performance of crypto assets with the companies in the crypto ecosystem, and therefore the reduction in Coinbase stock price is possibly an overcorrection,” says Weiss. “Coinbase is a household name in the crypto space and is extremely competitive among crypto exchanges. While companies must continue to innovate to stay relevant, Coinbase is still extremely well positioned among exchanges to continue to capitalize in the crypto space.”

I am a reporter for Forbes’ Money and Markets team. Originally from New Haven, Connecticut, I currently live in New York City.

Source: Coinbase Losses Exceed Expectations As Sales Deteriorate

Critics:

Coinbase operates as a remote-first company and has no physical headquarters As part of its SEC filing to go public, the company reported 43 million verified users, 7,000 institutions, and 115,000 ecosystem partners in over 100 countries. It also reported net revenue of $1.14 billion in 2020, up from $483 million the previous year. The company also reported a net income of $322 million after posting a loss in 2019.

Out of the $782 billion worth of assets on the crypto market, some $90 billion worth is held on the Coinbase platform. As of 2018, the company offered buy/sell trading functionality in 32 countries,while the cryptocurrency wallet was available in 190 countries worldwide. In a May 2022 Form 10-Q filing, Coinbase stated that “because custodially held crypto assets may be considered to be the property of a bankruptcy estate, in the event of a bankruptcy, the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors“.

The “Coinbase Effect” refers to the rise in price of cryptocurrencies listed for sale on a dominant crypto exchange such as Coinbase in the days after the news becomes public. According to Barron’s, the effect of getting a cryptocurrency listed on the exchange plays a big role in what cryptocurrencies gain widespread acceptance.

On February 16, 2018, Coinbase admitted that some customers were overcharged in error for credit and debit purchases of cryptocurrencies. The problem was initiated when banks and card issuers changed the merchant category code (MCC) for cryptocurrency purchases earlier that month. This meant that cryptocurrency payments would now be processed as “cash advances”, meaning that banks and credit card issuers could begin charging customers cash advance fees for cryptocurrency purchases.

Customers who purchased cryptocurrency on their exchange between January 22 and February 11, 2018, could have been affected. At first, Visa blamed Coinbase, telling the Financial Times on February 16 that it had “not made any systems changes that would result in the duplicate transactions cardholders are reporting.” However, the latest statement from Visa and Worldpay on the Coinbase blog clarifies: “This issue was not caused by Coinbase.

In March 2018, Quartz reported that the number of monthly customer complaints against Coinbase jumped more than 100% in January of that year, to 889, citing official Consumer Financial Protection Bureau data, with more than 400 of those categorized as “money was not available when promised”.The article also noted that the company was subsequently increasing its customer service staff to reduce wait times. In December 2021, CNBC reported that Coinbase froze the cryptocurrency GYEN due to a sudden price spike, resulting in many traders losing money.

On July 22, 2022, a former Coinbase product manager, Ishan Wahi, along with Nikhil Wahi (Ishan’s brother) and Sameer Ramani (a friend), was charged in the first-ever insider trading case in cryptocurrency by prosecutors for the Southern District of New York and the Securities and Exchange Commission.According to the complaint filed in SEC v. Wahi, Ishan Wahi allegedly shared information that certain tokens were about to be listed by Coinbase with Nikhil Wahi and Ramani, who then allegedly acted upon that information to make trades for an alleged illicit profit in excess of $1.5 million.

According to federal prosecutors, Ishan Wahi purchased a one-way ticket to India upon being summoned by Coinbase to the company’s Seattle office for a meeting. Wahi was subsequently intercepted by law enforcement from boarding a May 16 flight to India. Coinbase’s chief security officer, Philip Martin, noted that the company provided prosecutors with information from an internal investigation.

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How Bybit Empowered Crypto Believers To Achieve Their Dreams & Revolutionized The Traditional Finance

Bybit, established in 2018, is an innovative, fast-growing cryptocurrency derivatives exchange. The company was founded by a team of professionals having expertise in investment banking and the forex industry. Bybit has its headquarters in Singapore and is registered in the British Virgin Islands. It envisions a global economy and provides a seemingly fast, secured, and transparent trading system.

It has embarked on a journey to build the next-gen financial ecosystem powered by innovative and advanced blockchain technology. With more than 1.6 million Bybit users globally, and retail or professional clients, Bybit remains customer-focused and endeavors to provide the best user experience.

Bybit exchange, a crypto derivatives exchange, provides a fair trading environment to trade futures with good leverage in BTC/USD, ETH/USD, XRP/USD, EOS/USD, and BTC/USDT perpetual contracts. According to our Bybit review, this cryptocurrency exchange operates and provides a safe, secured, fair, transparent, and efficient futures trading platform.

Features of Bybit

While there are many similarities between the exchanges, some distinctive features that Bybit has included could make them attractive.

  • Bybit exchange offers trade derivatives products, including Bitcoin and other cryptos, with three contract options:-
    • Inverse Perpetual
    • USDT Perpetual
    • Inverse Futures
  • It gives full access to a wide range of trading features, including cross and isolated margin trading. Bybit offers 100X leverage trading, which is not adjustable if utilized in the cross-margin option.
  • Bybit permits limit order, conditional order or conditional limit order, stop-loss order, and advanced orders such as Good till Cancelled, Immediate or Cancel (IOC order), Fill or Kill. Advanced Order Forms are easy to use and great for quick access.
  • It provides a host of data analysis tools to access data such as price moving averages, moving average indicators, and monthly price range. It also includes funding data, specific index prices, rolling volatility chart, BTC daily realized volatility, market analysis, and the latest news.
  • It provides a great trading experience with an intuitive user interface for the crypto community.

Perpetual Futures and The Dual Price Mechanism

A perpetual futures contract is a derivative that does not expire, unlike spot and futures trade contracts. It helps to maximize profit opportunities. Bybit has plans to incorporate quarterly futures contracts and subaccounts when it integrates with the MetaTrader 4 foreign exchange platform.

The Dual Price Mechanism protects traders from trade manipulation or price manipulation, which results in steep losses due to liquidation of positions due to margin shortage or requirement at prevailing market price.

Bybit’s Mark to Market Price

‘Funding’ provides a healthy spread between the spot and the derivative cryptocurrency exchange price. It helps to match spot price and derivative exchange price, once in eight hours, by making the last asset traded price on the crypto platform ‘mark price to market price.’

100X Leveraged Trading

Bybit allows 100x leverage on perpetual futures products. Thus, most traders can increase their leverage to match the maintenance margin requirement. It equips experienced traders in entering sizable positions.

The Contract Loss Mechanism

A leveraged long or short position in a highly volatile market might be liquidated if the price goes lower than the bankruptcy price. Bybit Insurance Fund helps liquidated traders to cover the deficits caused due to losses.

Socialized Loss system Vs Auto-Deleveraging system (ADL)

ADL can protect traders from abnormal losses by potential deleveraging of the highest profitable and leveraged positions in that order. Its unrealized profit ratio and leverage determine the ADL ranking for each position.

Bybit Payments or Deposits into their account can be made through Visa, Mastercard, Electronic Fund Transfer or Wire Transfer, and Bill Payment options. Bybit operates in collaboration with Banxa, Xanpool, MoonPay, and Mercury to support payments through fiat currency. Mobile App users can click on the ‘Assets’ tab on the bottom right-hand corner and click on ‘Deposit.’

Bybit Fees

Makers and Takers: Users can be classified as either ‘Makers’ or ‘Takers’. Market Makers provide liquidity and market depth, whereas market Makers squeeze the liquidity from the order book. Makers orders are not filled immediately, whereas Takers orders are filled immediately as a market order. Market makers are rewarded for providing liquidity and market depth.

Bybit offers a maker fee (rebate) of 0.025% instead of charging fees to Makers, unlike a fee of 0.075% charged for Takers. The net cost accrued by the Bybit platform is 0.05%. One can withdraw funds by entering the wallet address and clicking the withdrawal button three times a day with a withdrawal fee. Bybit withdrawal limits are 10BTC. It also has limits on daily withdrawals, which is 0.0005 BTC, and Bybit Funding Fee or Funding Rate is 0.02%/ -0.02%.

Services Provided by Bybit Exchange

Currently, Bybit offers trading strategies or options in Inverse Perpetual Contract, USDT Perpetual, and Inverse Contract in Bitcoin, EOS, Ethereum, and Ripple XRP. It offers up to 100x leverage on Bitcoin’s perpetual swap future contract. Deposits are accepted in all the currencies that they trade, i.e., BTC ETH EOS, XRP.

Bybit Promotions

Rewards Hub

For new signups, $50 coupon for first-time deposit within 48 hours and $10 after 48 hours, $5 bonus on a BTC deposit, and $5 coupon on following Bybit on social media channels or networks. It is a user-friendly exchange that also conducts trading competitions offering colossal prize money to the winners.

Bybit bonus can either be used as an initial margin or initial maintenance margin to cover losses or offset the trading fee. Bonus as such cannot be withdrawn. However, the profits derived from trading with bonuses can be withdrawn. As soon as the referee becomes qualified, the bonus is deposited immediately in the trader’s Derivatives Account, which refers to the new user.

Bybit Trading Bot

Trading bots are automated software that trades as per the pre-set conditions by experienced traders. Some trading bots that enable a trader to auto trade in Bybit are TradingView, 3Commas, Alertaton, Autoview, Cornix, FMZ, GoodCrypto, Haasonline Hydor, Mudrex, Profit Trading, ProfitTrailer, Profitview, Sirius Trader, Stacked, TokenBot, Tycoon, Wunderbit, and WBCCLUB.

Bybit Testnet

Bybit testnet enables a potential trader to better understand the key features, options, advantages, and pros and cons without making a deposit. It’s a virtual account provided solely to practice crypto trading with fake money. A new user could explore for informational purposes and have a hands-on experience without actually exposing oneself to the risk of losing money.

Bybit Mobile App

The mobile app is fully compatible with the most advanced Android and iOS systems and can be downloaded from the Google play store. Like desktop, one can buy cryptocurrencies like Bitcoin, Ethereum, and other coins through the app, either using a credit card, debit card, or a bank transfer. Though it’s a bit challenging to study TradingView charts and monitor numerous markets on the app, it’s a good tool for monitoring open positions. The crypto account is fully secured through a multi-signature cold storage wallet solution. One can choose to trade various trading pairs like BTC/USD, ETH/USD, XRP/USD, EOS/USD, BTC/USDT, and other perpetual trade contracts. It processes 100,000 transactions per second which ensure the fulfillment of every trade order.

Bybit Security Parameters

Bybit spends 20% of its annual budget on ensuring the platform’s security against the industry average of 15%. Unlike most other exchanges that use ‘hot wallets,’ it has adopted ‘cold wallets,’ which have inbuilt robust security management, features, and measures. All deposit addresses are cold wallet addresses. Offline signatures carry on underlying Asset transfers and withdrawals. Withdrawal requests are subject to three levels of verifications and manual reviews per day to manage risk, and traders can withdraw once every eight hours.

Bybit has a stringent policy regarding crypto-asset consolidation, including system security, physical environment security, operation authentication, encryption techniques, monitoring, and audit. It protects user data and personal information, which is in line with its privacy policy. Each employee of the platform is thoroughly trained, scrutinized, and assessed for internal security control.

The exchange always insists the user have two-factor authentication. The user has to scan the QR code, and a six-digit 2FA code is generated randomly inside the Google Authenticator App. Users should write down the Recovery Key Phrase and store your RKP securely inside a cloud server with full SSL encryption.

Bybit Customer Support

Bybit has a 24/7 customer support team on a global scale to answer the phone or live chat function to resolve any queries or issues. The language options here are English, Chinese (Cantonese and Mandarin), Japanese, Korean, Russian, Spanish, and Vietnamese.

Source: https://www.bybit.com

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Wall Street Still Loves Big Tech Stocks: Analysts See Further Upside Ahead Of Crucial Earnings Week

Despite a brutal selloff so far this year in the tech sector, Wall Street analysts remain cautiously optimistic about Big Tech stocks ahead of upcoming second-quarter earnings this week, with the majority of experts predicting that companies like Apple, Microsoft and Alphabet can continue to post strong profits in the long run.

Though tech stocks have been hard-hit this year (with the Nasdaq down 25%) amid surging inflation, rising interest rates and ongoing recession fears, a majority of Wall Street analysts still maintain buy ratings on Apple, Alphabet, Meta, Microsoft and Amazon ahead of key earnings results this week.

Three firms reiterated buy ratings on several big names Monday: Deutsche Bank predicted solid results from Apple, Bank of America expects Facebook parent Meta to see ad revenue take a smaller hit than expected and Oppenheimer predicts “robust” growth in Amazon’s AWS cloud services business.

Analysts note that while the tech sector is already slowing down, hiring across the board amid the more challenging economic environment, after a big selloff earlier this year, valuations are now looking much more attractive.

Netflix and Tesla saw their stocks rally last week after “better than feared” results, while Snap delivered “another train wreck quarter that highlights a digital ad slowdown, Apple iOS privacy headwinds and TikTok competition further heating up,” according to Wedbush analyst Dan Ives.

While there’s been some “good and bad news” in the tech sector, “there are some encouraging signs” and investors can now buy shares in some of the biggest companies at a more attractive entry point, says Lindsey Bell, chief markets and money strategist for Ally.

Among the more than 250 combined analysts covering the five Big Tech companies reporting earnings this week—Apple, Alphabet, Meta, Microsoft and Amazon—fewer than five have sell ratings—a sign of just how bullish Wall Street is on some of America’s most valuable tech companies.

Alphabet and Microsoft kick off Big Tech earnings on Tuesday. Meta reports Wednesday, Apple and Amazon on Thursday. “Investors should be selective when picking stocks within the tech sector,” says David Trainer, CEO of New Constructs. “The strongest types of stocks are the ones where cash flows are strong and valuations underestimate the company’s ability to generate cash flows in the future.”

He especially likes Google parent Alphabet, which is trading at a “much cheaper” valuation than its peers and should continue to outperform, thanks to its ability to keep innovating. Trainer is “not as confident” about Facebook parent Meta, however, questioning the company’s “ability to sustain profits,” especially as it struggles to retain users amid increased competition from the likes of TikTok. His firm also remains bullish and “big fans” of Apple, though the stock is still somewhat expensive, he adds.

All of the Big Tech stocks have seen big losses so far this year, though they have recovered somewhat in recent months. Meta has suffered the greatest losses, with its market value falling by roughly half as Facebook’s ad business continues to struggle. Amazon and Alphabet are both down roughly 25%, Microsoft more than 20% and Apple 15%.

I am a senior reporter at Forbes covering markets and business news. Previously, I worked on the wealth team at Forbes covering billionaires and their wealth.

Source: Wall Street Still Loves Big Tech Stocks: Analysts See Further Upside Ahead Of Crucial Earnings Week

Critics by

In a single two-and-a-half-hour stretch on Jan. 25, Microsoft Corp. stock erased $156 billion of its shareholders’ money, then rebounded, recovering all of its losses and adding $74 billion. In one sense this was just another lurch in the markets’ wild ride in 2022, as investors adjust to recovering economies and the prospect of rising interest rates. But it also points to a new environment in which the most valuable U.S. tech companies are going to have to work harder to justify their trillion-dollar or near-trillion-dollar valuations.

The Big Tech companies are still doing well. The day after Microsoft’s earnings, Apple reported a quarterly performance that wildly exceeded expectations. On Feb. 1, Alphabet also beat analysts’ projections. Share prices for both companies spiked—but remain below their peaks. The way Microsoft’s white-knuckle afternoon played out is particularly illustrative of the shifting environment: At 4 p.m. New York time, it released quarterly financial results.

They exceeded analysts’ expectations, except for one crucial number: Growth slowed slightly at its lucrative Azure cloud computing business. Investors panicked, sending shares down as much as 6.8% in aftermarket trading. Shortly after 6 p.m., Chief Financial Officer Amy Hood told analysts that cloud computing growth would accelerate again in the next fiscal quarter. The stock jumped, erasing the earlier losses.

Short-term stock gyrations have limited predictive power. But the activity around Microsoft’s earnings highlighted how negatively investors are now inclined to react to slowing growth at key units, even if revenue and earnings beat expectations.

A standard way to look at how excited investors are about a particular company is to compare its share price with its expected earnings. In January 2017 the stocks of the five most valuable tech companies—Apple, Amazon, Facebook, Google, and Microsoft—traded in line with the S&P 500 as a whole, at 19 times their predicted earnings. By September 2020 that multiple for the Big Tech companies was 42, while the market as a whole traded at a 27 multiple.

Investors were rewarded. Apple shareholders enjoyed an average 43% annual return over the past five years if they reinvested all their dividends back into the stock. Microsoft, Amazon, and Google generated average returns of 38%, 28%, and 26%, respectively. Even Facebook’s relatively modest 18% outperformed the S&P 500’s average of 16%.

The lockdowns helped widen the gap between tech and everyone else, according to Kasper Elmgreen, the head of equities at Amundi SA. “The economy gets turned off, so we had an historic economic contraction that hit [vehicular] traffic, leisure, industrials, construction, financial services, and so forth hardest,” he says.

That could be changing. The Covid-19 omicron wave is receding in many places, and businesses that suffered during the pandemic could benefit more than tech companies from a renewed recovery. This could send investors looking to increase their stakes in companies they’ve spurned for the past two years while they focused on the tech giants.

“The whole case for investing in these companies and inflating their premiums was the fact that growth was scarce and they had the strongest growth prospects in the S&P 500,” says Gina Martin Adams, the chief equity strategist for Bloomberg Intelligence in New York. “As economic conditions improve, that premium will naturally deflate.”

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Tesla Shares Rally Despite Slowdown In Profits, Impact From China Shutdown

Dow Jumps 700 Points, Analysts ‘Cautiously Optimistic’ After More Solid EarningsNZ sharemarket falls another 0.2%, underperforms Wall Street Stuff.co.nz

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Coping with Grief During a Pandemic

Since the arrival of the coronavirus pandemic, many of us have experienced loss, sadness, anxiety, and grief. You will often hear how losing a loved one changes you for the rest of your life.

You learn to move forward in life carrying with you the cherished memories of this person and the love they brought into this world, into their relationship with you. For many, this is one of the hardest things they will ever experience in their life. It’s never easy, whether you have experienced a sudden loss of a loved one or losing a loved one due to an illness or cancer, that may have included stays in a hospital or hospice setting.

Pre-pandemic, one vital aspect of this process that helped us grieve was being surrounded by our loved ones and friends. Being present with your loved ones as they were in the hospital, being present with loved ones at a viewing or mass, being present with your family and friends at a luncheon after the funeral, just being physically present with others helped us to cope.

Currently, we are almost a year into the isolating effects of the COVID-19 pandemic and unfortunately, like everyone, I have felt loss. Like others worldwide, I missed casual visits with friends and family, holiday gatherings, having my children’s education interrupted, struggling to adapt to zoom and other online video tools, fear of contracting COVID-19, etc.

The list can go on! My family also experienced two personal losses within a very short time frame. Both were my uncles; both were my mother’s brothers. One uncle contracted COVID-19 and passed away in under a month, and my other uncle lost his lengthy battle with cancer.

How the Pandemic Impacts the Grieving Process

In any time period, losing a loved one is a very difficult experience. You will hear individuals experience stages of grief and loss, denial, anger, bargaining, depression, and acceptance. Maneuvering through these stages is often supported in part by aspects that we are missing because of the pandemic. One of the elements that are different is not being able to hug someone, to give or receive a simple embrace!

People often say that you might not remember what people say, but you will remember how they made you feel. An embrace of love, support, and I am here for you without saying a word is missing these days. Further, visitation limitations in hospitals and nursing homes due to the pandemic have strongly impacted the grieving process.

This deepens the void felt in the time with a loved one who is sick leading up to their passing. This may cause us to feel like we missed out on being there, caring for, and helping our sick loved ones feel like they are not alone. Also, some people are nervous about attending the viewing and funerals. Constraints on large gatherings impact how many people can attend, and even those who attend are spaced far apart.

The purposeful distancing helps to keep it safe in the pandemic but takes away some of the comfort in gathering together to mourn. Some wanted to attend but also wanted to make sure they were safe. In regards to my uncle, one family friend explained, “I really wanted to go, have closure, pay my respects and love to him and all of his loved ones,” but due to COVID-19 and his physical health concerns, was not able to attend.

Recommendations to Help with Loss During a Pandemic

This pandemic has had a huge impact on how we cope with grief, and it may lead us to use some new methods to help us through the tough times. If you or someone you know is dealing with a loss, the recommendations below may help to ease the pain and additional loneliness felt when losing a loved one.

Therapy. Seeing a therapist can help you process your grief and sadness.

Group Therapy (Bereavement groups). Attending a bereavement group can help you connect with others who have lost loved ones. It also may help with feeling like you are not alone and learn coping strategies from others that may better support this extremely difficult time for you.

NAMI or other support groups. Joining a group like the National Alliance on Mental Illness (NAMI) or other support groups such as those offered on social media platforms. This will help you broaden your scope of supportive networks. These groups and support networks are often at zero cost and can be extremely beneficial.

Support and Time. There is no specific way to mourn a loved one. For some, it may take a long time to pass through the stages of grief (denial, anger, bargaining, depression, and acceptance). For those supporting someone who lost a loved one, just being present with them (virtually or physically distanced) and encouraging them to talk about their loved one is extremely beneficial.

They may not remember what you said, but surely will remember how you made them feel. This is especially true with grief – just knowing that you are there, listening, and offering comfort means so much!

Talk. Continue to talk about your thoughts and feelings related to the frustrations, anxiety, sadness, and grief due to the loss of the loved one. Shutting down, avoiding, and isolating can be an instinctual response with grief and understandable due to the significant loss.

Talk about the good times you had with the person, talk about the anger you have related to your situation, talk about the sadness that you have about the loss. The most important thing is to express yourself.

Pictures of your loved one. Looking through pictures of my uncles really helped me and my family. Remembering good times, funny moments, and speaking about their character, values, and personality was extremely beneficial to my family.

Memorialize the loved one. There are various ways you can memorialize your loved one. Some ideas are dedicating and planting a tree, flower, or garden for your loved one, contributing to a local charity, creating an online memorial, or creating a picture box.

Engage in Self-Care. Take care of yourself. Yoga, meditation, walks, music, exercise, gym, and eating right are a few things that can help you during a time of grieving.

Be kind to yourself. Losing a loved one is one of the hardest situations a person can experience. Self-compassion throughout this experience is one aspect that may help you process your grief. This is also easier said than done.

A beautiful quote by Rick Hanson from his book Just One Thing is “you can have compassion for yourself- which is not self-pity. You’re simply recognizing that ‘this is tough, this hurts,’ and bringing the same warmhearted wish for suffering to lessen or end that you would bring to any dear friend grappling with the same pain, upset, or challenges as you.”

By: Patrick McElwaine Psy.D.

Patrick McElwaine is a Licensed Clinical Psychologist and also Licensed Professional Counselor (LPC). He is an Assistant Professor of Counseling Psychology at Holy Family University and a faculty member at the Beck Institute.

Source: Coping with Grief During a Pandemic | Psychology Today

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