July Week 4 - 2024

TECH RESET
CrowdStrike WFT happened?

In an unprecedented event dubbed the “largest IT outage in history,” a flawed software update by cybersecurity firm CrowdStrike led to widespread disruptions across multiple sectors, including airlines, banks, and hospitals. This outage has highlighted just how dependent modern life is on stable and reliable internet services, and the catastrophic impact that even a minor glitch can cause.

Early Friday morning, businesses from Europe, Asia, and the US began experiencing severe issues with their Microsoft Windows computer systems. Many users were confronted with the dreaded “blue screen of death,” rendering their machines inoperable. The glitch originated from a faulty update in CrowdStrike’s Falcon software, a cloud-based product designed to detect hacking threats. This update inadvertently caused a defect in the Windows operating systems, leading to the massive outage.

As a result, over 2,000 flights were canceled worldwide, affecting major airlines such as American Airlines, Delta, and United. Airports were thrown into chaos as flight schedules were disrupted, leaving passengers stranded with little information about updates or alternatives. Hospitals had to cancel elective surgeries, 911 operators experienced glitches, and banks struggled to provide online customer services.

CrowdStrike’s CEO, George Kurtz, emphasized that this was not a security breach or cyberattack but a technical error. The company has since deployed a fix for the issue, although it may take some time before all systems are fully operational. Kurtz acknowledged the severity of the situation and assured that measures are being taken to prevent such incidents in the future.

This event serves as a stark reminder of the fragility of our digital infrastructure. The widespread disruptions underscore how essential IT systems have become to everyday activities and how vulnerable they can be to errors. As the world becomes increasingly reliant on technology, the need for robust and resilient IT systems is more critical than ever. The outage has not only caused significant inconvenience but also raised important questions about our preparedness for future IT failures.

CRYPTO RESET
Samson Mow's $1 Million Bitcoin Prediction: Delusion or Foresight?

Bitcoin developer Samson Mow has consistently asserted that Bitcoin (BTC) will reach an astounding $1 million. While many dismiss his prediction as overly optimistic, Mow presents a compelling argument grounded in several key factors that are difficult to ignore.

Mow confidently predicts that Bitcoin will hit the $1 million mark within a year. His rationale hinges on the fundamental economic principles of supply and demand. According to Mow, the demand for Bitcoin is steadily outpacing its supply, a trend that he believes will drive the cryptocurrency's value to unprecedented heights.

One of the primary factors Mow cites is the upcoming Bitcoin halving event. This event, which occurs approximately every four years, reduces the reward for mining new blocks by half. Consequently, the supply of new Bitcoin entering the market decreases, creating a supply shock. Historically, Bitcoin halvings have been followed by significant price increases, and Mow expects the next halving to be no different.

Additionally, the growing interest in Spot Bitcoin ETFs (Exchange-Traded Funds) is another critical component of Mow's prediction. These ETFs have been accumulating substantial amounts of Bitcoin, further tightening the supply. As institutional investors continue to pour money into Bitcoin through these financial instruments, the demand is likely to soar, pushing the price upward.

Mow also addresses concerns surrounding the potential negative impact of the Mt. Gox Bitcoin repayment. While some fear that the release of these Bitcoins could flood the market and depress prices, Mow argues that only about 20% of the defunct exchange's BTC will be sold, with the remaining 80% likely moved to cold storage or borrowed against.

Despite the skepticism, Mow's prediction aligns with other notable voices in the crypto community. PlanB, a well-known crypto analyst, shares Mow's sentiment, suggesting that Bitcoin could indeed reach $1 million based on the stock-to-flow (STF) model.

While more conservative analysts predict Bitcoin reaching anywhere between $138,000 and $265,000 in the near future, Mow's vision remains steadfast. He believes the next bull run will commence when Bitcoin hits $100,000, and the current market downtrend is merely a temporary phase designed to shake out retail investors.

In an era where the crypto market is fraught with volatility and speculation, Mow's prediction serves as a bold reminder of Bitcoin's potential. Whether or not Bitcoin will reach $1 million within a year remains to be seen, but the factors Mow highlights provide a thought-provoking perspective on the future of the cryptocurrency.

MUSIC RESET
Cringe and Chaos: Kid Rock's RNC Performance Misses the Mark Amidst Historic Backdrop

Kid Rock's appearance at the 2024 Republican National Convention (RNC) in Milwaukee was intended to rally support for former President Donald Trump's campaign. However, his performance left many viewers cringing and took social media by storm with a wave of negative reactions.

This RNC was slated to be a historic moment, coming just three days after an attempted assassination on Trump. The country was moved by images of the former president standing with his fist in the air, blood streaming down his face, and the American flag in the background. The stage was set for a momentous event, but as it unfolded, it became clear that no one was prepared for Kid Rock's over-the-top performance.

Kid Rock, known for his unabashed support of Trump, delivered a hip-hop-infused set that aimed to energize the crowd. Despite his enthusiasm, the performance was widely panned. Social media platform X, formerly known as Twitter, exploded with criticism. One user wrote, "That Kid Rock performance was one of the worst things I have ever seen," while another added, "This is 'kid's birthday party' levels of sad for Kid Rock..."

Many viewers were embarrassed by the spectacle. "I was enjoying the RNC until Kid Rock started this super cringe performance. This is embarrassing," posted a third user. The sentiment echoed across the platform, with others describing the show as disastrous.

The backlash didn’t stop there. Comments continued to pour in, mocking Kid Rock’s choice of performing over Metallica’s "Sad But True." One critic noted, "Kid Rock rapping over Metallica's 'Sad But True' at the RNC is the cheesiest, cringiest musical performance I've ever seen."

Pre-event promotions from Kid Rock showcased his excitement for the RNC, but the reality fell flat. Despite his high energy, the performance drew derision, with some even calling it a disaster. One viewer summed it up: "Kid Rock performing in this white crowd was a disaster waiting to happen. I blame whoever is in charge."

Even members of Trump's inner circle seemed unimpressed. Former First Lady Melania Trump was caught on camera appearing to stifle a smile or offer a side-eye during the performance. This reaction was noted by viewers, with one commenting, "That cut from Kid Rock & zoom into Melania’s reaction is perfection."

Adding to the disappointment, many expected Trump to deliver a speech for the ages, given his brush with death. The speech began promisingly with the former president reading from a teleprompter. However, he quickly veered off script into an hour-long rant of his greatest hits. Even his Republican supporters appeared underwhelmed, possibly disappointed that Trump missed the opportunity to deliver a heartfelt, historic speech. Instead, it felt like another rally, missing the depth and reflection many had hoped for.

In the end, Kid Rock's RNC performance became a viral moment for all the wrong reasons, leaving a lasting impression on viewers and raising questions about the choice of entertainment for such a significant political event. It mirrored the broader disappointment in a former president who seemed unchanged despite recent events, unable to seize a pivotal moment to truly connect with the nation.

DISCLAIMER:
This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions or investments. Please be careful and do your own research.