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    Daily Digest 11/9 – $300m In Cryptocurrency Lost Forever, Zombie Diseases of Climate Change

    by DailyDigest

    Thursday, November 9, 2017, 3:25 PM

Economy

‘$300m in cryptocurrency’ accidentally lost forever due to bug (Adam)

The user, “devops199”, triggered the flaw apparently by accident. When they realised what they had done, they attempted to undo the damage by deleting the code which had transferred ownership of the funds. Rather than returning the money, however, that simply locked all the funds in those multisignature wallets permanently, with no way to access them.

$300 Million In Crypto Currency Lost FOREVER Thanks To A Bug In A Digital Wallet (thc0655)

“The Parity vulnerability was the result of an incorrectly coded smart contract used by the Parity wallet to store tokens on the Ethereum network,” said Dominic Williams, founder of blockchain firm DFINITY. “The vulnerability made it possible for anyone to ‘freeze’ the tokens held by that smart contract, making them immovable. At this time, the only method we are aware of to ‘unfreeze’ tokens held by the vulnerable smart contract would be to create a new ‘hard fork’ Ethereum client that deploys a fix. This would require every full node on the Ethereum network to upgrade by the date of the hard fork to stay in sync, including all miners, wallets, exchanges, etc.”

Russia Says It Will Field a Robot Tank that Outperforms Humans (Adam)

Russians are testing a wide variety of UGVs, from small IED-disposal robots up to large armed ones, said Samuel Bendett, an associate research analyst with the Center for Naval Analyses’ International Affairs Group.

“They have also been stating for a while that their modernization and state armaments program will include high-tech and unmanned systems,” Bendett said.

World’s Largest Gold Producer China Sees Production Fall 10% (Cornelius999)

This fall in supply could have significant implications for global gold supply given the country’s leading role in the gold market. In 2016 the country produced 453t, 160t or 56% more than the second highest gold producing nation of Australia. It also leads global gold demand, beating India in the last five years.

Ashamed to work in Silicon Valley: how techies became the new bankers (Adam)

“The focus of Silicon Valley used to be innovation with the wonderful bonus of money on the side of that, but those two things seem to have switched – just as the pencil-pushing mentality of finance in the 70s became the champagne lifestyle in the 2000s,” he said. “People have come to have too much swagger and not enough insights.”

The Automatic Earth: How Broke is the House of Saud? (Time2Help)

Trying to figure out what on earth is happening in the Middle East appears to have gotten a lot harder. Perhaps (because) it’s become more dangerous too. There are so many players, and connections between players, involved now that even making one of those schematic representations would never get it right. Too many unknown unknowns.

A short and incomplete list of the actors: Sunni, Shiite, Saudi Arabia, US, Russia, Turkey, ISIS, Syria, Iran, Iraq, Libya, Kurds, Lebanon, Hezbollah, Hamas, Qatar, Israel, United Arab Emirates (UAE), Houthis, perhapseven Chechnya, Afghanistan, Pakistan. I know I know, add your favorites. So what have we got, or what do we know we’ve got? We seem to have the US lining up with Israel, the UAE and Saudi Arabia against Russia, Iran, Syria, Hezbollah. Broadly. But that’s just a -pun intended- crude start.”

America’s ‘Retail Apocalypse’ Is Really Just Beginning (tmn)

The industry’s response to that kind of doomsday description has included blaming the media for hyping the troubles of a few well-known chains as proof of a systemic meltdown. There is some truth to that. In the U.S., retailers announced more than 3,000 store openings in the first three quarters of this year.

Rising Debt Spells ‘Warning!’ for This Bull Market (Tiffany D.)

At the last peak in the economy, in 2008, the nation’s total debt balance tapped out at $12.68 billion. We surpassed that milestone back in the first quarter of the year, when Americans’ accumulated an aggregate $12.72 billion that needs to be paid back.

It grew to yet another new record of $12.84 billion in the second quarter.

Room Of Secrets Reveals Glencore’s Mysteries (tmn)

“Glencore” is Glencore PLC, one of the world’s largest mining and agriculture conglomerates, ranked 16th on the Fortune Global 500 list of largest corporations, with revenue last year of more than $170 billion. It is the world’s largest commodity trader, a supplier of zinc and cobalt, a trader of wheat and a merchant of chickpeas; its products touch virtually anyone who has driven a car, held a smartphone or eaten a slice of bread.

The Zombie Diseases of Climate Change (tmn)

Let me orient you. At the top of the world, there is water. Television anchors sometimes speak of the Arctic Ocean as the “polar ice cap,” but that is a contingency of temperature and a quirk of today’s climate. Consider it instead a landlocked ocean, a northern Mediterranean Sea. Surrounding it sit great landmasses—Europe, Asia, North America—and a surfeit of islands. Among the largest are Svalbard, which is due north of Norway and so dense with polar bears that everyone who strays beyond its sole settlement must carry a rifle; Novaya Zemlya, the site of the largest atomic test ever conducted; and Greenland.

Gold & Silver

Click to read the PM Daily Market Commentary: 11/8/17

Provided daily by the Peak Prosperity Gold & Silver Group

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