Connect with us

Blockchain

How TikTok’s GenZ financial influencers are changing finance

This is Jim Cramer, in the early days.

Avatar

Published

on

Lex Sokolin

This is Jim Cramer, in the early days.

This is his performance relative to the S&P 500. It is not higher than the index.

Lots of people have villainized Mad Money, the show on which Jim talks about stocks and markets, and makes investment recommendations. It is easy to pick on the style, substance, and investment returns of the show. But in the end Jim is right, and you are wrong, because he is not providing investment advice. He is providing edu-tainment. He is providing financial literacy. Cramer is a fantastic, intuitive performer, and the $150 million net worth that he has earned is related to the ability to read an audience and press their buttons — not to quietly outperform numbers in a PDF.

Now, Mad Money and its angry charismatic host are part of a legacy media industry structure; one which has been melted down by technology. Old media requires intermediation by human curators. You’ve got talent on one side, looking to get access to an audience. You’ve got the channels, stations, and websites on the other side, looking for talent. Some well-paid people select the talent and plug them into a large distribution machine, and take a cut.

If you’ve been paying attention, that stuff in the middle has been — structurally — getting cut out for a while now. Creators are much, much closer to their audience than ever before.

We can use the simple example of YouTube.

There are about 2 billion YouTube users and 40 million channels. While most of those channels have very little engagement, you are still looking at hundreds or thousands of channels with more than a million subscribers. Creators are intermediated by YouTube and its algorithm, sure, but there is no barrier to getting started and no credential or prestige signaling required to do so. You don’t need a resume or a recommendation. Just upload.

For comparison, Mad Money has a Nielsen rating / audience measure of about 200,000 people per day.

So that’s like a YouTube channel with 1 million subscribers. YouTube is not all about money and financial literacy, and Cramer still has a good grip on the financial imagination of Gen X and Baby Boomers. But he can be roughly compared to a crypto influencer like BitBoy, a YouTuber with 850,000 subscribers and 150,000 views per video. The below video gives you a flavor.

If BitBoy comes in a too hot for your finance take, take a look at Roaring Kitty. This is the soft-spoken destroyer of Melvin Capital’s short position in GameStop. If you are trying to understand who the next Jim Cramer is, how they behave, and what messages are being put out, look no further.

But all this is Gen X and Millennial stuff. We barely got our head around the idea that video creators are our generation’s financial advisors, and that you can get more financial literacy education of out Roaring Kitty and the long tail of free finance videos than you could out of your Goldman Sachs wealth manager. We barely figured out that distribution links are now direct between one person and another person, and the emotional labor is no longer work for hire but done for passion.

And yet, we have to contend with more. Because the amount of content on tech platforms trends towards infinity, curation is still needed, but it must be super-human. Things are super-human through algorithms and automation. You take your rubric and judgment to achieve some particular goal (e.g., clicks, scrolling, existential anxiety), put it into code, and run it at scale. After a while, you tweak your robot with machine learning, so it can mass-personalize that judgment for each and every one of the 2 billion people consuming content. Before you know it, the entire feed of information and education is put together by our artificial intelligence overlords.

Welcome to TikTok, says Gen Z.

This next generation has abandoned Facebook (usage of 32% for Gen Z vs. 84% Millennials) and adopted TikTok (35% vs 19%).

You don’t have to be a teenager to appreciate that teenagers determine youth culture and the direction of technology, which then boils up to the rest of the economic fashions. Bill Gates co-founded Microsoft when he was 19 years old. Steve Jobs was 20 for Apple. Zuckerberg was 19 for Facebook. Vitalik was 21 during the launch of Ethereum.

Let that stand as a reality check about the value of experience.

Being interested in financial marketing, we have to follow these demographic changes, and the twisting nature of financial advice. And in particular, the trend of financial product recommenders on TikTok.

First, there is an important distinction to make between (1) new media and platforms and (2) recurring human nature. Cramer and BitBoy represent human nature — their catchy, interesting content will grab emotions and attention no matter if it is packaged like a TV show or an API into our cranial neurolink implants. There will always be people selling financial hope wrapped in the language of expertise.

As TikTok becomes the medium of choice, however, that content makes its way to new form factors. The new form factors define how the content is presented, and how it impacts those that are consuming the content. Specifically, how it warps your brains into some particular financial action.

Videos range from 15 to 60 seconds, and are built for virality as determined by our artificial intelligence overlords. The machine filters content in front of its audience, and uses magical engagement voodoo to surface the interesting stuff over and over again. As a creator, you are no longer doing stuff to please a media studio that controls a generic channel. And you are not even doing it to optimize for YouTube search discovery. Rather, you are working on behalf of the all-mighty algorithm, which is trained by its constituent audience to deliver the juice.

Not surprisingly, some old people (sort of like us and also the regulators) and young people with old souls (those that invest in index funds) find a bunch of this stuff objectionable. Here is a flavor:

Each of the articles is fascinating for different reasons. We can ponder how regulators are trying to stop teenagers from talking about stock trading by law, while fintech founders get excited for the Robinhood IPO on which those teenagers are levering up their savings. Or we can finger-wag about all this dangerous financial misinformation, in a world where a reasonable portion of the American population believes in the QAnon conspiracy, with those believers elected into Congress. Or structurally, the zombie interest-rate economy that pushes risk-seeking into penny stocks and crypto under the threat of never-ending hundred-thousand-dollar student debt.

What perhaps jumps out the most is that many different TikTok personalities have followings of 100,000+ and videos that routinely hit visibility on par with Roaring Kitty’s YouTube presence, and yes, Jim Cramer’s CNBC presence. Some of those audiences were built up during the pandemic merely in the last 12 months.

It has never been easier to grab financial attention. For creators, this is a profound responsibility in a country and economy where profound responsibility has become a sin, and not a virtue. It is *lame* to be risk-averse and focused on the long term. Instead, lever up and double down.

To read more, check out the rest of this article on the Blueprint website here.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://sokolin.medium.com/how-tiktoks-genz-financial-influencers-are-changing-finance-f9beaa8296b1?source=rss——-8—————–cryptocurrency

Blockchain

QAN Raises $2.1 Million in Venture Capital to Build DeFi Ecosystem

QANPlatform has successfully closed a $2.1 million funding round and it looks to build a quantum-resistant DeFi infrastructure.

Avatar

Published

on

QANPlatform – a project that is on a mission of building a quantum-resistant hybrid blockchain protocol, secured investment from various venture capital funds to build a DeFi ecosystem.

QAN Successfully Closes a Funding Round of $2.1 Million

The question of whether or not existing blockchain-based PoW networks would stand the test of a quantum computer is one that’s been discussed for quite some time. To this date, many believe that a quantum computer is the most serious threat to Bitcoin as it would be able to solve math problems a lot quicker compared to traditional mining machines.

In any case, in an attempt to tackle these issues, along with others, QANplatform has raised $2.1 million to fund the development of an ecosystem where developers would be capable of building various software applications within DeFi quicker.

Leading the round were the likes of DeltaHub Capital, BlackDragon, Insignius Capital, Fairum Ventures, and so forth.

Speaking on the matter was Johann Polecsak, co-founder and Chief Technical Officer at QANplatform, who said:

“Our key mission is to lower the entry barriers for developers so startups and enterprises can build their Proofs-of-Concept (PoC) and Minimum Viable Product (MVP) as fast as possible to reach mass adoption. We stick to this view and let only community-driven VCs invest in this strategic pool”

Quantum Computing and its Threats

According to a well-known report from one of the largest auditing and security service companies in the world – Deloitte, quantum computing does pose a threat to Bitcoin.

Of course, it’s important to factor in the possibility of such a computer being created and used for this particular purpose, but, in theory, it could cause damage, according to the experts.

For instance, there are around 4 million bitcoins that are potentially vulnerable to a quantum attack. Yet, there are plenty of things to keep in mind when thinking about this. For instance, it’s important to note that these are mostly p2pkh addresses, and only those which have never been used to spend bitcoins are safe because their public keys are not yet public. In other words – if one transfers their BTC to a new address, they should not be vulnerable to a quantum attack.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/qan-raises-1-8-million-in-venture-capital-to-build-defi-ecosystem/

Continue Reading

Blockchain

Balancer V2 is Live Promising Lower Fees and Improved Experience

Balancer V2 goes live today and it promises users lower fees and substantially improved user experience.

Avatar

Published

on

The automatic market maker (AMM) running on top of Ethereum, Balancer, announced that Version 2 of its platform is already live. It promises lower gas costs, a redesigned interface, and an enhanced user experience.

Balancer V2 Arrives

Built on Ethereum, Balancer is a DeFi protocol enabling users to trade ether and ERC-20 tokens in a trustless, permissionless environment. By providing liquidity to a Balancer pool, they can also earn a portion of the trading fees paid to the network for the use of their funds in the form of the native token BAL.

The team behind Balancer announced the arrival of its long-anticipated Version 2 platform in a press release shared with CryptoPotato. It comes with a new user interface, indicating that the user experience has been simplified.

The statement outlined there will be an easy-to-follow migration procedure for users to transfer their funds from Balancer V1 to V2, and it will be released as a full tutorial later.

The team believes that V1 will continue to “provide the best price until a substantial amount of liquidity migrates to V2.” At that point, Balancer expects trades to be routed through V2’s Protocol Vault resulting in “lower gas costs and better pricing.” The project’s estimations envision the fee reduction to be up to 50%.


ADVERTISEMENT

Multi-Sig and Liquidity Mining

The upgrade has signified Balancer Protocol’s transition to a community multi-sig for its governance execution. As a result, the new signers include Alexander Lange (Inflection), Fabien Marino (Snapshot Labs), Kain Warwick (Synthetix), Kevin Owocki (Gitcoin), Trent McConaghy (Ocean Protocol), and Mariano Conti (Ethereum).

They will be responsible for “executing all transactions passed as Snapshot as Balancer continues to be run by those who care most – the community.”

V2 will also provide a new and “more trustless program” for BAL liquidity mining. Upon its launch, liquidity providers (LPs) will be able to stake positions in different pools and receive BAL tokens.

Each pool will be assigned to one of three different tiers, with each tier slot getting a pre-determined amount of coins per week.

The team also informed that it will release further details in the following weeks on the “changing Balancer landscape.”

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/balancer-v2-is-live-promising-lower-fees-and-improved-experience/

Continue Reading

Blockchain

Palantir Accepts Bitcoin for Payments and Considers Adding BTC to Balance Sheet

Major software and analytics company Palantir is the latest to accept BTC and even considers adding it to its balance sheet.

Avatar

Published

on

Software & analytics company Palantir has announced that they will be accepting Bitcoin as a payment method. Palantir will also consider purchasing Bitcoin or other cryptocurrencies to store on their balance sheet.

Thiel Bets Big on Bitcoin

Peter Thiel, the co-founder of Palantir (and, notably, PayPal), has been a long-standing cryptocurrency advocate. The company announced that it now accepts BTC for payments and even considers adding it to its balance sheet.

As early as three years ago, Thiel has been seen investing in cryptocurrency mining startups, exchanges, and more, making a bid on the come-up of Bitcoin and blockchain technology.

Earlier today, Block.one (another Thiel-backed software company) announced a bold new venture: a new cryptocurrency exchange named ‘Bullish,’ backed by a whopping $10B in funding. Thiel Capital was one of the leaders in this funding round.

A Growing Trend

The air is changing: big companies are slowly warming up to cryptocurrency. What started with a wave of small underdogs, like the Ethereum Hotel in China, has blown up this year with a flood of large new players accepting Bitcoin – even tech giants like Tesla.


ADVERTISEMENT

As more companies join the trend and more investors start storing portions of their wealth in cryptocurrencies, there is a very real financial opportunity cost on the horizon for archaic companies that choose not to adopt what’s coming, as they risk alienating a large section of demand.

Whereas some firms are resistant to change due to the additional hiring and costs associated with adding cryptocurrency terminals, many are of the opinion that there will soon come a point where it becomes far more expensive not to accept Bitcoin as a payment method.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/palantir-accepts-bitcoin-for-payments-and-considers-adding-btc-to-balance-sheet/

Continue Reading

Blockchain

eBay Now Allows the Sale of NFTs on its Platform

One of the largest online marketplaces, eBay, now allows the sale of NFTs.

Avatar

Published

on

E-commerce giant eBay has become the first in its industry to catch the non-fungible tokens (NFT) mania, as the company is now allowing the sale of NFTs on its platform.

  • According to Reuters on Tuesday (May 11, 2021), eBay said that it would enable the sale of NFTs for digital collectibles such as video clips, images, or trading cards on its marketplace.
  • Meanwhile, the ability to list and sell NFTs would be open only to whitelisted sellers. This could mean that the platform may have an authentication protocol for listing NFTs.
  • The latest development comes on the heels of a recent statement made by eBay CEO Jamie Iannone, who said that the company was exploring the NFT sector.
  • Commenting on the company’s upcoming plans, Jordan Sweetman, eBay’s senior vice president, and General manager for the platform’s North American market, said:

“In the coming months, eBay will add new capabilities that bring blockchain-driven collectibles to our platform.”

  • The NFTs industry continues to see increased adoption across different sectors, with celebrities and sports stars tapping into the NFT industry.
  • Meanwhile, eBay’s foray into the NFT sector is another indication of the growing e-commerce crypto and blockchain adoption. From PayPal to JD.com, online merchants are increasingly interfacing with the emerging tech.
SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/ebay-now-allows-the-sale-of-nfts-on-its-platform/

Continue Reading
Bioengineer15 mins ago

NTU study of ancient corals in Indonesia reveals slowest earthquake ever recorded

PR Newswire15 mins ago

Zymo Research veröffentlicht Open-Source-Bioinformatik-Pipeline für die Erkennung von SARS-CoV-2-Varianten in Abwässern

NEWATLAS25 mins ago

World’s smallest single-chip system can be injected into the body

PR Newswire27 mins ago

HTC VIVE Takes Business and Consumer VR to the Next Level with Two New VR Headsets and a Dedicated Suite of Professional Tools

Blockchain29 mins ago

QAN Raises $2.1 Million in Venture Capital to Build DeFi Ecosystem

Blockchain29 mins ago

Balancer V2 is Live Promising Lower Fees and Improved Experience

Blockchain30 mins ago

Palantir Accepts Bitcoin for Payments and Considers Adding BTC to Balance Sheet

Blockchain30 mins ago

eBay Now Allows the Sale of NFTs on its Platform

Blockchain30 mins ago

Hackers Attack Instagram Accounts in Malta and Require Bitcoin Ransom

Blockchain36 mins ago

Mining Bitcoin: How to Mine Bitcoin

Automotive37 mins ago

New Tesla Model S Plaid photos reveal small update to the yoke steering wheel

PR Newswire37 mins ago

Global Ammonium Carbonate Market- Avantor Inc., BASF SE, HAYAKAWA & Co. Ltd., among others to contribute to the market growth

PR Newswire38 mins ago

Dodge & Cox lanserar Dodge & Cox Worldwide Funds Emerging Markets Stock Fund

Blockchain43 mins ago

eBay now NFT marketplace

Blockchain52 mins ago

Yearn Finance surges 45% as it joins dog pack with WOOFY

PR Newswire52 mins ago

Acronis Cyber Foundation expande a presença para o Peru, abrindo sua primeira sala de aula de informática na região

Blockchain1 hour ago

CryptoPunks NFTs Sell For $16.9 Million At Christie’s Auction

NEWATLAS1 hour ago

Gut microbiome makeup used to predict long-term risk of death

Blockchain1 hour ago

Meme Coins Craze Attracting Money Behind Fall of Bitcoin

Blockchain1 hour ago

Let The Bidding Begin: The First NFT Patent?

Blockchain1 hour ago

Sentiment Flippening: Why This Bitcoin Expert Doesn’t Own Ethereum

NEWATLAS2 hours ago

Rheinmetall rolls out new-gen HX3 tactical truck line

Business Insider2 hours ago

Rally Expected To Stall For China Stock Market

Business Insider2 hours ago

Merchants Capital Named #4 Multifamily Affordable Lender Nationwide by Mortgage Bankers Association

Blockchain2 hours ago

Launch of Bitcoin ETFs in the U.S. could see further delays, here’s why

Business Insider2 hours ago

Japanese Financial and Tech Giant, GMO Internet Group, Partners with Binance to Bring World’s First Regulated JPY-Pegged Stablecoin ‘GYEN’ to the Masses

Business Insider2 hours ago

Toppen Shopping Centre extends its retailtainment space with a lifestyle RoofTopp nestled on a multi-storey car park

Business Insider2 hours ago

Freshii Inc. Announces First Quarter 2021 Results

Fintech2 hours ago

Australian BNPL firm Zip receives strategic investment in TendoPay, a pay over time Fintech in the Philippines

AR/VR2 hours ago

Watch Vera vs. Bhullar During ONE: DANGAL, May 15 in Venues

Trending