News from johnpatrick.com
China was able to land its Zhurong rover on Mars successfully. The Chinese rover used a combination of a protective capsule, a parachute, and a rocket platform to make the descent. It was a remarkable achievement. The U.S. is still the leader in space but China is catching up and has incredible focus and resolve.
The MAGFA stocks basically flat for the week. The shining light was Roblox which was up 16%. Roblox is showing it is not just a gaming company. It has built a platform which enable anyone to create games and Roblox takes a fee. I gave my granddaughters some Robux which they can use to purchase some clothing or accessories for their avatars.. Coinbase took a 10% hit as crypto about 33%.
Crypto is on a wild ride. Bitcoin and most cryptocurrencies continued to be volatile. Ethereum surged downward 40%. Cryptos overall declined 33% and Bitcoin declined 27% as China called for a crackdown on crypto mining and trading. This is significant because 75% of Bitcoin mining is in China. This could be the end of Bitcoin but I don’t think so. Mining could move to other countries including the U.S. More on that another time. Barrick Gold CEO panned cryptocurrencies as an inferior store of value compared to gold. Reminds me when AT&T and Verizon panned Voice Over Internet (VoIP) for phone conversations. Virtually all conversations use the Internet in some way. It will be interesting to see if buyers come in after the sell off or whether crypto will continue to decline.