TECH WAR
This unsolicited BLEEDING EDGE newsletter came today from Jeff Brown, and is sub-headlined, 'Insights from the front lines of tech.' It includes comments about American politics which might not be so interesting, but I somehow like his neutral stance. It is relevant to crypto investing. There is a lot of info on the net at this time about crypto, as you probably noticed. Jeff ends his comments with a link to a high roller crypto guy, who I don't feel attracted towards. I'd rather soul travel! Still, we do live in this world.... Dear Reader, Like so many in the U.S., I didn’t get much sleep last night. My interest in the election festivities was a bit different than normal, however. My take is that the U.S. is going to be fine no matter what happens. Yes, silly politics will continue, but there will be a balance of power to keep things in check either way. What I was watching closely was the data, how it was being presented, and how it was being portrayed by the media. It was remarkable how states were being “given” to one candidate very early on, only to be retracted. And then other states were not announced even when there was a large lead with most votes counted. The media grossly manipulated the viewers with a heavy bias. CNN, ABC, NBC, CBS, Fox, MSNBC, social media platforms like Twitter, and other sources are all guilty. And just about every polling outfit has been wrong. They have been horribly incorrect… again. That leads us to a major problem: Who do we trust? This has become one of the largest challenges of our time. When I research, I read everything with a healthy skepticism. I look for bias. I look for data. And I review sources. I ask whether an author has anything to benefit from their position. And I track people, companies, and institutions over time to understand if they are trustworthy. It is exhausting, but I know of no other way. And what we are witnessing now is all about trust… trust in the process for electing representatives in a democracy. Yet hundreds of thousands of votes appear to be showing up, all for one candidate, without a single vote for anyone else. Of course, that is statistically impossible. It’s not about politics. It’s about whether we can trust if the system is fair and honest. If we can trust the process, we can accept the results and move on. But if the process is fraudulent, then the U.S. and its equity markets are in for a lot of pain over the coming weeks. My single hope was that we would have a “clean” outcome and a quick resolution for the elections. It’s not looking that way. Ironically, this situation can be solved with technology. We have the tech to eliminate mail-in ballots entirely. This would eliminate the ballot harvesting and voter fraud that look to be unfolding. Voting can be done using a smartphone application that can verify voters using biometrics. We can use technology like blockchain to cryptographically secure all votes and make them publicly available to all… instantaneously. The results would be immutable. And all of the results would be available on the evening of the election. For the small number of voters in each district who don’t have a smartphone or are uncomfortable with technology, we can still make in-person voting available. We have to make this leap. Otherwise, the U.S. will become just another banana republic. Either way, there is a silver lining. No matter how the elections end, what is happening in the world of technology and biotechnology is unstoppable. The pace of innovation accelerates every month, and we are seeing record levels of investment into new bleeding-edge companies. These companies will thrive under any president. They may pay more or less taxes or operate under heavier or lighter regulations. But either way, they will still make incredible investment opportunities. Now let’s turn to our insights…
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November 2023
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