The Daily Valet. - 6/14/21, Monday
✔️ Crypto Is Getting Crazy
Monday, June 14th Edition
So, should I sell my bitcoin or hold it?
Cory Ohlendorf, Editor ⋯ @coryohlendorf
Today’s edition is presented by
Today’s Big Story
Crypto Is Getting Crazy
There’s a flood of new tokens. Billions are on the line. And everyone seems to be cashing in.
Most people, by now, have probably heard of Bitcoin and Ethereum (which have been chugging along for years) but 2021 has been the year of DeFi—or decentralized finance.
DeFi doesn’t have a formal definition, but it typically includes the use of the blockchain to borrow and lend using auction markets. The chance to make some cash comes, in part, because the blockchain eliminates the need for traditional financial intermediaries, with their fees and associated regulations.
According to Vice, a common trait among many DeFi tokens is that they shamelessly promise investors a huge return. They often rely on complex schemes in an effort to pump up their value. For example, SafeMoon, a DeFi token promoted by popular influencers, taxes sellers and distributes a portion to holders. In the past year, people have won big, then lost it all, as cryptocurrencies have gone viral and then crashed.
But that’s not stopping anyone from trying their hand at striking it rich—either by creating their own coins or stealing the funds outright. According to CipherTrace’s May 2021 crypto crime report, $156 million was stolen via DeFi-related hacks so far in 2021.
And as much as the potential excites some people, others are getting scared by the notorious volatility. Just look at Elon Musk’s tweets about cryptocurrency, which often send prices soaring or plummeting. On Sunday, bitcoin saw a boost after he announced that Tesla would resume bitcoin transactions once it confirms there is reasonable clean energy usage by miners.
However, Dutch economic officials have predicted the “ultimate collapse of the crypto bubble.” They have urged the government to ban bitcoin and other cryptocurrencies immediately.
↦ Another Thought: Does low trust in politics mean bitcoin will thrive? Forbes investigates.
G7 Will Supply a Billion Vaccines
World leaders promise COVID vaccine doses for developing nations
Leaders of the Group of Seven wealthy nations staked their claim Sunday to leading the world out of the coronavirus pandemic and crisis, pledging more than 1 billion vaccine doses to poorer nations.
It's a big number, but the pledge does not represent entirely new resources—it includes earlier and existing commitments. Such as the 500 million doses previously pledged by the United States.
According to Reuters, many of the promised doses will flow through COVAX, a global vaccine buying system backed by the World Health Organization and Gavi, the vaccine alliance. The G7 is targeting an end to the pandemic by December 2022.
But there is some debate as to whether the pledge is really enough. The World Health Organization has said as many as 11 billion doses could be required to end the pandemic. And according to experts quoted by Bloomberg, the speed of donations is as important as the number of shots.
↦ Dig Deeper: CNN has the three key takeaways from President Biden's first G7 summit.
Partner
Hey, nice shoes. Want comfortable summer kicks that also help make the world a better place? Check these out.
Car Prices Climb
The cost of rentals and used vehicles are up 30% over last year
You might've heard that rental car costs and the price of used cars has been rising lately. According to new data from CarGurus, some auto brands have seen as high as a 30% increase in prices.
Meanwhile, rental companies—which ditched a ton of vehicles last March at the start of the pandemic when they were losing money hand over fist—are now dealing with demand far outpacing supply. Prices for rental cars rose an astonishing 12% last month alone, reports Jalopnik.
The causes of this price surge have been covered before, but the short answer is a depressed pandemic-economy is roaring back to life, creating a bottleneck on goods and services.
But summer is road trip season, right? And there are still ways you can save money. Travel + Leisure talked with some experts and got their tips and tricks on how to navigate this summer's “carpocalypse.”
↦ FYI: Hawai‘i would like tourists to stop using U-Haul instead of rental cars.
The Perfect Porsche
Everyone is in love with the 2021 Porsche 718 Boxster GTS
Gear Patrol calls it “ideal Porsche roadster,” while Road & Track says it's “one of the best sports cars on sale today.”
How did this happen? Well, it sounds like Porsche listened to their loyal customer base and simply put a killer engine in a car we already love.
With 414 horsepower and a 7,800-rpm redline, the GTS 4.0 is, as one test driver put it: “made to be wrung out at every opportunity, both to extract full power from that flat-six and for the sheer thrill of hearing it howl.”
And just with every Boxster before it, this GTS 4.0 is remarkably affordable and easy to live with for a two-seat sports car. It's no harder to daily-drive than, well, anything else. And you'd be surprised at how much stuff you can get into the two trunks—or so I'm told.
↦ FYI: Motor Trend says this roadster just may have saved the Porsche company. They look at how it has evolved over the past 25 years.
In Other News
Other Things We’re Talking About Today
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Stylish, Sustainable Shoes
SeaVees’ SeaChange collection helps turn the tide on climate change
For a while, we had to make a choice: Do you want sustainable, Earth-friendly clothes and shoes, or do you want them to be stylish and cool? Thankfully, now it's no longer such a trade-off. Case in point: SeaVees' SeaChange collection. The California brand's latest lineup of footwear is almost entirely recycled.
Legend sneakerin recycled cotton,$85
Every shoe in the line features recycled and eco-friendly components from recycled cotton uppers to post-consumer recycled plastic laces to recycled rubber outsoles. The upside is that they're still incredibly stylish—in fact, I especially like the speckled look of the outsoles. And they still have all the details that make SeaVees both cool and comfortable, from the cushy foam footbed to a structured hidden heel counter which ensures a secure fit (with or without socks).
Taking their commitment to the environment a step further, SeaVees has also partnered with SeaTrees to fight the effects of coastal climate change. For every pair of shoes sold from the SeaChange collection, they'll be able to regenerate one foot of kelp forest in the Pacific Ocean.
Legend sneaker in recycled cotton canvas, $85
Slide in recycled fleece, $65
Legend sneaker in biodegradable flannel, $92
↦ Explore: SeaVees’ SeaChange collection
Stuff We Want
We're big fans of catch-all trays. They just come in handy, no matter where you place them. You can use them on your desk, nightstand or entry table. They work in a bathroom or on a coffee table. And this one ($28), from the always-cool indie film company A24, is made from high-impact fiberglass and features a unique aspect ratio design. So you not only get a cool piece of design for your home, you might learn a little something about film too.
↦ See More: The five stylish items to buy this week
Today’s Deals
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Morning Motto
A Monday morning pick-me-up.
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That’s all for today...
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