🏆🤖US Port Strike Could Impact Prices this Holiday Season

THE PROFITS💸

Good morning Opportunists. As we gear up for the holiday season, brace yourself for potential price hikes due to a looming US port strike that could disrupt supply chains. Meanwhile, YouTube has struck a fresh deal with SESAC, bringing back music from your favorite artists just in time for your festive playlists! But hold onto your wallets—stay vigilant as crypto scams are evolving, coming in all shapes and sizes, ready to catch the unsuspecting.

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US Port Strikes

US Port Strike Could Impact Prices this Holiday Season

Tens of thousands of U.S. dockworkers are gearing up for a massive strike early Tuesday, potentially halting operations at major ports from Maine to Texas and threatening to send consumer prices soaring just in time for the holiday season.

This is the first large-scale strike in nearly 50 years, with the International Longshoremen's Association demanding better wages and restrictions on automation, as they prepare to picket and possibly disrupt the flow of goods that keep America running.

Experts warn that if the strike lasts, it could lead to inflated prices on everything from food to auto parts, creating a logistical nightmare with no "Plan B" in sight.

As solidarity letters fly and the stakes get higher, it looks like this labor showdown might be one for the history books!

YouTube

YouTubes New Deal with SESAC

YouTube has struck a new licensing deal with SESAC, allowing the platform to restore music videos that were blocked over the weekend for U.S. viewers, including hits from artists like Adele, Nirvana, and Bob Dylan.

The dispute arose because SESAC, which represents around 30,000 members and 1.5 million songs, had not reached an agreement with YouTube before the contract's expiration date, leading to the removal of numerous tracks.

A YouTube spokesperson confirmed that the songs will be reinstated in the next day or two, expressing gratitude for everyone's patience during the negotiation process.

SESAC's president emphasized that they have now secured fair compensation for their songwriters and publishers, ensuring that music can once again be enjoyed on the platform.

Crypto Scams

WATCH OUT, BE MINDFUL!

A fraudulent crypto wallet app on the Google Play Store has duped users into losing tens of thousands of dollars, racking up over 10,000 downloads before being flagged.

Cybersecurity firm Checkpoint Research found that this malicious app, masquerading as a WalletConnect application (which doesn’t even exist), swindled users out of $70,000 in digital assets during its five-month run.

By cleverly exploiting user confusion around WalletConnect, the scammers tricked people into thinking they needed to download this fake wallet, leading to a wave of cryptocurrency theft.

Using a mix of social engineering and technical tricks, the attackers successfully siphoned off funds from over 150 unsuspecting victims without raising immediate alarm.

Department of Justice

DOJ Takes Visa to Court

The U.S. Department of Justice (DOJ) is taking Visa to court, accusing the payments giant of creating an illegal monopoly that stifles competition and innovation in the debit card market. With Visa controlling over 60% of U.S. debit transactions, the DOJ claims this dominance not only results in billions in fees for consumers but also hampers the development of new payment technologies, while Visa insists the lawsuit is baseless and promises a vigorous defense.

Science and Technology

Tether is Cryptos Savior: The company behind the world's largest stablecoin, Tether, has stepped up to help U.S. authorities snag over $6 million from an overseas crypto scam that lured victims through dating apps and fake investment schemes. With a strong commitment to fighting crypto fraud, Tether has previously assisted in seizing millions linked to various scams, proving that they're not just about stablecoins but also about keeping the crypto space safe from bad actors.

Apple Retreats: Apple has unexpectedly dropped out of talks to invest in OpenAI’s upcoming funding round, which aims to raise up to $6.5 billion, marking a surprising retreat for the iPhone maker from a rare opportunity in Silicon Valley. Meanwhile, other tech giants like Microsoft and Nvidia are still eyeing their chance to jump in, as OpenAI shifts from a nonprofit to a for-profit model, raising stakes for investors who may want their money back if the transition isn't completed within two years.

Super Commuting is On the Rise: Despite clear evidence that hybrid work boosts productivity for both employees and employers, it seems the golden age of flexible working is fading fast as companies like Dell and Amazon push workers back into the office full-time. A recent Stanford study highlights the surge in "super commuting," with many people now spending over five hours a day on the road, raising concerns that forcing workers to endure long commutes could lead to higher turnover rates and a loss of top talent.

Business & Markets

Crypto to Law?: House Majority Whip Tom Emmer (R-MN) believes that the momentum for crypto legislation in the U.S. is building, and he thinks the stalled FIT21 bill could still make it into law before the holidays. He mentioned that if it gets attached to an end-of-year spending bill, it could streamline the process, making it easier for essential elements of the crypto framework to pass, despite previous hurdles in the Senate.

Cryptos are Bullish (Not BullSh!t)!: An analyst known for predicting the 2022 crypto crash now believes Bitcoin (BTC) and other altcoins are poised for a bullish run, with BTC expected to pull back slightly to the $64,000-$65,000 range before breaking through the $70,000 mark. Meanwhile, he’s watching the broader altcoin market, forecasting a dip to $220 billion before a surge past $270 billion, with October shaping up to be a historically strong month for crypto—so any dips are just opportunities to buy!

The DOW Dropped 350 Points: The Dow Jones Industrial Average took a hit, dropping over 350 points after Federal Reserve Chair Jerome Powell hinted that while interest rate cuts are on the horizon, there's no rush to implement them. Speaking at a conference, Powell reassured everyone that the economy is looking solid, with inflation easing and the labor market holding strong, but he made it clear that future policy decisions will be carefully considered, not rushed.