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Crypto Banking Wars: Will Coinbase or Binance Become The Bank of The Future?

Crypto Banking Wars: Will Coinbase or Binance Become The Bank of The Future?
Can the early success of major crypto exchanges propel them to winning the broader consumer finance market?
https://reddit.com/link/i48t4q/video/v4eo10gom7f51/player
This is the first part of Crypto Banking Wars — a new series that examines what crypto-native company is most likely to become the bank of the future. Who is best positioned to reach mainstream adoption in consumer finance?
While crypto allows the world to get rid of banks, a bank will still very much be necessary for this powerful technology to reach the masses. We believe a crypto-native company, like Genesis Block, will become the bank of the future.
In an earlier series, Crypto-Powered, we laid out arguments for why crypto-native companies have a huge edge in the market. When you consider both the broad spectrum of financial use-cases and the enormous value unlocked through these DeFi protocols, you can see just how big of an unfair advantage blockchain tech becomes for companies who truly understand and leverage it. Traditional banks and fintech unicorns simply won’t be able to keep up.
The power players of consumer finance in the 21st century will be crypto-native companies who build with blockchain technology at their core.
The crypto landscape is still nascent. We’re still very much in the fragmented, unbundled phase of the industry lifecycle. Beyond what Genesis Block is doing, there are signs of other companies slowly starting to bundle financial services into what could be an all-in-one bank replacement.
So the key question that this series hopes to answer:
Which crypto-native company will successfully become the bank of the future?
We obviously think Genesis Block is well-positioned to win. But we certainly aren’t the only game in town. In this series, we’ll be doing an analysis of who is most capable of thwarting our efforts. We’ll look at categories like crypto exchanges, crypto wallets, centralized lending & borrowing services, and crypto debit card companies. Each category will have its own dedicated post.
Today we’re analyzing big crypto exchanges. The two companies we’ll focus on today are Coinbase (biggest American exchange) and Binance (biggest global exchange). They are the top two exchanges in terms of Bitcoin trading volume. They are in pole position to winning this market — they have a huge existing userbase and strong financial resources.
Will Coinbase or Binance become the bank of the future? Can their early success propel them to winning the broader consumer finance market? Is their growth too far ahead for anyone else to catch up? Let’s dive in.
https://preview.redd.it/lau4hevpm7f51.png?width=800&format=png&auto=webp&s=2c5de1ba497199f36aa194e5809bd86e5ab533d8

Binance

The most formidable exchange on the global stage is Binance (Crunchbase). All signs suggest they have significantly more users and a stronger balance sheet than Coinbase. No other exchange is executing as aggressively and relentlessly as Binance is. The cadence at which they are shipping and launching new products is nothing short of impressive. As Tushar Jain from Multicoin argues, Binance is Blitzscaling.
Here are some of the products that they’ve launched in the last 18 months. Only a few are announced but still pre-launch.
Binance is well-positioned to become the crypto-powered, all-in-one, bundled solution for financial services. They already have so many of the pieces. But the key question is:
Can they create a cohesive & united product experience?

Binance Weaknesses

Binance is strong, but they do have a few major weaknesses that could slow them down.
  1. Traders & Speculators Binance is currently very geared for speculators, traders, and financial professionals. Their bread-and-butter is trading (spot, margin, options, futures). Their UI is littered with depth charts, order books, candlesticks, and other financial concepts that are beyond the reach of most normal consumers. Their product today is not at all tailored for the broader consumer market. Given Binance’s popularity and strength among the pro audience, it’s unlikely that they will dumb down or simplify their product any time soon. That would jeopardize their core business. Binance will likely need an entirely new product/brand to go beyond the pro user crowd. That will take time (or an acquisition). So the question remains, is Binance even interested in the broader consumer market? Or will they continue to focus on their core product, the one-stop-shop for pro crypto traders?
  2. Controversies & Hot Water Binance has had a number of controversies. No one seems to know where they are based — so what regulatory agencies can hold them accountable? Last year, some sensitive, private user data got leaked. When they announced their debit card program, they had to remove mentions of Visa quickly after. And though the “police raid” story proved to be untrue, there are still a lot of questions about what happened with their Shanghai office shut down (where there is smoke, there is fire). If any company has had a “move fast and break things” attitude, it is Binance. That attitude has served them well so far but as they try to do business in more regulated countries like America, this will make their road much more difficult — especially in the consumer market where trust takes a long time to earn, but can be destroyed in an instant. This is perhaps why the Binance US product is an empty shell when compared to their main global product.
  3. Disjointed Product Experience Because Binance has so many different teams launching so many different services, their core product is increasingly feeling disjointed and disconnected. Many of the new features are sloppily integrated with each other. There’s no cohesive product experience. This is one of the downsides of executing and shipping at their relentless pace. For example, users don’t have a single wallet that shows their balances. Depending on if the user wants to do spot trading, margin, futures, or savings… the user needs to constantly be transferring their assets from one wallet to another. It’s not a unified, frictionless, simple user experience. This is one major downside of the “move fast and break things” approach.
  4. BNB token Binance raised $15M in a 2017 ICO by selling their $BNB token. The current market cap of $BNB is worth more than $2.6B. Financially this token has served them well. However, given how BNB works (for example, their token burn), there are a lot of open questions as to how BNB will be treated with US security laws. Their Binance US product so far is treading very lightly with its use of BNB. Their token could become a liability for Binance as it enters more regulated markets. Whether the crypto community likes it or not, until regulators get caught up and understand the power of decentralized technology, tokens will still be a regulatory burden — especially for anything that touches consumers.
  5. Binance Chain & Smart Contract Platform Binance is launching its own smart contract platform soon. Based on compatibility choices, they have their sights aimed at the Ethereum developer community. It’s unclear how easy it’ll be to convince developers to move to Binance chain. Most of the current developer energy and momentum around smart contracts is with Ethereum. Because Binance now has their own horse in the race, it’s unlikely they will ever decide to leverage Ethereum’s DeFi protocols. This could likely be a major strategic mistake — and hubris that goes a step too far. Binance will be pushing and promoting protocols on their own platform. The major risk of being all-in on their own platform is that they miss having a seat on the Ethereum rocket ship — specifically the growth of DeFi use-cases and the enormous value that can be unlocked. Integrating with Ethereum’s protocols would be either admitting defeat of their own platform or competing directly against themselves.

Binance Wrap Up

I don’t believe Binance is likely to succeed with a homegrown product aimed at the consumer finance market. Their current product — which is focused heavily on professional traders and speculators — is unlikely to become the bank of the future. If they wanted to enter the broader consumer market, I believe it’s much more likely that they will acquire a company that is getting early traction. They are not afraid to make acquisitions (Trust, JEX, WazirX, DappReview, BxB, CoinMarketCap, Swipe).
However, never count CZ out. He is a hustler. Binance is executing so aggressively and relentlessly that they will always be on the shortlist of major contenders.
https://preview.redd.it/mxmlg1zqm7f51.png?width=800&format=png&auto=webp&s=2d900dd5ff7f3b00df5fe5a48305d57ebeffaa9a

Coinbase

The crypto-native company that I believe is more likely to become the bank of the future is Coinbase (crunchbase). Their dominance in America could serve as a springboard to winning the West (Binance has a stronger foothold in Asia). Coinbase has more than 30M users. Their exchange business is a money-printing machine. They have a solid reputation as it relates to compliance and working with regulators. Their CEO is a longtime member of the crypto community. They are rumored to be going public soon.

Coinbase Strengths

Let’s look at what makes them strong and a likely contender for winning the broader consumer finance market.
  1. Different Audience, Different Experience Coinbase has been smart to create a unique product experience for each audience — the pro speculator crowd and the common retail user. Their simple consumer version is at Coinbase.com. That’s the default. Their product for the more sophisticated traders and speculators is at Coinbase Pro (formerly GDAX). Unlike Binance, Coinbase can slowly build out the bank of the future for the broad consumer market while still having a home for their hardcore crypto traders. They aren’t afraid to have different experiences for different audiences.
  2. Brand & Design Coinbase has a strong product design team. Their brand is capable of going beyond the male-dominated crypto audience. Their product is clean and simple — much more consumer-friendly than Binance. It’s clear they spend a lot of time thinking about their user experience. Interacting directly with crypto can sometimes be rough and raw (especially for n00bs). When I was at Mainframe we hosted a panel about Crypto UX challenges at the DevCon4 Dapp Awards. Connie Yang (Head of Design at Coinbase) was on the panel. She was impressive. Some of their design philosophies will bode well as they push to reach the broader consumer finance market.
  3. USDC Stablecoin Coinbase (along with Circle) launched USDC. We’ve shared some stats about its impressive growth when we discussed DeFi use-cases. USDC is quickly becoming integrated with most DeFi protocols. As a result, Coinbase is getting a front-row seat at some of the most exciting things happening in decentralized finance. As Coinbase builds its knowledge and networks around these protocols, it could put them in a favorable position to unlock incredible value for their users.
  4. Early Signs of Bundling Though Coinbase has nowhere near as many products & services as Binance, they are slowly starting to add more financial services that may appeal to the broader market. They are now letting depositors earn interest on USDC (also DAI & Tezos). In the UK they are piloting a debit card. Users can now invest in crypto with dollar-cost-averaging. It’s not much, but it’s a start. You can start to see hints of a more bundled solution around financial services.

Coinbase Weaknesses

Let’s now look at some things that could hold them back.
  1. Slow Cadence In the fast-paced world of crypto, and especially when compared to Binance, Coinbase does not ship very many new products very often. This is perhaps their greatest weakness. Smaller, more nimble startups may run circles around them. They were smart to launch Coinbase Ventures where tey invest in early-stage startups. They can now keep an ear to the ground on innovation. Perhaps their cadence is normal for a company of their size — but the Binance pace creates quite the contrast.
  2. Lack of Innovation When you consider the previous point (slow cadence), it’s unclear if Coinbase is capable of building and launching new products that are built internally. Most of their new products have come through acquisitions. Their Earn.com acquisition is what led to their Earn educational product. Their acquisition of Xapo helped bolster their institutional custody offering. They acqui-hired a team to help launch their staking infrastructure. Their acquisition of Cipher Browser became an important part of Coinbase Wallet. And recently, they acquired Tagomi — a crypto prime brokerage. Perhaps most of Coinbase’s team is just focused on improving their golden goose, their exchange business. It’s unclear. But the jury is still out on if they can successfully innovate internally and launch any homegrown products.
  3. Talent Exodus There have been numerous reports of executive turmoil at Coinbase. It raises a lot of questions about company culture and vision. Some of the executives who departed include COO Asiff Hirji, CTO Balaji Srinivasan, VP & GM Adam White, VP Eng Tim Wagner, VP Product Jeremy Henrickson, Sr Dir of Eng Namrata Ganatra, VP of Intl Biz Dan Romero, Dir of Inst Sales Christine Sandler, Head of Trading Hunter Merghart, Dir Data Science Soups Ranjan, Policy Lead Mike Lempres, Sr Compliance Vaishali Mehta. Many of these folks didn’t stay with Coinbase very long. We don’t know exactly why it’s happening —but when you consider a few of my first points (slow cadence, lack of innovation), you have to wonder if it’s all related.
  4. Institutional Focus As a company, we are a Coinbase client. We love their institutional offering. It’s clear they’ve been investing a lot in this area. A recent Coinbase blog post made it clear that this has been a focus: “Over the past 12 months, Coinbase has been laser-focused on building out the types of features and services that our institutional customers need.” Their Tagomi acquisition only re-enforced this focus. Perhaps this is why their consumer product has felt so neglected. They’ve been heavily investing in their institutional services since May 2018. For a company that’s getting very close to an IPO, it makes sense that they’d focus on areas that present strong revenue opportunities — as they do with institutional clients. Even for big companies like Coinbase, it’s hard to have a split focus. If they are “laser-focused” on the institutional audience, it’s unlikely they’ll be launching any major consumer products anytime soon.

Coinbase Wrap Up

At Genesis Block, we‘re proud to be working with Coinbase. They are a fantastic company. However, I don’t believe that they’ll succeed in building their own product for the broader consumer finance market. While they have incredible design, there are no signs that they are focused on or capable of internally building this type of product.
Similar to Binance, I think it’s far more likely that Coinbase acquires a promising young startup with strong growth.

Honorable Mentions

Other US-based exchanges worth mentioning are Kraken, Gemini, and Bittrex. So far we’ve seen very few signs that any of them will aggressively attack broader consumer finance. Most are going in the way of Binance — listing more assets and adding more pro tools like margin and futures trading. And many, like Coinbase, are trying to attract more institutional customers. For example, Gemini with their custody product.

Wrap Up

Coinbase and Binance have huge war chests and massive reach. For that alone, they should always be considered threats to Genesis Block. However, their products are very, very different than the product we’re building. And their approach is very different as well. They are trying to educate and onboard people into crypto. At Genesis Block, we believe the masses shouldn’t need to know or care about it. We did an entire series about this, Spreading Crypto.
Most everyone needs banking — whether it be to borrow, spend, invest, earn interest, etc. Not everyone needs a crypto exchange. For non-crypto consumers (the mass market), the differences between a bank and a crypto exchange are immense. Companies like Binance and Coinbase make a lot of money on their crypto exchange business. It would be really difficult, gutsy, and risky for any of them to completely change their narrative, messaging, and product to focus on the broader consumer market. I don’t believe they would ever risk biting the hand that feeds them.
In summary, as it relates to a digital bank aimed at the mass market, I believe both Coinbase and Binance are much more likely to acquire a startup in this space than they are to build it themselves. And I think they would want to keep the brand/product distinct and separate from their core crypto exchange business.
So back to the original question, is Coinbase and Binance a threat to Genesis Block? Not really. Not today. But they could be, and for that, we want to stay close to them.
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Hey WSB, WTF is logistics?

Hey WSB, WTF is logistics?
Good evening autists,
I've decided to make this post in order to give you all insight of what I see as a underexamined area of weakness (especially in this sub) and I believe is a possible harbinger of what lies ahead, which is the logistics industry. There are many moving parts and niches in the industry and most businesses rely on logistics services to support their operations (from the supply of raw materials, moving product from manufacturer to distribution center, clearing freight through customs, storage, or delivering final products to stores or customer's door). There are steamship lines (SSLs), airlines (ALs), freight forwarders, customs brokers, truckers, distribution centers, warehouses and they all participate to assist companies who import their products to different markets get them there as fast as possible (unless you're an SSL) at the lowest cost.
These services have allowed products to be made more cheaply internationally due to low labomaterial costs, mainly, which in turn allows markets to buy them cheaper. For the US, this is critical because it doesn't really manufacture much anymore as it's moved on from a manufacturing economy to a more service based economy over a handful of decades (trade deficit for March increased to $44.4 billion difference in imports over exports https://www.census.gov/foreign-trade/data/index.html ).
We're on a downtrend due to trade war, which is good, but $44 bil on 3month avg is basically impossible to make up for in any kind of short-term basis.
With this change from a manufacturing economy to a more service based economy, basic logistics services have seen steady growth for multiple decades. In general, when an industry is in its infancy, you have many small players (usually) and over time they consolidate. Well, this is similar to what's happened in the SSL sector of the logistics industry and this is where I'll start.
SSLs
You can do your own research, or just take my word for it, but SSL alliances have picked up starting the last decade or more ('08 recession put upward pressure on this) as record losses were prominent for almost all carriers due to over-supply and reducing demand. This fact then pushed them into rate wars (SSLs undercutting freight rates to push out competition). Rate wars then forced alliances among the SSLs. Larger players forming pacts with similar larger players in order to wipe out the smaller players, which in turn has forced the smaller players to build pacts in order to fight back. If you're wondering how this isn't an antitrust issue, it has been brought up and investigated by the DOJ though I'm not going full on into the weeds on that but basically, "Antitrust investigators believe that due to a history of legally having the ability to discuss pricing under antitrust immunity, the industry lacks a disciplined culture and is therefore susceptible to illegal activity. For example, the DOJ regularly issues a statement raising concerns after the FMC allows a shipping alliance or major vessel-sharing agreement (VSA) to take effect" * https://www.joc.com/maritime-news/container-lines/us-antitrust-probe-container-shipping-ends_20190226.html (think OPEC-ish). With the formation of these pacts came investment in new containerships at a record pace. It was a race to see who could buy the largest ship in order to save cost through economies of scale and crush the competition on the highest traffic lanes globally (i.e. major import lanes like Shanghai to Los Angeles or Shanghai to Rotterdam). The first major player to fall was Korean SSL Hanjin just over 4 years ago. At the moment, we only have 3 alliances that control~80% of the capacity of ocean cargo transported globally. The breakdown of alliances is below (https://www.morethanshipping.com/the-impact-of-the-container-shipping-alliances/ ).
Pick your poison
However, unfettered competition remains within these main trades regardless of the alliances made. It is tantamount to a war of attrition and that is going to be devastating in the current environment. See below recent reports on SSLs.
An April 8th article in WSJ ( https://www.wsj.com/articles/container-ship-operators-idle-ships-in-droves-on-falling-trade-demand-11586359002 ) stated the below points
  • Container ship operators have idled a record 13% (OP Note: this easily beats the '08 recession) of their capacity over the past month as carriers at the foundation of global supply chains buckle down while restrictions under the coronavirus pandemic batter trade demand.
  • Alphaliner, based in Paris, said more than 250 scheduled sailings will be canceled in the second quarter alone, with up to a third of capacity taken out in some trade routes. The biggest cutbacks so far have hit the world’s main trade lanes, the Asia-Europe and trans-Pacific routes.
  • Ship brokers say giant ships that move more than 20,000 containers each now are less than half full.
  • Sailing cancellations grew from 45 to 212 over the past week, according to Copenhagen-based consulting firm Sea-Intelligence. The “blanked” sailings are stretching into June, indicating operators expect the traditional peak shipping season, when retailers restock goods ahead of an expected buildup in consumer spending in the fall, will be muted this year by the lockdowns extending across economies world-wide.
  • France’s CMA CGM SA, the world’s fourth-largest container line by capacity, said this week it is idling 15 ships because retailers are pulling back orders over falling demand from European and American consumers.
  • The decision to idle, or “lay up,” ships is a difficult option for owners, as the vessels continue to generate costs without offsetting income. There are two ways to idle ships. In a “warm layup” vessels are anchored and staffed, ready to go relatively quickly when demand resumes. This means saving on operating costs such as fuel but continuing to pay crew salaries and insurance fees and make charter payments. In a “cold layup” a skeleton crew is kept on board for general maintenance but most of the ship’s systems are shut down. Returning the ship to service can cost millions of dollars and requires extensive testing to certify that the ship is safe to sail.
A May 4th article in WSJ ( https://www.wsj.com/articles/some-shipping-lines-may-not-survive-downturn-hapag-lloyd-chief-says-11588612964 ) stated the below points.
  • Some container shipping companies may collapse if the global trade downturn stemming from coronavirus lockdowns extends to the end of the year or beyond.
  • The shipping lines that handle the biggest share of the world’s international trade in retail and manufactured goods have canceled up to a quarter of their sailings since late February amid extensive lockdowns and collapsing demand in the U.S. and Europe.
  • The world’s top 10 liner companies, which collectively handle more than three-quarters of the world’s oceangoing container trade, are looking at steep losses from the falling business.
  • Germany’s Hapag-Lloyd, the world’s fifth-largest container line by capacity, according to industry data group Alphaliner, has canceled about 15% of its scheduled sailings on major ocean trade routes, including Asia-Europe and trans-Pacific operations.
  • Some carriers are trying to preserve cash by taking longer trips around Africa instead of crossing the Suez Canal, saving on canal toll costs that can reach around $500,000 for a single big ship. With fuel prices sliding under the crash in oil prices, the cost of the longer sailing makes sense. (OP Note: This increases lead times for buyers and further disrupts company's supply chains)
  • Hapag-Lloyd has thousands of land-based employees working from home and has frozen management salaries and returned leased ships to charterers. It is not looking at layoffs for now. But the carrier is pushing back an order of six megaships that move more than 20,000 containers each, to add to the six it already operates. Those megaships are the big losers with volumes crashing since many are sailing half full, giving up the benefits operators gain from the ships’ economies of scale.
Knowing the above, see a Feb 28th report ( https://splash247.com/liner-bankruptcy-potential-at-highest-levels-recorded/ ) stating the below points.
  • The collective Altman Z score of the 14 container shipping companies that publish their financials deteriorated markedly in the 12 months ending September 30, 2019, falling to 1.16 from 1.35 in all of 2018 and thereby signifying a rising probability of bankruptcy.
  • "IMO 2020 was already going to make this a year of huge disruption for the entire maritime industry," said Marc Lampieri, a managing director in the transportation and infrastructure practice at AlixPartners. "Throw in the coronavirus, the recent deterioration of some key financial measures and whatever other unforeseen disruptions lie ahead, and it's clear that preparing for the worst may be the best way to avoid the worst."
If you're unfamiliar with the Z score formula it is a calculation that predicts the probability that a firm will go into bankruptcy within two years. Anything below a score of 1.8 is considered a "very high" risk of bankruptcy.
So, if this industry sector was reduced to a 1.16 Z score for the 12 months ending Sept 2019 (5 SSLs produced a scores of less than 1 and all were under the 1.8 level), it's probably a safe bet this score has not gone up since. If more SSLs were to go bankrupt, this would further constrain capacity to even fewer SSLs who are already trying to minimize port calls and slow down how fast ships cycle through their scheduled port calls (their "string"), causing backlogs that in turn send freight rates higher. Part of the reason they do this is because of the headhaul vs. backhaul issue that occurs on many vessel strings (i.e. lots of freight moving from a ship's origin to particular destinations, but not from the destinations back to the ships origin or future port calls) causing them to issue "blank sailings" for some ports, which is their notice that the port will be skipped by a particular vessel. This causes many problems with equipment (container) availability and can further distort freight rates and cause backlogs. If they can only make money going one way, they're losing money more often than not. Furthermore, inactive containership capacity through 2020 is projected to move even higher, increasing the recent record statistic for the sector. Below articles for support.
April 8th article (https://shippingwatch.com/carriers/Containearticle12067889.ece) stating the below points.
  • The large scale sailing cancellations could push the inactive container ship fleet to over 3 Mteu in the coming weeks in the worst capacity crisis that the container shipping industry has ever seen.
  • Several routes with usually large capacity will be fully canceled in the second quarter, including 2M's major AE-2/Swan service, where 12 ships of 23,000 teu sail between Asia and North Europe. "No market segment will be spared, with capacity cuts announced across almost all key routes," writes the firm.
An article dated May 1st ( https://theloadstar.com/europe-asia-ocean-rates-hit-new-heights-as-exporters-fight-for-what-space-remains/) via the Loadstar provides an example of how capacity and rates can fluctuate and go haywire relatively quickly. Summary below.
  • Normally freight from Asia to Northern Europe is the headhaul (large volume) and the backhaul is NE to Asia (lower volume). However, due to lockdowns happening at different times in Asia vs Europe, this volume has fluctuated highly. Freight rates for NE to Asia in Jan were $500 for a 40' GP (40 ft. general purpose container), as China was in lockdown and demand was poor and space was plentiful. However, now that Europe is in lockdown and Asia is up and running, demand has spiked on the NE to Asia backhaul (as China lifted out of lockdown) and space is basically non-existent and has forced the rate for a 40' GP from a low of $500 in January to $2000 now in May. This is due to the fact that SSLs reverted to blank sailings for NE ports as demand in Europe dropped due to beervirus and caused freight rates to fall from Asia origins. They've been able to steady the rates at Asia origins at the cost of backlogs and rate spikes at backhaul ports.
For SSLs, the game is complicated and tricky while margins are razor thin and the coronavirus exacerbates this. They're trying to manage rates, whether or not to park vessels and how they should do that, which ports do they skip to save money, and how to keep cash flow (as most of them are very much in debt). Their actions then affect shippers and buyers worldwide and it becomes very difficult to manage costs through out global supply chains. When things are this uncertain, for all parties in logistics, sometimes it's like trying to catch a falling knife when moving cargo. If shippers/buyers time it right they can avoid extra costs but if they are trying to ship at the wrong time they're going to feel the pain in the form of high freight rates, delays (which increase storage/demurrage costs), and chargebacks from shipper's/buyer's customer who receive cargo late (depending on terms and conditions of their contracts).
SSL TL;DR - Steamship lines have been broken for a while but beervirus has potential to be the catalyst to push many over the edge into insolvency. In order to stabilize freight rates, SSLs have been parking container ships at a record pace with capacity projected to shrink by more than 3 million TEU (20' container equivalent), which has never happened before. The more SSLs revert to parking vessels in order to stabilize freight rates, the closer it pushes them to bankruptcy (a double edge sword, if you will) and in turn the more companies will pay to move freight in the future. Even if no SSLs go bankrupt, companies will be paying more to move freight regardless due to virus disruption.

ALs
There has been much already addressed and available about the ALs and I'm just going to assume you're more aware of their history as compared to the SSLs, so I'll make this section short and only provide the details most of you might not get if you're not really involved with logistics.
An article published on May 4th (https://www.stattimes.com/news/global-air-cargo-capacity-down-by-29-seabury-reports/ ) stated the below points (w/ visuals).
You already knew this but ALs getting hammered due to passenger decline related to beervirus. That in turn has affected the flow and capacity of airfreight
Passenger aircraft belly capacity reached an all time low at the beginning of April. It has rebounded slightly, but forecasts shows capacity will not be returning to normal in 2020
  • Global air cargo capacity is -29% on a YOY basis. (OP Note: A 23% increase in capacity was seen the week of April 22nd-28th for passenger belly aircraft, which is heartening, but considering capacity dropped well over 80%, this recent gain would only constitute ~ 4.5% return to previously normal capacity seen at the beginning of February)
  • US- Europe lanes have have had the largest impact so far, but disturbances have been felt on every lane globally and the Europe/Africa, Europe/South America routes are still seeing capacity constraints between 60% and 88%.
So, matching the economic data we've seen recently, airline capacity data is abysmal.
Another article release today by the NY Times also states the dire circumstances ALs face currently (https://www.nytimes.com/2020/05/10/business/airlines-coronavirus-bleak-future.html?auth=link-dismiss-google1tap). This article isn't particularly logistics focused, but it provides insight into the passenger side of ALs, which is where they make a majority of their revenue. I've added important points below.
  • Passenger traffic is down about 94% and half the industry's 6,215 planes are parked at major airports and desert airstrips.
  • To get through the next few months, airlines successfully lobbied for a huge federal rescue. But half of that money was intended to cover payroll and that will run out by the end of September.
  • Desperate to preserve cash, the airlines have also aggressively discouraged customers from seeking refunds, offering vouchers for future travel instead...(and) the industry trade group Airlines for America, said that refunding all tickets could lead to bankruptcy.
  • Payrolls have largely been spared the ax, for now, because Congress set aside $25 billion to pay workers through September as long as airlines refrain from imposing furloughs or pay cuts. But some airlines have already tested those limits, and executives have signaled that layoffs will come when those protections expire.
  • Most industry analysts and executives expect years to pass before airlines fly as many passengers as they did before the pandemic. Even then, a rebound may come in fits and starts, propelled by medical advancements, an economic rebound and shifts in the public’s tolerance for risk.
  • Take China, for example. The number of domestic flights there started to recover in mid-February, but plateaued in early March at just over 40 percent of levels before the outbreak, according to the International Air Transport Association, a global industry group. (OP Note: The gain back to 40% could be attributed to the large backlog left from China lockdown and Lunar New Year holiday at the beginning of Feb)
  • The airlines are triaging. Even as they slim down to preserve cash, they are finding ways to make what little money they can. Many have put otherwise unneeded planes to use transporting cargo, including medical supplies, taking advantage of a spike in freight prices.

ALs TL;DR - With beervirus, passenger belly space has shrunk to unprecedented levels, causing air freight rates to increase by 5 or 6 times their normal costs on many lanes as planes are parked. Companies are forced to pay through the nose for air freight when cargo critical to their operations is needed due to SSL capacity constraints and the extended lead times across all modes of transportation. Companies trying to utilize air cargo will be paying higher costs indefinitely as air capacity doesn't look to return to normal within 2020.

Last, I'd like to move on to look at US inventories and US consumer spending as they are the major catalyst when it comes to freight demand. Using US census data, summarized in the below table (this is preliminary data, so not reflecting recent update today but breakdown takes this into account) , tradingeconomics.com ( https://tradingeconomics.com/united-states/wholesale-inventories ) provides this breakdown of Us inventories: "Wholesale inventories in the US fell 0.8 percent month-over-month in March of 2020, less than an initial estimate of a 1 percent drop. Still, it is the biggest decline in inventories since September of 2011. Stocks of nondurable goods slumped 2.7 percent (vs –2.6 percent in the preliminary estimate), while durable goods inventories edged up 0.5 percent (vs 0.1 percent in the preliminary release). Year-on-year, wholesale inventories were down 1.7 percent in March."
https://www.census.gov/econ/indicators/tab2adv.pdf
Typically, high inventory points to economic slowdown, while a low reading points to stronger growth. However, this generality is not true in the current environment. We're seeing inventories lower due to supply shocks presented by the beervirus but at the same time we're seeing major demand shocks so we have this peculiar instance where inventories have fallen the most in over a decade, but still did not fall as much as expected.
Now look at consumer spending ( https://tradingeconomics.com/united-states/consumer-spending ).
Splash Mountain
And now with tradingeconomics.com forecast.
https://preview.redd.it/657ykdocy1y41.png?width=875&format=png&auto=webp&s=76997dad3a5c80c6fe82186241cf690bf94f7cf6
I argue that this shows supply is catching up to demand, as we can see that consumer spending has fallen off a cliff and is projected to fall further.
So, you might be wondering, what does all of this means and what am I getting at?
Within logistics there is a phenomenon that occurs when supply and demand are not managed and become dislocated. This is called the Bullwhip Effect. With the turmoil associated around major players in the logistics industry (SSLs & ALs) and general uncertainty in regards to the the economic outlook, we can expect increased costs associated with inventory, if companies have too much inventory (which is looking like the lesser of two evils IMO depending on the situation), or increased cost in freight spend, if companies don't have enough inventory (which, considering the wild swings in rates, could be devastating in cost). Either way, the point is cost. Costs are going to go up to move all the consumer goods we have been accustomed to buying so cheapy over the last decades of the expansion of the global market place that was supported by the expansion of capacity in global SSLs and ALs. That is why I'm not buying the deflation narrative that is being passed around currently and supported by the FED. Logistics services have been widely overlooked as a major contributor to the deflation in CPI we've seen over the last decade or so, as this coincides with the alliances created in SSLs and rate wars that ensued. We will see consumer prices increase and inflation will return whether the economy rebound quickly or not. I am short gold, silver, and select precious metal equities, long on global risk assets until this mess can be sorted out.


TL;DR - Logistics services have expanded with globalization and have become key players in keeping companies operating smoothly. SSLs have been creating alliances over the last decade, which caused rate wars (lowering freight costs). Due to beervirus, SSLs and ALs are severely hampered and are parking assets at a record pace, severely reducing capacity that is extremely difficult to expand in any kind of short-term basis. The disruption to supply chains will cause bullwhip effects across supply chains worldwide. This will raise prices for most goods with certainty. I am short gold, silver, and select precious metal equities, long on global risk assets until this mess can be sorted out.
submitted by xcessinmoderation to wallstreetbets [link] [comments]

Top 4 Gold Stocks To Watch As Gold Price Tops $1,500

Gold prices topped $1,500 per ounce today for the first time in six years, extending a furious summer rally driven by drop in bond yields, central bank buying and investors shy away from volatility from global markets.
Across both China and Hong Kong, gold-related stocks were up. The yellow metal’s appeal has shot up in a low-interest environment, and it is also seen as a safe haven amid global geopolitical and trade tensions. Gold prices got a further boost last week after US President announced that he would increase 10% tariffs on $300 billion Chinese imports, renewing trade tensions between world’s two biggest economies.
Recent economic data points have further fueled those fears. The Industrial production figures for Germany for June were much weaker than analyst’s expectations, signalling Europe’s largest economy continues to struggle. Gold or Gold-linked stocks is a popular destination for investors during times of economic or political uncertainty. Other safe havens such as the Yen and Swiss France, have also notched big gains in recent weeks. Here are five stocks we think could be a great addition to your current portfolio.
China Silver Group (00815.HK)
The recent increase in share price could be due to the Group’s Silver Exchange Business. The Silver Exchange Business is conducted through the Shanghai Huatong, which it is a wholly owned subsidiary of the Group. Shanghai Huating is one of the largest spot exchange for silver trading in China, which serves as the general reference price for the silver industry in China.
In addition, Shanghai Huatong has maintained close relationships with the largest silver producers and silver-consuming companies in China, leading investors to speculate that the share price could be highly correlated to the silver price.

China Brilliant Global (8026.HK)

The group’s retail and wholesale business located in Shenzhen gave them a competitive edge as Shenzhen accounts for 70% of China’s total jewellery sales. The strategic location of their business gives them access to more potential buyers and help lowers the cost of transportation. The group’s jewellery business under the Luk Fook brand has enjoyed an increase in revenue of approximately 101% year on year, mainly due to the increase in wholesale golden jewellery products in PRC. The group intends to identify more jewellery wholesaler customers in South China, thereby expanding it’s secondary gold sales agency business.
[Read More]: Could this gold-linked stock offer you a brilliant opportunity?
Emperor Watch & Jewellery (0887.HK)
The company’s sales rose strongly last year, due to a rebound in tourism in the first half and the opening of new stores. Hong Kong remained the group’s core market, with sales there up about 20%, while sales in Macau rose by about 22%. The company opened 15 new stores in 2018, bringing the total number of stores to 95. Net profit grew over 65% last year, due to improved margins and disciplined control over expenses. With exposure across Greater China and Southeast Asia, the company has a diversified earnings base.
Chow Sang Sang (0116.HK)
The company continues to focus on expansion in mainland China and plans to add another 60 stores there this year to its already broad mainland China network of 506 stores. This is a wise plan as mainland Chinese customers continue to account for about 75% of the company’s revenue. In its expansion strategy, the company targets mid-end consumers and leverages on high-end shopping malls and department stores’ own positioning to enhance the brand’s image. It is also strengthening its online presence to further boost sales.
submitted by kevinkong123 to StockMarket [link] [comments]

Could This One Company Be Presenting A Brilliant Opportunity?

Conglomerates have long been considered as the megafauna of the corporate world. Although some observers, especially those in the West, believe conglomerates lack focus, in Asia conglomerates tend to be revered as the hallmark of successful entrepreneurship. Since conglomerates are often large, multinational and are made up of independent entities that operate in multiple industries, they tend to be highly adaptive and are usually able to withstand various shocks due to their diversified nature.
Nevertheless, to many investors, public companies with different business units are often regarded as “boring” stocks, as they lack a singular story that drives investors’ interest like what many tech companies have been able to achieve. With multiple business segments in different industries, some might deliver great returns but some would be far from ideal.
However, this perception of yours is going to change as China Brilliant Global Limited (8026:HK) (hereinafter referred to as “CBG” or “the Group”) offers a fresh insight into how a company with various business segments should be run, in which the Group disposed loss-making investments and assets while focusing on expanding their profitable businesses.
Why now is the time to watch China Brilliant Global Limited (8026:HK)?
The Group’s businesses are grouped under 3 operating segments focusing on Trading & Retailing of Jewellery, Money Lending and Trading and Distributing Pharmaceutical and Healthcare products. These 3 operating units are among the hottest ‘booming’ sectors in the world’s second largest economy.
Trading & Retailing of Jewellery
Guangdong is the country’s main location for jewellery production, while Shenzhen city is famous for jewellery processing. The Group’s retail and wholesale business located in Shenzhen gave them a competitive edge as Shenzhen accounts for 70% of China’s total jewellery sales. The strategic location of their business not only gives them greater access to more potential buyers, but also help them lower the logistical costs of transporting the jewellery around.
Money Lending
Tighter bank credits in China means more opportunities for money lenders. With strict internal risk control, providing credits to reliable borrowers could bring in great source of income to the group. In addition, the markets are forecasting interest rate cuts by central banks, which will increase the appetite for borrowers to take out loans.
Pharmaceutical & Healthcare Products
There are a few reasons driving the growth of pharmaceuticals and healthcare products in China. As a superpower, China wants to be an important innovator of pharmaceutical products. In addition, a burgeoning middle-class, rapidly aging society, and an increasing health awareness to obtain higher quality treatment present vast opportunities for the industry. According to DBS analysts Mark Kong and Chris Gao, the “development of China’s healthcare system is still in its infancy, as reflected by low healthcare expenditure as a percentage of GDP...and a smaller proportion of its population aged 60 and over,” They believe there is still “plenty of room to grow because as the population ages, the demand for medicine will increase”.
This ‘Conglomerate’ Stock is Poised for Major Growth!
The Group’s Jewellery business under the Luk Fook brand has enjoyed an increase in revenue of approximately 101% year on year. The increase in revenue from the Jewellery Business for the period under review was mainly because of the increase in wholesale of golden jewellery products in PRC. Other jewellery products sold by the group includes gold, karat gold, platinum, diamond and gemstones. There are few factors that are going to increase the profit margin of this business segments.
  1. The Gold factor: Gold price hits 6 years-high as investors await US interest rate cut amid growing concerns over the US trade war with China, tensions between Tehran & Washington and Brexit. In recent years, resistance above $1,350 an ounce was too much for bullion to overcome, but that changed in June. Spot prices touched $1,453.09 on 19 July 2019.
  2. The strategic location of the in retail and wholesale businesses are carried out in South China, region which economic activities are most active.
  3. The Group intends to identify more jewellery wholesaler customers in South China, thereby expanding it’s secondary gold sales agency business. The Group has secondary membership of Shanghai Gold Exchange, which allows them to place orders for bullion via the online trading platform of Shanghai Gold Exchange and wholesale gold jewelleries to jewellery wholesalers.
Recent Increase in Gold Prices Signal A New Opportunity
The Fed looks likely to cut interest rates by 25 basis points, with some observers expecting a higher reduction of 50 basis points. This would be the first potential reduction since the financial crisis. Such a cut would depress bond yields, the prospect of which has added to the lustre of gold for investors. The metal serves as a hedge against potential weakness in the global macroeconomic environment. Investors see no end in sight to the trade war between the US and China despite multiple talks between both sides. The meeting between President Trump and President Xi at the G20 summit in June has also failed to produce conclusive results. Gold could be one of the biggest winners and this will greatly benefits gold miners and traders. This could be real opportunities for investors as uphill trend of gold prices means higher profit margin for the group.
New Market Reach Could Be Unparalleled
Gold buying spree behaviour from the People’s Bank of China tells us one thing or two, which is to collect as much of the safe haven asset as possible to prepare for tougher economic conditions. As long as the secondary gold sales agency business in the group continues to expand as planned, the group may commission external factories to process more bullions into finished gold jewellery, thereby increasing sales to jewellery wholesalers.
As CBG (8026:HK) increases its footprint in the Guangdong province through leveraging its existing network, based on the success the jewellery business brings to the Group, the revenues are expected to increase in a much faster pace compared to last year.
Consideration of further expansion in the Money Lending unit
The Group commenced its Money Lending business in 2016 by acquiring a group of companies with a valid money lending license in Hong Kong to achieve additional income source. The Money Lending segment continued to grow and currently bring positive results to the company.
Amidst a weak global macroeconomic environment, central banks around the world have been widely expected to cut interest rates, starting with the Federal Reserve in the US. As Hong Kong’s monetary policy is essentially pegged to the United States, any rate cut in the US would bring about a similar rate cut in Hong Kong. With lower rates on the horizon, more borrowers would be encouraged to take on loans, benefitting lenders like CBG.
Similarly, weak bank lending data from mainland China this year are prompting fresh calls for further monetary easing by the People’s Bank of China. This could be an opportune time for CBG to expand its money lending business in the mainland, as reduced bank lending calls for more alternative sources of financing which is exactly what CBG is offering. Even though money lending is the newest business of the Group and only contributes a small amount to the Group’s total revenue, expansion plans in this segment could potentially make this one of the most important business units of the Group.
Some investors may recall losing money in the stock market during the US subprime mortgage crisis in 2008 where financial institutions were brought to their knees in the process. Rest assured, investors need not worry about CBG as the Group has conducted internal risk assessment on its loan arrangements and noted that its borrowers have substantial investments and assets which support their respective financial capability to repay the loans, thus no securities or collaterals was sought. The purpose of the loans is merely to enhance the short-term cash flow of borrowers. This stands in contrast to the risky lending behaviours engaged by US banks in the build-up to the crisis, where even borrowers with no credit history, no assets, and no income were able to obtain loans.
More Partnerships Signal Additional Market Opportunities
The Pharmaceutical business recorded an approximately 142% increase in revenue year on year to ~HK$24.2 million for the 9 months ended December 2018. The stellar performance was due to strong business relationships with target pharmaceutical companies, chain pharmacies and target hospitals from West Guangdong.
It’s true that new markets are difficult to enter, especially when Beijing’s attempts to open up to private foreign investors remain slow. National problems require local solutions as policies are different across states and provinces in Mainland China. Fret not, as we are about to show you how CBG could solve the chronic imbalances of medical equipment problem in China’s healthcare system.
CBG’s strategy is clear, that is expansion. Their focus resides on scaling their business into a higher level by leveraging the existing relationships and trusts they have been building for the past few years to keep scaling their medical distribution channel, capturing more sales for the group.
What is important for investors to note is that even though CBG’s businesses are in fast growing industries, its businesses are actually pretty defensive. The Jewellery business benefits from increased interest from buyers and investors at a time of economic uncertainty. Conventional wisdom also suggests that the super rich usually stays super rich regardless of how the economy is doing. Not being affected by economic downturns suggest that they will continue buying jewellery as they please.
Similarly, Money Lending business is also stable during times of weakness as fewer borrowers obtain conventional bank lending. The prospects of interest rate cuts are hugely beneficial to any money lending business, especially one like CBG’s which is in the position of rapid expansion.
Last but not least, success in the Pharmaceutical and Healthcare business are primarily driven by demographic trends. Regardless of how the markets are doing or what additional tariffs come next, pharmaceutical and healthcare are industries that will be in demand.
It is perhaps surprising that a conglomerate like CBG can combine all 3 seemingly unrelated businesses under one roof. It is even more surprising that these 3 businesses are in high growth yet defensive sectors. CBG (8026:HK) will be a safe bet regardless of when the next recession is going to hit.
submitted by kevinkong123 to StockMarket [link] [comments]

[EVENT] Diplomatic Leak - Chinese Boycott of Japanese Goods

Breaking News - Special Economic Report by 南華早報 - South China Morning Post

Mass Boycotts of Japanese Goods; Safety Inspections at Japanese Automobile Factories Conducted

In what is a surprise turn of events in the trade war between South Korea and Japan has seen a third combatant enter the arena. With the shocking revelations published by an unconfirmed source, unbridled threats by the Japanese government were issued to the People's Republic of China in what is a bizarre and unprovoked act of hostility by Shinzo Abe and his Administration.
» We have full confidence of the ability of our ally to achieve its goals - one way or the other. If China seems content to let its fat cat in Pyongyang to fire missiles towards Japan and rapidly increase the level of its nuclearization, suffice to say there will be consequences. There will eventually come a breaking point when China realizes the immensity of its mistake in questioning the resolve of the Japanese-American alliance and the reach of our capabilities. «
When asked for a comment, Spokesperson for the Ministry of Foreign Affairs (MOF), 耿爽 Geng Shuang commented:
This is a worrisome development in the bilateral relations with the People's Republic of China and Japan. Not only has there been a spate of leaks from the Japanese Ministry of Foreign Affairs in the quarrel with their American counterparts, the biggest cause of concern is the overly aggressive stance and threatening nature of this position by Japan towards China and the Chinese people. While we can confirm that this leak has not come from our own side of talks with the Abe Administration, we have been just as perplexed by the sudden swings exhibited by Japan when we were initially contacted by Japan asking China to somehow enforce the recent WTO judgment in the Korean-Japanese complaint filing as well as advocate Japanese interests with North Korea concerning missile testing.
We are continuing to observe the situation and shall react according through the appropriate channels should the matter develop for the worse.
Consumers React With Rage and Officials Worry About Rule Cheating
  • Upon the leak of Japan's comments to the Chinese MOF, there has been outrage among Chinese consumers. Popular Japanese apparel and clothing firm Uniqlo has seen a mass boycott with a massive drop in retail visitors across Mainland China. With around 500-800 outlets across Mainland China, shoppers have begun to snub the Japanese company for its European rivals H&M and Zara, leading market analysts to question the future of Uniqlo's profit margins in Mainland China and its market share which has been dramatically cut.
  • Beyond retail shopping, car buyers have decided to halt buying Japanese brand cars such as Nissan, Toyota, Honda and Mazda. Honda has seen sales of 3,505,021 plummet in half to 2017 levels, while runners up for the Chinese market, Toyota and Nissan have dropped from the list of top ten major automobile sellers. An additional hit to the Japanese automobile producers operating in China is the rise of safety concerns into the assembly lines and adherence to local fire safety codes by Japanese owners in three major assembly plants in Guangdong and Shanghai.
  • Officials cite that the on-site inspections will also run for months until they can assess the accuracy of a whistleblower that raised allegations on money-saving efforts to not properly address provincial regulations on clear and adequate measures to ensure safe evacuation from assembly lines, faulty fire extinguishers and sprinklers as well as a fault in dead-stopping assembly in the case of a fire caused by faulty equipment used by workers.
  • The concern of the factory closure has seen many workers worry about the future of their employment, raising hopes of relocation to the newly announced Geely-owned PoleStar 2 assembly factories in Hebei, Guangdong, Shenzhen and Shanghai in what is seen as a massive drive to establish a domestically owned Tesla competitor that will utilise China's 5G automated driving network.
  • Further, consumers are exchanging Sony electronic for Samsung, Lenovo and Huawei electronics, with Chinese manufacturers taking the big bite out of the Japanese market share in their development of new television and audio equipment that are now focusing on higher definition and image quality as well as fasters connections that further take advantage fo the 5G network. A senior market analyst at HSBC commented on the worrying event posed by the leak on Japanese goods:
If this trend of protest continues, they will be completely edged out fo the Mainland market. There is a clear advantage to companies taking the risk and investing in 5G products. China has taken the global lead on 5G, it's only reasonable that consumers want to take full advantage of services they are paying for out of pocket. If he rest of the world fails to catch up, they will see lower profits in return from Mainland China. Also not being a Japanese brand further helps give the current economic sentiment among Chinese consumers.
submitted by Relativity_One to GlobalPowers [link] [comments]

Matrix AMA - Summary of all answered Questions

Now that the AMA is over I though a thread with all answered questions would be great - Here are all answers from the AMA:
Does the Matrix side chain still utilise the MAN token behind the scenes? I know they have their own tokens but I'm wondering if MAN is still used throughout the side chain? or even at all?
Owen: This is determined on a case-by-case basis. Sidechains have the ability to use both MAN tokens or their own currency to pay for gas. This determination depends on several factors including each sidechain project's plans for how to handle mining and verification nodes.
Please could you give an update regarding the One Belt One Road project - are there any further developments? any new projects/companies we may not have heard of?
Owen: Regarding OBOR-related project updates, we are currently participating in some logistics projects related to the “Yu Xin Ou” route (“渝新欧”). As mentioned above, this is the railway development project to link Chongqing to Europe. At the same time, we are working on some AI development platforms and digital railway management systems in other countries along the OBOR. ​
China is planning to build a 13.8 billion yuan ($2.1 billion) technology park for the development of artificial intelligence.In Mentougou district in Beijing. Is Matrix AI going to have some involvement / offices in this park ?
Owen: Hello! Thank you for your question! The first one of the day! We are aware of the Mentougou park but we currently do not have plans to participate in this specific park. However, we are already in talks to participate in the development of other such parks.
In the last AMA, you mentioned some level of integration or use in Smart City projects? can we have any details or future plans regarding this?
Owen: Certainly! The Matrix AI Network is already actively carrying out work in several so-called Smart City projects. One thing I can share is a smart platform we are making as part of a Smart City Firefighting and fire-prevention project. We will likely share more information about this project in the coming months.
How will Matrix AI holders directly benefit from the MBC Project (involving PetroChina) if they are using a sidechain and are not charged fees in MAN? Can you give more details on this arrangement?
Owen: Question number 2! The MBC Project’s applications and operations will use the computing power and related resources of the Matrix AI Network, which means they will use MAN to pay for these services.
When will MAN be available to buy on more exchanges? Are there plans for a Binance listing?
Owen: As mentioned elsewhere here, while we can't speak to specifics, our team is actively working to find opportunities to cooperate with exchanges.
Are there news/follow ups concerning the external financial audits that were planned and announced during the last AMA?
Owen: Yes! The Matrix Foundation is currently actively working with Ernst & Young to complete the first year audit.
Can we have updates concerning your partnerships? How will the shipping company partnership increase market share? What progress has been made with OBOR? Is the hospital using MAN on a wide scale basis? IDA was supposed to be your first Dapp. What happened with that? What is going on with the subway deal? Is the AI aspect of your project advancing? Will you increase your marketing campaign?
Owen: I would be happy to provide updates about several of our partnerships.
Steve: Our technology platform for the MBC Project will create new efficiencies for brokers and suppliers using their global shipping service. In addition to our growing number of customer-facing Dapps, Matrix AI Network’s capabilities to support industry are B2B enterprise applications. The contribution to market share is primarily in terms of use cases that other large-scale projects can refer to and see our technology implemented at scale. As a platform, Matrix AI Network supplies the underlying technology and integrations, without being directly involved in business and operations of projects.
We see large (Chinese) tech companies moving heavily in to AI... Do you intend to supply these companies with computational power ?
Whats your general view on the rapidly emerging AI market and where you see Matrix AI's place in it ?
Owen: Yes! We have every intention to provide computational power to individuals, companies and other organizations. Our hope is that, in the future, everyone will have access to AI computing services.
In our view, we think there are three vital components in the AI industry: computing power, data and algorithms/models. Matrix is currently solving the issue of computing power. We have a very ambitious vision for the future of Matrix – one that addresses all three of these components.
We are planning to release an updated version of our whitepaper in the near future which outlines our vision in greater detail.
Since matrix plan to run it's own validators (and may be miners) after public validating / mining begins:
How many validators (and miners) do you plan to run?
How much each staked?
What's your plans with those rewards which matrix's own nodes will get?
Do you think this is unfair for the community and other public validators / miners?
Do you have any plans to make special validators / miners for team itself, which will run but never get any rewards so actual public validators and miners will share tue rewards and you can be sure that you're running the show with the team's self validators and miners?
Owen: The Matrix Foundation will deploy a TBD number of miners to ensure the stable and normal operations of the Network. When miners and verifiers staked by the community are unable to mine or normally produce blocks – for example, they might suddenly go offline – the Matrix Foundation nodes will step in and perform the work to ensure that the network remains uninterrupted.
However, the Matrix Foundation miners will not receive and block rewards for this mining work, nor will they be selected during the regular course of mining activities if there are sufficient community-staked nodes.
1. Can you tell us, when you plan to have real world applications used in reality and having an effect on the coin circulation?
2. Do you plan to implement a second layer solution for increasing TPS etc.?
3. There was an announcement that Matrix blockchain will run on IPFS. Can you give us an illustrative example of how this enhances the functionality of Matrix AI?
Owen:
  1. Besides our mining network, there are several real-world applications coming including our cancer diagnostic applications. These will be open to the public and use the MAN token as the medium of distribution. So, this is one example of a real-world application that will have an effect on coin circulation.
  2. Layer-2 solutions is something that we are actively exploring.
  3. We view AI comprising three key componets: computing power, data and algorithms/models. In the future, we hope that everyone will be able to control their data and own all the benefits and value derived therefrom. This is why we have decided to use IPFS technology to store data. This method allows everyone to protect their own personal data.
Steve: Because our delegate node architecture already serves a similar function, as evidenced by our high TPS, we are in no rush to introduce a formal layer-2 solution. However, we believe this technology will be important in the future, so it is something we are exploring and planning for.
With Matrix AI's award winning image recognition capacity (and predictive analytics).... have you reached out to companies looking to :
analyse satellite images to track oil , crop , and water inventories ?
Insurance on auto claims where dash cams are involved ?
Banks wanting to detect fraud and criminal activity ?
Hedge funds wanting AI assisted asset trading ?
Owen: Professor Deng’s award-winning image recognition technology is certainly of great value to the Matrix AI Network. To answer your question, we are currently in discussions with partners to tackle fraud detection, criminal activity and asset trading.
We currently are not in discussions with any companies relating to the analysis of satellite images to track oil, crop and water inventories; nor are we doing anything with dash cams.
Matrix is a member of the Advanced Telecommunication Chain Industry Alliance in Tianjin, China.
Now... Vice mayor of Tianjin Sun Wenkui has pledged up to 30 million yuan (from a fund totalling $16 billion) in financial support for every AI-related research institution.
My Question : Has Matrix foundation received Government Grants from Tianjin ? if not I'd like to know why .... Id also like to know if there are other Grant opportunities that Matrix is pursuing?
Owen: There is the possibility of receiving grants from the Tianjin Government – this is something that is progressing and ongoing. There are quite a few steps to this process. There are certainly also other grant opportunities out there. Matrix is always on the look out for suitable grant opportunities relating to industry, academic and research.
We know the use of cryptocurrencies is difficult in China. It is understandable if Matrix cannot deal with Chinese entities exclusively in MAN tokens as payment etc. With that in mind, in what ways can Matrix ensure the usage of the MAN token? Any ideas or plans about that? Thank you!
Owen: The first thing I’d like to say is that we are designing the Matrix AI Network to be a global network, rather than a platform that solely serves the Chinese market. To specifically answer your question, there are several companies who can work with us to serve as a proxy or gateway for payment settlements in China. We do not foresee this being a huge problem.
Steve Deng recently spoke about a "payment module" that is soon to be released.
He stated; that it was a "crucial step for advancing real world applications" and "managing relationships"
Can you provide more information on what this payment module is ?
- One might infer that matrix is allowing customers to utilise the AI services using fiat....avoiding restrictions placed on the use of utility tokens insome jurisdictions around the world. Does this have anything to do with recent CAC announcements ?
Steve: The "payment module" comprises three basic functions. The first is a set of prices for using our AI models and datasets. The second is a method through which to accurately track th eusage of these AI models and datasets. Finally, the the function involves payment settlement.
Has a decision been made to have a second raise (ITO) for strategic investors ?
If so can you disclose who these investors are ?
Owen: We will eventually enter a strategic investment cooperation with select investors. However we have not yet finalized the list of potential investors, so it is not something imminent.
What patents has Matrix AI secured and what entity owns the rights to those patents ?
Owen: We have secured several patents including patents relating to our node deployment and election methods, blockchain architecture, and transaction verification techniques, just to name a few. All rights belong to the Matrix Foundation.
Steve: Matrix's Chief Network Architect, Bill Li, and I have applied, or are in the process of applying, for 30 additional patents related to AI technologies in industrial systems. Many of the patents are specific to applications in high-speed rail, although the data processing, AI models and system integration can be generalized to other hardware and software systems, from self-evolving blockchains to smart cities.
Can community kindly know the smart choice in buying hardware for a CPU based node now, versus when you plan to release own MAN rig ?(which may or may not make earlier hardware obsolete?) It’s frustrating to buy hardware not knowing if it’s a waste in 2 month or can be used for 12 months ! Loss or profit? It is still not clear if validator nodes have same hardware specs as miner, as it seems not needing the CPU under testing? Are there more specific information in Chinese to follow?
Owen: Currently, regular PCs can perform mining and verification tasks. You do not need to go out and buy specific hardware to participate. Certainly having a more powerful CPU will provide an advantage when performining mining tasks. However, there is no way for me to give you specific hardware recommendations to outperform other nodes as it depends largely on what the other nodes are using.
What is Dr 黎泽明 involvement with Matrix AI ?
Steve: He was my master student. Zeming developed a series of award-winning deep neural networks. Now, he is with Face++ as he already had a commitment with them before graduation. We talked about future arrangement a month ago and has expressed interest in joining MATRIX once we start the cancer immunotherapy project.
Im sure you are aware of Certik and Quantstamp
Does Matrix AI network intend to provide debugging services to other Block-chains and their associated contracts/dapps?
Matrix's position in China Standard Beijing Huabiao Weiye Technology Development Co. Ltd
can be leveraged to make Matrix a recognised auditor .... what steps, if any, are you taking to open Matrix up to this market ?
Owen: Thanks for your questions! We plan to offer debugging services to other blockchain projects. As for the China Standard Beijing Huabiao, we have formed a committee and are developing certain blockchain industry standards. After, the next step will be to promote these standards to more and more relevant companies and organizations.
Given the recent scrutiny of Chinese blockchain projects and companies behind them, will you kindly clarify the legal entity which own and are responsible for Matrix/Matrix Foundation, including address of business as in business license (Chinese is ok)?
Matrix.io homepage and the white paper does not seem to contain any information on which company or person who is responsible for its content?
Critical for token holders to understand Matrix is held by responsible employees in a legally registered company.
Can Matrix verify to token holders, that future business will be held directly in Matrix Foundation and MAN, directly connected to the registered company behind it?
For NEO/ONT relationship, it appears that NEO is developing while Ontology will get the income business, and it will be great to know the same will not happen with Matrix!
Owen: The legal entity responsible for the Matrix AI Network is the Matrix Foundation. The Matrix Foundation is registered in Hong Kong.
Could you please go in to more detail of how "Revocable" and "Reversible" transactions are executed on the network ?
could you also provide some example use-cases for these types of transactions ?
Owen: We have merged "Scheduled", "Revocable" and "Reversible" transactions into a single function. These transactions can be revoked or cancelled so long as the transactions have not-yet-taken place. Once the transaction is complete, it can not be reversed.
One of many potential use cases for these kinds of transactions is as follows. Let's say I have agreed to send you 100,000 MAN tokens for a service you agreed to provide. This service will only be completed one week from now. Using these types of transactions, we can set and agree to all the details. During the one week period between our agreement and the completion of services, I am free to use these tokens for other things such as adding to my mining stake (just for example). In a way, this increases the operational value of the MAN token.
I would like to know if you have a date of release of the official matrix mining machine as well as the technical characteristics? His price?
I have a connection of 6mbits is this enough?
Regarding the airdrop, can we have information about the future portfolio? date change of tokens to participate in airdrop? Deadline for trading tokens man to benefit from airdrop?
Do you know when it will be possible to mine with a masternode? What would be the characteristics of a personal mining machine to participate in the masternode?
Owen: We currently expect to release more detailed information about the Mining Machine in April. However, the tentative plan is to release the Mining Machines in August. We expect to start the token swap several weeks from now. Not too much longer to wait!
Will there be an option to allow payment of masternode rewards in £GBP or $USD to say PayPal, via an adapter? such as what chainlink will allow: https://twitter.com/chainlinkfan/status/1097359273686753281
The reason I ask is for tax reasons, if the MAN token is say 100 dollars and it drops, the time in which its mine i believe is classed as income tax and when you dispose that's capital gains tax on top. If you can get paid straight into £GBP or $USD then it saves one extra tax event AND also issues with price fluctuations. I for one may not end up running a node now due to tax complexity.
I know this isn't directly a concern for Matrix but it would be really decent to have something like this. Cheers!!
Owen: There is currently no option to allow block rewards to be paid out in GBP, USD or other fiat currencies. We also currently have no active plans to support this feature. In the future, if we wanted to do something like this, we would likely need to rely on a partnership with an intermediary or a bank.
Hello, can you try to get listed on Binance if not Binance how about UpBit? and work on your marketing because without marketing and Binance or Upbit or any other big exchange no matter how good the product is Value of MAN is going nowhere. From an investors point of view, this is very crucial.
Owen: While we can't speak to specifics, our team is continuing to work hard to find opportunities to cooperate with exchanges.
Do you have plans to integrate WASM into your platform for developing applications?
Steve: Yes, we do have plans to systematically exploit the advantages of Wasm. First, we want to use Wasm to lower the difficulty in the deployment of AI and other applications. Second, we plan to use Wasm as the future intelligent contract engine. Our current thinking is to base the next-generation Matrix virtual machine on WebAssembly.
I have some general questions about Matrix's IPFS system.
- Will there be compatibility with popular infrastructure such as Amazon S3 , Dropbox, Alibaba cloud ?
- Will storage be purchased through both MAN and Fiat through " payment module" mentioned by Steve deng ?
- Will the system ensure anonymity aswell as security for the clients ?
Owen: Yes, there is compatibility with other popular infrastructures like Alibaba Cloud. The IPFS system also has the ability to ensure the anonymity and security of clients via permissioned nodes.
When will be smart contracts ready? When natural language?
When on roadmap u see MCMC?
Do you plan to build DEX decentralized exchange?
Owen: For the questions relating to intelligent contracts and natural language programming, I will wait for Professor Deng to answer as this is his area of expertise.
Regarding plans to build a DEX, our mainnet already includes an exchange function. You will all be able to access this function on our new web wallet once it is released.
Steve: This April, we will have the 1st generation smart contract verification toolkit online. A more comprehensive version will be ready in the latter half of 2019. As for natural language intelligent contracts, we plan to release a template-based version in the latter half of 2019.
When the miners are released that run the Markov chain Monte Carlo computing, will they be required to stake MAN coins to contribute to the AI services if they don't want to mine or validate at all?
How much does it cost in MAN to invoke a smart contract?
Owen: While the mining machine supports dual-operation, it also allows for stand-alone operations for AI services. In this case, there is no need to stake tokens.
The AI medical space is becoming increasingly crowded with the likes of (Albaba) "Ali Health" to develop applications including AI-assisted screening and diagnostics in China
What strategic advantages does Matrix AI have over competitors in the (AI assisted) diagnostics space ?
What specific milestones have been achieved with partnered hospitals ?
Owen: First, we have world-class algorithms and AI scientists who have won several international competitions. Second, I believe that distributed AI networks – rather than centralized solutions – will be the driving force behind the evolution and development of AI algorithms. There are already several hospitals that have started using our cancer diagnosis system. A large number of international hospitals have also already expressed interest in using our technology.
Steve: That’s a very good question. Ali and Tencent are more aligned to collecting patient data by taking advantage of their competency in cloud computing. As big companies, they have to handle problems with a large patient population so that high operational costs can be neutralized. So, they have a preference towards image-based diagnosis.
We take a different path. First, we are targeting a few very challenging problems which depends on treatment records and other laboratory tests. Second, we are collaborating with leading hospitals to develop cutting-edge research. In 2009, I got support for cancer immunotherapy from the Chinese National Science Foundation and China Ministry of Science and Technology. Third, we have high quality patient data from early screening, to CT imaging, until biopsy. So far we have the data of over 2,000 patients and all data are labeled by the best doctors of China.
We are now closely cooperating with the Shanghai Huadong Hospital and the Shanghai Pulmonary Medicine Hospital. These are the best Chinese hospitals in CT imaging and lung cancer treatment.
In what ways does Matrix intend to outperform competitors in the field of AI and EDGE computing ?
Owen: We have Professor Deng!
Steve: Thank you Owen!
In the arena of AI, one advantage of MATRIX is that we have an integrated solution to protect the interests of data providers, model developers, and application designers. The blockchain is used as a trustworthy ledger to keep track of the data and model usage so that the contributions of data providers and model developers can share the return of applications. Another advantage is that we are able to organize the nodes on the blockchain into a super computer. Since only a small of number of nodes are involved in mining, the remaining nodes can export their computing power.
In terms of edge computing, MATRIX will integrate both cloud and edge computing models for IoT applications. In fact, the customized mining machines of MATRIX are just machine learning accelerators, which can be seamlessly integrated and used as the computing nodes in edge computing.
The barrier to entry in to AI has been significantly reduced by opensource frameworks such as Google Tensor Flow.
Does Matrix see this as a threat ?
Owen: I do not believe this is a threat. The development of AI technology is still in its infancy. There is a large number of open-source projects that I’m sure will contribute to the development of the entire field. Everyone currently engaged in AI research and development can and must learn from one another to improve the technology for everyone.
Steve: No. Opensource frameworks actually ease the development of AI models because there is no need to worry about the implementation details. My students always use TensorFlow. Nobody would write CUDA programs like I did ten years ago!
When will GPU mining be available?
When will FPGA mining be available?
When both GPU and FPGA are available, will CPU mining still be possible through some sort of CPU reserved group? For example: with 21 miners, would CPU miners always account for a certain percentage? (i.e. 7 of the 21 miners)
Steve: GPU mining should be available in the summer of 2019. The plan is for FPGA mining to be available by the end of 2019.
Will GPU and FPGA be used for both miners and validators or will validators require a different computing power configuration?
Steve: In the future, GPU and FPGA can be used for both miners and validators. Both miners and validators can use the same hardware setup.
When will the pooling smart contract be available for mining & verification nodes? e.g. I don't have hardware & want to combine my 20k MAN with someone who has 80k MAN & hardware in order to qualify for verification node.
Owen: Pooling functions will be available shortly after the token swap is completed.
When will the pooling smart contract be available for mining & verification nodes? e.g. I don't have hardware & want to combine my 20k MAN with someone who has 80k MAN & hardware in order to qualify for verification node.
Steve: I'd like to add a few comments about the AI AcceleratoMining Machine. We already support neural network processing as part of our vision for Green Mining.
The flexibility of the FPGA allows us to expand the number of models. MCMC is one such model. THE MCMC algorithm-based mining is actually ready. My students have already developed the hardware -- the so-called Bayesian computer to accelerate the MCMC algorithm. Right now, one concern about the practicality is that the verification of MCMC results requires a lot of network bandwidth.
Owen: We do! Though please forgive us as we are not ready to publicly share these plans at this time.
How important is the Bayesian Artificial Intelligence Learning Algorithm for Matrix' overall AI and blockchain technology implementation? I.e. how far spreading/where is the algorithm deployed internally (e.g. for big data analysis on chain, continuous blockchain parameter adjustment like block time, difficulty, within the GANs etc.) and externally (e.g. for medical screenings, financial services, logistics platforms etc.)? Would you consider Matrix' Bayesian Artificial Intelligence Learning Algorithm one of the centerpieces of Matrix that is one of its main value propositions?
Steve: Happy cake day! Actually, there is not a single AI algorithm called Bayesian Artificial Intelligence Learning Algorithm. We are using many different AI algorithms to make MATRIX better. We use AI along with formal verification techniques for the security of smart contracts. We use AI to synthesize smart contracts from human languages. Even our miners are selected by an AI-based clustering algorithm. The integration of these algorithms into a blockchain, which is faster, safer, and smarter, that’s the value of MATRIX.
How will money raised from the sale of Matrix FPGA miners be accounted for? What entity will register the profits and who ultimately controls those profits /losses ?
How will the benefit of the development of these miners directly benefit the investors in the MAN token ?
Does Matrix intend to increasingly branch out operations in to the sale of hardware ?
Owen: We will work with several partners to handle the sale of the Matrix Mining Machines. There are several benefits to current MAN token holders. For instance, those using mining machines to perform mining and verification tasks will of course need to stake tokens, this will have an impact on circulating supply. Additionally, these mining machines are quite efficient at performing mining and verification tasks, which will likely raise the difficulty of the network. While this will increase operational costs, it will also have a positive impact on token price.
"Matrix takes advantage of the distributed storage of blockchain, point-to-point transmission, consensus mechanism, encryption and other technologies to shield the complicated connection establishment mechanism, and makes use of peer-to-peer direct connections, safe communications and anonymous protection to accelerate disintegration of information islands and data silos"
From the above statement I take that Matrixs position may be to serve as a convergence and data processing point for large businesses that cant/wont share their data.... lets say on credit scores of individuals and outstanding debts.
Owen: I would say that your statement only covers one part of our future plans -- namely our plans for enterprise clients. We are also committed to providing services to individual users. We view individual users as being extremely important as well.
Could we really see something of what you are doing in terms of projects, developments, etc. for example as short videos (if not under NDA)? Even small showcases would be awesome.
Owen: We plan to share updates regarding existing projects, developments and partnerships over the coming months. I can't say for sure whether this will be in video-form, but we will be updating the community as much as possible.
Now that the main network is almost ready, when the wallets for Android and Ios will be released. Are they already working? Do you have an approximate date?
Owen: We are very happy that the Matrix Mainnet has launched. We estimate that we will released Android and IOS wallets approximately 2 months from now.
Any estimate as to when the AI Medical Demo will be released?
Owen: We can share things about this now. I will instruct the team to prepare something for release over the next week or two.
Thanks for doing this AMA! Will there be any dedicated wallet software for $MAN or potentially any plans to work with the Ledger community for integration? Planning on running a mining node and want to make sure my tokens stay safe!
Owen: We do have a software wallet. I expect it will be released in April. We are also in communication with other wallet providers to secure Matrix token support.
What can we currently do on the mainnet?
Owen: In these first few days, you can only view mainnet progress on the blockchain browser – For instance, you can view things like TPS. In the testnet, we demonstrated over 5000 TPS. Our goal in the initial phase of the mainnet is to hit 10,000. After the token swap you will be able to stake masternodes. As apps are developed and released, you will be able to play with these as well.
As with the latest test we've done so far.
Linux client can use all the available cpu and cores.
But windows can not, by design windows splits to affinity groups which if a machine have more then 64 cores. for eg: windows machine with 4 cpu (96 core) will only use half of the cpu and cores because of the limitations, even we selected full group affinity for the gman.exe it can only use half of the cpus (and half of the cores).
We asked about this before but couldn't get answer. Any chance team reviewed this?
Because in this case windows validating / mining is not feasible on high end machines.
Steve: We probably will not deal with the work splitting on a single node. Instead, we are developing a scheduling and mapping framework to distribute jobs to nodes on a blockchain
Mining question: Does it really make much diffrence when you use an “old processor” for example an AMD3 against to a newer one like AMD4?
Steve: It depends! For highly sequential programs, a new CPU only offers marginal, it any, performance improvement. But given a highly parallel workload and a massively parallel processor like GPU, a new one may offer a big edge.
Do you think rival blockchains that don't utilise AI features such as GAN's etc will be surpassed very rapidly by AI assisted blockchains?
Owen: Absolutely! We strongly believe in the potential of AI blockchains. Steve: It's not such a simple question. Modern AI is not mature enough to independently handle various uncertainties in the real world. I prefer to say that blockchains with AI features will gradually gain an advantage.
When independent audit PwC Ernest Young?
Owen: The first-year audit is currently being conducted by Ernst & Young.
When is miner / verifier selection going to be known? When can the candidates expect to know if they're approved or not.
Owen: There is no approval process to staking a mining or verification node. If you stake enough tokens and have a suitable computer, you can stake a masternode.
For Horse Saga, What currency will be used for buying and selling horses? I'm assuming Matrix, but can someone confirm this?
Also, other than selling horses and leasing them for breeding, is there any other way to earn Matrix within the app? For example, will winning a race earn you $MAN?
Owen: In Horse Saga, MAN tokens can be used to buy and sell horses. You can also win MAN tokens by playing the game -- for example, as you said, you can earn MAN tokens by winning races.
Any update on EDF? It was announced in December.
Owen: This is still an existing project. You can expect further updates once the token swap is complete. We appreciate everyone who has shown interest in the EDF and thank them for their patience. I am sure it will result in some wonderful projects.
At the moment EOS and TRON dominate the gaming Dapp space. Is Horse Saga the first step toward Matrix trying to seriously compete with these heavy hitters? I'd love to see more dapps developed on the network
Owen: To be honest, we believe that the approach of many other chains -- namely, simply throwing money at developers to developer DAPPs -- is not the best way as it results in a large number of low-quality applications. Our approach is different in that we want to focus on a smaller number of high-quality applications. Once the ecosystem is populated with high-quality applications, we believe that this will attract users and therefore more developers.
I'm so excited to see how much this project will achieve in the future. Thank you for your hard and expert work! Question: Will the Matrix AI team be setting up a ValidatoMiner guide for non-developers? Outside of the developecomputer science community, I think many MAN token holders like myself would benefit from an easy-to-follow step-by-step guide in setting these up.
Steve: Yes. Actually, everything is for non-developers. Specific guides will be released. Also, we will eventually release programs that automate much of the process.
What ai applications are you personally most excited about?
Steve: Right now, I am very excited about machines that think and learn like people. The essential thing about human beings is that they can learn how to learn. Intelligence is the ability to adapt to changes in the environment. So, I am also very excited about models that deal with these issues.
Will Matrix have any involvement with this collaboration? https://www.media-outreach.com/release.php/View/6911/Arrow+Electronics+Teams+up+with+Thundersoft+to+Help+Asia+Engineers+and+Developers+in+Asia+Design+AI-Powered+Edge+Devices++++.html
Steve: At the time, there is nor formal collaboration between them and Matrix. However, I was recently invited as a guest speaker at their event in Hong Kong.
Why is the load on cpu miners in testnet so low? about 10%
Steve: This is because in the tesnet we used a relatively lightweight mining algorithm.
Will Steve Deng be growing a full mustache in the near future?
I want to see what he looks like with a big ol' mustache and it would save me some time in photoshop if he'd just grow one.
Steve: Will seriously consider the proposal.
Is kucoin the only place to do the token swap? And what’s the time period for it?
Owen: Kucoin is not the only place to complete the token swap. There will be several more options revealed soon.
submitted by depp1995 to THEMATRIXAI [link] [comments]

The 1000 Greatest Movies

The following is a list of 1000 movies that I have compiled by trying to be as objective as possible, which is an obvious lie, it's a very subjective list, but it should be valuable for anyone interested in finding new movies. The majority of these titles are probably familiar to most of you anyway. Let me know your thoughts!
Rank Title Year
1000. Speed 1994
999. A Silent Voice 2016
998. Cube 1997
997. The Heiress 1949
996. The Cove 2009
995. A Close Shave 1995
994. Viva Zapata! 1952
993. Bill & Ted's Excellent Adventure 1989
992. Z 1969
991. The Long Goodbye 1973
990. The Naked Gun 1988
989. Son of Saul 2015
988. Around the World in Eighty Days 1956
987. Dawn of the Dead 1978
986. Young Frankenstein 1974
985. Gaslight 1944
984. The Asphalt Jungle 1950
983. Ballad of a Soldier 1959
982. The Man Who Wasn't There 2001
981. Stairway to Heaven 1946
980. The Twilight Samurai 2002
979. The King of Kong: A Fistful of Quarters 2007
978. Devils on the Doorstep 2000
977. Make Way for Tomorrow 1937
976. The Assassination of Jesse James 2007
975. Wake in Fright 1971
974. The City of Lost Children 1995
973. The Virgin Spring 1960
972. Earthlings 2005
971. Lord of War 2005
970. There's Something About Mary 1998
969. 28 Weeks Later 2007
968. The Man Who Fell to Earth 1976
967. The Enigma of Kaspar Hauser 1974
966. Kelly's Heroes 1970
965. Suspiria 1977
964. 1900 1976
963. Audition 1999
962. Picnic at Hanging Rock 1975
961. Midnight Run 1988
960. Animal House 1978
959. Get Carter 1971
958. The Descent 2005
957. The Shop Around the Corner 1940
956. Fort Apache 1948
955. Flight 2012
954. The Ladykillers 1955
953. Argo 2012
952. The Breakfast Club 1985
951. Burnt by the Sun 1994
950. The Lady from Shanghai 1947
949. The War Game 1965
948. The Ascent 1977
947. Ferris Bueller’s Day Off 1986
946. The Wicker Man 1973
945. Marty 1955
944. The Naked Island 1960
943. The Palm Beach Story 1942
942. Knight of Cups 2015
941. Road to Perdition 2002
940. As Good as It Gets 1997
939. The Place Beyond the Pines 2012
938. Faults 2014
937. The Gospel According to Matthew 1964
936. American Graffiti 1993
935. Frances Ha 2012
934. Raising Arizona 1987
933. Songs from the Second Floor 2000
932. Anvil: The Story of Anvil 2008
931. The Day the Earth Stood Still 1951
930. In Cold Blood 1967
929. Saw 2004
928. The Adventures of Baron Munchausen 1988
927. Cairo Station 1958
926. The Tramp 1915
925. Whatever Works 2009
924. Moulin Rouge! 2001
923. Glory 1989
922. The Perks of Being a Wallflower 2012
921. Blood Diamond 2006
920. Stand by Me 1986
919. A Brighter Summer Day 1991
918. Stop Making Sense 1984
917. Operation 'Y' & Other Shurik's Adventures 1965
916. Dredd 2012
915. Close Encounters of the Third Kind 1977
914. Idiocracy 2006
913. West Side Story 1961
912. Repo Man 1984
911. The Last Emperor 1987
910. Papillon 1973
909. About Elly 2009
908. Mary Poppins 1964
907. Zabriskie Point 1970
906. Akira
905. Cave of Forgotten Dreams 2010
904. The Last of the Mohicans 1992
903. The Day the Earth Stood Still 1951
902. The Diving Bell and the Butterfly 2007
901. Hamburger Hill 1987
900. Spider 2002
899. Cast Away 2000
898. The Hangover 2009
897. The Lost Weekend 1945
896. Bullitt 1968
895. Frida 2002
894. The Hustler 1961
893. Seven Years in Tibet 1997
892. Nocturnal Animals 2016
891. Swiss Army Man 2016
890. 48 Hrs. 1982
889. High Fidelity 2000
888. Casino Royale 2006
887. Dirty Dancing 1987
886. The Dark Valley 2014
885. Source Code 2011
884. El Mariachi 1992
883. The Meaning of Life 1983
882. The Mask 1994
881. Conan the Barbarian 1982
880. Primer 2004
879. Wall Street 1987
878. The New World 2005
877. The Rock 1996
876. Independence Day 1996
875. Hell or High Water 2016
874. 13 Assassins 2010
873. Traffic 2000
872. Yellow Submarine 1968
871. Apollo 13 1995
870. Empire of the Sun 1987
869. Revolutionary Road 2008
868. Man on Wire 2008
867. Waterworld 1995
866. The Curious Case of Benjamin Button 2008
865. The Road Warrior 1981
864. Kramer vs. Kramer 1979
863. The Bourne Ultimatum 2007
862. Syriana 2005
861. Shaun of the Dead 2004
860. The Terminal 2004
859. The Passion of the Christ 2004
858. Face/Off 1997
857. Napoleon Dynamite 2004
856. From Russia with Love 1963
855. TRON 1982
854. The Secret in Their Eyes 2009
853. Wavelength 1967
852. Anchorman 2004
851. Straight Outta Compton 2015
850. Bad Lieutenant 1992
849. Three Kings 1999
848. Duck Soup 1933
847. Femme Fatale 2002
846. Predator 1987
845. Solaris 2002
844. Miller's Crossing 1990
843. As I Was Moving Ahead Occasionally I... 2000
842. Samurai Fiction 1998
841. The Truman Show 1998
840. Syndromes and a Century 2006
839. The Producers 1967
838. The Killing Fields 1984
837. Confessions of a Dangerous Mind 2002
836. Beau Travail 1999
835. Capote 2005
834. Slap Shot 1977
833. Drowning by Numbers 1988
832. Hard Eight 1996
831. All Is Lost 2013
830. Enter the Void 2009
829. Hunt for the Wilderpeople 2016
828. The Hateful Eight 2015
827. Under Pressure: Making 'The Abyss' 1993
826. The Gift 2015
825. The Man Who Knew Infinity 2015
824. Swimming Pool 2003
823. Monty Python: The Meaning of Live 2014
822. Enemy 2013
821. Lord of the Flies 1990
820. Lock, Stock and Two Smoking Barrels 1998
819. Ed Wood 1994
818. Dogtooth 2009
817. Swingers 1996
816. Split 2016
815. The Road 2009
814. Volver 2006
813. The Fountain 2006
812. Kiss Kiss Bang Bang 2005
811. Safe 1995
810. The Wages of Fear 1953
809. American Sniper 2014
808. Woyzeck 1979
807. The Aviator 2004
806. Super Troopers 2001
805. Dr. No 1962
804. Kingsman 2014
803. Hugo 2011
802. The Sound of Music 1965
801. Pretty Village, Pretty Flame 1996
800. Halloween 1978
799. Hatari! 1962
798. Twin Peaks: Fire Walk with Me 1992
797. Escape from New York 1981
796. Highlander 1986
795. The Matrix Reloaded 2003
794. Margin Call 2011
793. Phenomena 1985
792. The Starfish 1928
791. Logan 2017
790. 28 Days Later... 2002
789. The 39 Steps 1935
788. Who's Afraid of Virginia Woolf? 1966
787. The Phantom Carriage 1921
786. The Cook, the Thief, His Wife & Her Lover 1989
785. Drunken Master 1978
784. Arrival 2016
783. Baraka 1992
782. Brimstone 2016
781. Inside Out 2015
780. Planet of the Apes 1968
779. Dog Day Afternoon 1975
778. Embers 2015
777. Straw Dogs 1971
776. Kind Hearts and Coronets 1949
775. Coffee and Cigarettes 2003
774. Driving Miss Daisy 1989
773. A Woman Is a Woman 1961
772. Broken Blossoms 1919
771. Last Tango in Paris 1972
770. Avatar 2009
769. Zatoichi 2003
768. Hoop Dreams 1994
767. Crumb 1994
766. The Three Burials of Melquiades Estrada 2005
765. The Handmaiden 2016
764. Kung Fu Hustle 2004
763. Carlito's Way 1993
762. Zulu 1964
761. The Longest Day 1962
760. Les Misérables 2012
759. After Hours 1985
758. Breakfast at Tiffany's 1961
757. The Bridge 1959
756. Zelig 1983
755. I Vitelloni 1953
754. Snowpiercer 2013
753. I Am Cuba 1964
752. The Return 2003
751. L'argent 1983
750. Fail-Safe 1964
749. Quiz Show 1994
748. What Ever Happened to Baby Jane? 1962
747. The Thief of Bagdad 1940
746. Nanook of the North 1922
745. The Grapes of Wrath 1940
744. The Life of Oharu 1952
743. The Skin I Live In 2011
742. Bridge of Spies 2015
741. The Day of the Jackal 1973
740. Sexmission 1984
739. Interstellar 2014
738. Rebel Without a Cause 1955
737. Five Easy Pieces 1970
736. The Imitation Game 2014
735. Pirates of the Caribbean 2003
734. Schizopolis 1996
733. I Stand Alone 1998
732. WarGames 1983
731. The Great Train Robbery 1903
730. Star Trek 2009
729. True Romance 1993
728. Sin City 2005
727. Roma 1972
726. Thelma & Louise 1991
725. The Hurt Locker 2008
724. O Brother, Where Art Thou? 2000
723. Falling Down 1993
722. Forbidden Planet 1956
721. Carol 2015
720. Letters from Iwo Jima 2006
719. Harry Potter and the Sorcerer's Stone 2001
718. The Usual Suspects 1995
717. Ivan Vasilievich: Back to the Future 1973
716. Cremator 1969
715. In the Name of the Father 1993
714. The Revenant 2015
713. The Cameraman 1928
712. Zorba the Greek 1964
711. Infernal Affairs 2002
710. Onibaba 1964
709. The Raid: Redemption 2011
708. Spring, Summer, Fall, Winter... and Spring 2003
707. Collateral 2004
706. La Haine 1995
705. Irreversible 2002
704. Mouchette 1967
703. The Abyss 1989
702. Bonnie and Clyde 1967
701. Die Hard 1988
700. Italian for Beginners 2000
699. The King's Speech 2010
698. True Grit 2010
697. Gattaca 1997
696. Office Space 1999
695. Stranger Than Fiction 2006
694. Going to Bed Under Difficulties 1900
693. The 36th Chamber of Shaolin 1978
692. A Hard Day's Night 1964
691. Nebraska 2013
690. This Is England 2006
689. (500) Days of Summer 2009
688. Nosferatu the Vampyre 1979
687. 127 Hours 2010
686. Babel 2006
685. The Magnificent Seven 1960
684. Harakiri 1962
683. Mission: Impossible 1996
682. A Single Man 2009
681. Chicken Run 2000
680. Dead Poets Society 1989
679. Big Fish 2003
678. In the Heat of the Night 1967
677. On the Silver Globe 1988
676. The Scarlet Empress 1934
675. The Tenant 1976
674. Woman in the Dunes 1964
673. Grave of the Fireflies 1988
672. Bad Boy Bubby 1993
671. Strangers on a Train 1951
670. Gertie the Dinosaur 1914
669. Lord of the Flies 1963
668. Inception 2010
667. The Invisible Man 1933
666. Hacksaw Ridge 2016
665. From Dusk Till Dawn 1996
664. A Beautiful Mind 2001
663. Pumping Iron 1977
662. Ordinary People 1980
661. How Far, How Near 1972
660. The Royal Tenenbaums 2001
659. Mrs. Miniver 1942
658. You Can't Take It with You 1938
657. Don't Look Now 1973
656. Doctor Zhivago 1965
655. Elite Squad 2007
654. Chungking Express 1994
653. Spotlight 2015
652. Hannah and Her Sisters 1986
651. The Iron Giant 1999
650. My Fair Lady 1964
649. Mr. Nobody 2009
648. The Devils 1971
647. The Best Years of Our Lives 1946
646. About Time 2013
645. John Wick 2014
644. The Fighter 2010
643. 300 2006
642. Antichrist 2009
641. The White Ribbon 2009
640. Good Bye Lenin! 2003
639. Shoeshine 1946
638. The Arrival of a Train 1896
637. Inherent Vice 2014
636. Everest 2015
635. The Machinist 2004
634. Stand by Me 1986
633. Mr. Smith Goes to Washington 1939
632. Munich 2005
631. The Great Beauty 2013
630. Seven Psychopaths 2012
629. Kin-dza-dza! 1986
628. Before Sunrise 1995
627. The Last Samurai 2003
626. Mystic River 2003
625. Blow 2001
624. Divorce Italian Style 1961
623. Up in the Air 2009
622. Resident Evil 2002
621. Up 2009
620. Pierrot le Fou 1965
619. Gettysburg 1993
618. Hot Fuzz 2007
617. Bunker Palace Hôtel 1989
616. Duck, You Sucker 1971
615. The Boondock Saints 1999
614. Clerks 1994
613. Blade 1998
612. Sonatine 1993
611. Ida 2013
610. Teorema 1968
609. Gummo 1997
608. Heist 2001
607. The Big Feast 1973
606. Catch Me If You Can 2002
605. Kids 1995
604. Fury 1936
603. The Prestige 2006
602. Sleuth 1972
601. Cinema Paradiso 1988
600. Koyaanisqatsi 1982
599. Killer of Sheep 1978
598. Saturday Night Fever 1977
597. Now You See Me 2013
596. Le Samouraï 1967
595. Repulsion 1965
594. Shane 1953
593. The Merchant of Four Seasons 1972
592. Before the Devil Knows You're Dead 2007
591. The Manchurian Candidate 1962
590. Monsieur Verdoux 1947
589. Rififi 1955
588. Chef 2014
587. A Wednesday 2008
586. Room 2015
585. The Nice Guys 2016
584. Her 2013
583. A Trip to the Moon 1898
582. I Spit on Your Grave 1978
581. Star Trek: First Contact 1996
580. House of Flying Daggers 2004
579. In Bruges 2008
578. Titanic 1997
577. The Spirit of the Beehive 1973
576. Aparajito 1956
575. I Don't Want to Be a Man 1918
574. The Idiots 1998
573. Borat 2006
572. Sicario 2015
571. The Grand Budapest Hotel 2014
570. The Life of Emile Zola 1937
569. The Fifth Element 1997
568. Butch Cassidy and the Sundance Kid 1969
567. Pinocchio 1940
566. Brother 1997
565. 21 Grams 2003
564. Gandhi 1982
563. The Incredibles 2004
562. Branded to Kill 1967
561. The Lobster 2015
560. Ninotchka 1939
559. Fanny and Alexander 1982
558. Oedipus Rex 1967
557. Kings of the Road 1976
556. Enter the Dragon 1973
555. Hotel Rwanda 2004
554. Warrior 2011
553. The Salvation 2014
552. Bugs Bunny Gets the Boid 1942
551. Amores Perros 2000
550. Dark City 1998
549. GoldenEye 1995
548. Rope 1948
547. A Pigeon Sat on a Branch Reflecting on Existence 2014
546. Fiddler on the Roof 1971
545. Slumdog Millionaire 2008
544. East of Eden 1955
543. The Rocky Horror Picture Show 1975
542. The Marriage of Maria Braun 1979
541. The Conversation 1974
540. 2046 2046
539. Black Swan 2010
538. Pi 1998
537. About Schmidt 2002
536. V for Vendetta 2005
535. Dog Days 2001
534. The Artist 2011
533. Fireworks 1997
532. Total Recall 1990
531. Fury 2014
530. Run Lola Run 1998
529. It's Such a Beautiful Day 2012
528. Rain Man 1988
527. Drive 2011
526. A Serious Man 2009
525. Midnight in Paris 2011
524. Crazy, Stupid, Love. 2011
523. Moneyball 2011
522. The Martian 2015
521. Limitless 2011
520. Goldfinger 1964
519. Steamboat Bill, Jr. 1928
518. The Edge 1997
517. The Pink Panther 1963
516. Gran Torino 2008
515. Paisan 1946
514. Encounters at the End of the World 2007
513. Willy Wonka & the Chocolate Factory 1971
512. Summer with Monika 1953
511. Ocean's Eleven 2001
510. Short Cuts 1993
509. Kwaidan 1964
508. Trouble in Paradise 1932
507. The Untouchables 1987
506. Trading Places 1983
505. Match Point 2005
504. All That Jazz 1979
503. Hunger 2008
502. Let the Right One In 2008
501. Winter Light 1963
500. Sideways 2004
499. The Band's Visit 2007
498. Shadow of a Doubt 1943
497. Arsenic and Old Lace 1944
496. Oliver Twist 1948
495. Nashville 1975
494. Apocalypto 2006
493. The Elephant Man 1980
492. The Wolf of Wall Street 2013
491. Zodiac 2007
490. All About My Mother 1999
489. Hearts of Darkness: A Filmmaker's Apocalypse 1991
488. Aliens 1986
487. A Woman Under the Influence 1974
486. Diabolique 1955
485. Network 1976
484. 12 Years a Slave 2013
483. Gimme Shelter 1970
482. Prisoners 2013
481. King Kong 2005
480. Roman Holiday 1953
479. Mutiny on the Bounty 1935
478. The Counterfeiters 2007
477. Night and Fog 1956
476. The Lady Eve 1941
475. Inside Llewyn Davis 2013
474. Alexander Nevsky 1938
473. Dawn of the Dead 2004
472. The Deer Hunter 1978
471. Maria Full of Grace 2004
470. Masculin Féminin 1966
469. American Splendor 2003
468. The Bourne Identity 2002
467. Atanarjuat: The Fast Runner 2001
466. Chariots of Fire 1981
465. Judgment at Nuremberg 1961
464. Donnie Darko 2001
463. My Life to Live 1962
462. A Short Film About Killing 1988
461. Battle Royale 2000
460. Close-Up 1990
459. Jackie Brown 1997
458. The Master 2012
457. Dancer in the Dark 2000
456. Fantastic Mr. Fox 2009
455. Gosford Park 2001
454. Punch-Drunk Love 2002
453. The Twelve Tasks of Asterix 1976
452. Touch of Evil 1958
451. Bimbo's Initiation 1931
450. Elephant 2003
449. The Young Girls of Rochefort 1967
448. The Seashell and the Clergyman 1928
447. Man with a Movie Camera 1929
446. Rome, Open City 1945
445. The French Connection 1971
444. Skyfall 2012
443. Open Range 2003
442. El Topo 1970
441. The Endurance 2000
440. The Sixth Sense 1999
439. The Lion King 1994
438. The Big Heat 1953
437. His Girl Friday 1940
436. Star Trek II: The Wrath of Khan 1982
435. Mommy 2014
434. Dazed and Confused 1993
433. Naked Lunch 1991
432. L'Age d'Or 1930
431. The Maltese Falcon 1941
430. Europa 1991
429. Witness for the Prosecution 1957
428. Do the Right Thing 1989
427. Howl's Moving Castle 2004
426. Children of Paradise 1945
425. The Thin Man 1934
424. Blood Simple. 1984
423. Wings of Desire 1987
422. Dial M for Murder 1954
421. Mishima: A Life in Four Chapters 1985
420. The Trial 1962
419. Belle de Jour 1967
418. Ivan the Terrible, Part I 1945
417. Time of the Gypsies 1988
416. Captain Phillips 2013
415. The Magnificent Ambersons 1942
414. Starship Troopers 1997
413. Salò, or the 120 Days of Sodom 1975
412. Nashville 1975
411. Vivre sa vie 1962
410. Gangs of New York 2002
409. Pink Floyd: The Wall 1982
408. Snatch 2000
407. Superman 1978
406. Catch-22 1970
405. The Last Picture Show 1971
404. Midnight Cowboy 1969
403. City of God 2002
402. The Ten Commandments 1956
401. The Kid 1921
400. The Party 1968
399. Ghostbusters 1984
398. Monster 2003
397. Million Dollar Baby 2004
396. Cool Hand Luke 1967
395. Princess Mononoke 1997
394. A Fistful of Dollars 1964
393. Stroszek 1977
392. Decapitation in Turkey 1904
391. Nightcrawler 2014
390. Cat on a Hot Tin Roof 1958
389. Mother's Day 1993
388. The Nights of Cabiria 1957
387. From Here to Eternity 1953
386. Incendies 2010
385. Top Hat 1935
384. The Punch Bowl 1944
383. MASH 1970
382. On the Waterfront 1954
381. Manchester by the Sea 2016
380. Gone Girl 2014
379. Rush 2013
378. Shutter Island 2010
377. Borgman 2013
376. The Cabinet of Dr. Caligari 1920
375. Ordet 1955
374. The Salesman 2016
373. The Game 1997
372. Moonlight 2016
371. La La Land 2016
370. Days of Heaven 1978
369. Ex Machina 2014
368. Boyhood 2014
367. Moonrise Kingdom 2012
366. The Wrestler 2008
365. Iron Man 2008
364. Playtime 1967
363. Platoon 1986
362. Mission: Impossible - Ghost Protocol 2011
361. The Hidden Fortress 1958
360. Melancholia 2011
359. Chinatown 1974
358. A History of Violence 2005
357. Léon: The Professional 1994
356. High and Low 1963
355. Napoleon 1927
354. Deliverance 1972
353. RoboCop 1987
352. An American in Paris 1951
351. City of Women 1980
350. The Social Network 2010
349. The Terminator 1984
348. Ratatouille 2007
347. Edge of Tomorrow 2014
346. King Kong 1933
345. Minority Report 2002
344. The Illusionist 2006
343. Broken Flowers 2005
342. House of Games 1987
341. The Phantom of Liberty 1974
340. Pan's Labyrinth 2006
339. Rocco and His Brothers 1960
338. A Trip to the Moon 1902
337. The Dark Knight 2008
336. Erin Brockovich 2000
335. Groundhog Day 1993
334. The NeverEnding Story 1984
333. Little Miss Sunshine 2006
332. Inland Empire 2006
331. Brokeback Mountain 2005
330. Head-On 2004
329. Pickpocket 1959
328. Dances with Wolves 1990
327. Braveheart 1995
326. Three Colors: Red 1994
325. Birdman 2014
324. Oldboy 2003
323. The Thing 1982
322. Lost in Translation 2003
321. Memories of Murder 2003
320. Antarctica: A Year on Ice 2013
319. The Five Obstructions 2003
318. The Pianist 2002
317. Duck Amuck 1953
316. A Separation 2011
315. The Earrings of Madame de... 1953
314. The Kiss 1900
313. The Cranes Are Flying 1957
312. Unforgiven 1992
311. The Mother and the Whore 1973
310. Back to the Future 1985
309. The Experiment 2001
308. The Blues Brothers 1980
307. Carrie 1976
306. Three Colors: Blue
305. Synecdoche, New York 2008
304. Before Sunset 2004
303. La Strada 1954
302. The Man Who Shot Liberty Valance 1962
301. Kagemusha 1980
300. Badlands 1973
299. The Name of the Rose 1986
298. Being John Malkovich 1999
297. Manderlay 2005
296. The Piano Teacher 2001
295. Y Tu Mamá También 2001
294. The Life Aquatic with Steve Zissou 2004
293. Videodrome 1983
292. Monsieur Hulot's Holiday 1953
291. Gravity 2013
290. The Human Condition I: No Greater Love 1959
289. The Green Mile 1999
288. Life of Pi 2012
287. L.A. Confidential 1997
286. Children of Men 2006
285. Eternal Sunshine of the Spotless Mind 2004
284. Dressed to Kill 1980
283. Memento 2000
282. Holy Motors 2012
281. Gladiator 2000
280. Rushmore 1998
279. Good Will Hunting 1997
278. Alphaville 1965
277. The Philadelphia Story 1940
276. The Man from Earth 2007
275. Airplane! 1980
274. Quest for Fire 1981
273. Freaks 1932
272. Se7en 1995
271. Crimson Tide 1995
270. Toy Story 1995
269. To Kill a Mockingbird 1962
268. Heat 1995
267. American Beauty 1999
266. My Neighbor Totoro 1988
265. Le Cercle Rouge 1970
264. The Shawshank Redemption 1994
263. A Man for All Seasons 1966
262. Russian Ark 2002
261. Into the Wild 2007
260. Fight Club 1999
259. Ace in the Hole 1951
258. Master and Commander 2003
257. Strike 1925
256. Simon of the Desert 1965
255. Boogie Nights 1997
254. Down by Law 1986
253. The Hunt for Red October 1990
252. Stranger Than Paradise 1984
251. No Man's Land 2001
250. Wild Tales 2014
249. McCabe & Mrs. Miller 1971
248. Buena Vista Social Club 1999
247. Hero 2002
246. The Exorcist 1973
245. La Jetée 1962
244. Dersu Uzala 1975
243. Reservoir Dogs 1992
242. Fitzcarraldo 1982
241. Cries & Whispers 1972
240. The Birds 1963
239. The African Queen 1951
238. Toni Erdmann 2016
237. Rio Bravo 1959
236. Annie Hall 1977
235. In the Realm of the Senses 1976
234. Cleo from 5 to 7 1962
233. Django Unchained 2012
232. Mulholland Dr. 2001
231. Ali: Fear Eats the Soul 1974
230. Moon 2009
229. Whiplash 2014
228. Dirty Harry 1971
227. The Wild Bunch 1969
226. The Great Dictator 1940
225. Double Indemnity 1944
224. The Graduate 1967
223. Satantango 1994
222. In the Mood for Love 2000
221. Blow-Up 1966
220. Why Does Herr R. Run Amok? 1970
219. The Leopard 1963
218. Beauty and the Beast 1946
217. Sullivan's Travels 1941
216. This Is Spinal Tap 1984
215. The Tree of Life 2011
214. All Quiet on the Western Front 1930
213. Entr'acte 1924
212. Yi Yi 2000
211. A.I. Artificial Intelligence 2001
210. Our Hospitality 1923
209. Nosferatu 1922
208. Ugetsu 1953
207. Mad Max: Fury Road 2015
206. The Triplets of Belleville 2003
205. Ivan's Childhood 1962
204. Yojimbo 1961
203. To Be or Not to Be 1942
202. Fear and Loathing in Las Vegas 1998
201. The Big Short 2015
200. The River 1951
199. Ben-Hur 1959
198. The Lives of Others 2006
197. Caché 2005
196. Modern Times 1936
195. Hiroshima Mon Amour 1959
194. Crimes and Misdemeanors 1989
193. Rosemary's Baby 1968
192. The Sun 2005
191. Throne of Blood 1957
190. 25th Hour 2002
189. Pather Panchali 1955
188. Indiana Jones and the Last Crusade 1989
187. A Day in the Country 1936
186. The Silence of the Lambs 1991
185. Weekend 1967
184. American Psycho 2000
183. Requiem for a Dream 2000
182. The Exterminating Angel 1962
181. The Gold Rush 1925
180. Crouching Tiger, Hidden Dragon 2000
179. Black Cat, White Cat 1998
178. The Thin Red Line 1998
177. American History X 1998
176. Downfall 2004
175. Kill Bill: Vol. 1 2003
174. The Princess Bride 1987
173. District 9 2009
172. Easy Rider 1969
171. The 400 Blows 1959
170. Touching the Void 2003
169. Funny Games 1997
168. Au Hasard Balthazar 1966
167. All About Eve 1950
166. Trainspotting 1996
165. The Sting 1973
164. A Man Escaped 1956
163. The Bridge on the River Kwai 1957
162. True Lies 1994
161. The Young and the Damned 1950
160. Black Hawk Down 2001
159. Schindler's List 1993
158. F for Fake 1973
157. Jaws 1975
156. Ikiru 1952
155. Blue Velvet 1986
154. 1984 1984
153. Saving Private Ryan 1998
152. Blade Runner 1982
151. E.T. the Extra-Terrestrial 1982
150. The Shining 1980
149. The Umbrellas of Cherbourg 1964
148. Fantastic Planet 1973
147. Victoria 2015
146. The Fall 2006
145. Last Year at Marienbad 1961
144. La Soufrière 1977
143. Adaptation. 2002
142. The Holy Mountain 1973
141. Jesus Christ Superstar 1973
140. Mean Streets 1973
139. No Country for Old Men 2007
138. The Conformist 1970
137. Gone with the Wind 1939
136. Once Upon a Time in the West 1968
135. Delicatessen 1991
134. Andrei Rublev 1966
133. Jules and Jim 1962
132. Rebecca 1940
131. WALL·E 2008
130. Hard to Be a God 2013
129. M 1931
128. Nostalgia 1983
127. The Hunt 2012
126. Spartacus 1960
125. Some Like It Hot 1959
124. Brazil 1985
123. 12 Angry Men 1957
122. Wild Strawberries 1957
121. North by Northwest 1959
120. The Treasure of the Sierra Madre 1948
119. Bicycle Thieves 1948
118. Ashes and Diamonds 1958
117. Black Narcissus 1947
116. The Red Shoes 1948
115. A Fish Called Wanda 1988
114. Alien 1979
113. The Departed 2006
112. Metropolis 1927
111. Sunrise 1927
110. The Night of the Hunter 1955
109. Barton Fink 1991
108. Sunrise 1926
107. Un Chien Andalou 1929
106. It Happened One Night 1934
105. The Great Escape 1963
104. Battleship Potemkin 1925
103. Festen 1998
102. The Act of Killing 2012
101. Grizzly Man 2005
100. Inglourious Basterds 2009
99. The Big Lebowski 1998
98. Brief Encounter 1945
97. Seven Samurai 1954
96. Late Spring 1949
95. The General 1926
94. Breathless 1960
93. Casino 1995
92. Singin' in the Rain 1952
91. Fantasia 1940
90. The Battle of Algiers 1966
89. The Rules of the Game 1939
88. Shoah 1985
87. The Mirror 1975
86. L'Atalante 1934
85. Full Metal Jacket 1987
84. Almost Famous 2000
83. Underground 1995
82. Dogville 2003
81. Monty Python and the Holy Grail 1975
80. Vertigo 1958
79. Amélie 2001
78. Werckmeister Harmonies 2000
77. Fellini's Satyricon 1969
76. Rocky 1976
75. The Adventures of Prince Achmed 1926
74. The Fly 1986
73. Spirited Away 2001
72. Star Wars Trilogy 1977
71. The Matrix 1999
70. The Good, the Bad and the Ugly 1966
69. Eyes Wide Shut 1999
68. Amarcord 1973
67. Once Upon a Time in America 1984
66. Fargo 1996
65. Ran 1985
64. Magnolia 1999
63. The Awful Truth 1937
62. Life Is Beautiful 1997
61. Breaking the Waves 1996
60. Jurassic Park 1993
59. Twelve Monkeys 1995
58. Forrest Gump 1994
57. The Message 1976
56. One Flew Over the Cuckoo's Nest 1975
55. Manhattan 1979
54. The Wizard of Oz 1939
53. The Apartment 1960
52. Contempt 1963
51. Raging Bull 1980
50. My Darling Clementine 1946
49. Girls in Uniform 1931
48. Goodfellas 1990
47. Pulp Fiction 1994
46. There Will Be Blood 2007
45. Paris, Texas 1984
44. Scarface 1983
43. Raiders of the Lost Ark 1981
42. Stalker 1979
41. Dr. Strangelove 1964
40. The Passion of Joan of Arc 1928
39. Lord of the Rings Trilogy 2001
38. Patton 1970
37. The Godfather Duology 1972
36. A Clockwork Orange 1971
35. Tokyo Story 1953
34. High Noon 1952
33. Safety Last! 1923
32. The Searchers 1956
31. Rashomon 1950
30. Barry Lyndon 1975
29. 1963
28. Persona 1966
27. Apocalypse Now 1979
26. Amadeus 1984
25. The Seventh Seal 1957
24. Solaris 1972
23. Life of Brian 1979
22. City Lights 1931
21. Taxi Driver 1976
20. It's a Wonderful Life 1946
19. Terminator 2 1991
18. Aguirre, the Wrath of God 1972
17. La Dolce Vita 1960
16. Viridiana 1961
15. Notorious 1946
14. Sherlock Jr. 1924
13. Sunset Blvd. 1950
12. Das Boot 1981
11. Psycho 1960
10. La Grande Illusion 1937
9. Chimes at Midnight 1965
8. Paths of Glory 1957
7. The Third Man 1949
6. Come and See 1985
5. Casablanca 1942
4. Rear Window 1954
3. Lawrence of Arabia 1962
2. 2001: A Space Odyssey 1968
1. Citizen Kane 1941
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Charles Schwab  Margin List  MUST WATCH Is Margin Required When Trading Option Spreads? [Episode 304] Shanghai Composite, Nasdaq 100 and Emerging Markets Top Risk Performers DeversiFi - Decentralised Edge for Serious Traders Chinese Stock Options Trading

SHANGHAI -- Chinese This experience put Chinese authorities on edge. Commission unveiled a list of roughly 270 companies that improperly provide financing for margin trading behind the Leveraged margin trading has been seen as a major factor in pushing the A-share market to a seven-year high, with the benchmark Shanghai Composite Index more than doubling during the past year. Chinese stocks have been on a tear this month, fueling a 10% surge in the Shanghai Composite Index that beat all but 2 of the world’s 92 other equity benchmarks tracked by Bloomberg. The gains followed steps by policy makers to encourage riskier equity investing including what one analyst said was the first relaxation on margin trading since Even as regulators have sought to rein in margin trading, funds lent for the practice, in which investors buy securities using cash borrowed from a broker, have ballooned 11% this year to slightly SHANGHAI -- The shares of Chinese technology company QuantumCTek have set a record by soaring more than 1,000% on their first day of trading on the STAR Market in Shanghai, underscoring how China

[index] [1679] [981] [1181] [1221] [2610] [2118] [1508] [1607] [1783] [2001]

Charles Schwab Margin List MUST WATCH

The broker usually has the right to change the percentage of the value of each security it will allow towards further advances to the trader, and may consequently make a margin call if the balance ... What's Our "Edge" Trading Options? - Options Strategies - Options Trading For Beginners - Duration: 41:45. ... Beginner Trading Options on Margin - Duration: 12:06. WyattResearchTV 6,140 views. DeversiFi is a hybrid Ethereum exchange platform providing access to spot trading, margin trading, P2P funding & decentralized trading. DeversiFi was launched in August 2019 after being ... Have you always wondered what it means to trade on margin? In this video, you’ll learn what margin trading is and if it is a strategy that could help you ach... Shanghai Composite, Nasdaq, USDCNH, USDCAD Talking Points: • Risk appetite continues to champion particular outlets from Shanghai Composite to Nasdaq 100 to the EEM ETF with lift evaporating ...

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