Posts by Daniel Roberts

British bitcoin market sent extraordinary signals ahead of the Brexit vote

The price of the digital currency bitcoin rose 6.5% in the 24 hours directly after Britain voted to leave the European Union. And while the coin had already been on a ride over the two weeks before the vote (it's up 25% in the last month), for a number of factors besides the Brexit, it is likely that uncertainty over the situation stoked interest in the cryptocurrency, which is seen as an investment asset uncorrelated to the broader economy.

New data from Coinbase, which offers the leading bitcoin wallet and a popular bitcoin exchange, proves that the prospect of Brexit had an impact on bitcoin even before the referendum vote.

In the week leading up to the vote (June 13-20), Coinbase saw a 55% increase in new account sign-ups from Great Britain, and a 350% increase in bitcoin purchases from UK customers.

On the day of the Brexit vote, Coinbase saw an 86% increase in Great Britain signups.

It's one of the largest spikes in activity Coinbase has ever seen from one region in one week.

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Why the New York Yankees’ switch to StubHub is a bad deal for fans

The best-known baseball brand in the world is making a big switch.

The New York Yankees are dumping Ticketmaster for StubHub as its ticket resale partner, in a six-and-a-half-year, $100 million deal that begins on July 15. “Many more fans will now have access to tickets,” says a StubHub spokesperson.

But make no mistake: This move has very little to do with catering to customers.

In 2012, when Major League Baseball named eBay-owned (EBAY) secondary market site StubHub as its official resale partner, only the Yankees and the Los Angeles Angels (not the Dodgers, as said in the video above) opted out and stuck with Ticketmaster (LYV). The Yankees’ official resale partner was Ticketmaster, on a site called Yankees Ticket Exchange. StubHub now replaces that site.

Under the old deal, the Yankees set a “floor,” or minimum price rule at which sellers could sell their tickets. The floor varied each game based on a number of factors. In other words, the Yankees held all the keys to the pricing kingdom.

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This crazy flowchart shows how the UK could still remain in the EU

Britain’s vote to leave the European Union last week shocked the global economy and roiled markets. No one truly knows what will happen next, but everyone is focused on how the change could have a profound impact on everything from currencies to retail to travel. A note from Credit Suisse calls the vote, “the most significant pullback to-date from the post WWII consensus of closer integration and open trade.”

But it’s still possible that even after all the hue and cry, the UK could stay in the EU. The same Credit Suisse note contains a chart that illustrates the (admittedly circuitous) potential paths to this ending.

The timeline on exactly when the UK has to officially leave the EU is unclear. After the vote, EU leaders have said they’d like the exit process to begin immediately. But German chancellor Angela Merkel has said there’s no hurry, and her comment suggests that she hopes, as many do, the choice could still be reversed. “Great Britain has not put into motion this proposal, and also the agreement isn't finished," she said over the weekend. “Great Britain continues to be a full member of the EU with all rights and responsibilities.”

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Here's why Brexit might not be so bad for… Burberry

Most analysts are saying that the UK’s vote to leave the European Union will damage almost every retail sector in Europe across the board. It makes simple sense: A weaker British Pound means that British companies will spend more on production costs in other countries, and will have to pass on those expenses to the shoppers by raising prices; if it’s harder for other EU citizens to visit England, it may also cut down on shopping by European tourists. There’s good reason 90% of the members of the British Fashion Council wanted to stay in the union , and why British fashion designers are vocally unhappy about the vote.

But while Brexit is “a negative for the sector overall,” according to a new note from RBC Europe Limited, it is merely “mixed” for Burberry Group.

It helps that Burberry, which had 2.5 billion in revenue last year (in pounds), is not just the UK’s largest luxury brand but by far its best-known.

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Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Follow him on Twitter at @readDanwrite.

Harry Potter author JK Rowling unleashes fury at Brexit voters on Twitter

The author of the Harry Potter series is telling her 12 million social media followers she's "proud to be part of the #IndecentMinority."

That minority is the 48% of Britons who voted to remain in the European Union. And Rowling, who tried to wield her considerable influence to support remaining in the EU, is declaring her anger after the shocking result of the referendum.

Rowling had made herself one of the most vocal public figures on the issue over the past few weeks with a steady flow of tweets, culminating in a blog post earlier this week that warned her fellow citizens against voting to leave the EU. In the blog post, she compared those on the Leave side to "villains" like Hannibal Lecter, Big Brother and her own character Lord Voldemort.

Scotland will seek independence now. Cameron's legacy will be breaking up two unions. Neither needed to happen. https://t.co/4MDj7pndcq

Goodbye, UK. https://t.co/HMRA0AnlWR

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The newest Bitcoin price surge isn’t just about Brexit

The price of the digital currency bitcoin is up 15% in the past 24 hours, and you might reasonably think it has something to do with the massive global economic event that took place on Thursday. And you’d be right.

But that isn’t the whole story.

Headlines are shouting that bitcoin is up because of Britain’s vote to leave the European Union, which has sent its own currency, the pound, plummeting to a 31-year low. Yes, Brexit may be helping bitcoin, but as with every bitcoin spike, there are many other factors at play.

“I’d say Brexit is just one sub-item of one of those factors,” says Gil Luria, a Wedbush Securities analyst who has a pretty good track record on the bitcoin price. In July 2015, when the price was around $250, he projected it would reach $400 in one year. In October, he revised the projection to $600. The coin is currently trading at $650.

Nonetheless, bitcoin people are excited.

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Tinder is doubling down on fake celebrity profile movie ads

When Eddie, a 28-year-old web developer in New York, matched with the “Parks & Rec” actress Aubrey Plaza on the dating app Tinder this week, he was cautiously thrilled. Her profile, after all, had a blue checkmark and said “verified.” Sure, her first photo also bore the name of her new movie, “Mike and Dave Need Wedding Dates,” and the name said Tatiana, but he figured that didn’t necessarily mean it wasn’t really her—because the profile was verified.

He swiped right. His new match messaged him. “You swiped right,” she said. “I respect that. Know what’s #RespectableAF? Taking your date to Mike and Dave Need Wedding Dates, in theaters on July 8th.” It was an ad for the movie. Eddie (who did not wish to have his real name used, out of embarrassment) was disappointed, to say the least. “I felt a little bit taken,” he says. “I was really excited because I thought I had actually matched with her. But the cleverness made me laugh a little.”

Don’t forget to take your Tinder date to see “Mike And Dave Need Wedding Dates,” in theaters on July 8.

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Here are the ways DraftKings, FanDuel could still get sued in New York

Last week, the New York State legislature passed a bill to legalize and regulate daily fantasy sports. The bill imposes new fees and limitations on fast-growing private tech companies like DraftKings and FanDuel, but overall protects their contests by labeling them games of skill.

The 11th-hour legislation was hailed as a big win for the operators, the players, and the state (which will see a cut of the revenue). DraftKings CEO Jason Robins told Yahoo Finance the news reached him at 2:14 a.m. and he “passed out immediately” in relief.

But DraftKings and FanDuel aren’t in the clear just yet.

First, New York Gov. Andrew Cuomo needs to sign the bill, veto it, or do nothing. If he signs or does nothing, it becomes law. He’ll have 10 days to take action once it’s delivered to him, but it’s unclear when it will be delivered.

The problem for daily fantasy sports (DFS) operators is that the passing of the bill into law in no way guarantees the end of legal challenges in the state.

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DraftKings CEO reveals what's next after New York bill passes

Jason Robins, CEO of daily fantasy sports site DraftKings, got the good news at 2:14 a.m. on a Friday morning. At the literal 11th hour, the end of the final day of its June legislative session, the New York state legislature passed a bill to legalize and protect daily fantasy sports.

The bill does not guarantee, but makes it very likely, that private tech companies DraftKings and FanDuel, the market leaders in an exploding industry, will be able to hit restart in the state in time for the new NFL season, their most crucial time of year for new signups and big revenue from entry fees. The companies entered into a settlement in March with New York Attorney General Eric Schneiderman that barred them from taking paid entries in New York, their No. 1 biggest state by customer base.

Watch the above video for the full interview with Jason Robins, part of our sports business series Sportsbook.

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Harry Potter author JK Rowling uses Voldemort as a metaphor for Brexit

Since releasing the seventh “Harry Potter” book in 2007, British author J.K. Rowling has increasingly taken to the web to broadcast opinions on issues far beyond literature. Now she has brought her considerable reach and influence (7.5 million Twitter followers and 5 million Facebook fans) to the Brexit , and her blistering take may prove the most timely and divisive commentary she’s written.

In a blog post on her official website on Monday, Rowling applied her Harry Potter universe to the situation in Britain, where citizens will vote Thursday on whether the country should leave the European Union.

Invoking famous fictional villains like Hannibal Lecter, Big Brother, and her own Lord Voldemort, Rowling writes, “Both sides of this campaign have been telling us stories… They are appealing to us through our universal need to make sense of the world by storytelling… They have not been afraid to conjure monsters calculated to stir up our deepest fears.”

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