Protesters in Seattle have been camped out this week in an enclave called the “CHAZ” — where there’s a smoking section, room for political discourse and free food, if you can find it.

Short for the “Capitol Hill Autonomous Zone,” the “CHAZ” is located outside the Seattle Police Department’s now-deserted East Precinct at 12th Avenue and East Pine Street in the hip, bar-friendly neighborhood. The department’s sign was painted over to read “Seattle People Department.”

“From what I’ve gathered, we’re trying to take our community back so we can live without a massive police force patrolling the streets,” Michael Taylor told the Seattle Times. The Seattle police abandoned the precinct Monday, hauling out sensitive items and boarding up the building’s windows before opening up the streets to protesters. 

By Tuesday, demonstrators took over the area, erecting a screen for a late-night showing of director Ava DuVernay’s movie “13th” for some 200 protesters, some of whom camped out overnight in tents.

A “No-Cop Co-Op” has been doling out free food, including to the homeless, and there’s a designated smoking section, as well as medical aid on every corner. But at least one protester warned of a food shortage. “The homeless people we invited took away all the food at the Capitol Hill Autonomous Zone,” the person tweeted. “We need more food to keep the area operational. please if possible, bring vegan meat substitutes, fruits, oats, soy products, etc. – anything to help us eat.” This sounds made up…is this made up?

Should the Federal Government intervene in the Seattle situation?? Reply to this email and tell us what you think!!!!

Gulf Energy Production Still Shutdown 

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Offshore oil production off the U.S. Gulf Coast remains shut in by 24% in the wake of Tropical Storm Cristobal, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said on Wednesday. About 23% of natural gas remains shut.

For oil production, this equates to more than 430,000 barrels per day, which is the same amount that Libya will be adding to the market when their 2 main oil fields resume production. For natural gas, 619 million cubic feet per day remains offline.

A total of 61 production platforms of the 643 manned platforms are still evacuated in the Gulf of Mexico. Facilities will be inspected after the storm passes, and undamaged facilities will be brought back online “immediately” BSEE said on Wednesday.

U.S. crude oil stockpiles are now at a record high, according to the latest EIA figures so its not a bad time for there to be production shortfalls. U.S. oil exports have fallen to the lowest levels since November 2019. In addition, the U.S. is seeing increased amounts of oil coming in from Saudi Arabia and refineries are consuming crude oil at a rate that is significantly below normal.

Closing production to limit damage makes sense for oil companies. The Gulf of Mexico accounts for some 17 percent of U.S. oil production. In 2018, hurricane Michael shut off production of more than 700,000 bpd for a few days. In 2017, the total oil industry hit from storm damage was $200 billion, the highest storm bill in history.

The BSEE provides updates on a daily basis until the platforms are back online and the danger of the storm has passed, so check their website of you’re trading crude or nat gas. 

Watch for SynsorMed, If They Ever Go Public

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How did Theo Harvey get ahead in the health wearables game, competing with the likes of Apple Inc. (NASDAQ: AAPL)?

When Theo Harvey launched SynsorMed in 2014, he was tired of the “groundhog day” nature of chronic illness. His daughter was born with a respiratory condition, and he had to shuttle back and forth to doctors’ offices for checkups. Rarely did the visits seem to accomplish anything. 

“A lot of times they just said, ‘Everything’s fine, it’s good,’” Harvey told us. 

His cofounder Amin Holmes — whose mother had been diagnosed with a chronic respiratory disease — was struggling with the same dilemma. The duo figured there had to be a better way. 

So they launched a line of wearables — pulse oximeters, glucometers, and blood pressure cuffs — that could let patients and doctors monitor their conditions from home. 

Harvey and Holmes started with $50k of their own money, then patched together an extra $150k from friends and family. 

Since the pandemic, demand for SynsorMed’s products has surged. Revenue has jumped 40%, and specialists — like pulmonologists and cardiologists — have proven especially eager to try out wearables. 

Harvey even rolled out a 2-Minute Telehealth video series to explain the ins and outs of telehealth to doctors. If they ever have an IPO, this stock would be a screaming buy.  

Bitcoin Sells Off as Stock Correlation Continues 

The price of Bitcoin plunged from $10,160 to $9,012 on BitMEX within less than 28 hours, dropping by 11.3%. It coincided with a staggering 5.6% drop of the Dow Jones Industrial Average (DJIA).

Three key factors contributed to the sudden downtrend of Bitcoin: liquidation of $78 million worth of longs, correlation with the stock market since March 2020, and the strength of the $10,500 multi-year resistance zone…and really only one of these is a reason, the other two are more observations. 

The correlation to the stock market is big. On March 13, the price of Bitcoin plummeted to as low as $3,600 on BitMEX. The move liquidated over a billion dollars in futures positions. The downtrend was so strong that BTC technically could have hit zero. Since then, data from Skew shows Bitcoin has been correlated to some extent with the U.S. stock market.

On June 11, right before the price of Bitcoin dropped to as low as $9,012, pre-market data of the Dow Jones indicated a 900-point drop. Before the U.S. stock market opened, the Dow dropped by around 3% during an after hours trading session. 

As equities dropped, the price of Bitcoin followed. The stock market correction did not necessarily cause BTC to decline. Rather, uncertainty across all asset classes likely fueled a short-term drop for BTC.

In the short to medium-term, the biggest source of selling pressure for Bitcoin is miners. For now, data from ByteTree suggests miners are not selling more than they mine on a daily basis which is around 900 BTC per day. If miners begin to sell more BTC than their daily revenues to cover operational costs, then the sell-off in the futures market will continue and that will help dictate the short-term price trend of Bitcoin.

Naked Speed Dating

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First dates are always nerve-racking. What if you can’t stand the person, or they don’t like you? What if it’s just really awkward? Now imagine sitting down and meeting for the first time while buck naked…

Naked speed dating events became a hit before lockdown, and many could now move online, offering people the chance to get to know each other without the distraction of clothes. The events were held in pubs, with guests changing into robes on arrival before stripping off as they sat down. They would have three minutes with each potential match before moving on, just like in traditional speed dating.

The man behind it is Rob from Date in a Dash events in London. He said there are lots of advantages and very few disadvantages. He also said it makes for some memorable stories from the events. He now hopes to move them online in lockdown. He said: “If you’re confident enough to go to naked dating then you are meeting people with the same level of confidence and they have no hang ups about their body.

“There is a common interest and grounding there straight away.”