‘A realistic risk of total loss’: A senior figure at Deutsche Bank’s $880 billion asset management arm warns against bitcoin

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An employee of the Tokyo Stock Exchange (TSE) reacts as he works at the bourse in Tokyo August 9, 2011. The Nikkei stock average closed down 1.7 percent on Tuesday, having trimmed losses on bargain hunting after the index tumbled more than 4 percent in the wake of a plunge on Wall Street and a downgrade of U.S. sovereign debt.

  • Markus Mueller, Global Head of the Chief Investment Office at Deutsche Asset Management warns investors of "total loss" when buying bitcoin.
  • "We do not recommend that. It’s only for investors who invest speculatively," he said in an interview.
  • Mainstream investors and institutions remain split on cryptocurrencies, with some see it as the future of global markets, and others remaining highly sceptical.

Investors in bitcoin face a "realistic risk of total loss" and everyone but the most speculative should steer clear of cryptocurrencies, a senior staff member at the asset management arm of Deutsche Bank has warned.

"We do not recommend that. It’s only for investors who invest speculatively," Markus Mueller, Global Head of the Chief Investment Office at Deutsche Asset Management said in an interview with Bloomberg.

"There is a realistic risk of total loss." 

Mueller went on to say that for bitcoin to considered a real, tradeable asset that Deutsche AM may include in its portfolio, huge strides are needed on "regulation, security and transparency," in the crypto world.

"Important issues such as liability and documentation are unclear," he said. "We are still at the very beginning."

"When security and trust are created, crypto-currencies can be assessed like established asset classes. It is possible that the governance required will exist in five to ten years from now," Mueller added.

Mainstream investors and institutions remain split on cryptocurrencies. Most see at least some scope for the blockchain technology underlying bitcoin to have real world applications, but many institutions see bitcoin itself (as well as other cryptocurrencies) as worthless exercises in speculation, not worth the distributed ledger they’re printed on.

Late in 2017, for example, Paul Donovan,  the global chief economist at UBS’s wealth management arm, tore into the argument that cryptocurrencies could eventually replace fiat currencies like the pound and the dollar.

"The problem that cryptocurrencies face is that they fail the two key metrics of what makes a currency a currency," Donovan said. "A currency has to be a widely used medium of exchange. Cryptocurrencies are never going to achieve that. Period."

Mueller’s assertion that Deutsche AM will steer of the crypto space for the foreseeable future comes after analysts at boutique research house Bernstein said similar.

"Cryptocurrencies and underlying blockchains seem set to grow and become a disruptive force. Thus they will have significant implications for investors. But, for now at least, they do not have a direct role in asset allocation," a note from a Bernstein team led by Inigo Fraser-Jenkins circulated last week said.

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Celebrities were actually given ‘consolation puppies’ at the Grammys

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Celebrities were actually given ‘consolation puppies’ at the Grammys

Yes Seinfeld gets a puppy. As if just being Seinfeld isn't reward enough.
Yes Seinfeld gets a puppy. As if just being Seinfeld isn’t reward enough.

Image: Kevin Mazur/Getty Images for NARAS

Okay, so instead of a prestigious award they got a puppy.

At the Grammys on Sunday, host James Corden didn’t just dish out those little golden gramophones. “Consolation puppies” were handed out to nominees who didn’t win their category.

Jerry Seinfeld (who was nominated for Best Comedy Album) was given a puppy called Roxy and Corden described her as “a biter”.

Many were happy to see the pups at the event.

But not everyone was so thrilled about living dogs being handed out as prizes.

Mashable reached out Grammys to find out where the puppies were sourced and what happened to them after the ceremony but they were unavailable for comment. We will update the story accordingly when we receive a response.

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The Morning After: Elon Musk’s flamethrower

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Welcome back to Monday. If you’ve been waiting to hear more on Samsung’s next Galaxy flagship, we’ve got you covered. As well as everything else that happened over the weekend, naturally. Like Elon Musk with a flamethrower.


Intelligent Scan would work day or night.
Samsung Galaxy S9 may pack more reliable face recognition

Samsung has hinted that the Galaxy S9 might include more advanced face recognition, but we’re now getting clues of what’s involved. Deep inside the Galaxy Note 8’s Oreo beta software, there’s a hidden Intelligent Scan feature that uses both camera-based face detection and the iris scanner for "better accuracy and security" and improved results in "low or very bright" lighting. Given that the iris scanning on the S8 and Note 8 can be finnicky (and that’s us being kind), this could deliver a much more consistent experience when unlocking your phone. We’re still not entirely sure how: A video included suggests that both the iris scanner and camera are active at the same time, regardless of lighting conditions, but we’d still like to hear more on the finer details. And does Samsung have its own Animoji in the works? Galaxy-moji? Samsung smileys? The world must know.


You might want to buy a fire extinguisher while you’re at it.
Elon Musk’s Boring Company is selling a flamethrower

After weeks of teases, Elon Musk has revealed The Boring Company’s latest product: a flamethrower. That’s right, the same company digging traffic-skipping tunnels is now offering something that might be better used against any aggressive aliens SpaceX comes across. Plunk down $500 for a pre-order (there’s no word on when it will ship), and you can have the "world’s safest" fire-breathing weapon. Just in case it isn’t safe enough, though, there’s also a $30 branded fire extinguisher. Musk had teased for a while that he would sell a flamethrower when Boring Company hats sold out.


Health apps may pose inadvertent risks to troops.
Strava fitness-tracking data reveals secret military bases

Location data in fitness apps is frequently a good thing since it helps you remember and optimize your routes. However, it’s also created an unexpected security risk, revealing secret military bases. UCA analyst Nathan Ruser has discovered that Strava’s publicly available activity map includes the fitness routes of soldiers and agents in sensitive locations, including American bases in Afghanistan and Syria, the UK’s Mount Pleasant airbase in the Falkland Islands, a suspected CIA base in Somalia and even Area 51.


THOUSANDS OF DOLLARS!
ATM jackpotting hacks reach the US

For some ATM thieves, swiping card data involves too much patience — they’d rather just take the money and run. The US Secret Service has warned ATM makers Diebold Nixdorf and NCR that jackpotting hacks, where crooks force machines to cough up large sums of cash, have reached the US after years of creating problems in Asia, Europe and Mexico. The attacks have focused largely on Diebold’s front-loading Opteva ATMs in stand-alone locations, such as retail stores and drive-thrus, and have relied on a combination of malware and hardware to pull off heists.

But wait, there’s more…


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Jen Selter — the second most influential fitness star in the world — has vowed to never fly American Airlines again after an argument with cabin crew got her kicked off a plane

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American Airlines

  • Fitness influencer Jennifer Selter, known by some of fans as the "belfie queen," has 11.7 million Instagram followers.
  • She was kicked off a New York-bound American Airlines plane after a row erupted with cabin crew.
  • Instagram star shared a series of videos of the ordeal on Twitter.

With 11.7 million Instagram fans, 24-year-old fitness influencer and blogger Jennifer Selter from Long Island has amassed a huge social media following and was recently named the second most influential fitness star in the world by Forbes. 

She has her own blog which offers health and fitness tips and also recently launched an athleisure collaboration. 

Alongside snaps of her workouts, Selter is known for sharing bikini-clad photos of her rear, which has earned her the title "belfie queen" by some fans. 

Just "#Seltering" in Venice 🤷🏻‍♀️ Throwback to this pose, gotta post one up every once in awhile

A post shared by Jen Selter (@jenselter) on Jul 9, 2017 at 8:38pm PDT on

But it appears she was not able to use her influence to diffuse a hostile situation aboard a New York-bound American Airlines plane while travelling with her sister at the weekend, upon which a big argument with cabin crew erupted.

On Saturday, Selter shared a video on Twitter which appears to show a row between her and members of cabin crew after she got out of her seat on board the plane bound for her hometown of New York.

In the video, Selter says the plane has been sat on the tarmac for over two hours. She has since said that she only stood up to stretch and put her jacket away.

In the footage a fellow passenger interjects and appears to try and defend the Instagram star to airline staff.

Things escalate, though, as Selter then posted a video showing police officers aboard the plane, who appear to have come to remove her.

"Just like that, 5 cops coming at me. Worst experience American Air," she captioned the post. One of the officers can be heard saying: "American Airlines calls the shots. They don’t want you to fly on their plane today."

She shared a video having left the plane, captioned: "I did nothing wrong but got kicked off the plane."

Selter posted another video of a passenger, who she says also left the aircraft following the blogger’s mistreatment by cabin crew.

"Here is a video of an innocent passenger who on her own decided to get off the plane based on how badly @AmericanAir treated us all," she said.

According to Page Six, Selter said of the experience: "It was humiliating. They made me feel like a terrible person, and I did nothing wrong."

"I will never ever fly American Airlines again," she added. "I’ve seen cops come onto flights. But they shouldn’t kick people off unless something is actually dangerous."

When contacted by Business Insider for comment, American Airlines said in an emailed statement:

"Ms. Selter was asked to leave the aircraft after a disagreement occurred Saturday night at Miami International Airport (MIA). American offered her hotel accommodations and transportation, which she declined. She flew on American Sunday morning back to New York (LGA) – arriving around 8:30 a.m. ET yesterday morning."

SEE ALSO: Fitness influencers, trainers, and models show us what’s inside their fridges — and reveal why you should avoid ‘fat-free’ foods and ‘cheat days’

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How to Drink Less, With Author Annie Grace 

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Photo by Annie Spratt on Unsplash

It’s a new year (and a new you? Maybe?) and we’re all trying to clean up our acts. For the first episode of the Upgrade’s second season, we’re taking a closer look at alcohol—why we drink, what it does to us, and how to quit, if we’re so inclined. We’re joined by author Annie Grace, author of the book This Naked Mind: Control Alcohol, Find Freedom, Discover Happiness, & Change Your Life.

Listen to The Upgrade above or find us in all the usual places where podcasts are served, including Apple Podcasts, Google Play, Spotify, iHeartRadio, Stitcher, and NPR One. Please subscribe, rate, and review!

Discussed in This Episode

Upgrade of the Week

Every week we like to let you in on the upgrades we’ve made in our own lives. This week we talked about keeping our heads up, looking in the right direction, and retreating (for a minute).

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