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Crypto Whale Behind $69 Million NFT Sees 'Huge Risk' for Traders – BNN

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The cryptocurrency entrepreneur who spent more than US$69 million for a piece of digital art has a message for speculative buyers of non-fungible tokens: be prepared to lose your money.

Vignesh Sundaresan, also known by the online moniker MetaKovan, vaulted into the spotlight last month after paying a record-breaking sum for the NFT of Beeple’s “Everydays: The First 5,000 Days.” As Sundaresan tells it, his motivation wasn’t to make money but to support the artist and showcase the technology.

Anyone trying to profit from NFTs is “taking a huge risk,” he said in a video interview. “It’s even crazier than investing in crypto.”

The comments may raise eyebrows coming from someone who made his fortune in cryptocurrencies and has done more than perhaps anyone else to fuel the mania surrounding NFTs with big-ticket purchases of digital art. But it’s also hard to argue with Sundaresan’s warning: Average prices for NFTs tracked by Nonfungible.com tumbled almost 70 per cent from a peak in February through early April.

B.20, a token created by Sundaresan to enable “shared ownership of an open art project” that includes some of Beeple’s works, has dropped to about US$7 from US$23 since he won the Christie’s auction for Everydays on March 11. It was trading below 50 cents in January, according to CoinGecko.com.

The extraordinary boom and bust has fueled a debate over whether NFTs — essentially digital certificates of authenticity — will have a lasting impact on markets for art, collectibles and beyond, or turn into the latest example of an investment bubble that enriches a select few while saddling latecomers with losses.

Some skeptics have questioned whether Sundaresan’s Everydays purchase was partly an attempt to drive up the value of his existing NFT positions. He denies having profited from the transaction and said he hasn’t sold his personal holdings of B.20 tokens.

On the long-term outlook for NFTs, Sundaresan agrees with aspects of both the bull and the bear case. He describes the technology as an enduring innovation that will enable a “new patronage movement” for artists and other content creators, many of whom now rely on ad-supported revenue models via internet platforms like Instagram. But Sundaresan also said the fervor around many of the highest-priced NFTs will likely fade.

“I don’t think NFTs will hold the same kind of hype forever around high-value items,” he said. “The market will get divided. There will be very few high-value items and an infinite number of very low-valued items.”

He said the best way to participate is by purchasing NFTs from artists you want to support. “It’s not primarily an investment,” said Sundaresan, who grew up collecting stamps and WWE playing cards.

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When asked about the people he admires, Sundaresan pointed to retired Indian cricket star Sachin Tendulkar and Hal Finney, the Bitcoin pioneer who died of ALS in 2014: “The good part is he’s cryogenically frozen, so maybe someday he’ll be back.”

Sundaresan said he has never spoken with Justin Sun, the crypto entrepreneur he outbid at the last minute for Everydays. Still, the two share an affinity for Warren Buffett: Sun spent a record US$4.6 million at an annual charity auction in 2019 to have a meal with the famed investor, who has likened Bitcoin to “rat poison squared.”

“Even though he hates crypto, I love him,” Sundaresan said. Buffett looks “at money more from a third-person point of view,” he said. “Like he looks at it more as a game than actually being into the world of making money and showing off.”

As for his own fortune, Sundaresan said he’s not ready to talk about it yet.

“I’ve not disclosed my net worth,” he said. “I’ve been telling people most of my money is not in NFTs.”

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Stop Asking Your Interviewer Cliché Questions

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Most job search advice is cookie-cutter. The advice you’re following is almost certainly the same advice other job seekers follow, making you just another candidate following the same script.

In today’s hyper-competitive job market, standing out is critical, a challenge most job seekers struggle with. Instead of relying on generic questions recommended by self-proclaimed career coaches, which often lead to a forgettable interview, ask unique, thought-provoking questions that’ll spark engaging conversations and leave a lasting impression.

English philosopher Francis Bacon once said, “A prudent question is one half of wisdom.”

The questions you ask convey the following:

  • Your level of interest in the company and the role.
  • Contributing to your employer’s success is essential.
  • You desire a cultural fit.

Here are the top four questions experts recommend candidates ask; hence, they’ve become cliché questions you should avoid asking:

  • “What are the key responsibilities of this position?”

Most likely, the job description answers this question. Therefore, asking this question indicates you didn’t read the job description. If you require clarification, ask, “How many outbound calls will I be required to make daily?” “What will be my monthly revenue target?”

  • “What does a typical day look like?”

Although it’s important to understand day-to-day expectations, this question tends to elicit vague responses and rarely leads to a deeper conversation. Don’t focus on what your day will look like; instead, focus on being clear on the results you need to deliver. Nobody I know has ever been fired for not following a “typical day.” However, I know several people who were fired for failing to meet expectations. Before accepting a job offer, ensure you’re capable of meeting the employer’s expectations.

  • “How would you describe the company culture?”

Asking this question screams, “I read somewhere to ask this question.” There are much better ways to research a company’s culture, such as speaking to current and former employees, reading online reviews and news articles. Furthermore, since your interviewer works for the company, they’re presumably comfortable with the culture. Do you expect your interviewer to give you the brutal truth? “Be careful of Craig; get on his bad side, and he’ll make your life miserable.” “Bob is close to retirement. I give him lots of slack, which the rest of the team needs to pick up.”

Truism: No matter how much due diligence you do, only when you start working for the employer will you experience and, therefore, know their culture firsthand.

  • “What opportunities are there for professional development?”

When asked this question, I immediately think the candidate cares more about gaining than contributing, a showstopper. Managing your career is your responsibility, not your employer’s.

Cliché questions don’t impress hiring managers, nor will they differentiate you from your competition. To transform your interaction with your interviewer from a Q&A session into a dynamic discussion, ask unique, insightful questions.

Here are my four go-to questions—I have many moreto accomplish this:

  • “Describe your management style. How will you manage me?”

This question gives your interviewer the opportunity to talk about themselves, which we all love doing. As well, being in sync with my boss is extremely important to me. The management style of who’ll be my boss is a determining factor in whether or not I’ll accept the job.

  • “What is the one thing I should never do that’ll piss you off and possibly damage our working relationship beyond repair?”

This question also allows me to determine whether I and my to-be boss would be in sync. Sometimes I ask, “What are your pet peeves?”

  • “When I join the team, what would be the most important contribution you’d want to see from me in the first six months?”

Setting myself up for failure is the last thing I want. As I mentioned, focus on the results you need to produce and timelines. How realistic are the expectations? It’s never about the question; it’s about what you want to know. It’s important to know whether you’ll be able to meet or even exceed your new boss’s expectations.

  • “If I wanted to sell you on an idea or suggestion, what do you need to know?”

Years ago, a candidate asked me this question. I was impressed he wasn’t looking just to put in time; he was looking for how he could be a contributing employee. Every time I ask this question, it leads to an in-depth discussion.

Other questions I’ve asked:

 

  • “What keeps you up at night?”
  • “If you were to leave this company, who would follow?”
  • “How do you handle an employee making a mistake?”
  • “If you were to give a Ted Talk, what topic would you talk about?”
  • “What are three highly valued skills at [company] that I should master to advance?”
  • “What are the informal expectations of the role?”
  • “What is one misconception people have about you [or the company]?”

 

Your questions reveal a great deal about your motivations, drive to make a meaningful impact on the business, and a chance to morph the questioning into a conversation. Cliché questions don’t lead to meaningful discussions, whereas unique, thought-provoking questions do and, in turn, make you memorable.

_____________________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.

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Canadian Natural Resources reports $2.27-billion third-quarter profit

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CALGARY – Canadian Natural Resources Ltd. reported a third-quarter profit of $2.27 billion, down from $2.34 billion in the same quarter last year.

The company says the profit amounted to $1.06 per diluted share for the quarter that ended Sept. 30 compared with $1.06 per diluted share a year earlier.

Product sales totalled $10.40 billion, down from $11.76 billion in the same quarter last year.

Daily production for the quarter averaged 1,363,086 barrels of oil equivalent per day, down from 1,393,614 a year ago.

On an adjusted basis, Canadian Natural says it earned 97 cents per diluted share for the quarter, down from an adjusted profit of $1.30 per diluted share in the same quarter last year.

The average analyst estimate had been for a profit of 90 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Oct. 31, 2024.

Companies in this story: (TSX:CNQ)

The Canadian Press. All rights reserved.

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Cenovus Energy reports $820M Q3 profit, down from $1.86B a year ago

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CALGARY – Cenovus Energy Inc. reported its third-quarter profit fell compared with a year as its revenue edged lower.

The company says it earned $820 million or 42 cents per diluted share for the quarter ended Sept. 30, down from $1.86 billion or 97 cents per diluted share a year earlier.

Revenue for the quarter totalled $14.25 billion, down from $14.58 billion in the same quarter last year.

Total upstream production in the quarter amounted to 771,300 barrels of oil equivalent per day, down from 797,000 a year earlier.

Total downstream throughput was 642,900 barrels per day compared with 664,300 in the same quarter last year.

On an adjusted basis, Cenovus says its funds flow amounted to $1.05 per diluted share in its latest quarter, down from adjusted funds flow of $1.81 per diluted share a year earlier.

This report by The Canadian Press was first published Oct. 31, 2024.

Companies in this story: (TSX:CVE)

The Canadian Press. All rights reserved.

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