An anonymous reader quotes a report from Fast Company: More and more people are turning to GoFundMe for help covering the cost of housing, food, and other basic needs. The for-profit crowdfunding platform's annual "Year in Help" report, released Tuesday, underscored ongoing concerns around affordability. The number of fundraisers started to help cover essential expenses such as rent, utilities, and groceries jumped 20%, according to the company's 2025 review, after already quadrupling last year. "Monthly bills" were the second fastest-growing category behind individual support for nonprofits. The number of "essentials" fundraisers has increased over the last three years in all of the company's major English-speaking markets, according to GoFundMe CEO Tim Cadogan. That includes the United States, Canada, United Kingdom and Australia. In the United States, the self-published report comes at the end of a year that has seen weakened wage growth for lower-income workers, sluggish hiring, a rise in the unemployment rate and low consumer confidence in the economy. [...] Among campaigns aimed at addressing broader community needs, food banks were the most common recipient on GoFundMe this year. The platform experienced a nearly sixfold spike in food-related fundraisers between the end of October and first weeks of November, according to Cadogan, as many Americans' monthly SNAP benefits got suddenly cut off during the government shutdown.

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Michael Saylor's software company Strategy, formerly known as MicroStrategy, built a financial model that some observers called an "infinite-money machine" by stockpiling hundreds of thousands of bitcoins and issuing stock and debt to buy more, but that machine appears to be breaking down. The company's stock peaked above $450 in mid-July and ended November at $177.18, a 60% decline. Bitcoin fell only 25% over the same period. The gap between Strategy's market cap and the value of its bitcoin holdings has nearly vanished. At one point last week, the company's market value dipped below the value of its bitcoins after accounting for debt. Strategy announced it had built a $1.4 billion dollar reserve by selling more stock to cover required dividend payments to preferred shareholders over the next twelve months. The company also disclosed it might sell some of its coins if its value continues to fall, a reversal from Saylor's February tweet declaring "Never sell your Bitcoin." Professional short seller Jim Chanos, who had questioned the strategy's sustainability, told Sherwood he made money by shorting the stock and buying bitcoins.

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An investigation has revealed how stablecoins -- cryptocurrencies pegged to the US dollar that exist largely beyond traditional financial oversight -- have become a practical tool for criminals and sanctioned individuals to move funds across borders almost instantly and convert them back into spendable money, often without detection. A Chainalysis report from February estimated that up to $25 billion in illicit transactions involved stablecoins last year. A New York Times reporter tested the system by converting $40 cash at a crypto ATM in Weehawken, New Jersey, into stablecoins and then using a Telegram bot to generate a Visa payment card without any identity verification. The card-issuing service, WantToPay, is incorporated in Hong Kong and led by a Russian entrepreneur in Thailand; it advertises to Russians blocked by US sanctions. Britain last month arrested members of a billion-dollar money laundering network that had purchased a bank in Kyrgyzstan to convert proceeds from drug trafficking and human trafficking into Tether, the most popular stablecoin. Further reading: China's Central Bank Flags Money Laundering and Fraud Concerns With Stablecoins.

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Meta has officially confirmed it is shifting investment away from the metaverse and VR toward AI-powered smart glasses, following a Bloomberg report of an up to 30% budget cut for Reality Labs. "Within our overall Reality Labs portfolio we are shifting some of our investment from Metaverse toward AI glasses and Wearables given the momentum there," a statement from Meta reads. "We aren't planning any broader changes than that." From the report: Following Bloomberg's report, other mainstream news outlets including The New York Times, The Wall Street Journal, and Business Insider have published their own reports corroborating the general claim, with slightly differing details... Business Insider's report suggests that the cuts will primarily hit Horizon Worlds, and that employees are facing "uncertainty" about whether this will involve layoffs. One likely cut BI's report mentions is the funding for third-party studios to build Horizon Worlds content. The New York Times report, on the other hand, seems more definitive in stating that these cuts will come via layoffs. The Reality Labs division "has racked up more than $70 billion in losses since 2021," notes Fortune in their reporting, "burning through cash on blocky virtual environments, glitchy avatars, expensive headsets, and a user base of approximately 38 people as of 2022."

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