Spring is refusing to give way to summer this year with London perhaps skipping straight to autumn as summer might be holding off itself for the halvening.
Like December never ended in 2018, so too it may be May all the way this year in a spring of hope.
Thus bitcoin thought to rise. Litecoin is up again another 8%. Ethereum is biting its time. Ripple had its show already. While BCH is waving between going on about bitcoin still, or seeing litecoin as the real competitor for the bitcoin substitute spot.
This is news of news where we clear the desk, starting with Luxembourg, a tiny nation of 600,000 with a GDP bigger than Lebanon’s 6 million people and 20% that of even Israel’s $360 billion yearly Gross Domestic Production.
PingPong, a payment facilitator for China-based eCommerce sellers rather than table tennis, is to invest 100 million euros, so thats about $113 million, in Luxembourg with the aim of, among other things, “to secure an institution license for virtual currency under the purview of the EU and will set out to put up a digital payments bank.”
What banker wrote this article for TechCrunch is not clear, but the problem with the term “virtual currency” is that now we don’t know whether they mean crypto.
You know, from a perception perspective crypto is not such a great term either, but it’s the only one that’s not ambiguous, so we’ll have to make it cool. Otherwise we’d use digital currency or even virtual currency, but it’s not as clear.
Anyway, we presume they mean crypto and a Chinese company specializing in payments setting ground in Europe with the aim of doing something crypto related could be an interesting development especially now that CNY is falling.
Italy is in trouble. There has been no growth in the fourth quarter of 2018, and there has been a -0.1% contraction in the last quarter.
This is not yet technically a recession, but considering inflation – which is low in relative terms at 0.9% – the economy is not doing very well.
They have in government a coalition between what can be described as nazis and comies, although with some exaggeration.
The two clowns clearly have no clue what they’re doing, but they were a reaction to problems created by bunga bunga Berlusconi.
An immature reaction perhaps, but it is both surprising and saddening to see Italy ranked 80th for economic freedom. Down below even Albania and not just a bit. Benia is at 52.
They’re blaming Europe, however, for their lack of sensible economic policies because UK is not still in the EU and at 7th position.
They clearly need some economic liberalism, but that stuff requires work. A lot easier to blame others. So they’re apparently planning to take the “just the tip” approach by launching “mini-BOT.”
These are not bots. It’s a government bond that doesn’t pay interest and can potentially be used as a currency.
The Italian government apparently is just about keeping up with paying their employees as the government debt there has risen to 132% of the GDP.
A huge amount of their income, therefore, is going towards paying debt. Thankfully, at 0% interest rates, they might not be paying much in interest, but all those capital payments are sort of raising the question of just what on earth is going on in Italy?
The country needs a Thatcher, not stupid boys pretending they have any intelligence or capacity to run this $2 trillion economy.
Until Thatcher, however, they’re now apparently arguing, as you’d expect, and they may even go ahead with these bots perhaps in a crypto form, if the Italian civil service doesn’t kick them out.
Off then to a far more stable “government,” Dubai, where they have a poet as a prince. They say:
“The Dubai Land Department (DLD) signed a memorandum of understanding (MoU) with Emirates Telecommunication Group Company (Etisalat) regarding Ejari system and the Real Estate Blockchain technology.
The MoU comes in line with the parties’ keenness to implement smart government standards (paperless management, reduction of customer visits, and digital contracts), the blockchain strategy, and facilitate customer procedures, where DLD will provide telecom services through Ejari application via connectivity with Etisalat.”
Whatever one might say about governments in Arabia in general enforcing arguably outdated laws that compel the wearing of hijab, they’re actually a surprise nine for economic freedom. Above USA, Netherlands, and many others.
They’re clearly very pro business, very pro innovation, very pro tech, and very pro science. One might even think they look up to us.
Right, then, let’s go to some innovation and this is a good time to say we haven’t looked much into what follows. If we had the time/resources to do so, then it would have been its own article.
“Sparrow, the Singapore-based options trading platform has launched its revolutionary platform which empowers institutions and individuals to trade options that are settled by smart contract. Sparrow offers a simple and secure way for traders to control risk in the volatile digital asset market and monetize their assets.
Sparrow Options are settled on Ethereum smart contracts and deployed onto a Proof of Authority chain called Nidus. Through a hybrid off-chain on-chain approach, traders enjoy a seamless trading experience with a responsive and updated order book, coupled with transparent and automated settlement of digital assets options.
Kenneth added, ‘Sparrow has managed to transform a traditionally complex and illiquid trading instrument, bringing options trading to the mass market. Sparrow Options are more liquid than OTC options and more customizable than standardized contracts, enabling traders to enjoy the best of both worlds.'”
Some projects have held off from launching smart contract based options because SEC is going around bullying everyone, but this space is of course global.
Clearly this Singapore based project doesn’t care about SEC as SEC has no jurisdiction there. Yet since it’s on the blockchain, it doesn’t quite matter where the project is based.
Meaning conceptually we might be entering an era of consensual laws, where policy, restrictions, and much else, actually has to make rational sense.
It is in many ways how it has worked always, but now the arena is global. For that, we should be ever blessed.