Amazon wants a blockchain, as does Saudi Arabia. Swiss Banks feel outcompeted by bitcoin, while South Korea wants some.
Welcome to this edition of news of news where we talk as we please
because defamation laws don’t apply here, because we’re too tired to care as we clean this news desk for a new day.
It has been some time since we wrote one, so if this is your first, we don’t quite verify anything in here or even analyze, we just present what they say.
Amazon does not own enough of the world so now they want to own blockchain based supply chains with the
probably bought for rubber stampers in merica’s patent office so seemingly giving them just what they want.
The word blockchain is mentioned 100 times in an incredibly bureaucratic document that probably is written more to obfuscate than inform.
Reports on it say they’re trying to prevent fake goods, which to us here is very old news as the first reports of blockchain’s use towards that end were in 2016.
That was followed by many more startups and brands looking at this new thing to the point captains of the shipping industry declared blockchain as “The Most Promising Technology in Logistics.”
That was two years ago with it then deployed in production, also two years ago. What Amazon cares about however is what the patent office says which unfortunately maybe explains why China does not respect it much.
“Saudi Arabian Monetary Authority (SAMA) has recently used blockchain technology to deposit part of the liquidity that SAMA had previously announced to be injected into the banking sector, as part of SAMA’s actions aimed at enhancing the sector’s capabilities to continue its role in providing credit facilities.
This action comes as a part of SAMA’s continues efforts in exploring and experimenting emerging technologies and keeping lead pace with the global trends of central banks in assessing the impacts of such technologies on the financial sector.”
We naturally asked for more detail and we don’t really expect a response so this gets to be here for now instead of on its own article.
If they respond then we may well cover it but we probably can guess the design is database like, used to just pass messages that can easily be performed by bankers just calling each other on the phone or by using traditional databases.
A gimmick we won’t say, especially because the worries of Swiss bankers are certainly not.
“The country’s storied banking sector sees itself at risk of being uprooted by new forms of digital currencies that circumvent traditional money flows,” says the prominent Swiss paper.
Half alarm and half praise for new tech, the paper doesn’t really say much more than the above quote.
What they really mean is probably that the famed Swiss banking secrecy and assuredness of control over your money is now not quite a very unique thing anymore.
That assuredness of course came from the fact that even in Germany’s worst case scenario, and in the tens as well as in the 40s, Switzerland was not touched by any power.
Its famed mountains are maybe less the reason than that all the playboy rulers kept and still keep ($2.3 offshore trillions) their money there, so why on earth would anyone touch the safes of the rich and the powerful.
Well, relatively speaking of course. Some aristocrat can always deflect but they’d have to be far too stupid. Yet with bitcoin even this stupid aristocrat is potentially removed from concern. Hence the concerns of the Swiss bankers.
“We will carry out in-depth research on AI, big data and blockchain,” South Korea’s central bank said with one wondering whether they just began doing such research or whether instead they just began doing the ‘marketing’ of it. They add:
“To proactively deal with any changes in the payment market in the future, we will keep researching CBDC and review any technological and legal requirements in advance…
Some central banks are pushing for the use of a CBDC, and in the private sector, use of digital currency and fintech is rising rapidly.
Against this shift in the external market environment, the BOK has also felt the need to actively deal with a possible payment paradigm shift.”
They mean China obviously, which has a far slicker dumb marketing department that is keen to tell the best of China the hammer they getting on their face is ok because the grandpas in charge from centuries ago are going to do all of it far better with horses and carriages.
No one believes them because they have been singing the same tune since 2013. China bans bitcoin is a meme for a reason. The reason being they kept saying they banned it and then that it isn’t really banned, while they banned it, but it wasn’t really banned.
China still stands as the only country of note to have turned against its very best. India tried, but the judiciary there said no to central bank rules over legal conduct.
The current Chinese administration instead kneeled to the ‘People’s’ Bank of China. When the ruski central bank tried to do the same, Putin gave them a threat.
The latest report from China is alarming. We just hope they understand and very well. This is a neutral and an apolitical space made of the smartest people of our age across every corner of the globe.
Germany, a rising and as of yet an uncaptured superpower thats hosts some of the best hackers in the world and almost more bitcoin nodes than any country on earth, presents a gift:
“ETC Group will list the world’s first centrally cleared Bitcoin ETC, Bitcoin Exchange Traded Crypto (BTCE), on Deutsche Börse’s XETRA platform later this month. The exchange traded cryptocurrency tracks the price of Bitcoin and is 100% physically backed…
Approved by BaFin, the German financial regulator, BTCE is structured as an ETC that is physically backed by Bitcoin. Each unit of BTCE gives the holder a claim on a predefined amount of Bitcoin – a structure very similar to physically backed gold exchange traded commodities, and allows investors the option for redemption in Bitcoin.”
There’s no real difference. They’re both 100% backed regulated stock tradable derivatives of bitcoin. So if you buy a bitcoin ETP or ETF, you’re basically buying bitcoin, with all entities restricted from buying BTC directly being free to buy these bitcoin ETPs.
Meaning maybe we should have stuck with calling it an ETF to hit a bit Mr Jay Clayton and to remind the American administration that there is another super power of as big and as an advanced economy that can provide an alternative.
Ruskis complain somewhat dismissively that Europe considers geopolitics as the devil’s game, but that is perhaps why Russia is still one hundred years behind and why China is about to throw away the difficult journey it has made from the 70s starvation to now electronic skateboards.
Germany and France know far too well what it means to fight for no reason or gain. You’d think Britain would have done too after losing its whole empire and after its humiliation in Suez.
France in particular is seemingly beginning to do some interesting things in open source code projects. IRC-ing, but for twitter say or youtube, both now seen by plenty as outright monstrosities.
The sleeping giant may well have this century to itself. It is the land of modern times and though copying is easy, like a scar it stands out from your skin.
The importation of ideas may well give one youth and regeneration but not if one ignores the roots for the ancient castles of Europe are not just stone. They are a symbolic embodiment of long term memory which needs not present itself except when it is appropriate.
It is easy to think simplistically or to give way to emotions. The latter is perhaps unavoidable for teenage America and the former for newborn China.
Yet for Europe it is perhaps more suitable to look at that ancient Atlantis that sill thrives in North Africa, and to develop the new world not by the second or by the year, but by the centuries and the millennials hence forth.