“Life is like riding a bicycle. To keep your balance, you must keep moving.”
- Albert Einstein
Happy Tuesday fellow readers! I hope you had a great, productive start to your week. 💪 Today happens to be comedian and actress Whoopi Goldberg's birthday! 🎁 She turns 63 today. Did you know that she was the second ever African American woman to win an Oscar? 😲 She won "Best Supporting Actress" for the movie "Ghost (1990)." 👻
In today's newsletter, we will be covering the MAS and SGX's new settlement system for tokenized assets, Accenture's new software license management blockchain-based application and Tokio Marine & Nichido Fire Insurance and NTT DATA's successfully completed blockchain trial.
Enjoy today's newsletter, and please don't forget to answer the polls down below too! It's a great way for us to interact with you, and it's always nice hearing your thoughts. 💭 Happy reading! 📚
There was minimal action in the crypto sphere over the last 24 hours. 😴 Total market capitalization spiked to ~$214 billion earlier in the day before falling slightly to ~$211 billion, where it is currently trading. 📉 Volume picked up from Sunday's ~$12 billion to yesterday's (Monday) ~$13.2 billion. Most cryptocurrencies experienced losses in the ~1-3% range.
Over the past 24 hours, BTC has dropped a little further from the day before, falling to ~$6,360. It has lost about 3% on the week. 😢 The short wicks registered over the last few days indicate some uncertainty among investors. 🤔 The flattening of the RSI curve (currently at ~45) further confirms this. The nearest obstacle that BTC has to clear would be its 21-day EMA resistance line (~$6470). 👀
Making money moves 💸
Singapore's central bank, the monetary Authority of Singapore (MAS) and the country’s stock exchange, Singapore Exchange (SGX), have developed a settlement system for tokenized assets called the delivery versus payment (DvP) system. 🤖
The system utilizes smart contracts to simplify post-trade processes and shorten the settlement cycle, so as to allow financial institutions to perform the simultaneous exchange and final settlement of tokenized digital currencies and securities. 🤝 Prototypes developed together with Nasdaq and Deloitte proved that the system was effective. 💯
The DvP system was developed as part of Singapore's Project Ubin, a collaborative project by MAS and the country's financial services industry that began late 2016, to explore blockchain technology for the clearing and settlement of payments and securities. 👍
Taking the first steps 👣
Global professional services company Accenture has released a new software license management blockchain-based application, built using distributed ledger startup Digital Asset's smart contract language, DAML. 🤔
The application is among the first of Accenture's blockchain solutions and will be the first within the Accenture Operations group to go into production. 🎉 The new patent-pending application will enable organization to reduce their risk of using unlicensed software or of failure to comply with license use terms, all this through better transparency surrounding the distribution and utilization of licenses. 👍
It's about to get serious 🤨
One of the largest Japanese insurance companies, Tokio Marine & Nichido Fire Insurance, alongside IT firm NTT DATA have successfully completed a blockchain trial that puts marine cargo insurance claims' paperwork onto a blockchain. 😲
The current process of filing these insurance claims is a manual one that involves agents collecting the damage reports, invoices and insurance policies, in paper form or a PDF file before disbursing them to surveyors via email. 😓
The trial, which saw the participation from 8 overseas claims-settling agents and surveyors located in Europe, America and Asia, was a success as it streamlined the entire claim-to-settlement process. Larger files such as photographs of damages were able to be shared, and the insurance payout period was reduced from over a month to “one week at most.” 🤯
Other news 📰
The U.S. Commodity Futures Trading Commission (CFTC) has jailed an Arizona resident, Joseph Kim, and fined him $1.146 million for misappropriating his ex-employer's funds and defrauding its customers. 👿
Crypto mining hardware manufacturer, Bitmain, has filed suit to the U.S. District Court Western District of Washington at Seattle against an anonymous thief that supposedly stole 617 BTC from an account it holds at crypto exchange Binance. 👮
The Michigan Secretary of State has formally barred cryptocurrencies from being used as donations to political campaigns. 😥
Poll of the Day
How much do you agree with this statement: "I prefer to lead a sedentary lifestyle" 💭
And...which country do you think will be the blockchain capital of the world by 2025? Why? Share with me in the polls! 😆
What you said
On a scale of 1 to 10, how skeptical are you of Venezuela's national cryptocurrency, the "petro"?
The average vote was only a 7.2. 50% of you voted a '10' too. The petro is definitely classified as an extremely high-risk investment in my books. 📉
You guys said:
On one hand it's a great idea, on the other hand I don't think Maduro and his people are capable of pulling this off.
Venezuela's government is full of corruption and a desire to crush opposition. Considering its poor economic circumstances as well, it is hard to believe that the government will be honest and forthcoming with its management of Petro.
Nothing but trouble from that country.
dumb idea, corrupt guys behind.. why not adopt something like bitcoin.
It's state owned.
Last year when I first heard about the petro I was like heck yes I’m going to get some of those, as of late I have not been liking the news
Petro is great scum
Is this a real question?! It’s a government issued crypto from a country that is in the middle of one of the worst hyperinflation periods in history!
In my view a Bankrupt government state backed token has zero chance of success.
Wow, I guess it's safe to say that we are all skeptical. 🤣
"Would you personally invest in the petro?"
100% voted "No."
Nothing new here, moving along... 😁
"Why or why not?"
You guys said:
Great idea, but too much risk of failure, as well as resistance from other countries. - It will be hard for Venezuela to prove to other's of petro's legitimacy. 🗯️
The Venezuelan government has a poor record of economic management, so it would be way too risky to invest and there is a high probability that it will mislead investors. Also, the United States currently has sanctions against Venezuela, and I would not want to support a country that commits a multitude of human rights violations. - I believe that the poor economic management would be the main deterrent factor to keep investors from investing. 👎
Why take a chance? Many good opportunities here. - True.
Why would i choose petro over bitcoin. - Exactly. I am sure that there are better investment opportunities out there with lower risk profiles. 💰
Corruption. - Hmmm 🤔
I’d like to see how things play out, then maybe - Observe then react. 👀
It will be worthless. - Many seem to think so!
Thank you all for reading thus far! Catch you back here again tomorrow! 💙
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