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August 28th - Data released on Friday showed that Tokyos core CPI rose 1.8% year-on-year in August, gradually approaching the central banks 2% target, indicating that price pressures from the Middle East conflict are widening. Previously, the Bank of Japan raised its main interest rate to a 31-year high of 1% in June, and kept it unchanged in July, but issued its strongest statement to date regarding escalating inflation risks. Analysts pointed out that the recent sharp rise in wholesale prices, reaching 7.2% year-on-year in July, highlights the increasing price pressures from the Middle East conflict, which may push up consumer prices in the future.SEOUL, Aug. 28 (Yonhap) -- A ship carrying petroleum products caught fire Thursday evening in waters near Incheon, west of Seoul, the South Korean Coast Guard said. The fire has been extinguished. The Coast Guard said the 7,000-ton vessel caught fire at around 10:38 p.m. Thursday. There were 18 crew members on board; two died, and the remaining 16 were rescued and are in stable condition. Initial suspicions suggest the fire originated in the engine room but did not spread to the fuel storage tanks.On August 28th, Futures News reported that, according to foreign media, sources revealed that US President Trump and his energy, environment, and agriculture officials met on Wednesday to discuss a plan to expand exemptions for small refineries to blend biofuels. The proposal aims to double the number of exemptions from the current 990 million renewable fuel credits (RINs) to as many as 1.8 billion, with a final decision expected by the end of August. This move aims to curb soaring gasoline prices caused by the six-month-long US-Israel war in Iraq, helping Republicans maintain control of Congress in the November midterm elections, but has already triggered a strong backlash from the US agricultural sector. US renewable fuel identification numbers (RINs) have also fallen sharply due to market expectations of weakening biofuel demand. On Thursday, an agricultural and biofuel industry consortium, including the US Renewable Fuels Association, Growth Energy, and the National Farmers Union, wrote to Trump urging him to reject the exemption expansion plan, warning that a significant increase in small refinery exemptions would weaken demand for crops such as corn and soybean oil, as well as renewable fuels, severely damaging the rural economy.Japans Tokyo unadjusted CPI rose 0.4% month-on-month in August, unchanged from the previous month.Japans Tokyo CPI rose 1.9% year-on-year in August, below the expected 1.90% and the previous figure revised from 2.00% to 1.80%.

“Ethereum Has Many Points of Failure”: Says Former Twitter CEO

Skylar Shaw

Apr 22, 2022 09:51

Building on Ethereum, according to Jack Dorsey, has a lot of failure spots.


He also remarked that he believes social media should not be controlled by the wealthy.


As an institutional investment asset, Ethereum has underperformed this year.


Two of the most powerful Twitter influencers weighed in on Elon Musk's bid to acquire the social media behemoth Twitter in a Twitter debate.


In response to one of these posts, Ethereum was chastised for not being the best blockchain for creating a decentralized social media platform.

"Not Ethereum," Dorsey Says

Former Twitter CEO Jack Dorsey, in response to a tweet from Ethereum inventor Vitalik Buterin, expressed similar sentiments on Buterin's stance that rich people or companies should not hostilely seize social media.


The remark was made in response to Tesla CEO Elon Musk's $41 billion deal to purchase Twitter.


While Dorsey consented to this, he was provoked by another response from 'DeSo,' an ostensibly decentralized social media system. "If you're building on ETH, you have at least one, if not many, single points of failure and hence not attractive to me," Dorsey stated in response to DeSo's presentation.


When told that it wasn't based on Ethereum and that it was a Layer-1 protocol controlled by a 'Foundation' rather than a 'Corporation,' Jack simply answered, 'a foundation is a single point of failure.'


As a Bitcoin maximalist, Jack has always been outspoken about his crypto opinions, and they don't seem to be side with Ethereum at the moment.


But he isn't the only one who isn't a fan of Ethereum at the moment; institutional investors haven't been showing much interest in the cryptocurrency king.


According to the CoinShares fund flow data for the week ending April 15, Ethereum once again failed to make a difference in the market, with outflows totaling $97.3 million.


During the week, Ethereum had the second biggest outflow of $27.1 million, behind only Bitcoin with $72.1 million.


However, in terms of year-to-date flows, Ethereum is the worst-performing asset, with $153 million withdrawn, compared to $145 million pouring into the king currency.


Although the recent market rebound may boost interest in the asset in the coming weeks, the present picture is consistent with Dorsey's assessment of Ethereum as a poor investment vehicle and Dapp network.

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