Excuse Me Your Majesty

Yet again an article about the alleged plans of Facebook to implement their own cryptocurrency is shaking things up. This one comes from the New York Times, who claims to have 5 anonymous insiders who confirmed the story.

Truth is, this isn't that much of a revelation as some are making of it. The Times tells us that existing messaging platforms with a large user base have a much easier way of implementing new payment systems than those that need to start from scratch. 

The story is about a WhatsApp stable coin, but they also mention Telegram's upcoming crypto Gram and Signal but we also know that Kik is due to launch their own Kin token pretty soon, which I have personally invested in for the very reason the Times has highlighted.

Furthermore, the Times alleges that Facebook has already approached several crypto exchanges to get their new coin listed and that the coin would be backed by a basket of global currencies, not just the US Dollar. Now, this is intriguing. 

The implication being that David Markus, the head of blockchain dev at FB, is actually considering a more open environment than previous products from the social networking giant. We can only hope that on a scale of zero to fully decentralized, these coins will be closer to the latter.

Traditional Markets

After a 48 year career, the king of bonds Bill Gross is finally getting out of the fund management game. This particular billionaire has a very unique perspective of the global economy, which he spilled on a 90-minute interview with Bloomberg's Eric Schatzeker.

One of the most remarkable things he noted is that "technology is deflationary."

Whereas in the past, people would buy a home and a car and then be content, these days there's a lot more consumerism and people spend a lot of money on things that never existed before. He then went on to say that the central banks are fighting this deflation by keeping rates low and providing injections (QE).

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