Science Stuff Part I: EI Weekend 3362
Power bank crisis, Copper mining in the USA, How the wheel got invented and nuclear fusion gold?
Exchange Invest is a unique information resource combining the day’s stories in a newsletter for investors in exchanges/financial markets infrastructure.
Exchange Invest was founded by former exchange CEO and author of the first bestselling book of fintech (“Capital Market Revolution!” FT 1999) Patrick Young. Monday through Friday our daily paid subscriber email discusses the business of bourses of all kinds across the world.
On this day in 1935, President Franklin Roosevelt’s Revenue Act, referred to as the Wealth Tax Act, increased taxes on rich citizens and big business, while lowering taxes for small businesses.
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MACRO THOUGHTS
Relative defense, the armies of Cambodia and Thailand have been squaring off of late over disputed border areas:
Cambodia And Thailand Conflict: How Do Their Militaries Compare?
Reuters
Factbox-How Do Cambodia And Thailand’s Militaries Compare?
US News
IN BIGWORLD
With a truly looney left candidate in situ for the NY Mayor and his closest opposition being not exactly super credible themselves, New Yorkers might like to consider ahead of a new Hizzoner election later in the fall, that New York State lost a stunning 2,009,577 people between 2015 and 2024. If Zohran Mamdani is elected and alongside his state-owned grocery stores, adds another 2% to local tax rates, then NYC could even surpass the leading state for depopulation (and numerically far larger) California (38.9 vs 19.6 million residents respectively).
BITCARNAGE
Token Terror
The World Federation of Exchanges — “Woofee” as it’s known without affection — is a fairly inept body and hardly meriting the notion they are truly the leading exchange parish global trade body (spoiler alert — they aren’t)
A body with a grand title and broadly trashed credibility has nonetheless come up with a sound idea to challenge the fiasco which has been tokenised stock trading with a DLT settlement. Thus MSSN via Reuters, Stock Exchanges Urge Regulators To Crack Down On ‘Tokenised Stocks’
Clearly, this initiative by Wooffee that cannot have been discerned by their own, inept C-suite but has rather been suggested by irate members trying to get some value from the membership fee (it also helps the US Country Club listings duopoly not be seen in the primary wave, just when a lot of crypto companies are seeking to list). ( To that last point, once again, don’t start me on the fact this is such a fantastic new market structure that, to get your stock properly priced and traded, you list it with the legacy system). However, by starting the discussion this way, it places a primary line of pressure through IOSCO, which is a good idea. The SEC crypto task force now needs to show it has ability to discern between what regulation is supposed to do and what has looked worryingly like a get rich quick mentality from some folk very proximate to the president. However, the key takeaway is the crypto industry has overstepped in its hubris with tokenised shlock, not stock, masquerading as a supposedly coherent financial product. This incoherent product has a huge potential to endanger the entire (and almost entirely tenuous) fetish for sticking stuff on blockchains and thinking it will magically become liquid and tradable, aka financial alchemy…still not achieved with gold despite considerable efforts. Tokenisation (placing stuff on a less coherent, more expensive mechanism than existing databases) is a ludicrous construct underpinned by ignorance (and a lot of rabid consultants fuelling fears of lazy monopolists in places) that is not made any more true by shortsighted VCs surging en masse to back a few interesting and an awful lot more, utterly nebulous charlatans in the “Real World Asset” space.
Presumably, some may not entirely agree with the latter position, but I can’t think of anybody who thinks the current market in tokenised schlock is helping the argument for trading important stuff on blockchains, beyond empty pixels for contemporary cults like Bitcoin.
…My original point on DLT stuff from the last crypto winter is still valid — and with no movement to a 2.0 element to crypto et al, this seemingly invincible thing is going to all but disappear (qv for all the hype, the global value of crypto is still less than Nvidia and Microsoft’s market cap — at least when these shares are traded on stock proper markets, that is).
If you enjoyed this excerpt, you may be interested to know that you can read Bitcarnage every day in Exchange Invest.
Alternatively, if you want to follow Bitcarnage — the daily update on happenings in the world of crypto and digital assets, then you can find Bitcarnage as a standalone on Substack.
PLY: MARKET MOVERS ON FINTECH TV
Catch me on Market Movers On Fintech TV every Monday at 0920 AM for the latest insights in finance, technology, impact investing, and market trends. Fintech TV is on the web (Fintech.TV), in a multitude of airports across the USA and other channels.
EXCHANGE INVEST WEEKLY PODCAST
Normal service from Exchange Invest as Hurricane Erin tore through the Caribbean,
In results, Hong Kong Exchanges Sparkles,
Manila Soars,
As ICE Published Bond Rules,
A Token Crackdown is sought for misaligned market integrity,
And in Central / Southern Europe, a form of SEELINK2 is Rising.
The Exchange Invest Weekly Podcast 310
OF INTEREST
As always, a review of interesting reading to provoke thoughts and consideration… Not sure we agree with much of it….but it’s thought-provoking!
BOOKS WORTH READING:
Finance Book Of The Week
“Market Unbound: Unleashing Global Capitalism” by Lowell Bryan and Diana Farrell is a classic road map from the turn of the century outlining how the power of the global market would come into being…
Get the book here.
*Paid link, as an Amazon Associate, Exchange Invest earns from qualifying purchases.
Suggestions welcome if you would like to nominate a book for us to cover!
Our next Book of the week will be unveiled Saturday in the EI Weekend Edition.
& don’t forget if you want all the news on the bourse business sent daily to your Inbox subscribe to Exchange Invest — via Exchange Invest.com — it’s only $499 per annum to join “The Exchange of Information.
Capital Market Revolution
First published in 1999, “Capital Market Revolution!” offered a clear, concise roadmap for navigating the financial revolution fueled by technology. And 25 years later, as the world of fintech continues to evolve, the core principles laid out in the book remain surprisingly sharp
This new edition was produced to celebrate PLY ringing the NYSE Closing Bell July 5th, 2024. There are several new sections of PLY pith to add 10,000 more words of context and the original book which is remarkably prescient and elegantly dated all at once! It’s only $9.99 on Kindle, a fraction of the original price in 1999 to encourage revolutionaries with any budget!
Get the book here.
*Paid link, as an Amazon Associate, Exchange Invest earns from qualifying purchases.
LAST WORD
The future continues in the water cooler of the bourse business.
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