The "crazy" new president who is changing Argentina's economy. Explore Blockchain Loans, Ledger Security, and Bitcoin Trends. Discover ChainDon and Turf in Web3 Products.
Let’s educate ourselves about Argentina’s economic situation and how Javier Milei, the new president, is gaining global attention. And…there’s been some good news for Bitcoin miners. 🤩 Let’s get into today’s edition!
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Meet Javier Milei, Argentina's new president. He's bringing a whole new way of thinking about money and the economy. People call him “El Loco,” which means “the crazy one”, because of his strong personality and big plans to change Argentina’s money problems.
During his campaign, Javier Milei displayed a chainsaw to symbolize his intention to reduce government spending. Source: Getty Images
Here’s the thing — Argentina has a huge problem with inflation - prices are rising by 161% each year. Milei wants to eliminate the country's central bank and create a society where agreements and contracts are more important than government rules.
🤔 Milei's Economic Approach
Milei is an expert in money matters who believes the government shouldn't interfere too much.
He supports a free-market economy that protects individual rights, including property rights and personal freedoms.
He aims to reduce taxes, privatize state-owned enterprises, and minimize bureaucratic regulations.
This is a big change for Argentina, which usually has the government heavily involved in the economy. Milei is also interested in digital money and blockchain technology as new ways to handle financial matters.
Milei agrees with some key digital money ideas, like the importance of contracts and a market-driven society.
Although not a formal crypto advocate, he suggests Bitcoin as an alternative to central banking but does not prioritize cryptocurrencies explicitly.
His commitment to dollarizing Argentina's economy suggests a more practical approach that leans towards traditional financial systems under the guidance of the US Federal Reserve.
Milei's approach is more pragmatic, indicating that he is not fully in favour of a complete crypto revolution.
👀 What's Next: Promises vs. Reality
Now that Milei is in charge, everyone's watching to see if his ideas will fix Argentina's financial troubles or cause new problems. Milei has already devalued the nation's currencyby more than 50% and announced spending cuts.
This has bdrawn praise from the International Monetary Fund, with Managing Director Kristalina Georgieva saying she welcomed the "decisive measures," calling them "an important step toward restoring stability and rebuilding the country's economic potential."
Will his market-friendly policies be the solution Argentina needs?
The world is curious to see if Milei’s presidency might start a new trend in economic reform, not just in Argentina but maybe in other countries too. Milei's time as president might teach us a lot about the good and bad of making big changes to how an economy works.
What do you think about President Javier Milei's big changes in Argentina's economy We'd love to hear your views on this important change in economic policy. 🤔
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Blockchain-based private lending has surged in 2023 with a value of $582 million, a 128% increase from the previous year. Blockchain credit protocols offer an average APR of 9.64%, compared to traditional personal loan rates averaging 11.5%. The market has facilitated $4.5 billion across 1,804 deals, averaging around $2.5 million per loan. Based on the Ethereum platform, the sector is led by Centrifuge, with a 43% share. Despite growth, blockchain-based loans represent only 0.3% of the traditional $1.6 trillion private credit market and come with risks such as insolvency and smart contract security.
Ledger's CEO Pascal Gauthier described a recent cyberattack as an isolated incident triggered by a phishing attack on a former employee. The breach led to unauthorized access to Ledger's package manager. Gauthier emphasized Ledger's robust security practices, including multi-party code reviews and stringent access controls. He acknowledged the need for continuous security improvements and announced enhanced safeguards for browser-based dapp signing. The attack, which affected the decentralized exchange SushiSwap among others, was neutralized within 40 minutes, with Ledger working closely with authorities to address the incident.
Bitcoin's on-chain transaction fees have skyrocketed, reaching nearly $40, the highest since April 2021. This surge, partly attributed to Bitcoin Ordinals inscriptions, has led to a backlog of around 350,000 transactions. Popular commentators suggest that high fees are inevitable in Bitcoin's future, emphasizing the need for layer-2 solutions like the Lightning Network for efficient scaling. While some users express frustration, industry veterans view this as a natural progression, driving innovation and layer-2 adoption. Miners are currently enjoying the highest revenue since Bitcoin's $69,000 peak, reinforcing the network's proof-of-work model.
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Let’s get into Posty’s fresh pecks from the world of web3!
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🏦 The Bank of England and major financial firms are adopting blockchain for wholesale payments and tokenized assets, reflecting a significant shift in traditional finance towards blockchain use cases.
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📊 Crypto's potential in sports betting is emerging as its true killer app. It promises a faster, cheaper, and safer alternative to traditional betting, eliminating middlemen and transforming the rapidly growing $7.5 billion industry.
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