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On May 2, Hungarian Prime Minister Orban said in Budapest on May 2 local time that the Russian-Ukrainian conflict has caused Hungary to lose about 20 billion euros in the past three years. Now, Ukraine asks the EU to support it to maintain the size of its 1 million troops, and this part of the funds should have stayed in the EU to develop the economy. Ukraines joining the EU will lead to the bankruptcy of Hungarys economy. Orban said that the EU proposed to jointly borrow to fund Ukraine because they have realized that they can no longer rely on existing resources to support Ukraine. Now it is necessary to prevent Europe from falling into a debt vortex.Gold futures rose in relatively light trading as the dollar and U.S. Treasury yields slipped. But they fell overall this week after a sharp sell-off on Thursday. Analysts at SP Angel said in a report that ETF outflows indicate that traders and investors have taken profits after gold prices rose 21% so far this year. SP Angel said that the cooling of trade tensions is reducing the appeal of gold, while Trump announced that he does not intend to fire Powell. The focus now turns to U.S. employment data due on Friday. If the data is weaker than expected, it will boost optimism about the Federal Reserves interest rate cuts, which is a positive for non-interest-bearing gold.Riccardo Marcelli Fabiani, senior economist at Oxford Economics, said on May 2 that the rise in core inflation in the eurozone in April should not cause concern for ECB policymakers because the rise in the service sector is temporary. Core inflation rose from 2.4% to 2.7%, and service sector inflation rose from 3.5% to 3.9%, partly due to the timing of Easter. But lower oil prices and a stronger euro will pull down energy inflation, leading to lower costs for production inputs and imports. At the same time, the hit to demand will push down core inflation and accelerate the slowdown in wage growth. This anti-inflation trend means that the ECB is likely to cut interest rates at its June meeting and then keep them unchanged.On May 2, Capital Economics economists said in a report that the rise in eurozone service sector inflation in April may not worry ECB officials because it was mainly driven by the Easter timing effect. The core inflation rate rose from 2.4% in March to 2.7% in April, an increase that exceeded expectations, which was entirely due to the increase in service sector inflation from 3.5% to 3.9%. But service sector inflation will start to fall again in the coming months, and US tariffs will have a disinflationary effect on the eurozone. This will pave the way for two more interest rate cuts this year.Spotify spokesperson: Apple has approved Spotifys app update in the United States.

“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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