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On September 18th, arguably the biggest surprise in the Federal Reserves latest interest rate decision was the single dissenting vote. Despite unfavorable circumstances, Fed Chairman Powell managed to achieve a near-unanimous consensus at this weeks monetary policy meeting. Newly appointed Governor Milan was the only vote against the 25 basis point rate cut. Milan, a close ally of Trump, was sworn in as an interim Fed governor on Tuesday. His objection was based on support for a larger rate cut—something Trump has been demanding for months. However, Governors Waller and Bowman, who had voiced dovish dissent in July, did not do so again this time. KPMG Chief Economist Diane Swonk said, "Its clear that Powell has successfully herded the cats together."Meghan Robson, head of U.S. credit strategy at BNP Paribas: "Todays Fed decision suggests the Fed will prioritize growth over inflation and may allow the economy to "overheat" until the inflation path becomes clearer. We believe this policy approach should currently support credit spreads."Syrian President: Security agreement with Israel is a "necessary move" and Syrias airspace and territorial integrity should be respected.Syrian president: Security talks with Israel may produce results in the "coming days."Scott Kimball, chief investment officer of the fixed income team at Loop Asset Management: "The Feds 12-month inflation forecast is 2.6%, which shows that it is more tolerant of inflation and may no longer be its primary focus. Implementing a looser policy on the basis of fiscal stimulus should support lower-quality corporate credit spreads."

“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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