@cryptorover Tokenization for stocks probably. Crypto will be left behind again. It has been programmed this way. Crypto bros still believe in crypto bullrun, only a few with ride the wave.
Hmmm $5B in USD loan to Phils, this could be the breakdown $4.5B goes to crocodiles and $0.5B goes to the project that will never be finished. Well done.
About the Nuclear Deal in the Philippines
Word is that the US offered a $5B USD loan or loan support for a new reactor that would meet the national short-term objective of 1200 MW. That implies that another $5B would be needed to be raised by the Filipinos to build a large conventional reactor that might cost $10B total ($8,333/kW), a reasonable if slightly optimistic estimate.
I fully support US Ambassador Lipton in this mission but have some constructive criticism as to how he’s going about it. First, he’s acting quite Trumpian – find the dealmakers, flash some cash, and make a deal. Very American but he needs to realize that the oligarch business leaders he’s talking with are less than beloved by the broader population. The big four power producers, with about 60% of the electric market (Sam Miguel, First Gen, Aboitiz, and ACEN) have made for a concentrated market. Those are the companies that could step up to handle a nuke (along with Meralco) but that threatens even greater market concentration.
The National Power Corporation (NPC or Napocor) was a New Deal program created during the Commonwealth era using as its template the Tennessee Valley Authority (TVA). NPC was replaced with EPIRA in 2001 that made a “free market” for generation. That move is now blamed for the Philippines having the highest electric rates in ASEAN. Also the single NPC has been replaced with at least seven new agencies and players.
Amb. Lipton is not paying enough heed to the efforts in the PH Congress to make nuclear a public power project like a restored NPC in part to avoid further market concentration. The old fights in the US over private vs. public power (like TVA) were finally exhausted by the 1960s but are at the core of efforts to reform EPIRA and the dysfunctional market it has created.
Finally, there’s the problem of no nuclear regulator. President Marcos signed into law a new nuclear regulator (PhilAtom) but has yet to appoint its leaders or to otherwise stand up the agency. Without a viable applicant, one can hardly blame him. And who would commit to a leadership job when there is no work?
A grand gesture of support by the US would be to buy the Philippines a new building to house the agency, once the deal Lipton is brokering is a go.
I’ll post more as the more details of deal are revealed.
12 hours after withdrawals resumed: 2.1% net outflow, with most occurring in the first couple of hours. Over $1 billion in flow, too.
98% choose to stay!
Trust isn’t earned by what you say in good times. It’s earned by what you do in hard times.
Thank you for your trust! 🙏🙏🙏🙏
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Binance will always have a solid community. Everyone will always step up to help and show strength when needed the most. US-based crypto exchanges will never be on par with Binance. They have to accept that fact. There has never been a competitor for Binance. Binance is Binance!
@cz_binance The only reason we're only down that much, it is simply because the so-called market makers already obliterated crypto to oblivion! What's there to short when there's no more profit shorting?
User funds are safe!
It does look like a hack on Binance. Appreciate the quick freeze from Tether (~$971m) and Circle (~$823m).
I don't manage Binance (.com) anymore, but as a shareholder, I expect all user funds will be fully covered.
BREAKING: 🚨 Binance-linked wallets reportedly moved $2.7 BILLION in crypto to a newly created wallet in just 24 seconds.
Rumors of a Binance hack are spreading, but no hack has been confirmed.
Tether froze $971 million in $USDT, while Circle reportedly froze another $823 million in $USDC tied to this move.