Digital Technology Buoys Indonesian Catfish Farmers — Global Issues

Men working for Edy Prasetyo harvesting catfish in Indramayu, West Java, take a break on a recent day. Credit: Kafil Yamin/IPS
  • by Kafil Yamin (indramayu, indonesia)
  • Inter Press Service

What we witness as we drive to the district confirms the rice-dominant economy. Paddy fields stretch on the right and left as far as the eye can see. This is early June, traditionally the start of the harvest, but the plants are still green, indicating that the harvest is still months away.

It is also a clear sign that the paddy growing cycle has changed, due to a shift in climate.

Ironically, Indramayu was one of the five poorest districts in West Java in 2021, according to the BPS report, which also revealed that the Covid-19 pandemic increased the number of poor in Indramayu by 13 percent.

Even before the pandemic, Indramayu was a pocket of poverty in Indonesia. The majority of people in the paddy-dominant district are not land-owning farmers but farm labourers or landless growers.

Paddy fields are labour-intensive only during planting season and harvest, which take place three times a year on average. That leaves three to four months as free time for landless farmers. Both men and women migrate to the capital Jakarta, 240 km away, to find temporary jobs, before returning to Indramayu for the harvest.

Labour migration decreasing

Global climate change has been disrupting these patterns — of planting, harvesting, and migration. But one silver lining of this disruption is that landless growers have begun to find alternative livelihoods without migrating to Jakarta. Fish farming is a popular choice in the coastal district.

Indramayu farmers started making ponds along the seashore to raise tiger prawns, a popular commodity. But this farming is vulnerable to incursions from the ocean, including tidal waves.

That’s why Edy Prasetyo, 46, chose to enter the catfish farming business in 2001. Twenty-one years later, Prasetyo has 69 ponds in Soge village, Kandanghaur sub-district.

In recent years catfish has become a favourite street food for middle and low-income people in almost all major cities in Indonesia. Demand is so high that in the Jakarta area, where most Indramayu catfish is sold, shortages are common. Seeing the opportunity, some young local growers have become rich quick.

It’s demanding work, Prasetyo tells an IPS reporter on a recent visit. “We have to stick to a fixed feeding schedule, including during the night and when it rains. Imagine walking around the ponds in heavy rain and throwing catfish food into them. I have 69 ponds. I need at least 10 people to do it.”

But now, new technology is making the farmers’ lives easier. In October 2020, FAO Indonesia and Bogor Agriculture University (IPB) introduced technology known as eFishery to Prasetyo’s village. After a short training he and other catfish farmers began to adopt the system, particularly a digital automatic fish feeder.

Invented by a graduate of Indonesia’s Bandung Institute of Technology (ITB), Gibran Huzaifah, the auto-feeder connects through the internet to farmers’ smartphones. There they can set the breed of fish, feeding schedules and the amount of food pellets to drop into the ponds.

Gunawan, 47, a catfish farmer in Ciseeng, West Java, has been using the auto-feeder since 2019. Credit: Kafil Yamin/IPS

Detects level of hunger

The auto-feeder is equipped with an in-water, vibration-based sensor that is able to read the movements of hungry versus full fish. Guided by the farmer’s feeding schedule, when the artificial intelligence detects hunger, it releases the amount of feed required. This avoids over or underfeeding the fish.

The eFishery’s sensors collect and store real time data, such as feed volumes and consumption levels. Farmers can access this through eFishery’s web and mobile apps on their smartphone, tablet or computer and make any needed changes to the feeding.

“This is the kind of technology we need,” says Prasetyo. “It cuts time spent for feeding the catfish and saves a lot of energy.”

With eFishery, production has increased 25-30 percent, says the farmer, adding that he has more time to spend on other things. Additional benefits of the technology include that the size and weight of the catfish can be controlled and the water quality is monitored.

While Prasetyo spoke, several men placed buckets of catfish on weighing scales and then transferred them to a small truck, which soon drove out of the village, bound for Jakarta.

Losarang sub-district has now become Indramayu’s catfish centre, with the majority of residents farming the species. Catfish ponds dominate the landscape. “Sixty percent of Indramayu’s 200 hectares of catfish ponds are in Losarang sub-district,” said Thalib, the village head.

The technology and knowledge has spread throughout the area, and Prasetyo’s success story has drawn fishermen from other villages to learn about eFishery.

“This is what Member Nations want. This is what this project is designed for,” said Aziz Elbehri, senior economist at the UN’s Food and Agriculture Organization’s Regional Office in Bangkok, who leads the 1,000 Digital Villages Initiative (DVI) for Asia and Pacific.

A global initiative inspired by FAO’s Director-General Mr QU Dongyu, the DVI is being piloted in the Asia-Pacific region. Soge village is among many being showcased and sharing its advancements with other villages and areas in Asia and the Pacific, as well as other regions of the world.

“A successful undertaking in one village should be copied, or in popular terms, replicated to other villages. And this is what is happening here now,” Elbehri told IPS as he and his FAO team visited Soge village on 26 May.

“Indonesia is one of the success stories,” Elbehri said, pointing out several female catfish farmers who joined his visit. As eFishery is a national innovation, the project is also driving national excellence, he added.

Challenges remain

Catfish farming is not without challenges. Mardiah, 52, has been farming the species for 26 years. “Sometimes we go through lack of water during prolonged drought, which has caused many of our catfish to die. At other times, we get flooded during heavy rainfall and our ponds are destroyed,” he told IPS, adding that farmers can do little about such natural occurrences. Disease is another serious threat.

But what gives farmers their largest headache is the soaring price of catfish food. “More and more people make fish ponds, while catfish food production remain the same. This make its price soar,” Mardiah said.

Head of the Indramayu Fishery and Marine Office, Edi Umaedi, told IPS that fish ponds cover 560 hectares in his area, more than half of it is used for catfish farming. Last year, Indramayu’s catfish production reached 85,000 tons.

Setting up the business is not difficult, added Umaedi, and farmers prefer it because unlike rice, catfish can endure a water shortage and do not require irrigation. “Fish ponds, particularly catfish ponds, do not need a vast amount of land. One pond of 100 or 200 square metres is enough to farm catfish.”

To date, FAO and IPB have established eFishery in 30 villages in West Java and there are plans to expand to other Indonesian provinces.

© Inter Press Service (2022) — All Rights ReservedOriginal source: Inter Press Service

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Overturning of Roe v Wade abortion law a ‘huge blow to women’s human rights’ warns Bachelet — Global Issues

The widely anticipated Supreme Court decision, by six votes to three, was made in the specific case of Dobbs v Jackson Women’s Health, and Michelle Bachelet said in a statement that it represents a “major setback” for sexual and reproductive health across the US.

The historic decision returns all questions of legality and access to abortion, to the individual states.

Reacting earlier to the US ruling, without making specific reference to it, the UN sexual and reproductive health agency (UNFPA) and the World Health Organization (WHO) noted that a staggering 45 per cent of all abortions around the world, are unsafe, making the procedure a leading cause of maternal death.

The agencies said it was inevitable that more women will die, as restrictions by national or regional governments increase.

Restrictions, ineffective

“Whether abortion is legal or not, it happens all too often. Data show that restricting access to abortion does not prevent people from seeking abortion, it simply makes it more deadly”, UNFPA highlighted.

According to the agencies’ 2022 State of World Population report, nearly half of all pregnancies worldwide are unintended, and over 60 per cent of these may end in abortion.

UNFPA said that it feared that more unsafe abortions will occur around the world if access becomes more restricted.

“Decisions reversing progress gained have a wider impact on the rights and choices of women and adolescents everywhere”, the agency emphasized.

WHO echoed the message on their official Twitter account, reminding that removing barriers to abortion “protects women’s lives, health and human rights”.

© WHO

Restrictions to abortions are more likely to drive women and girls towards unsafe procedures.

An attack on women’s autonomy

Ms. Bachelet further reminded that access to safe, legal and effective abortion is firmly rooted in international human right law and is at the core of women and girls’ autonomy, and ability to make their own choices about their bodies and lives, free of discrimination, violence and coercion.

This decision strips such autonomy from millions of women in the US, in particular those with low incomes and those belonging to racial and ethnic minorities, to the detriment of their fundamental rights”, she warned.

The rights chief highlighted that the decision came after more than 50 countries with previously restrictive laws have liberalized their abortion legislation over the past 25 years.

With today’s ruling, the US is regrettably moving away from this progressive trend”, she said.

Meanwhile, the UN agency, UN Women, cautioned in another statement that the ability of women to control what happens to their own bodies, is also associated with the roles women are able to play in society, whether as a member of the family, the workforce, or government. 

Countries’ responsibilities

The 1994 Programme of Action of the International Conference on Population and Development (ICPD), signed by 179 countries including the United States, recognized how deadly unsafe abortions are, and urged all countries to provide post-abortion care to save lives, irrespective of the legal status of abortion.

The document – resulting from a high-level meeting in Cairo, Egypt—also highlighted that all people should be able to access quality information about their reproductive health and contraceptives.

UNFPA, as the custodian of the Programme of Action, advocates for the right of all couples and individuals to decide freely and responsibly the number, spacing and timing of their children and to have the information and means to do so.

The agency also warned that if unsafe abortions continue, Sustainable Development Goal 3, related to maternal health, to which all UN Member States have committed, will be at risk of not being met.



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Axie Infinity to compensate Ronin exploit victims and relaunch bridge

Sky Mavis, the creator of the play-to-earn game Axie Infinity, announced that it will reimburse victims of the Ronin bridge hack and reopen the bridge next week.

In March, hackers stole more than $620 million in the heist, which included roughly 17,600 Ether (ETH) and 25.5 million USDC tokens. According to a Bloomberg report on Friday, Once the bridge reopens on June 28, users will be able to withdraw one ETH for each one they possessed before the attack.

In April, Cointelegraph reported that Sky Mavis closed $150 million in fresh capital led by Binance to refund hack victims. Animoca Brands,16z, Dialectic, Paradigm, and Accel were among the investors during the funding round.

The hacker moved the stolen assets around soon after the breach, using TornadoCash to conceal their activities. This is a significant issue for the decentralized finance (DeFi) industry, which has suffered more than $1.22 billion in losses thus far this year.

The Ronin hack was one of the most notable events in recent memory, causing tremors throughout the cryptocurrency industry. Despite this, the Ronin blockchain was not deterred in its mission to achieve significant milestones.

In early June, the blockchain surpassed $4 billion in all-time nonfungible token (NFT) sales volumes, and it remains popular as a digital collectible network. In terms of all-time NFT sales volumes, it is second only to Ethereum. It beats Solana, Flow, Polygon, and WAX, among many others.

Related: Breaking: Harmony’s Horizon Bridge hacked for $100M

Hacks, rug-pulls, and protocol flaws are all common within the cryptocurrency industry. It appears like not a single day goes by without news of another hacking. On Friday, Cointelegraph reported that the Horizon Bridge to the Harmony layer-1 blockchain had been exploited for $100 million in altcoins being swapped for Ether. According to Immunefi, cybercrime losses reached $10.2 billion in 2021.



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How the “How to Murder Your Husband” Author Murdered Her Husband

In her 2011 essay “How to Murder Your Husband,” romantic-thriller author Nancy Crampton Brophy listed five possible reasons why a wife might kill her spouse.

No. 1 was money. The next, she wrote, he’s a “lying, cheating bastard.” Third option, she continued, he “fell in love with someone else.” Fourth, as she put it, was “abuser.” And lastly, Nancy wrote, “It’s your profession,” as in you “possess both skill and knowledge” and “have the moral ambiguity necessary to carry it off.”

Prosecutors said No. 1 was the motive for Nancy when she shot and killed her husband of 27 years, Daniel Brophy, in 2018. And was it, ultimately, her profession?

“I spend a lot of time thinking about murder and, consequently, about police procedure,” Nancy, a self-published novelist, wrote in her now infamous essay. “After all, if the murder is supposed to set me free, I certainly don’t want to spend any time in jail.”

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Man United miss out once more as Crystal Palace strike Ebiowei deal



Crystal Palace are on the verge of closing a deal for the club’s 2nd signing of the summer, according to reports.

The player in line to take his talents to Selhurst Park ahead of next season? Malcolm Ebiowei.

For those not aware, teenage talent Ebiowei piqued the attentions of a whole host of Premier League clubs this summer, owing to his performances in the Championship last time out.

After being afforded his senior bow by Derby County boss Wayne Rooney in February, the gifted attacker quickly took the Championship by storm, shining en route to an eventual 16 appearances in England’s 2nd tier.

Manchester United were one such club understood to have been keen on landing Ebiowei over the coming weeks, viewing the 18-year-old as a potential star in the making.

As alluded to above, though, on Friday, the Red Devils’ pursuit of Ebiowei has been brought to a definitive end.

This comes with the aforementioned Crystal Palace, as per widespread reports, having completed the necessary paperwork to bring the former England youth international to south London.

Derby, for their part, will receive a compensation fee as part of the deal, with Ebiowei set to put pen to paper on a contract through the summer of 2027.

Doucoure incoming?

Patrick Vieira’s Palace, though, appear far from ready to rest on their laurels.

With deals for both Ebiowei and Sam Johnstone secured, the Eagles are top understood to be inching towards an agreement with RC Lens for highly-regarded midfielder Cheick Doucoure.


 

Friday’s transfer rumours: Eriksen, Gnabry, Bellerin, Son, Ronaldo, De Ligt and more

Chelsea owner Todd Boehly set to ‘make personal intervention’ over Reece James’ future

 




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What Did Roe v. Wade Say?

By a 7-to-2 vote, the Supreme Court in Roe v. Wade in 1973 established a constitutional right to abortion, striking down laws in many states that had banned the procedure. The court said states could not ban abortions before fetal viability, the point at which the fetus can survive outside the womb. That was around 28 weeks at the time; because of improvements in medical technology, it is around 23 weeks now.

The decision was widely criticized, including by people who supported access to abortion as a policy matter.

Justice Ruth Bader Ginsburg, a strong supporter of abortion rights who died in 2020, expressed qualms about Roe over the years.

“The court bit off more than it could chew,” she said in 2009, for instance, in remarks after a speech at Princeton University. It would have been enough, she said, to strike down the extremely restrictive Texas law at issue in Roe and leave further questions for later cases.

“The legislatures all over the United States were moving on this question,” she added. “The law was in a state of flux.”

Roe shut those developments down, she said, creating a backlash.

“The Supreme Court’s decision was a perfect rallying point for people who disagreed with the notion that it should be a woman’s choice,” Justice Ginsburg said. “They could, instead of fighting in the trenches legislature by legislature, go after this decision by unelected judges.”

The decision also came under withering criticism from some liberal law professors.

“What is frightening about Roe is that this super-protected right is not inferable from the language of the Constitution, the framers’ thinking respecting the specific problem in issue, any general value derivable from the provisions they included, or the nation’s governmental structure,” John Hart Ely, a prominent constitutional scholar, wrote in 1973 in The Yale Law Journal.

Professor Ely, who died in 2003, wrote that the Roe decision was untenable as a matter of intellectually honest jurisprudence.

“It is not constitutional law,” he said of the decision, “and gives almost no sense of an obligation to try to be.”

Roe established a framework for governing abortion regulation based on the trimesters of pregnancy. In the first trimester, it allowed almost no regulations. In the second, it allowed regulations to protect women’s health. In the third, it allowed states to ban abortions so long as exceptions were made to protect the life and health of the mother.

The court discarded the trimester framework in 1992 in Planned Parenthood v. Casey. But Casey retained what it called Roe’s “essential holding” — that women have a constitutional right to terminate their pregnancies until fetal viability.

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UN plan calls for real progress towards ending internal displacement crisis — Global Issues

The plan outlines 31 commitments by the UN system to better resolve, prevent and address internal displacement, and calls for action from countries, international financial institutions, the private sector, and others. 

“Let me be clear: the duty to end displacement lies first and foremost with governments.  However, we all have a responsibility to act,” Mr. Guterres said in a video message. 

Nearly 60 million uprooted 

The Action Agenda builds on a 2021 report by a high-level panel convened by the Secretary-General to identify concrete recommendations towards solving the internal displacement crisis. 

Last year, a record 59.1 million people were displaced within their countries, or four million more than in 2020, the International Organization for Migration (IOM) reported in May, citing the latest Global Report on Internal Displacement (GRID). 

Many have been uprooted for years, or even decades, and often multiple times.  Others have been forced to flee more recently.  

“In just three months, the war in Ukraine drove 13 million people out of their homes and communities, nearly two-thirds of whom remain in Ukraine,” the UN chief said.  

Video player

Fundamental change needed 

The Action Agenda calls for the UN and partners to make fundamental changes to how they work together if real progress is to be achieved. Or, as the UN chief stated in the report “more of the same is not good enough.” 

The three key objectives are to help internally displaced persons (IDPs) find durable solutions, to better prevent future displacement crises, and ensure stronger protection and assistance for those currently facing displacement.  

Some of the UN’s commitments include stepping up efforts to ensure greater inclusion of IDPs, as well as local community members, in decision-making on solutions.  

The UN also will address displacement more systematically under its work on climate change, and will work with national and local authorities to ensure displacement is part of disaster-risk reduction policies and plans. 

Ease the suffering 

The three goals are interlinked, as explained in the report. No solution is sustainable if another crisis is looming. No assistance will be sufficient if underlying drivers remain unresolved, and prevention cannot succeed if past crises have not been addressed. 

“The plight of internally displaced persons is more than a humanitarian issue,” said the Secretary-General. “It takes an integrated approach – combining development, peacebuilding, human rights, climate action and disaster risk reduction efforts.” 

He urged partners to support the UN in driving forward change, saying “together, we can ease human suffering and deliver a better future for internally displaced persons around the world.” 

 



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Xbox Series X/S Outselling PS5 In Japan As Sony Hammered By Supply Issues

Xbox is outselling the PS5 in Japan as Sony struggles with supply issues.

According to Famitsu, the Xbox Series console family sold 6,695 units during the period June 13-19, which eclipses PS5’s 3,035 sales. While Sony remains far ahead of Xbox in terms of Japanese sales overall, this marks the second time this generation that weekly sales have been significantly in Microsoft’s favour.

Last month, Famitsu reported that Microsoft managed to sell 6,120 Xbox Series S units in the week May 9-15, with an additional 105 Xbox Series X consoles also sold in the same period. The PS5 managed to shift just 2,963 units, placing it well behind.

It’s thought that Sony is currently suffering PS5 shortages on the back of supply chain issues. IGN Japan staff report that it’s simply more difficult to find a PS5 in Japan, and that Xbox consoles – particularly the Series S – are much easier to come by.

This is a huge milestone for Microsoft, which has historically struggled in Japan. To put it into perspective, last year the Xbox Series X/S was lucky to get 3,000 sales combined, but with supply chain issues hammering Sony’s PS5 sales numbers, Xbox is capitalizing on its absence from the market.

But this is, unfortunately, likely to be a temporary boost for Microsoft. By comparison, the PS5 sold 12,440 units the week before this new milestone, with the Xbox Series consoles only managing to shift a combined total of 6,242 units. That’s not exactly a sign that Xbox is completely turning things around in the region.

It does looks as though Xbox is benefitting from Sony’s supply chain issues, then, albeit temporarily. The figures don’t mean that Sony is losing its foothold in the region, as lifetime sales show a reasonably healthy uptake of the PS5 in Japan. Since launch, Famitsu reports that the PS5 has sold a massive 1.69 million consoles, while the Xbox Series has sold just 232,000 units – a marked difference. And don’t even bother comparing these to the Nintendo Switch, which has shifted a colossal 24.7 million units across all versions.

Ryan Leston is an entertainment journalist and film critic for IGN. You can follow him on Twitter.



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What it could mean for crypto

These are fraught times for the cryptocurrency and blockchain sector, so it isn’t surprising that industry proponents might seize upon any promising news to help charge flagging markets. A Reuters report out of Uganda last week about a massive gold ore discovery supplied just this kind of fuel.

What does the state of gold mining in Africa have to do with the price of global Bitcoin (BTC)? Quite a bit, potentially.

Bitcoin has periodically laid claim to being digital gold largely on the strength of its strict 21 million supply limit, which makes it non-inflationary and a good store of value — in theory. Gold, of course, is the store of value par excellence, with a limited supply and a solid track record that goes back millennia.

But, if Uganda is sitting on 31 million metric tons of gold ore, as the government declared, might not that substantially boost the world’s gold supply? That in turn could lower the price of gold — and make it a less secure “store of value” generally. Gold’s loss could be the cryptocurrency’s gain.

Some drew encouragement from this notion. Microstrategies CEO Michael Saylor, for instance, posted a video on Twitter about the Ugandan discovery of “huge gold deposits” which might net 320,158 metric tons of refined gold “valued at $12.8 trillion.” As Saylor noted on June 17: “#Gold is plentiful. #Bitcoin is scarce,” further telling CNBC:

“Every commodity in the world has looked good in a hyperinflationary environment, but the dirty secret is you can make more oil, you can make more silver, you can make more gold […] Bitcoin’s the only thing that looks like a commodity that is scarce and capped.”

But, perhaps there is less here than meets the eye. The 320,158 metric tons of refined gold that the Ugandan mining ministry spokesman said could be produced from the new deposits in the country’s northeastern corner would far exceed the 200,000 metric tons in above-ground gold that exist in the entire world today. One gold mining trade publication went so far as to suggest the Ugandan government may have been confusing metric tons with ounces in its projections. 

Recent: How blockchain can open up energy markets: EU DLT expert explains

The World Gold Council was asked for comment about the Uganda discovery and the plausibility of its numbers. The Council doesn’t typically comment on media reports of gold discoveries, a spokesperson told Cointelgraph, but added:

“In the absence of formal ore reserve/resource declarations, we would not expect these ‘discoveries’ to contribute materially to mine supply in the foreseeable future.”

But, to the larger issue, Saylor may have a point. The fact is that more gold can always be mined, whether in Uganda or somewhere else, especially with advances in surveying and mining technologies, including aerial exploration. And, if so, doesn’t this make Bitcoin, with its strict 21 million BTC limit, look non-inflationary by comparison — and a potentially better store of value?

Garrick Hileman, head of research at Blockchain.com, told Cointelegraph:

“The Ugandan find underscores why the approximately 200 million holders of Bitcoin believe that ‘digital gold’ — Bitcoin — is superior to actual gold in terms of its scarcity and reliability as a store of value in the decades to come.”

As was the case with other major gold discoveries in history, like the 19th century South African gold rush, the introduction of this much new gold — or even just growing awareness of the Ugandan find — “could have significant negative price implications for gold over the coming years,” Hileman said. 

Not all agree with this assessment, however. “People label Bitcoin as ‘digital gold’ because it was considered a hedging asset, especially against the stock market. This has not been true at least for the last three years,” Eshwar Venugopal, assistant professor in the department of finance at the University of Central Florida, told Cointelegraph.

The increasing participation of institutional investors means BTC is now more correlated with risky assets like equities, whereas a store-of-value instrument should be uncorrelated with the stock market. Added Venugopal:

“When institutional investors enter such markets, their usual trading stop-loss limits apply and assets in their portfolio and by extension the market become positively correlated with each other. The fact that Bitcoin is bought and sold just like any other risky asset undermines the ‘digital gold’ tag given to it.”

In point of fact, “it is clear that the majority of investors do not see Bitcoin as digital gold yet,” Ferdinando Ametrano, founder and CEO of CheckSig — and a founder of the Digital Gold Institute — told Cointelegraph. 

Rwenzori mountains in Uganda.

Meanwhile, Bitcoin is not governed by any entity or a third party and hence is subject to price swings purely based on how the market prices it, Vijay Ayyar, vice president of corporate development and International at Luno, told Cointelegraph. This means that it probably has to go through a significant maturation before it ever becomes “digital gold.” As Ayyar further explained:

“Any new monetary asset undergoes a process of monetization through which it becomes more widely regarded as a store of value as a first step. This process could take another 5–10 years even. Gold has been around for thousands of years. Hence, while Bitcoin has all the properties of potentially replacing gold, this may still take some time.”

The Bitcoin network has been in operation for a little more than 10 years and market penetration is still less than 1% globally, Ayyer added — though others believe global adoption rates are higher. In any event, “Bitcoin penetration needs to get higher levels as a first step.”

Are the numbers plausible?

As mentioned, the numbers put out by the Ugandan mining ministry drew some skepticism. Generally speaking, gold has survived as a store of value over the millennia because it is durable, scarce and difficult to mine. A great deal of gold ore is required to produce a single gram of refined gold.

Typically, a high-quality underground gold mine will yield 8 to 10 grams of refined gold per metric ton of gold ore, according to the World Gold Council, while a marginal quality mine generates 4 to 6 grams per metric ton. If one settles on a rough average of 7 grams of refined gold per metric ton of gold ore, this means Uganda’s mines will generate about 217 metric ton of refined gold, a far cry from the 320,158 metric tons of refined gold that Solomon Muyita, spokesperson from Uganda’s Ministry of Energy and Mineral Development, told Reuters could be produced by the country’s new discovery. The addition of 217 metric tons would raise the world’s stock of “above-ground” refined gold by only about one-tenth of one percent.

All this has only an indirect bearing on the Bitcoin “digital gold” question, which Venugopal, among others, acknowledges is a difficult one. As with fiat currencies, “Bitcoin’s value comes from adoption and users’ faith in the system,” he said. Before Bitcoin can be a store of value, it requires a user base comparable to that of a large fiat currency, in his view, adding:

“I see Bitcoin becoming a risk asset but not as a ubiquitous store of value because it is volatile, highly inefficient to mint and challenges sovereignty.” 

In fact, Venugopal views Bitcoin more “as an experiment to show what is possible and spur innovation.” It has accomplished this, but he expects a more “efficient” cryptocurrency to eventually emerge and supplant it, or perhaps a central bank digital currency. 

Ayyer agrees that BTC’s recent price volatility hasn’t brought it any closer to achieving “digital gold” status. “Bitcoin has never existed under circumstances we’re currently witnessing and hence this is definitely a test for the asset class as a whole.”

Recent: Crisis in crypto lending shines light on industry vulnerabilities

Elsewhere, Hileman is more optimistic. Technologically, Bitcoin simply offers more than a commodity like gold can ever deliver in the long run as an SoV. “Algorithmically deterministic supply schedules such as Bitcoin’s hold a big predictability edge over gold.” And predictability is critical for “taming” exchange rate volatility, which must be subdued “for something to evolve from serving as a ‘store of value’ to actual ‘money,’” Hileman said.

And, while relatively few people view Bitcoin as a store of value today, things need not remain that way. “At the burst of the dot-com bubble, Amazon lost 90% of its value because most investors did not understand how pervasive e-commerce would become,” commented Ametrano. Blockchain technology may be similarly under-appreciated today, he added, referencing economist Paul Krugman’s 1998 prediction that the internet would prove less relevant than the fax machine.

Sometimes intelligent people simply don’t know.



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Zomato to Acquire Blinkit’s Blink Commerce in Rs. 4,447 Crore Deal

Online food delivery platform Zomato on Friday said it will acquire Blink Commerce (formerly known as Grofers India) for a total purchase consideration of Rs 4,447.48 crore in a share swap deal.
The company’s board at a meeting held on Friday has approved acquisition of up to 33,018 equity shares of Blink Commerce from its shareholders for a total purchase consideration of Rs 4,447.48 crore at a price of Rs 13.45 lakh per equity share, Zomato said in a regulatory filing.

This transaction will be carried out through issuance and allotment of up to 62.85 crore fully paid-up equity shares of Zomato, having face value of Re 1 each at a price of Rs 70.76 per equity share, it added.

The company already holds 1 equity share and 3,248 preference shares presently in BCPL, the filing said.

“This acquisition is in line with our strategy of investing in the quick commerce business,” Zomato said.

Blink Commerce runs the online quick commerce service under the Blinkit brand.


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