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Does crypto have a central bank? – Quartz Daily Brief – Quartz

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Here’s what you need to know

South Korea has put a satellite into orbit. It is the seventh country in the world to develop a rocket capable of launching a one-ton satellite.

Macau has passed a landmark casino reform. China’s SAR will increase taxes and exercise greater oversight over casinos in the global gaming hub.

The International Rugby League banned trans players. Scotland’s Director for Disability and Inclusion immediately resigned in protest.

A UN group meets to ban nuclear weapons — with no nuclear powers present. Delegates to the Nuclear Ban Treaty are meeting in Vienna this week, hoping to persuade the nuclear powers to join.

Israel will have its fifth election in three years. The governing coalition has decided to dissolve the Knesset and force a new vote.

Twitter board endorses acquisition of Elon Musk The company’s directors unanimously approved the $44 billion sale.

What to look out for

Paramount+ became the latest US streaming service to launch in the UK. At £6.99 ($8.60) a month, the ViacomCBS platform costs the same as Netflix, which has an estimated 14.9 million UK subscribers, and slightly less than the other two most popular platforms, Prime Video and Disney+, both of which are £7.99 requires a monthly subscription.

Available free of charge to subscribers to existing UK film subscription service Sky Cinema, Paramount+ makes for a soft landing in the increasingly crowded field. But is it enough for the home of cult shows like star trek, The Good Fightand South Parkto live long and prosper?

The timing of the start is not the most favorable. Appetite for new subscriptions is low, and as a rise in the cost of living forces Brits to reconsider their spending priorities, video-on-demand services usually end up on the household chopping block.

Is FTX’s Central Bank Crypto?

FTX, the cryptocurrency exchange headed by Sam Bankman-Fried, is effectively the lender of last resort for the struggling crypto industry.

The current “crypto winter” – which we all seem to refer to as the industry bear market – has wiped out $2 trillion, but FTX is determined to bail out select companies. Yesterday, FTX extended a $250 million loan to crypto lender BlockFi, and Bankman-Fried’s Alameda Research extended a revolving line of credit to crypto broker Voyager Digital.

Many have begun to compare Bankman-Fried to financier JP Morgan, who personally bailed out many banks during the 1907 lender of last resort. Crypto fanatics largely despise centralized finance and government intervention, but it’s clear that a lifeline is badly needed during tough times.

The Big Crypto Pendulum

Crypto avoids centralization but needs centralization. Crypto stablecoins are anything but. Read more stories exploring the trickery of cryptocurrency.

🥺 Bitcoin’s largest business owner faces a reckoning…

🧐 …But the richest bitcoin holders know not to use it.

🤕 Global bitcoin crash is only adding to India’s crypto woes…

😃 …But hey, that’s good for the climate!

🥸 College hackers in Kenya convert stolen money into bitcoin…

😳 … But let’s hope they don’t save for retirement with it.

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Surprising discoveries

The Jumbo Floating Restaurant in Hong Kong is pushed away on the water by tugboats.  It is decorated but looks a bit worn.

Image rights: Reuters/Tyrone Siu

The Jumbo Floating Restaurant in Hong Kong was towed out of town in June 2022, a week before it capsized in bad weather.

Jumbo Floating Restaurant capsized. Hong Kong’s iconic restaurant, which was shut down during the pandemic, met a watery sinking in the South China Sea.

The largest freshwater fish of all time has been found in the Mekong. The massive stingray weighs in at 661 pounds (300 kg) and is doing fine.

A Nobel Peace Prize medal was sold for a noble cause. Dmitry Muratov, who received it in 2021, raised over $103 million at auction to help Ukrainian children.

Garlic can be accepted as payment. A Chinese real estate developer hoping to attract buyers counts wheat and garlic among down payments on houses.

Fish fly first class. A salmon farming company in the Faroe Islands has bought a Boeing 757 to ship fish to US customers in less than 24 hours.

Our best wishes for a productive day. Send news, comments, underwater restaurants and garlic coins to [email protected] Reader support makes Quartz available to everyone – become a member. Today’s Daily Brief is brought to you by Julia Malleck, Sofia Lotto Persio, Scott Nover and Susan Howson.

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