Here is a little education for the crypto faithfuls:Stocks are claims on future streams of corporate dividend and that’s why stock prices go up or down according to corporate profitability. Yes, if the underlying company is a scam that never produces any profit, its stock prices go to zero. And many of them have indeed become zero. Those who buy stocks always treat them as a means to the end—getting more dollars or euros or whatever legal tenders. Only fools believe that stocks will become a currency in one day. Get the differences? Finally, some invoke hyperinflation or Zimbabwe as a justification for cryptos. Come on: you are better off owning a cow than holding cryptos in hyperinflation—cows give milk or become beef. What’s the use of cryptos?
$Facebook(FB)$ The Monetary Authority of Singapore (MAS), which regulates one of the most trusted and secure financial hubs, announced on Friday (Oct 1) that it will launch a data and information-sharing platform, named Cosmic, to prevent money laundering, terrorism funding and proliferation financing.The Cosmic platform has been co-created by MAS and six major commercial banks in Singapore - DBS, OCBC, UOB, Standard Chartered, Citibank and HSBC.Facebook was left behind.Straits Times