Monday, July 31, 2017

EU Considers Temporarily Preventing Money Withdrawals From Bank Accounts

Reuters reported on 28th July 2017 that it has seen a paper by the Estonian presidency of the EU dated 10th July 2017 which would enable EU states to temporarily stop people taking money from their bank accounts in order to prevent bank runs:

https://www.reuters.com/article/us-eu-banks-deposits-idUSKBN1AD1RS


Saturday, July 29, 2017

USA Money Supply Up to Dec 2016



MZMNA (Money Zero Maturity not adjusted) is a measure of the liquid money supply within an economy. MZM represents M2 less smaller time deposits, plus money market funds.

M3NA (M3 not adjusted) is a measure of money supply that includes all elements of M2 as well as large time deposits, institutional money market funds, and other larger liquid assets. On March 23, 2006, the Federal Reserve Board of Governors ceased publication M3 as it considered that it did not convey additional information beyond 2 figures and that the costs of collecting the data outweighed the benefits.

Source: Federal Reserve Bank of St. Louis, 29 July 2017

Thursday, July 27, 2017

Dash Units

On  27 July 2017 the Dash site stated that there was an estimate of 18.9 million coins that could be created:

https://dashpay.atlassian.net/wiki/display/DOCESP/Specifications

The detailed coin emission schedule indicates that around 50% would be issued by 2021, 90% by 2042:

https://docs.google.com/spreadsheets/d/1RpLd87PTs65sz8USrrXwGRoVGVbzaC-nunErEtGSJoE/edit#gid=0

Tuesday, July 25, 2017

Ether Units

The Ethereum website appears to state that there is no absolute limit but that the rate of increase is limited to an extra 18 million ether per year:

"The total supply of ether and its rate of issuance was decided by the donations gathered on the 2014 presale. The results were roughly:

60 million ether created to contributors of the presale
12 Million (20% of the above) were created to the development fund, most of it going to early contributors and developers and the remaining to the Ethereum Foundation
5 ethers are created every block (roughly 15-17 seconds) to the miner of the block
2-3 ethers are sometimes sent to another miner if they were also able to find a solution but his block wasn't included (called uncle/aunt reward)

Issuance of ether is capped at 18 million ether per year (this number equals 25% of the initial supply). This means that while the absolute issuance is fixed, the relative inflation is decreased every year. In theory if this issuance was kept indefinitely then at some point the rate of new tokens created every year would reach the average amount lost yearly (by misuse, accidental key lost, death of holders etc) and there would reach an equilibrium.

But the rate is not expected to be kept: sometime in 2017 Ethereum will be switched from Proof of Work to a new consensus algorithm under development, called Casper that is expected to be more efficient and require less mining subsidy. The exact method of issuance and which function it will serve is an area of active research, but what can be guaranteed now is that (1) the current maximum is considered a ceiling and the new issuance under casper will not exceed it (and is expected to be much less) and (2) whatever method is ultimately picked to issue, it will be a decentralized smart contract that will not give preferential treatment to any particular group of people and whose purpose is to benefit the overall health and security of the network."

XEM Units

The NEM Technical Reference paper dated 15 May 2015, version 1, states that there is a supply of 8,999,999,999 XEM:

https://www.nem.io/NEM_techRef.pdf

Ripple Units


On 25th July, the Ripple site contained an article published on 16 May 2017 with the following graph which appears to show the number of units levelling out at around 95 billion.  


However, we understand from a Wikipedia article which referred to the XRP Distribution from Ripple Labs retrieved on February 24, 2015 that 100 billion units were created.

Litecoin Units

The Litecoin website stated on 25 July 2017 that:

"Miners are currently awarded with 25 new litecoins per block, an amount which gets halved roughly every 4 years (every 840,000 blocks).  The Litecoin network is therefore scheduled to produce 84 million litecoins, which is 4 times as many currency units as Bitcoin."


Sunday, July 23, 2017

UK Money Supply Up to May 2017

Latest UK Money Supply Growth Up to May 2017


The above M4 figures were taken from the Bank of England's website on 23 July 2017. They cover the period July 2012 to May 2017.

M4 is defined on the Bank of England's website.

We have included the deposits of intermediate other financial corporations. These include central clearing counterparties, mortgage and housing credit corporations, bank holding companies, Securitisation Special Purpose Vehicles (SPVs) etc. The Bank of England argues that these should be excluded.

Bitcoin Units

The Bitcoin site (www.bitcoin.org) stated in the FAQ section on 23 July 2017 that:

"
Bitcoin is unique in that only 21 million bitcoins will ever be created. However, this will never be a limitation because transactions can be denominated in smaller sub-units of a bitcoin, such as bits - there are 1,000,000 bits in 1 bitcoin. Bitcoins can be divided up to 8 decimal places (0.000 000 01) and potentially even smaller units if that is ever required in the future as the average transaction size decreases.
"


Malawi Devalues Currency by 44%

Malawi just devalued its currency - the Kwacha - by 44% against the US$: https://www.african-markets.com/en/news/southern-africa/malawi/mala...