Over the past few months, a lot of “hopeful” and praise-heaping reports have been describing the emergence of the so-called bitcoin. It is hailed as a possible new world currency and superlatives abound.
I won’t go into my doubts about its technical set-up other than to say that, just like the electronic signature, it is a computer/electronic record (a file) and as such, it is just as easily decoded, copied and more significantly, deleted.
What also makes me wary about it is the fact that neither the US nor the European Union have made any effort to regulate it or quash it.
There are two points. First, how are they going to collect it, since all “sales” take place on the internet? More importantly, how is the bitcoin (currency) created? Who issues it and who has been entrusted with authenticating it? Obviously, there is neither a mint, nor a printing press, but somebody is creating those “files” on a computer and releasing them into the “market”. This would also imply that the same somebody is selling these “coins” to people who are buying them with real money, or worse, exchanging them for something of value.
Secondly, the bitcoin “advertising” claims – as one of the positives – that there is no centralised control, which clearly doesn’t make sense, because any currency without intrinsic value needs to have at least a plausible guarantor. And even if I could overlook the fakeness of the whole idea, there would still be a need for some transaction accounting and also a way to verify the validity and ownership of bitcoins being accepted as payment.
Fred Nicholson, UK
Article on Nepal refreshing
I refer to the Opinion article By underpricing its scenery, Nepal sells itself short, (November 7) by Tion Kwa. The article was really moving. I hope you’ll have deeper insight about my country in coming days.
Arun Budhathoki, Canada
Where are the mercenaries now?
The article US mercenary business booms, as expert warns UN over ‘dogs of war’ activity (November 5) is an important one.
The Blackwater team had to leave the US in past years. I wonder if there are still mercenaries somewhere in the world. If so, where?
Name withheld by request
Sky is the limit for India, but...
I am commenting on the news report of the successful launch of the Mars mission by India (India Mars mission lifts off, November 6).
India is a developing country and all Indians want to see it progress. Such missions will boost the morale of the public and raise hopes of the younger generation. Space missions like these should be hailed, but then India needs to focus equally on other areas. For instance, it needs to first stabilise its economy, control corruption and ensure that all the basic facilities are available to its citizens.
Cyrus M, Abu Dhabi
It’s true that it is difficult to justify expenditure on prestige projects while poverty exists, but as the saying goes: “The poor will always be with you.”
The only possible justification must be further advances in the scientific exploration of space and a commitment to furthering human knowledge, something that Nasa has been doing magnificently for several decades.
Until we see detailed descriptions of the scientific objectives and assertions of their quality in India’s press releases, instead of mere bragging about having got a rocket off the ground, India’s poor will be justified in viewing the launch as the moral equivalent of having a Lamborghini on the driveway.
Nick Capri, Abu Dhabi
Why my son can’t play on the grass
I refer to the article Residents’ plea to developer over ‘sewage stench’ in Dubai neighbourhood (November 5).
I live in the Gardens and do not allow my son to play outside, especially on the grass, because judging by the smell, the waste water being used to irrigate the greenery is probably just barely treated before being used for irrigation.
It can’t possibly be a healthy environment for kids and families, which is a shame because the community and the landscaping are one of the most beautiful in Dubai.
Name withheld by request
More from Rashmee Roshan Lall
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Five personal finance podcasts from The National
To help you get started, tune into these Pocketful of Dirham episodes
·
Balance is essential to happiness, health and wealth
·
What is a portfolio stress test?
·
What are NFTs and why are auction houses interested?
·
How gamers are getting rich by earning cryptocurrencies
·
Should you buy or rent a home in the UAE?
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
RESULTS
6pm: Al Maktoum Challenge Round-2 – Group 1 (PA) $55,000 (Dirt) 1,900m
Winner: Rajeh, Antonio Fresu (jockey), Musabah Al Muhairi (trainer)
6.35pm: Oud Metha Stakes – Rated Conditions (TB) $60,000 (D) 1,200m
Winner: Get Back Goldie, William Buick, Doug O’Neill
7.10pm: Jumeirah Classic – Listed (TB) $150,000 (Turf) 1,600m
Winner: Sovereign Prince, James Doyle, Charlie Appleby
7.45pm: Firebreak Stakes – Group 3 (TB) $150,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer
8.20pm: Al Maktoum Challenge Round-2 – Group 2 (TB) $350,000 (D) 1,900m
Winner: Hot Rod Charlie, William Buick, Doug O’Neill
8.55pm: Al Bastakiya Trial – Conditions (TB) $60,000 (D) 1,900m
Winner: Withering, Adrie de Vries, Fawzi Nass
9.30pm: Balanchine – Group 2 (TB) $180,000 (T) 1,800m
Winner: Creative Flair, William Buick, Charlie Appleby
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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