Farmers are switching to stablecoins

Key Points

• IBM announced the development of Starling, the world's first large-scale, fault-tolerant quantum computer, set to launch by 2029.
• Starling will perform 20,000 more operations than current quantum computers and will be housed in IBM’s new quantum data center in upstate New York.
• The computer will use a new error correction code called qLDPC, allowing for efficient scaling with fewer qubits compared to competitors like Google’s surface code.
• IBM’s advancement is seen as a significant step in quantum computing, with industry experts predicting useful quantum computers within five years.
• Competitors such as Amazon, Google, and Microsoft are also making strides in quantum computing, intensifying the race in this burgeoning market.

Summary

IBM has unveiled plans to build Starling, the world’s first large-scale, fault-tolerant quantum computer, expected to launch by 2029. Set to be housed in a new quantum data center in upstate New York, Starling will perform 20,000 more operations than existing quantum systems and tackle complex tasks like drug discovery and financial risk analysis without the errors that currently hinder quantum technology. IBM’s innovation includes a new error correction code, qLDPC, which is more efficient than competitors’ methods, such as Google’s surface code, enabling better scalability with fewer qubits. This announcement follows a surge in IBM’s stock, which hit an all-time high, reflecting a 60% increase over the past year. Meanwhile, tech giants like Amazon, Google, and Microsoft are also advancing in the quantum computing space, with recent chip releases intensifying competition. Industry analysts view IBM’s development as a major milestone, with the quantum market projected to reach $8.6 billion by 2028. Experts suggest useful quantum computers could emerge within five years, despite earlier skepticism from figures like Nvidia’s CEO. IBM’s progress with Starling marks a pivotal shift from incremental breakthroughs to a comprehensive, scalable quantum system, potentially reshaping fields reliant on complex problem-solving.

Key Points

• US oil production is expected to increase in 2023 and 2024, with significant growth from the Gulf of Mexico, contributing 300,000 barrels of new daily output this year and 250,000 next year.
• The Gulf's resurgence contrasts with declining shale production due to falling crude prices, with major projects by Chevron, Shell, and BP driving output despite shale cutbacks.
• Innovations in offshore technology and cost reduction, such as simpler structures and tiebacks to existing platforms, have made Gulf projects more resilient to low oil prices.
• Challenges remain as the Gulf lacks major new discoveries since 2017, though technological advancements are unlocking difficult reserves like Chevron’s high-pressure Anchor field.
• Trump’s policies and the National Energy Dominance Council aim to boost US oil production, particularly in the Gulf, despite global trade and OPEC+ pressures impacting prices.

Summary

US oil production is set to grow in 2023 and 2024, driven unexpectedly by the Gulf of Mexico rather than shale, as crude prices decline. The Gulf, dubbed the "Gulf of America" by President Trump, will add 300,000 barrels of daily output this year and 250,000 next year, accounting for significant portions of US growth, according to Wood Mackenzie. This marks a revival for the region, previously overshadowed by shale booms and setbacks like the Deepwater Horizon spill. While shale drillers cut back due to low prices, major Gulf projects by Chevron, Shell, and BP are coming online, bolstered by cost-effective innovations like simpler designs and tiebacks to existing platforms. Chevron’s production is set to rise 50% by 2026, while Shell and BP plan significant expansions. Trump’s administration supports this growth through policies and a new National Energy Dominance Council, though global trade tensions and OPEC+ supply increases challenge price stability. Despite technological advances unlocking tough reserves, the Gulf faces limits with no major discoveries since 2017, raising questions about long-term sustainability.

Key Points

• Paraguay's President Santiago Peña's personal X account posted a claim that Bitcoin was recognized as legal tender and a $5 million BTC reserve was established, but the post was later removed.
• The official government account on X urged followers to disregard unconfirmed content and stated they are working with the platform to clarify the situation.
• This incident follows a trend of hackers using social media to spread false cryptocurrency-related information, as seen in past cases involving high-profile accounts.
• Some Central and South American countries are considering Bitcoin adoption, inspired by El Salvador's 2021 recognition of cryptocurrency as legal tender.

Summary

Paraguay's President Santiago Peña's personal X account recently posted a claim that the country had recognized Bitcoin as legal tender and established a $5 million BTC reserve, even providing a wallet address for investors. However, the post was quickly removed, and the official government account on X urged followers to ignore unconfirmed content, emphasizing that only information from official channels should be trusted. The president's office is collaborating with the social media platform to address the situation. This incident reflects a broader pattern of hackers exploiting platforms like X to spread cryptocurrency scams, as seen in past breaches of accounts belonging to figures like Indian Prime Minister Narendra Modi and the U.S. Securities and Exchange Commission. Meanwhile, some Central and South American nations are reportedly considering Bitcoin adoption, following El Salvador's 2021 move to recognize cryptocurrency as legal tender, though its legal status remains ambiguous after a recent IMF deal. The event underscores the challenges of misinformation in the crypto space and the importance of verifying information through official sources.