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Norwegian Mining Company Launches First Asset-Backed ICO

Norwegian Mining Company Launches First Asset-Backed ICO

While the world debates whether blockchain-based Initial Coin Offerings are a fraudulent pyramid scheme, meant to take advantage of gullible investors who are desperate to get rich quick, or a revolutionary "post-equity" way of raising capital, a Norwegian mining company, Intex Resources ASA, has taken the next step in the latter, and last week announced it was issuing the world's first asset-backed Initial Coin Offering, with the resulting tokens being exchangeable for the physical collateral.

Iron Ore, Rebar Crash Into Bear Market, Baltic Dry Dead-Cat-Bounce Dies

Iron Ore, Rebar Crash Into Bear Market, Baltic Dry Dead-Cat-Bounce Dies

Real demand for steel in China dropped at least 7% in April from the year before, according to Citigroup’s Tracy Liao estimates, so it should not be a total surprise that the frenzied speculative buying in Iron Ore, Rebar, and various other industrial metals in China has crashed back to reality as volumes plunge, dragging The Baltic Dry Freight Index with it as yet another government-manipulated 'signal' collapses into a miasma of malinvestment and unintended consequences.

China Freight Index Collapses To Fresh Record Low

The Baltic Dry Index has risen for the last few weeks, buoyed by hopes (a la Iron Ore) of a National People's Congress stimulus surge from China. While the scale of the 'bounce' is negligible in real terms compared to the total collapse, it has caused such momentum-muppets as Jim Cramer to proclaim China 'fixed' and investible. So we have one quick question - if everything is awesome, why did the China Containerized Freight Index just crash to new record lows?

It appears BDIY gets over-excited relative to CCFI...