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Taurus taps Bank of America and SAP veterans to head European Expansion

By
Paul Ugbede Godwin
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0

Taurus, a leading provider of digital asset infrastructure solutions, has announced the appointment of two senior executives to lead its European expansion. The company has hired Fabrice Croiseaux, former head of innovation at Bank of America, as its chief operating officer for Europe, and Andreas Kubli, former head of digital business at SAP, as its chief commercial officer for Europe.

Croiseaux and Kubli will be responsible for driving Taurus’ growth strategy in the region, as well as overseeing its operations, sales, marketing and partnerships. They will report to Sébastien Dessimoz, co-founder and CEO of Taurus.

Taurus is a Swiss-based company that offers a comprehensive suite of products and services for the secure issuance, management and trading of digital assets. Its solutions are used by some of the largest banks, asset managers and exchanges in Europe and beyond, such as Arab Bank Switzerland, FlowBank, SEBA Bank, Tezos Foundation and Vontobel.

Dessimoz said: “We are delighted to welcome Fabrice and Andreas to our team. They bring a wealth of experience and expertise in the banking and technology sectors, as well as a deep understanding of the European market. Their leadership will be instrumental in accelerating our growth and expanding our footprint in this strategic region.”

Croiseaux said: “I am thrilled to join Taurus at this exciting time in the development of the digital asset industry. Taurus is a pioneer and a leader in this space, with a unique value proposition and a strong vision. I look forward to working with the team and our clients to deliver innovative and secure solutions that meet their needs and expectations.”

Kubli said: “Taurus is a great company with a great culture and a great product portfolio. I am impressed by the quality and diversity of its clients, as well as its track record of innovation and excellence. I am eager to leverage my experience and network to help Taurus grow its business and reputation in Europe and beyond.”

Project Initia emerges from stealth with a pre-seed investment from Binance Labs

Layer 1 project Initia has announced its official launch after receiving a pre-seed funding from Binance Labs, the venture arm of the leading cryptocurrency exchange Binance. Initia is a decentralized protocol that aims to enable cross-chain interoperability and scalability for blockchain applications.

Initia leverages a novel consensus mechanism called Proof-of-Initiation (PoI), which allows validators to initiate new chains and connect them to the Initia network. PoI ensures security, decentralization and efficiency for the network, as well as enabling seamless cross-chain communication and asset transfer.

PoI is based on the idea that users who initiate transactions or smart contracts on the network should have a stake in its outcome and quality. PoI incentivizes users to act in the best interest of the network, as well as to participate in its governance and upgrade processes. PoI also allows for fast and low-cost transactions, as well as high throughput and scalability.

According to the Initia team, the protocol is designed to support various use cases, such as decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, social media and more. Initia also provides developers with a user-friendly platform to create and deploy their own custom chains and applications.

Initia’s vision is to create a truly open and decentralized platform that empowers users, developers and entrepreneurs to create and innovate in the Web 3.0 era. We believe that Initia has the potential to become a leading layer 1 solution that can compete with existing platforms and attract mass adoption.

Initia is designed to be interoperable with other blockchains, such as Ethereum and Binance Smart Chain, through cross-chain bridges and smart contract compatibility. Initia also supports various programming languages and frameworks, such as Solidity, Rust, JavaScript and React, to enable developers to build DApps with ease and flexibility.

Binance Labs, which has backed several prominent blockchain projects such as Polkadot, Avalanche and Band Protocol, has expressed its confidence in Initia’s vision and potential. “We are impressed by the Initia team’s innovative approach to solving the challenges of interoperability and scalability in the blockchain space. We believe that Initia can become a key infrastructure for the future of decentralized applications,” said Wei Zhou, head of Binance Labs.

US SEC will NOT be appealing the court’s decision on Grayscale ETF; USDR stablecoin Depegs

By
Paul Ugbede Godwin
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0

The news that many crypto investors have been waiting for has finally arrived: the U.S. Securities and Exchange Commission (SEC) will not challenge the approval of the Grayscale Bitcoin Trust (GBTC) as the first bitcoin exchange-traded fund (ETF) in the country.

The GBTC is an investment product that allows investors to gain exposure to bitcoin without having to buy, store, or manage the cryptocurrency themselves. It was launched in 2013 by Grayscale Investments, a leading digital asset manager, and is currently the largest and most widely traded bitcoin trust in the world, with over $40 billion in assets under management.

The GBTC operates as a private placement that issues share to accredited investors, who then have to wait for a six-month lockup period before they can sell them on the secondary market. The shares often trade at a premium or discount to the net asset value (NAV) of the trust, depending on the supply and demand dynamics.

This is a huge milestone for the crypto industry, as it opens the door for more institutional and retail investors to access the largest and most popular cryptocurrency in the world. ETFs are investment vehicles that track the performance of an underlying asset or index and can be traded on stock exchanges like any other security. They offer several advantages over buying and holding bitcoin directly, such as lower fees, higher liquidity, tax efficiency, and regulatory compliance.

The approval of the GBTC as an ETF means that the trust will be able to convert its existing shares into ETF shares, which will eliminate the lockup period and the NAV discrepancy. The ETF shares will also be available to all types of investors, regardless of their accreditation status, income, or net worth. This will increase the accessibility and attractiveness of bitcoin as an investment asset, and potentially boost its price and adoption.

The SEC’s decision to not appeal the court’s ruling that granted the GBTC’s ETF status is a clear sign that the regulator is becoming more open and favorable towards crypto innovation. The SEC has been notoriously cautious and skeptical about approving bitcoin ETFs in the past, citing concerns over market manipulation, fraud, custody, liquidity, and investor protection.

However, under the new leadership of Gary Gensler, a former MIT professor who taught courses on blockchain and digital currencies, the SEC seems to be taking a more balanced and nuanced approach to crypto regulation.

The GBTC’s ETF approval is also likely to pave the way for more bitcoin and crypto ETFs in the U.S., as well as other countries that follow the SEC’s lead. Several other companies, such as VanEck, Valkyrie, WisdomTree, and Bitwise, have filed applications for bitcoin ETFs with the SEC, and are hoping to get a green light soon.

Moreover, there are also proposals for ETFs that track other cryptocurrencies, such as Ethereum, Litecoin, polkadot, and Solana, which could further diversify and expand the crypto market. The ETF approval also marks the recognition and legitimization of bitcoin as a mainstream asset class by one of the most influential financial regulators in the world.

The bottom line is that the GBTC’s ETF approval is a historic and positive development for the crypto space, as it marks the recognition and legitimization of bitcoin as a mainstream asset class by one of the most influential financial regulators in the world. It also creates more opportunities and incentives for investors to participate in the crypto economy and could spur more innovation and growth in the sector. The future of crypto looks brighter than ever.

Real USD (USDR) stablecoin Depegs and Price Crashes by 50%

In a shocking turn of events, the Real USD (USDR) stablecoin, which claims to be backed 1:1 by US dollars in a bank account, has lost its peg and plummeted by 50% in value. The USDR token, which launched in July 2023, was supposed to provide a reliable and transparent alternative to other fiat-backed stablecoins, such as USDT and USDC.

However, on October 12, 2023, the USDR team announced that they had encountered “technical difficulties” with their bank partner and that they were unable to redeem USDR tokens for USD at the promised rate. The announcement triggered a massive sell-off of USDR tokens on various exchanges, causing the price to drop from $1 to $0.5 in a matter of hours. The USDR team has not provided any further updates or explanations since then, leaving many investors and users in the dark about the fate of their funds.

The USDR debacle is yet another reminder of the risks and challenges associated with fiat-backed stablecoins. Unlike decentralized stablecoins, such as DAI or UST, which are backed by crypto assets and governed by smart contracts, fiat-backed stablecoins rely on centralized entities and intermediaries to maintain their peg and solvency.

These entities and intermediaries are subject to regulatory scrutiny, operational failures, security breaches, fraud, and corruption, which can jeopardize the stability and trustworthiness of the stablecoins they issue. Moreover, fiat-backed stablecoins often lack transparency and auditability, making it hard for users to verify that the stablecoins are actually backed by sufficient reserves of fiat currency.

A shocking incident occurred on the decentralized exchange Uniswap, where a user lost all their money in a single transaction. The user, who goes by the name of CryptoDude, had swapped what had been $131,350 in USDR for $0 in USDC, effectively burning their entire balance.

How did this happen? According to CryptoDude, they were trying to swap USDR, a stablecoin pegged to the US dollar, for USDC, another stablecoin with the same value. They had entered the amount of USDR they wanted to swap and clicked on the “swap” button. However, they did not notice that the exchange rate was extremely unfavorable: 1 USDR was worth 0 USDC. This meant that they would receive nothing in return for their swap.

CryptoDude claims that they did not see any warning or confirmation message before the transaction was executed. They also say that they did not check the exchange rate or the transaction details before confirming. They only realized their mistake when they saw their balance drop to zero.

CryptoDude blames Uniswap for allowing such a transaction to go through without any safeguards or alerts. They also accuse Uniswap of manipulating the exchange rate to trick unsuspecting users. They have filed a complaint with the Uniswap team and demanded a full refund of their lost funds.

Uniswap, on the other hand, denies any responsibility for the incident. They say that CryptoDude was solely responsible for their own actions and that they should have checked the exchange rate and the transaction details before confirming. They also say that Uniswap is a decentralized platform that does not control or influence the market prices of any tokens. They claim that the exchange rate of USDR and USDC was determined by supply and demand and that there was no manipulation involved.

Uniswap also points out that CryptoDude could have avoided the loss if they had used a limit order instead of a market order. A limit order allows users to set a maximum or minimum price for their swap, which prevents them from executing transactions at unfavorable rates. A market order, on the other hand, executes transactions at the current market price, regardless of how high or low it is.

Uniswap says that they have no obligation to refund CryptoDude and that they have no way of reversing the transaction anyway. They advise CryptoDude to be more careful and diligent in the future and to use limit orders whenever possible.

The USDR case also highlights the importance of due diligence and research before investing or using any stablecoin. Users should not blindly trust the claims and promises of stablecoin issuers, but rather seek evidence and proof of their legitimacy and reliability.

Users should also diversify their exposure to different types of stablecoins and be prepared for possible scenarios of depegging or insolvency. Stablecoins are a valuable and innovative tool for the crypto ecosystem, but they are not without risks and pitfalls.

The New CBN Governor Should Restructure how Nigeria’s Apex Bank Does Business, by Pushing Directors to Publish Working Papers

By
Ndubuisi Ekekwe
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4

As we fight for the Naira, I have one recommendation for the new central bank boss in Nigeria: push your men and women to work on working papers, over just press releases. By forcing them to develop working papers, you push them to become more rigorous and analytical as they craft policies. If that becomes the way the bank operates, you will likely get deeper insights on previous policies, and that will help you architect future ones.

The website of the Central Bank of Nigeria (CBN) for years has no working papers the public could consume to see the data which is driving some of the policies. And when some policies are reversed, we do not have the benefit of going back to see what could be learned from those previous calls. I am yet to read a working paper or publication on the border closure benefits. No one has written on the economic impact of the recent Naira redesign . The R&D and Strategy units in CBN should not make these reports classified if they have them.

As that happens, there is a new major change: “The Central Bank of Nigeria (CBN) has disclosed reasons behind its decision to remove FX restrictions on 43 items previously placed under ban by Godwin Emefiele, the apex bank’s former governor.” Do we have a working paper to explain the benefits since this ban was implemented? Where are the papers? And now that we are reversing the call,  do we have models?

Sure – you will ask what has banking got to do with writing papers? I can reply that in central banking, it is a lot. Central banks work to stabilize national currencies while optimizing employment for the citizens. And they have many tools which they use to do those things. 

By publishing working papers which some of our professors can further examine in our economic departments, the path to a stronger economy could be better modeled. 

For years, we asked for the apex bank to publish its audited statements, nothing happened. Then when it did, we noticed that some of Nigeria’s future had been borrowed.  We need more openness in CBN.

Comment on Feed

Comment here

My Response: You may update that to “acceptable bad journalism” since New York Times, The Economist, Punch, Bloomberg, ThisDay, etc all use “fight”, “battle”, and “war” when describing rivalites around currencies, especially USD and Yuan.

Internally, it is “economic policy”, but in global trade, most see “currencies”. I want to import from China into Nigeria. I am not sure, my first call is Chinese economic policy; I will likely care to know the exchange rate between Yuan and Naira. As a result of that, currency is what many see, encapsulating “all the economic policies” from the outside.

In other words, it is economic policy propelling currencies to FIGHT.

Central Bank of Nigeria (CBN) Discloses Reasons Behind Its Decision to Lift The 43 FX Restricted Items

By
Samuel Nwite
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0

The Central Bank of Nigeria (CBN) has disclosed reasons behind its decision to remove FX restrictions on 43 items previously placed under ban by Godwin Emefiele, the apex bank’s former governor.

The announcement made by the CBN on Thursday has attracted mixed reactions from the general public.

“Lifting of the ban on importation of Toothpicks, Cement and other agricultural products that we can produce at home is a disastrous economic strategy. The nation’s scarce forex should be used to support local production not importation. The new CBN Boss should think of better ways,” Senator Shehu Sani said.

In a statement titled: ‘What You Need to Know About CBN’s Lifting of Forex Restrictions On 43 Items’, the CBN’s Corporate Communications Department, gives reasons why it reached the decision.

The reasons are summarized as follows:

Addressing Surplus Demand: The restrictions had led importers to turn to the parallel market for Forex, contributing to a surplus demand. This weakened the parallel-market exchange rate and caused price increases.

Promoting Orderliness: The CBN aims to ensure that market forces determine exchange rates based on a willing buyer-willing seller principle, promoting a more organized and professional foreign exchange market.

Establishing a Unified Market: The CBN seeks a unified Forex market with transparent and flexible pricing.

Ensuring Price Stability and Liquidity: By removing restrictions, the CBN aims to boost liquidity in the Forex market, which is expected to lead to more stable prices and a reduction in distortions.

Implications of Removing FX Restrictions:

Effective Monetary Policy: With a unified and well-functioning FX market, the CBN’s core functions become more achievable.

Clearing Exchange Rate: The willing-buyer and willing-seller system allows the exchange rate to adjust to clear the market, ensuring a steady supply.

Reduced Pressure on the Naira: Importers no longer need to rely on the parallel market for Forex, reducing demand pressures and narrowing the gap between official and parallel rates.

Impact on Inflation: The previous FX restrictions had contributed to inflation by causing prices of affected goods to rise.

Benefits for Local Production:

Cheaper Imported Inputs: Local production will benefit from more affordable imported inputs, potentially leading to lower retail prices for consumers.

Boost to Employment: Re-opening closed factories and stabilizing prices can lead to increased employment opportunities.

Read the full statement below:

The Central Bank of Nigeria (CBN), on Thursday, October 12, 2023, announced, among other policy issues, the lifting of foreign exchange restrictions hitherto placed on the importation of 43 items.

1. Why was there a restriction?

On June 23, 2015, the CBN issued Circular TED/FEM/FPC/GN/01/010, which put 41 product categories on a list of items not valid for FOREX in the Nigerian Foreign Exchange market. Two more product categories were added in subsequent years, bringing the total of imported product categories restricted from accessing FX to 43.

The restriction aimed at reducing foreign exchange demand for products that could be locally produced, improve employment generation, and conserve foreign reserves.

The items were Rice, Cement, Margarine, Palm kernel, Palm oil products, Vegetable oils, Meat and processed meat products, Vegetables and processed vegetable products; Poultry and processed poultry products; Tinned fish in sauce (Geisha)/sardine; Cold rolled steel sheets; Galvanized steel sheets; Wheelbarrows;
Head pans; Metal boxes and containers; Enamelware; Steel drums; Steel pipes, Wire rods (deformed and not deformed); Iron rods; Reinforcing bars; Wire mesh; Steel nails;

Security and razor fencing and poles; Wood particle boards and panels; Wood fiberboards and panels; Plywood boards and panels; Wooden doors; Toothpicks; Glass and glassware; Kitchen utensils, Tableware; Tiles-vitrified and ceramic; Gas cylinders; Woven fabrics; Clothes; Plastic and rubber products; Polypropylene granules; Cellophane wrappers and bags; Soap and cosmetics; Tomatoes/tomato pastes, and Eurobond/foreign currency bond/share purchases.

2. Was there an import ban on these products?

No. There was only a restriction on buying FOREX in the official market to import these items.

3. Why is the CBN now lifting the restrictions?

i. The restrictions pushed importers into the parallel market, contributing to the surplus demand for FOREX. This weakened the parallel-market exchange rate, pushing up prices.

ii. The CBN wants to promote orderliness and professional conduct by all Nigerian Foreign Exchange Market participants to ensure market forces determine exchange rates on a Willing Buyer – Willing Seller principle.

iii. The CBN wants a unified market for FOREX with flexible and transparent pricing.

iv. The CBN wants to ensure price stability and is seeking to boost liquidity in the Nigerian Foreign Exchange Market. As liquidity improves, we expect the distortions to moderate.

4. What are the implications of removing the FX restriction?

i. Monetary Policy tools become more effective with the attainment of a unified, well-functioning market for FX, where pricing is based on a willing-buyer and willing-seller system. With this, the CBN’s core functions and mandates become realizable.

ii. The willing-buyer and willing-seller system allows the exchange rate to adjust to clear the market and ensure that there is always supply. In recent months, the widening premium between the official rate and the parallel market indicates that the rate has not been setting a clearing price.

iii. Importers of these products rely on the parallel market to source FX for importing these goods. This puts additional demand pressures on the parallel market, thereby widening the gap with the official rate and permanently segmenting the market. Removing these restrictions eliminates the need for importers of these products to go to the parallel market, reducing the pressure on the naira.

Iv. The hitherto FX restrictions had implications on inflation, causing the prices of affected goods to increase.

5. How does this benefit local production?

i. Local production will benefit from cheaper imported inputs, and consumers will benefit from cheaper retail products. The policy is suitable for a unified FOREX market and positive as well for inflation.

ii. It is expected that employment generation will be boosted as closed factories re-open. Price stability will benefit the economy and the standard of living in general.

CFTC, Alameda Research, CBDC, Coinbase, CoinList and other Crypto News

By
Paul Ugbede Godwin
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0

The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Stephen Ehrlich, the co-founder and CEO of Voyager Digital, a cryptocurrency brokerage platform. The CFTC alleges that Ehrlich and his former company, Lightspeed Trading, engaged in fraudulent and deceptive practices in connection with the offer and sale of futures contracts on digital assets.

According to the complaint, Ehrlich and Lightspeed misrepresented the fees, commissions, and execution prices of the futures contracts, and failed to register as a futures commission merchant or a designated contract market. The CFTC seeks restitution, disgorgement, civil monetary penalties, and injunctive relief against Ehrlich and Lightspeed.

The story of Alameda’s downfall is a cautionary tale of financial mismanagement, political turmoil and public discontent. Alameda, once a prosperous city with a vibrant economy and a diverse population, became mired in debt after a series of ill-advised decisions, such as investing in risky ventures, borrowing heavily from creditors and raising taxes on residents.

The city’s fiscal crisis worsened as it faced lawsuits, audits and investigations from various agencies and stakeholders. The city council was divided and dysfunctional, unable to agree on a viable recovery plan. The citizens of Alameda grew frustrated and angry, protesting against the city’s policies and demanding accountability from their leaders. The situation reached a breaking point when the city declared bankruptcy, triggering a massive exodus of businesses, workers and residents. Alameda’s spiraling debt led to its dramatic implosion, leaving behind a legacy of ruin and regret.

The fate of the crypto legislation in the U.S. is hanging in the balance as a power struggle over the Speaker of the House position unfolds. The bill, which aims to provide clarity and regulation for the crypto industry, has been stalled by the uncertainty and division among the lawmakers. Some members of the House are pushing for a vote on the bill as soon as possible, while others are demanding a change in leadership before proceeding.

Nancy Pelosi is facing a challenge from a faction of her own party that wants to replace her with a younger and more progressive candidate. The drama has created a deadlock that prevents any major legislation from moving forward, including the crypto bill that many investors and entrepreneurs are eagerly awaiting.

The U.S. Department of Justice (DOJ) has announced that it has filed a criminal complaint against a former executive of a cryptocurrency trading platform for his alleged involvement in a fraudulent scheme that manipulated the prices of future contracts based on digital assets.

According to the DOJ, the defendant used his access to the platform’s trading system to selectively execute profitable trades for himself, while rejecting or delaying unprofitable ones, in a practice known as “cherry-picking”. The DOJ claims that the defendant’s scheme resulted in more than $8 million in illicit gains for himself and caused significant losses for other customers of the platform.

Coinbase, one of the largest cryptocurrency exchanges in the world, has expressed its ‘serious concerns’ about the proposed tax rules by the IRS that would require reporting of certain transactions involving digital assets. In a letter to the IRS, Coinbase argued that the rules are unclear, burdensome and potentially harmful to the innovation and growth of the crypto industry.

Coinbase also suggested some alternatives that would achieve the IRS’s objectives without imposing undue costs and risks on crypto users and businesses.

As China advances its development of a central bank digital currency (CBDC), it should also ensure that it prevents any potential abuse of the new technology, according to a former governor of the People’s Bank of China (PBOC). Zhou Xiaochuan, who led the PBOC from 2002 to 2018, said that while a CBDC could bring many benefits to the economy and society, such as improving financial inclusion and reducing transaction costs, it could also pose risks to privacy, security and social stability.

He urged the authorities to establish a clear legal framework and regulatory oversight for the CBDC, as well as to educate the public about its proper use and potential implications.

CoinList launches multi-chain Staking Fund for U.S. Accredited Investors

CoinList, a platform for token sales and crypto investments, has announced the launch of a new fund that will allow U.S. accredited investors to stake multiple cryptocurrencies and earn rewards. The fund, called CoinList Staking Fund, is the first of its kind in the U.S. and aims to provide investors with exposure to the fast-growing staking market.

Staking is a process where users lock up their crypto assets in a network to support its security and operations, and in return, they receive a share of the network’s inflationary rewards. Staking is an alternative to mining, which requires expensive hardware and electricity. Staking also enables users to participate in the governance of the network and influence its future direction.

CoinList Staking Fund will initially support four networks: Solana, Terra, Flow and Celo. These are some of the most promising and innovative blockchain projects in the industry, with strong teams, communities and use cases. CoinList Staking Fund will leverage the expertise and infrastructure of CoinList’s partners, such as Bison Trails, Figment and Chorus One, to provide secure and reliable staking services.

According to CoinList, the fund will offer investors several benefits, such as:

Diversification: Investors can access multiple staking networks with one investment, reducing the risk and complexity of managing individual tokens. Liquidity: Investors can redeem their shares in the fund at any time, without having to wait for the unlocking periods of each network. Tax efficiency: Investors can defer their capital gains taxes until they sell their shares in the fund, rather than paying taxes on each staking reward. Compliance: Investors can comply with the U.S. securities laws and regulations, as the fund is registered with the SEC and operates under an exemption from registration.

CoinList Staking Fund is open for subscription until November 15, 2021. The minimum investment amount is $25,000 and the annual management fee is 2%. Investors can learn more about the fund and apply on CoinList’s website.

New tattoo machine can ink your arm with an NFT, allowing artists to collect royalties.

Imagine getting a tattoo that is not only a unique piece of art, but also a digital asset that can be traded, sold, or collected. That’s the idea behind a new tattoo machine that can ink your arm with an NFT, or non-fungible token.

NFTs are digital tokens that represent ownership of a unique item, such as an artwork, a song, or a video. They are stored on a blockchain, a secure and transparent network of computers that records transactions and verifies their authenticity. NFTs can be bought and sold on online marketplaces, and their value can fluctuate depending on demand and rarity.

A new tattoo machine, developed by a team of engineers and artists, can create NFTs from the designs that it inks on the skin. The machine uses a special ink that contains nanoparticles that can be scanned by a smartphone app. The app then generates an NFT from the tattoo design and uploads it to the blockchain. The NFT is linked to the physical tattoo and can only be transferred if the owner agrees.

The creators of the new tattoo machine say that their invention has several benefits for both tattoo artists and customers. For artists, it allows them to collect royalties from their work, as they can receive a percentage of the sales of the NFTs that they create. For customers, it gives them a way to own a digital version of their tattoo, which they can display on social media, sell, or trade with other collectors.

The new tattoo machine is still in prototype stage, but the team hopes to launch it commercially soon. They say that they have already received interest from several tattoo studios and artists who want to try it out. They also plan to create a platform where customers can browse and buy NFT tattoos from different artists around the world.

The new tattoo machine is an example of how technology can transform the art of tattooing and create new possibilities for expression and ownership. It also raises questions about the ethical and legal implications of NFT tattoos, such as who owns the rights to the designs, how to protect the privacy of the customers, and how to ensure the safety and quality of the ink. These are issues that will need to be addressed as the new tattoo machine becomes more widely available.

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