The Daily Valet. - 2/7/22, Monday

✔️ The Digital Dollar

February 07, 2022

Monday, February 7th Edition

Cory Ohlendorf, Editor in Chief of Valet.

Let’s make it a great week, okay?

Cory Ohlendorf , Editor ⋯ @coryohlendorf

Today’s edition is presented by

Today’s Big Story

The Digital Dollar

The U.S. is considering a radical rethinking of our dollar for today’s fast-paced world

The dollar was first established as America’s official currency in 1792. Since then, it’s undergone a slew updates and changes, but nothing compares to the proposal being debated today.

The Federal Reserve is taking the next step in weighing whether to launch a government-backed cryptocurrency, issuing a report late last week that explores the potential benefits and drawbacks of a digital version of its currency—one better suited for today’s increasingly cashless world.

The central bank is asking the public to provide feedback on the question over the next 120 days. And it said that in any event, it would only seek to create a digital currency with “clear support” from both the executive branch and Congress.

According to MarketWatch, the results are promising for the viability of a digital dollar, as the research (produced in collaboration with the Massachusetts Institute of Technology) found the potential Central Bank Digital Currency capable of handling 1.7 million transactions per second. That’s more than 2.5 times the number of transactions Visa can handle.

Sure, that’s fast ... but why would we need to create one? According to NPR, reducing or eliminating fees is one clear benefit. When you make a contactless payment today, it may seem immediate, but a lot happens behind the scenes. And at each step of the way, there are transaction fees (which added up to more than $110 billion in 2020). Advocates also say it could help get money quickly to Americans in financial straits who lack bank accounts.

But they’re not without their challenges. Yes, central banks control CBDCs, making them more stable than cryptocurrencies but privacy is a big concern. Because the Fed would implement and oversee the project, the central bank could accrue a vast amount of data, potentially giving the central bank a lot more visibility into everyone’s financial life.

↦ FYI: China has unveiled the digital yuan on a trial basis. And India this week said it would also unveil a digital rupee.

Are You Watching the Olympics?

I’m streaming them. Who’s with me?

Did you watch the Opening Ceremony on Friday night? Or catch it on Peacock over the weekend? If you didn't, well you might not have missed much, but you should watch some of the Winter Games during these next two weeks.

It's a break from the usually streaming fare. It's an opportunity to flex your patriotic muscle without things getting political or uncomfortable. It's a chance to watch people who've dedicated their life to the pursuit of a craft, who aspire to be the best at their sport, representing their country. And frankly, some of these icy sports are wild, dangerous and a lot of fun to watch. But I'm a bonafide Olympic nerd, so I'll defend it all day.

Not everyone agrees with me. Viewership is down. Polling shows enthusiasm for the Games is muted, and while the Winter Games are typically not as popular as Summer Games here in the States, the fact that the Olympics are being held in China isn't helping either.

Of course, we might all be a little too splintered—in our views, tastes and viewing habits—to collectively watch the Olympics the way we once did. But at least NBC is finally trying. For the first time ever, the entirety of the Olympics will be available to cord-cutters through Peacock.

↦ Early Adopters: Those equipped with Meta's Quest 2 headset will be able to consume 150 hours of live and on-demand content from the Olympics in VR.

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Did you see that game last night? Yes? No? It doesn't matter. You'll still want to skim this before doing anything else.

Will Russia Invade?

U.S. says Putin has amassed about 75% of the troops he would need to invade Ukraine

The tense situation along the Ukrainian border has grown even more distressing, according to top U.S. officials, who warned Sunday that a Russian invasion of Ukraine may now be only a matter of time.

Speaking on ABC's This Week, National Security Adviser Jake Sullivan offered one of the administration's most stark assessments of the situation yet: “We believe that there is a very distinct possibility that Vladimir Putin will order an attack ... it could take a number of different forms, as soon as tomorrow or it could take some weeks yet.”

The human cost could be dire: Some assessments calculate civilian casualties in Ukraine could run into the tens of thousands with up to five million refugees.

According to the New York Times, the standoff enters a critical phase this week. The U.S. has snapped NATO to attention and moved forces east. And on Sunday, President Biden and French President Emmanuel Macron discussed in a phone call “ongoing diplomatic and deterrence efforts” before Macron meets with Putin later today and with Ukraine's President Volodymyr on Tuesday in an attempt to de-escalate tensions.

↦ Dig Deeper: Kyiv residents are searching for bomb shelters, packing go-bags and mapping out escape routes, preparing for the worst.

Are You Ready for Some Commercials?

Those wild Super Bowl ads sell out at record high prices

Big budgets and goofy ideas to entertain and engage the public are a time-honored tradition that will be repeated again this year, at the 2022 Super Bowl this weekend.

The ads for this year sold out in record time and at record prices, according to NBC, which will broadcast the game on Feb 13. Some 30-second spots sold for a record $7 million.

This is particularly interesting considering last year's game saw viewership fall to a 10-year TV low. But given how well NFL games rated throughout the regular season, sports executives anticipate that this year's Super Bowl will rate much higher, reports Axios. Viewership this season was up 10% from 2020—its highest-rated season average since 2015.

As for the commercials, this year promises a lineup of star-studded and over-the-top ads. And it's not just the usual players—there are more than 30 new advertisers compared to last year's event. But old favorites, like car commercials, will return in big numbers as well.

↦ FYI: For the first time, Telemundo will broadcast the game, making it the first-ever Spanish-language broadcast network to air the Super Bowl.

In Other News

↦ U.S. Coronavirus Deaths Surpass 900,000, Driven in Part by Omicron Surge

↦ Queen Elizabeth, Anchor in a Storm-Tossed Britain, Marks 70-Year Reign

↦ Does Snow Smell Different Now? Blame Climate Change.

Other Things We’re Talking About Today

How to wear cashmere

‘Jackass’ stunts

Epic trips

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A Smarter Source for Sports

Sideline Sprint offers a smarter take on sports stories and highlights

You've got a lot going on. Hell, we all do. Which means you can't keep up with everything—even the stuff you love. Like sports. And trying to catch up can be even more stressful. After all, traditional sports news is painfully longwinded, littered with stats and overrun with annoying jargon.

Which is exactly why Sideline Sprint was created. The daily free newsletter has become popular for distilling the sports news we actually care about. Anything but dry, it's chockfull of humor and wit as well as analysis and insight.

There are plenty of newsletters regurgitating scores and headlines, but Sideline Sprint promises to go deeper with clever easy-to-read content along with a healthy mix of humor, highlights and sports betting. Become a smarter sports fan and instantly boost your sports IQ with this entertaining and engaging five-minute read.

↦ Subscribe Now: Have Sideline Sprint delivered to your inbox for free

What We’re Eyeing

Let's call this a fresh take on an old favorite. Taylor Stitch's Horizon pullover ($148 / $118) is unlike other ¾ zip sweatshirts. This one is cut from a unique double knit fabric featuring a jersey face and waffle back side made with a unique 10-oz, double-knit, organic cotton fabric. And that breathable waffle interior gives the pullover a cool textured look and feel. It's at once athletic and dapper—meaning you'll get tons of wear outta this thing.

↦ Want More? 5 stylish items to buy this week

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A Grand Valentine’s Day Gesture

Valentine's Day is a holiday where you want to give something from the heart. Something that expresses how much you value your significant other. You can't put a price on that. But as any well-heeled gentlemen or fashionable lady will tell you, it's also an occasion for extravagant tokens of affection. Why not use this opportunity to spoil and delight the person with whom you're sharing your life with? Here are six suggestions from the always fashionable team at MR PORTER.

Tom Ford Leather-trimmed cashmere beanie

Leather-trimmed cashmere beanie, $400 by Tom Ford

Love metallic intarsia socks, $33 by Rostersox

Cable-knit alpaca-blend sweater, $405 by Mr P.

TIMOTHY HAN / EDITION On the Road eau de parfum

‘On the Road’ Eau de Parfum, $160 by TIMOTHY HAN / EDITION

Leather-trimmed fleece tote, $650 by JW Anderson

Mayan acetate sunglasses, $420 by Garrett Leight

↦ Want more gifts?Shop MR PORTER’s Valentine’s Day gift guide

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Delight With Quality Blooms

The Valentine bouquetof stunning all-red garden and classic roses ($85)

The Billie bouquet of pastel garden roses and dusty miller ($120)

This is not the occasion to show up with flowers that came home with you from the grocery store. Or the cheesy arrangements getting marked up for the holiday. We like turning to UrbanStems, who has made a name for themselves with their tasteful arrangements that suit a variety of styles and budgets. And while quality roses are always a sure bet, don't be afraid to go outside the norm and select blooms that feature your partner's favorite color. You'll always get points for trying.