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In a groundbreaking development, a recent study conducted by researchers at the University of California San Diego School of Medicine has revealed the remarkable impact of artificial intelligence (AI) in identifying patients at risk of sepsis infection.
The study, published in the January 23, 2024, online edition of npj Digital Medicine, introduced an AI model called COMPOSER, leading to a significant 17% reduction in patient mortality rates.
Continuous surveillance with COMPOSER
The COMPOSER AI model, designed and developed by the research team, operates quietly and effectively behind the scenes in the emergency departments at UC San Diego Health.
Upon arrival, the algorithm begins monitoring over 150 patient variables, including lab results, vital signs, current medications, demographics, and medical history, which could indicate sepsis risk.
Should the AI identify multiple risk factors, signaling a high potential for sepsis infection, it immediately alerts the nursing staff through the hospital’s electronic health record system.
The nursing team collaborates with physicians to determine the most suitable treatment plans for these patients, potentially saving lives by initiating early interventions.
Uncovering hidden patterns
One of the key strengths of the COMPOSER AI model is its ability to detect complex and subtle risk patterns that might escape the human eye. By analyzing these risk factors, the AI can provide highly accurate predictions of sepsis. Conversely, if the risk patterns can be attributed to other conditions with higher confidence, no alerts are generated, ensuring a focus on true sepsis cases.
The study conducted by UC San Diego examined the impact of COMPOSER on over 6,000 patient admissions before and after its deployment in the emergency departments at UC San Diego Medical Center in Hillcrest and Jacobs Medical Center in La Jolla.
This research marks the first instance where an AI deep-learning model utilizing artificial neural networks improved patient outcomes by correctly identifying health concerns.
Dr. Gabriel Wardi, Chief of the Division of Critical Care in the Department of Emergency Medicine at UC San Diego School of Medicine, underscores the significance of COMPOSER in expediting life-saving therapy for patients.
The AI model has been active since December 2022 and is now expanding its reach to in-patient units in various UC San Diego Health hospitals, including the forthcoming UC San Diego Health East Campus.
UC San Diego health’s commitment to AI in healthcare
UC San Diego Health stands at the forefront of AI integration in healthcare. Recently, the institution appointed its first-ever Chief Health AI Officer and established the Joan and Irwin Jacobs Center for Health Innovation.
This center develops advanced and sophisticated healthcare solutions that leverage AI technology.
In addition to the COMPOSER AI model, UC San Diego Health is also exploring innovative ways to incorporate AI into healthcare operations. For instance, the institution has initiated a pilot program in collaboration with Epic, a cloud-based electronic health record system, and Microsoft’s generative AI integration.
This program streamlines the drafting of compassionate message responses through ChatGPT, allowing doctors and caregivers to allocate more time to patient care.
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https://www.cryptopolitan.com/ai-algorithm-reduces-sepsis-mortality-by-17/
| 2024-01-27T15:16:22Z
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In the summer of 2021, Niesha Marshall, a 13-year-old from the Rosebud Reservation, embarked on a transformative journey at the Lakota AI Code Camp. The three-week program, situated at Black Hills State University, aimed to introduce Lakota students with minimal coding experience to Python, data science, machine learning, and app development. Niesha’s initial skepticism about the world of AI rapidly shifted as she successfully created an AI-powered purple go-kart in a matter of weeks.
A paradigm shift in learning AI
Before the camp, Niesha’s understanding of coding was limited to stereotypical portrayals in movies. However, the immersive experience at the Lakota AI Code Camp shattered preconceptions, revealing the potential for Indigenous youth to engage with and excel in cutting-edge technologies. The camp not only serves as an entry point into computer science but also addresses the pressing need for Indigenous representation in the field.
The founders of the Lakota AI Code Camp, Mason Grimshaw, and Michael Running Wolf, recognized a scarcity of Indigenous AI and machine learning experts. With the alarming disappearance of Indigenous languages—a consequence of assimilation policies and racism—Grimshaw and Running Wolf envisioned AI as a tool for cultural revitalization. Their objective is to train a generation capable of digitally safeguarding Indigenous culture, preserving endangered languages, and recording traditional knowledge.
Bridging the digital divide: Challenges and triumphs
Despite facing challenges like unreliable internet in rural South Dakota and technical issues, the camp proved highly successful. A lack of internet access on tribal reservations and a shortage of Indigenous computer science faculty highlighted the necessity for initiatives like the Lakota AI Code Camp. The founders, undeterred by skepticism, witnessed students surpass expectations, even exhausting the provided content within the first three days.
Recognizing the underrepresentation of Native Americans in computer science, Grimshaw and Running Wolf decided to target high school students. By introducing coding to young minds early on, they aimed to create a pathway for indigenous talent in AI and machine learning. The camp’s success challenged conventional beliefs about teaching Python to 13-year-olds with no prior coding experience, showcasing the potential of determined and motivated students.
Culturally relevant learning
The camp’s emphasis on cultural relevance proved crucial. Native students, often discouraged by the lack of representation, found inspiration in instructors who shared their background. Encouragement and understanding became invaluable tools, helping students overcome self-doubt and reinforcing a sense of community. For Niesha, the camp felt like family, fostering an environment where she could freely express her native humor and share experiences.
With plans to replicate the Lakota AI Code Camp in California and discussions for a Seneca youth coding camp in upstate New York, the founders aim to expand their impact. Recognizing the need for a tribe-specific curriculum, the challenge lies in finding local teachers with the cultural knowledge required for effective learning. The final projects of the students, including an app recognizing sacred Lakota plants, exemplify the potential of merging coding skills with cultural preservation.
Nurturing indigenous talent
As Niesha contemplates a future in AI, potentially in video game design, she exemplifies the camp’s lasting influence. By breaking stereotypes, she encourages her peers to embrace coding as a pathway to meaningful careers and cultural revitalization. The founders, Grimshaw and Running Wolf, are working on a program to train local STEM teachers and community leaders, ensuring the sustainability and expansion of their initiative.
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https://www.cryptopolitan.com/ai-code-camp-sparks-interest-ai-and-coding/
| 2024-01-27T15:16:29Z
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The UK’s National Cyber Security Centre (NCSC) has issued a warning about the potential for AI-driven malware to become a significant threat by 2025. In a recent report, the NCSC, an agency under the Government Communications Headquarters (GCHQ), stated that there is a “realistic possibility” that highly capable state actors could use AI to generate malware that evades current security filters. This development could usher in a new era of cyber threats, affecting everything from vulnerable device discovery to data analysis, and even social engineering attacks.
AI-generated malware on the horizon
The NCSC report highlights that AI has the potential to produce malware that can bypass existing security measures, but it requires high-quality exploit data for training. The agency believes that some highly capable state entities may possess repositories of malware extensive enough to effectively train AI models for this purpose. While the most advanced AI-driven cyberattacks are expected to emerge in 2026 or later, early adopters of generative AI tools will likely be the most capable attackers.
AI’s impact on vulnerable devices and data analysis
The NCSC predicts that AI will make it easier for attackers to discover vulnerable devices, reducing the time available for defenders to patch them before exploitation. Moreover, AI will enhance real-time data analysis, allowing attackers to identify valuable files swiftly, increasing the efficiency of disruptive, extortion, and espionage efforts.
The report notes that expertise, equipment, financial resources, and access to quality data are essential for harnessing advanced AI in cyber operations. Highly capable state actors are best positioned to leverage AI’s potential in sophisticated cyberattacks. However, even attackers with limited skills and resources are expected to benefit from AI advancements in the next four years.
AI empowering cyber criminals
At the lower end of the spectrum, cybercriminals employing social engineering attacks are anticipated to leverage consumer-grade generative AI tools, such as ChatGPT, Google Bard, and Microsoft Copilot. This could result in more convincing and localized phishing attempts. Additionally, ransomware gangs may use AI for data analysis, allowing for more effective data extortion attempts by identifying valuable data more easily.
Challenges for cyber security practitioners
The NCSC predicts that AI-driven cyberattacks will increase in volume and impact over the next two years, intensifying the challenges faced by cybersecurity practitioners. These practitioners are already grappling with evolving threats, and AI is expected to play a significant role in shaping the threat landscape.
The NCSC is closely monitoring the development of AI in cyber threats. The agency’s annual CYBERUK conference in May will focus on emerging technology’s considerable threat to national security. Outgoing CEO Lindy Cameron emphasized the need to manage AI’s risks while harnessing its potential for responsible development.
Global efforts to address AI security risks
The NCSC’s warning follows the inaugural AI Safety Summit held in the UK, which led to The Bletchley Declaration—a global initiative to manage AI’s risks. As part of this effort, major AI developers have committed to sharing code with governments to ensure responsible AI development.
While the AI testing plan is a step in the right direction, it is not legally binding and lacks the backing of certain nations. This raises questions about its effectiveness in addressing the growing threat of AI-driven cyberattacks.
The NCSC’s warning underscores the evolving threat landscape in cyberspace, where AI-enhanced malware is on the horizon. With the potential to bypass current security measures, AI poses challenges to cybersecurity practitioners, governments, and organizations alike. As the world grapples with the implications of AI in cyber threats, vigilance and international cooperation will be essential to staying ahead of emerging threats.
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https://www.cryptopolitan.com/ai-enhanced-malware-growing-poses-threat/
| 2024-01-27T15:16:35Z
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In a groundbreaking incident, the British Columbia Supreme Court faced a unique challenge when lawyers Lorne and Fraser MacLean discovered the submission of fabricated case law, allegedly generated by artificial intelligence. The revelation marks a significant moment in Canadian legal history, prompting a broader discussion about the implications of AI in the judicial process.
The discovery and its impact
The MacLean legal team encountered the fictitious cases during a high-stakes family matter, which involved the welfare of children. They identified that the opposing counsel, Chong Ke, used an AI chatbot, presumably ChatGPT, to generate legal briefs. These documents included one or more non-existent cases, misleading the court and potentially jeopardizing the case’s integrity. The discovery has sent ripples through the legal community, highlighting the potential risks and ethical dilemmas posed by the use of AI in legal proceedings.
The response from legal professionals
The incident has alarmed legal professionals nationwide, drawing attention to the need for stringent verification of AI-generated content. Robin Hira, a Vancouver lawyer not involved in the case, emphasized the importance of lawyers manually reviewing and verifying all AI-assisted work to ensure accuracy and relevance. Ravi Hira, K.C., echoed this sentiment, outlining the potential legal consequences for misuse of AI in court proceedings, including cost penalties, contempt of court charges, and disciplinary actions by the law society.
Institutional reaction and guidelines
In response to the growing concerns, the Law Society of BC previously issued warnings and guidelines to legal practitioners regarding AI usage. The Chief Justice of the B.C. Supreme Court and Canada’s federal court have also directed judges to refrain from using AI tools. These measures aim to safeguard the integrity of legal proceedings and maintain public trust in the judicial system.
The broader implications for the legal system
This incident signifies a pivotal moment for the legal community in Canada and globally. It underscores the urgent need for a comprehensive framework to govern the use of AI in legal contexts. As AI technology continues to advance, the legal profession faces both unprecedented opportunities and challenges. The balance between leveraging AI for efficiency and ensuring the accuracy and integrity of legal documents is delicate and demands careful navigation.
The incident at the B.C. Supreme Court serves as a stark reminder of the fragility of trust in the legal system and the paramount importance of vigilance in the age of AI. As the legal community and regulatory bodies continue to grapple with these issues, the case may indeed represent just the beginning of a much larger conversation about the role of AI in law and the mechanisms needed to harness its potential responsibly.
In this era of technological advancement, the incident not only highlights the pitfalls of unchecked AI use but also the necessity for continuous education, rigorous standards, and proactive measures to ensure the technology serves justice, not undermines it.
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https://www.cryptopolitan.com/ai-legal-cases-concerns-in-canadian-courts/
| 2024-01-27T15:16:42Z
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The rise of generative AI chatbots, exemplified by OpenAI’s ChatGPT, hinted at artificial intelligence coming of age. However, despite the widespread attention AI has garnered, Steve Varsano, CEO of London-based aircraft broker The Jet Business, believes there is room for growth in fully embedding AI within business aviation.
AI in private aviation operations
Private aviation has seen early adoption of AI, with startups like Flyv and established players like MySky and Stack incorporating AI-powered solutions. Flyv, a German air mobility startup, uses proprietary AI algorithms to develop custom-made flight networks. MySky, a Swiss company, introduced an AI-based online audit platform for private jet operators in 2016, focusing initially on automating invoice verification.
MySky’s Chief Strategy Officer, Chris Marich, highlights the company’s evolution from invoice verification to a comprehensive spend and revenue management optimization platform. The company’s AI algorithm plays a crucial role in automating the analysis of diverse invoices in the unscheduled aviation sector. Marich emphasizes that AI is fundamental to MySky’s technology, offering efficiency in handling repetitive tasks and processing vast amounts of data.
Vista global’s AI integration for operational excellence
Vista Global Holding, a Dubai-based private aviation group, deploys AI to manage its fleet effectively. Vinay Roy, Senior Vice President of Product, emphasizes the complexity of private aviation operations in an unscheduled charter flight environment. Vista’s AI-powered management system tracks the entire fleet, providing real-time visibility into aircraft availability, maintenance, and schedules. The invisible yet powerful role of AI ensures seamless operations for end-users.
AI in private aviation: visible vs. invisible applications
Visible AI applications in private aviation
While MySky and Vista leverage AI for operational enhancements, the spotlight often falls on visible AI applications like generative chatbots. OpenAI’s ChatGPT, known for its creative capabilities, interacts directly with end-users, creating a high visibility factor. However, practical applications of generative AI in private aviation are still a work in progress, according to Marich. The focus remains on identifying areas where generative AI adds concrete value to customer experiences.
Strategic approach to AI integration
Marich emphasizes MySky’s strategic approach, opting for a thoughtful implementation of AI to ensure tangible benefits for customers. MySky’s AI-powered offerings have expanded to include pre-flight estimates, forming a virtuous circle where data fuels continuous improvement. Vista Global also explores additional AI technologies like generative AI but adopts an augmented intelligence model, emphasizing a harmonious collaboration between machines and humans.
Human factor in private aviation
In an industry where customer service is paramount, the human factor remains irreplaceable. Varsano acknowledges the continued importance of human interaction, highlighting that people often prefer speaking with a person to address their concerns. Marich echoes this sentiment, emphasizing that human contact is indispensable in an industry where personalized service is key. As AI continues to evolve, the balance between machine efficiency and human touch remains a crucial consideration.
The future of AI in private aviation
Roy suggests an augmented intelligence model as the way forward in private aviation, emphasizing a close collaboration between machines and humans. This model assigns tasks based on strengths, allowing AI to excel in repetitive tasks while humans retain control over decision-making processes. In an industry as service-oriented as private aviation, where human contact is valued, an augmented intelligence approach ensures a balanced integration of technology and personalized service.
As AI continues to advance in private aviation, the industry is witnessing a transformative shift. MySky and Vista Global exemplify how AI, whether visible or invisible, contributes to operational excellence. While visible AI tools like generative chatbots captivate attention, the strategic integration of AI into existing systems remains key. The future lies in striking the right balance—leveraging AI’s strengths while preserving the essential human touch in private aviation services.
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https://www.cryptopolitan.com/ai-making-strides-in-private-aviation/
| 2024-01-27T15:16:49Z
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Artificial Intelligence (AI) has continued to reshape the technological landscape. As we enter 2024, experts and AI agents are offering their predictions on the trends that will define AI networking in the next 12 months.
Exponential growth in AI workloads
In a world where AI applications like ChatGPT, Bard, and X.AI’s Grok have become commonplace, the hunger for larger, more powerful AI models persists. The exponential growth in computing power has enabled large-scale AI model training, and the demand for bigger and better models shows no signs of slowing down. Hyperscalers are now challenged to support even larger workloads with clusters of thousands of GPUs.
This growth is driven by the development of new AI algorithms and the widespread adoption of AI applications across various industries. Consequently, AI workloads are expanding, and the GPU clusters supporting them are growing. The efficient use of these clusters and the successful training of AI models heavily depend on the underlying architecture and network connectivity.
Open networking: A paradigm shift
Hyperscalers have already embraced open and disaggregated networking solutions in their data centers. The rationale behind this shift is clear: monolithic and proprietary networking solutions can’t deliver the scalability, flexibility, and cost-effectiveness required for managing large-scale compute resources.
Proprietary networking solutions have long been suitable for High-Performance Computing (HPC), but they tend to stifle innovation and drive up costs due to a lack of competition. On the other hand, open and standard networking solutions are essential for the growth of the AI ecosystem. They enable cost-effective infrastructure for high-scale workloads, fostering the proliferation of Large Language Models (LLMs) and enabling new applications to flourish.
The Ultra Ethernet Consortium (UEC) is set to play a pivotal role in this transformation, promoting open AI networking to a standardized Ethernet-based model. Ethernet’s adoption for AI backend networking is predicted to develop significantly in 2024.
Edge computing and distributed architecture
While large backend workloads excel at handling complex tasks and training extensive AI models, the trend in 2024 is to move computing power closer to applications, enhancing user experiences, especially in scenarios requiring rapid decision-making. While a fully distributed AI workload might not be realized this year, the momentum toward edge computing continues to grow.
This shift necessitates more frequent interconnections between front-end and back-end networks. However, it also highlights a pressing networking issue: the inconsistency in connectivity protocols between these two network segments. To streamline network management and potentially boost overall performance, the industry is beginning to take steps towards unified networking solutions by introducing initiatives like the Ultra Ethernet Consortium (UEC).
Sustainable and energy-efficient networking
As AI workloads intensify, particularly those involving thousands of GPUs, substantial power consumption becomes a major concern. Although the energy impact of networking is lower than that of computation, it’s a concern that needs to be addressed. Moreover, the carbon footprint remains a key issue regardless of scale.
In response, new AI networking solutions are expected to emphasize energy efficiency more. This includes adopting energy-efficient hardware and aligning with the principles of the circular economy to promote sustainability. Additionally, advanced software designed to enhance resource utilization is anticipated to gain prominence.
AIOps is already making its mark in the networking world, with several vendors implementing it to improve network operations. In 2024, it is expected that increased investments in AIOps tools will significantly impact network operations efficiency, revolutionizing the networking landscape.
Powered by AI, predictive analytics and real-time anomaly detection can play a pivotal role in resolving potential network issues and improving reliability. As AI networking evolves, high-performance connectivity is poised to improve substantially through the integration of AIOps.
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https://www.cryptopolitan.com/ai-networking-trends-for-2024/
| 2024-01-27T15:16:55Z
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Researchers at Michigan Medicine have harnessed the power of artificial intelligence (AI) to create an algorithm that accurately predicts death and complications following a crucial heart procedure known as percutaneous coronary intervention (PCI). This innovative tool has the potential to revolutionize the way clinicians determine treatment for individuals with blocked heart arteries.
Percutaneous coronary intervention, or PCI, is a minimally invasive procedure used to alleviate blocked arteries by inflating a balloon and, in some cases, placing a stent to enhance blood flow from the heart. While it carries fewer risks than open surgery, such as coronary artery bypass grafting, PCI is not without its potential complications, including bleeding and kidney injury.
The key challenge lies in assessing the individual risk associated with PCI. Each patient’s situation is unique, and patients and clinicians have often faced difficulties estimating this procedure’s potential harm. This is where the newly developed AI-driven algorithm comes into play.
Precise risk prediction for informed decision-making
Lead researcher David E. Hamilton, M.D., a cardiology-critical care fellow at Michigan Medicine, emphasizes the importance of precise risk prediction in the context of PCI. He notes that this tool can recognize a wide range of outcomes post-PCI, offering care providers and patients the critical information they need to make informed treatment decisions.
Traditionally, risk stratification tools for PCI have existed, but many of them fall short in accuracy and do not involve patients in the development process. The Michigan Medicine team sought to rectify this by collecting data from adult patients who underwent PCI between April 2018 and the end of 2021, utilizing the Blue Cross Blue Shield of Michigan Cardiovascular Consortium (BMC2) registry.
The researchers employed advanced machine learning software “XGBoost” to analyze more than 20 pre-procedural characteristics, including age, blood pressure, and total cholesterol. This comprehensive approach allowed the development of an AI-driven model that demonstrated remarkable accuracy in predicting critical outcomes such as death, major bleeding events, and the need for blood transfusion. Notably, this AI model outperformed its predecessors that relied on similar pre-procedural characteristics.
Patient-centered and individualized approach
What sets this AI algorithm apart is its patient-centered focus. It incorporates PCI Patient Advisory Council feedback, ensuring it caters to individual needs and concerns. The objective is to provide patients and healthcare providers with a tool that facilitates collaborative decision-making and supports patient education regarding the potential risks associated with PCI.
With the prevalence of smartphones and electronic medical records, there is immense potential for integrating this AI-driven risk prediction tool into electronic health systems. This would make it easily accessible at the bedside, enabling providers to quickly relay complex information while enhancing patients’ understanding of the risks associated with PCI.
Accessible AI technology
The innovative technology developed by the Michigan Medicine team has been transformed into a user-friendly computer and phone application, ensuring widespread access and usability. This democratization of AI tools holds the promise of improved patient outcomes and enhanced shared decision-making between patients and clinicians.
Acknowledging the support provided by Blue Cross, Blue Shield of Michigan, and Blue Care Network as part of the BCBSM Value Partnerships program is essential. While Blue Cross Blue Shield of Michigan and BMC2 collaborated closely on this research, the opinions expressed by the author do not necessarily reflect the views of BCBSM or its employees.
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https://www.cryptopolitan.com/ai-outcome-of-heart-artery-procedures/
| 2024-01-27T15:17:02Z
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In the heart of Silicon Valley, where innovation has long been synonymous with prosperity, a perplexing paradox unfolds as the Bay Area experiences a surge in AI-related economic growth alongside a staggering number of tech layoffs. The first few weeks of the new year have proven tumultuous for many tech workers, with Layoffs.fyi reporting more than 10,000 job cuts. This raises compelling questions about the intersection of technological advancement, workforce dynamics, and the resilient spirit of the Bay Area tech community.
AI thrives, jobs falter – Navigating a dual reality
In the relentless march of technological progress, artificial intelligence has emerged as a beacon of promise and transformation. Despite the gloom of layoffs, companies are increasingly turning their attention to AI-related endeavors. Prominent tech giants, including Google, eBay, ChargePoint, and TikTok, are realigning their strategies to capitalize on the potential of AI. This strategic pivot not only signals a departure from traditional tech roles but also underlines the pivotal role AI is poised to play in the future of the industry.
Silicon Valley veterans like John Comeau emphasize the cyclical nature of the tech industry, where innovation begets obsolescence. As companies navigate layoffs, Comeau advocates for resilience and adaptability. In the face of uncertainty, he encourages tech workers to embrace ongoing learning, staying attuned to emerging tech trends.
While many find themselves in the crosshairs of layoffs, opportunities in AI abound, with companies like AiDash securing $50 million in venture capital funding to combat climate change through AI applications. CEO Abhishek Singh projects aggressive hiring plans, aiming to double the company’s workforce from 300 to 600 within the next two years.
Google’s strategic shift job cuts, and the road ahead
At the forefront of this AI-centric transition is Google, where CEO Sundar Pichai issued a memo outlining the company’s priorities. In a bid to align with the burgeoning AI landscape, Google is set to create new AI-related jobs while contemplating cuts in other areas. Pichai’s directive underscores the evolving nature of the tech industry and the imperative for companies to adapt swiftly to remain at the forefront of innovation.
As the Bay Area grapples with the coexistence of AI-related growth and unprecedented layoffs, the tech community finds itself at a crossroads. The very forces propelling the industry into a new era also contribute to the unsettling specter of job insecurity for many. The challenge lies in balancing the demands of progress with the human cost of transformation.
How will the Bay Area’s tech workforce navigate this dual reality? Can the region leverage its historical resilience to emerge stronger amidst the evolving technological landscape? The answers remain elusive, echoing the sentiments of Russell Hancock, CEO of Joint Venture Silicon Valley, who reflects on the cyclical nature of the tech industry – an industry now standing at the crossroads of reinvention and uncertainty.
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https://www.cryptopolitan.com/ai-related-realities-of-job-cuts-tech/
| 2024-01-27T15:17:21Z
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The National Cyber Security Centre (NCSC) has sounded the alarm on a looming surge in global ransomware threats, attributing the heightened risk to the integration of artificial intelligence (AI) by cybercriminals. As per the NCSC’s latest assessment, the utilization of AI in malicious cyber activities is anticipated to significantly amplify both the frequency and severity of cyberattacks, posing substantial challenges to cybersecurity measures worldwide.
Rising risk factors of escalating global ransomware threat
Per the National Cyber Security Center (NCSC), the incorporation of artificial intelligence (AI) plays a pivotal role in diminishing the hurdles for a myriad of threat actors, spanning from novices in cybercrime to mercenary hackers and activist groups. This reduction in obstacles facilitates less proficient individuals to carry out expedited access and reconnaissance maneuvers, consequently intensifying the impact of ransomware assaults.
Also, AI’s aptitude in refining victim selection exacerbates the complexity of the ransomware threat panorama on a global scale, thereby presenting unparalleled obstacles for stakeholders in the realm of cybersecurity.
In reaction to the burgeoning ransomware menace, the UK Government has dedicated £2.6 billion within its Cyber Security Strategy to bolster the nation’s resilience against cyber threats. This pledge highlights the critical urgency of confronting the ever-evolving cyber threat landscape, accentuating the importance of embracing AI-driven solutions for sophisticated threat identification and security reinforcement.
Simultaneously, both the NCSC and private sector entities have embarked on endeavors to incorporate AI technologies into cybersecurity frameworks, strategically prioritizing the enhancement of threat intelligence and the adoption of security-by-design principles.
Expert insights and global initiatives
Cybersecurity expert Suid Adeyanju, CEO of Riversafe, emphasizes the criticality of adopting comprehensive strategies to mitigate the risks posed by AI-powered ransomware attacks. Adeyanju underscores the importance of heightened threat intelligence and advanced technologies in combatting cyber threats effectively. He advocates for rigorous staff training programs to enhance cybersecurity awareness and underscores the significance of securing data and mitigating risks as paramount priorities for businesses.
The issue of AI and security garnered significant attention at the AI Safety Summit hosted in the UK, where industry leaders endorsed The Bletchley Declaration. This groundbreaking global initiative aims to address the risks associated with advanced AI technologies and promote their secure and responsible advancement. The UK’s proactive stance in addressing cybersecurity challenges is further evidenced by its substantial investment in the AI sector, signaling the government’s commitment to leveraging technology for economic growth and job creation.
In the continuum of artificial intelligence’s integration, inexorably reshaping the cyber threat panorama, stakeholders find themselves compelled to sustain an unwavering vigilance in the efficacious mitigation of nascent risks. The confluence of artificial intelligence and cybersecurity heralds a novel epoch rife with unprecedented challenges, mandating a concerted, synergistic endeavor among governmental bodies, industry titans, and the venerated custodians of cybersecurity expertise. This collective enterprise is indispensable in fortifying the bastions of digital infrastructure and perpetuating the sanctity of trust within the multifaceted domains of online ecosystems.
Amidst the perennial flux of cyber peril, organizations are confronted with the urgent imperative of recalibrating their cybersecurity stratagems to adroitly confront the specter of AI-fueled ransomware onslaughts. Such strategic recalibration is incumbent upon the seamless integration of resilient data protection protocols and the judicious orchestration of measures ensuring unimpeded continuity in business operations.
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https://www.cryptopolitan.com/ai-supercharge-global-ransomware-threats/
| 2024-01-27T15:17:31Z
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Google DeepMind has initiated a comprehensive scholarship program for African students. This initiative, encompassing 40 scholarships annually for four years starting September 2023, aims to foster a more inclusive AI community by supporting underrepresented groups. This effort highlights the growing recognition of the need for diverse perspectives in the rapidly evolving domain of AI.
The Google DeepMind scholarship program is not just about financial aid; it’s a gateway to opportunities and mentorship in the AI arena. Each scholarship covers full tuition, living expenses, and additional costs like equipment and conference attendance. This comprehensive support reflects a commitment to removing barriers that students from underrepresented groups often face in accessing advanced education in AI.
Aims and Impact of the Program
The goal of this scholarship is to create a more diverse and inclusive AI community. By bringing in varied voices, experiences, and perspectives, the program strives to enrich conversations around AI’s design and deployment. This diversity is not just beneficial but crucial, as AI continues to play an increasingly significant role in various aspects of life and society.
A noteworthy aspect of this initiative is the AI for Science stream within the Master’s degree in Mathematical Science at AIMS South Africa. This program, made possible through the collaboration with Google DeepMind, underscores the dynamic interplay between AI and scientific disciplines. Starting with its inaugural batch in September 2023, the program offers a unique blend of coursework and research in AI, with a focus on applications in cosmology, epidemiology, and ecology.
Eligibility and Selection Criteria
The scholarship is open to students from across Africa who demonstrate a passion for mathematics, AI, and machine learning. The selection criteria are designed to identify promising students from underrepresented backgrounds who require financial assistance to pursue postgraduate courses in AI-related fields.
The program aims to provide comprehensive financial support, covering tuition fees, living expenses, and additional grants for equipment and academic conference participation. The scholars are typically supported for the duration of their study, ensuring they can focus fully on their academic and research endeavors without financial constraints.
Application Process
Prospective students can apply for the scholarships directly through participating universities, which offer these opportunities as part of specific AI-related courses. Information about the scholarships and application details are made available by the universities when the opportunities open up.
The Google DeepMind AI Scholarship program for African students is a commendable step towards fostering diversity in the field of AI. By providing financial support and mentorship opportunities, the program not only empowers individual students but also enriches the global AI community with diverse perspectives and ideas. As AI continues to shape our world, initiatives like this play a vital role in ensuring that its development is inclusive and representative of the diverse global community.
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https://www.cryptopolitan.com/aims-south-africa-and-google-deepmind-launch-ai-for-science-masters-program/
| 2024-01-27T15:17:41Z
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Amid growing concerns over the potential job displacement caused by artificial intelligence (AI), a recent study from MIT’s Computer Science and Artificial Intelligence Lab sheds light on the economic realities of AI’s impact on jobs and its adoption. Contrary to widespread fears, the research suggests that while AI has the capability to replace human workers in various sectors, the transition is expected to be gradual rather than immediate, offering policymakers and businesses a window to navigate the evolving landscape of work.
Unveiling the economic realities
The study conducted by researchers at MIT’s Computer Science and AI Lab delves into the impact of AI on the labor market, particularly focusing on the feasibility of automating jobs vulnerable to AI intervention. Through extensive analysis, the researchers reveal that despite the technological potential, the economic viability of replacing human workers with AI remains limited. Only a fraction of jobs deemed susceptible to automation—approximately 23%—are currently deemed cost-effective for employers to automate.
Neil Thompson, director of the future tech research project at MIT’s Computer Science and AI Lab, emphasizes the importance of understanding the economics behind AI implementation. He underscores that while AI presents opportunities to streamline tasks, the decision to replace human workers must be weighed against economic factors. Drawing parallels to past technological disruptions, Thompson highlights the gradual nature of AI’s impact on jobs, likening it to previous shifts from agricultural to manufacturing economies.
Navigating the transition amid AI’s impact on jobs
The discoveries unveiled in the MIT study furnish invaluable perspectives for policymakers and businesses contending with the multifaceted ramifications of artificial intelligence (AI) on the labor landscape. Through furnishing a meticulous quantitative comprehension of the temporal dynamics surrounding job displacement, this research empowers stakeholders to craft precise and effective strategies to navigate the complexities engendered by the integration of AI.
Given the stark revelation that approximately 40% of occupations worldwide are susceptible to the influence of AI, proactive initiatives such as the establishment of robust social safety nets and the implementation of comprehensive retraining programs are unequivocally regarded as imperative measures to ameliorate disparities and provide requisite support to impacted workers.
Amidst the escalating discourse surrounding artificial intelligence (AI) and its far-reaching effects on employment, the MIT study emerges as a beacon of nuanced insight into the forthcoming landscape of labor. Through its illumination of the economic actualities inherent in the integration of AI and its emphasis on the incremental nature of job displacement, the research catalyzes profound inquiries into the most effective pathways for societies to traverse this transformative juncture.
As policymakers and businesses grapple with the multifaceted challenges posed by this paradigm shift, the foremost imperative lies in the prioritization of strategies aimed at ensuring a just and equitable transition for workers within the burgeoning era of AI. How might societies adeptly harness the potential of AI while steadfastly guarding against its deleterious impacts on employment and livelihoods?
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https://www.cryptopolitan.com/ais-impact-on-jobs-and-the-economy/
| 2024-01-27T15:17:50Z
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In the world of online shopping, customer reviews are a crucial factor in making purchase decisions. Amazon, recognizing the challenge of navigating through countless reviews, introduced AI-generated summaries to offer a quick snapshot of user feedback. This technology aims to distill the essence of customer opinions into concise pros and cons, simplifying the decision-making process for potential buyers. However, the implementation of this AI tool has revealed both its potential benefits and significant pitfalls.
Accuracy and misinformation: The core challenge
A primary concern with Amazon’s AI-generated review summaries is their accuracy. Instances have been identified where these summaries presented misleading or incorrect information. For example, a summary for the Manduka GRP Adapt Hot Yoga Mat erroneously mentioned a competitor’s product. Though Amazon addressed this specific error, the incident highlights the ongoing challenge of ensuring accuracy in AI-generated content.
Further complicating matters, these summaries have occasionally exaggerated negative aspects of products. A notable instance involved Penn tennis balls, where the AI summary overemphasized a minor issue of odor, mentioned in only a small fraction of the reviews. Such distortions, albeit unintentional, can mislead consumers and unfairly harm product reputations.
The AI system also struggles with context and common sense, as seen in its vague reference to a product as “pet supplies” and the awkward phrase “psa pads” instead of “paw pads.” While human reviews often contain similar errors, the expectation is that AI, devoid of human fallibility, should perform with higher accuracy. These shortcomings raise questions about the reliability of AI in capturing the nuanced and varied opinions of real users.
The balancing act: Convenience vs. Credibility
Despite these concerns, the AI summaries have proven to be a useful tool for many shoppers. For instance, a Mashable employee found the feature helpful in choosing a tripod by quickly comparing the summarized reviews of different products. Amazon spokesperson Maria Boschetti stated that the review highlights have led to increased sales for sellers and are helping customers find desired products.
This convenience factor is significant. Most consumers lack the time or inclination to read through hundreds of reviews, and a well-executed summary can make shopping more efficient. However, this benefit must be weighed against the potential for misinformation and the impact on consumer trust.
Prospects and consumer responsibility
Looking ahead, Amazon plans to expand AI-generated review summaries to more product categories. The inclusion of such summaries for items like Advil ibuprofen indicates a broad application of the technology, though it also suggests a need for cautious implementation to avoid misrepresenting critical product information.
As Amazon continues to refine this feature, the responsibility partly shifts to consumers. While the AI summaries offer a convenient overview, shoppers should approach them with a measure of skepticism. Verifying the information by skimming through actual reviews may be a prudent step, acknowledging the current limitations of AI in accurately representing user opinions.
Amazon’s AI-generated review summaries represent a significant step in harnessing technology to enhance the online shopping experience. They offer a practical solution to review fatigue, enabling customers to make quicker decisions. However, the issues of accuracy and potential misinformation underscore the need for continuous improvement and careful application of this AI feature. As Amazon evolves this technology, consumers must navigate these summaries with an awareness of their strengths and weaknesses, striking a balance between convenience and informed decision-making.
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https://www.cryptopolitan.com/amazons-ai-generated-review-summaries/
| 2024-01-27T15:17:58Z
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AMD has made a significant leap in improving the gaming experience for users with its latest technology release, Fluid Motion Frames (FMF). Unlike the brand-agnostic FidelityFX Super Resolution (FSR) 3, FMF is exclusively available for those who own AMD hardware. In a recent driver update, AMD has introduced FMF, promising substantial performance improvements in modern PC games, without requiring any developer input or action.
AMD FMF: A game-changer for Radeon GPU owners
AMD’s Fluid Motion Frames technology is making waves in the gaming community, offering remarkable performance gains for owners of Radeon RX 7000 and 6000 series graphics cards. This driver-based enhancement is designed to work seamlessly with AMD hardware, eliminating the need for game developers to implement it manually. The result? A smoother and more immersive gaming experience for AMD enthusiasts.
Limited audience, big impact
While AMD’s FMF may have a relatively limited audience, it packs a powerful punch for those who can take advantage of it. According to recent data from the Steam Hardware Survey, AMD GPUs make up 15.96% of all registered users who are willing to share their data. The only AMD card eligible for FMF support that makes it to the top 50 most popular GPUs is the AMD Radeon RX 6700 XT, coming in at 37th place. On the surface, this might seem like a drawback, but it’s essential to recognize the significance of FMF for existing AMD graphics card owners.
Impressive performance boosts
AMD claims that Fluid Motion Frames, when combined with FSR 2 set to Quality mode, can boost frame rates by up to a staggering 97% when gaming in 1080p resolution. If these claims hold true, this technology could be a game-changer, elevating gaming performance from the standard 60-80 fps range to a smoother and more immersive low-to-mid 100s.
No developer input required
One of the most compelling aspects of FMF is its ease of use. Unlike other performance-enhancing technologies that may require developer support, FMF can work seamlessly with any DirectX11 or DirectX12 game without any additional action from game developers. This means that AMD users can reap the benefits of improved performance across a wide range of titles with a simple driver update.
How to access AMD FMF
AMD FMF was introduced as part of the Adrenalin 24.1.1 driver update, which is available now. To take advantage of the performance boosts offered by FMF, all AMD users need to do is update their drivers, making it a hassle-free process for enthusiasts eager to enhance their gaming experience.
Upcoming testing and reviews
While the announcement of AMD’s Fluid Motion Frames technology is exciting, it’s essential to note that comprehensive testing and reviews are yet to come. Independent evaluations will provide a deeper insight into the real-world impact of FMF on gaming performance. In the meantime, gamers can anticipate more information and analysis on FMF in the coming weeks.
AMD’s Fluid Motion Frames technology is a significant step forward for AMD graphics card owners, promising substantial performance improvements without requiring any developer involvement. While the technology’s limited availability may seem like a drawback, it has the potential to transform gaming experiences, particularly for those using AMD Radeon RX 7000 and 6000 series GPUs. With FMF capable of delivering up to a 97% boost in frame rates at 1080p resolution, it’s a compelling reason for AMD users to update their drivers and take their gaming to the next level.
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https://www.cryptopolitan.com/amds-new-fluid-motion-boost-game-performance/
| 2024-01-27T15:18:06Z
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In the world of cryptocurrency exchange-traded funds (ETFs), the anticipation for a spot XRP ETF approval has been met with skepticism from financial analysts. While there is a glimmer of hope among some XRP enthusiasts, experts believe that regulatory hurdles and an ongoing legal battle between the Securities and Exchange Commission (SEC) and Ripple could significantly delay or even prevent the approval of such an ETF.
One of the key obstacles facing the potential approval of a spot XRP ETF is the SEC’s ongoing case against Ripple, the blockchain company behind XRP. In the lawsuit, the SEC argued that XRP constitutes security.
However, in a pivotal ruling in July, the judge determined that XRP is not a security when sold to institutional buyers but left the status of XRP in legal limbo. The ongoing legal battle is set to continue with a trial scheduled for April 23, further complicating the regulatory landscape for XRP ETFs.
The crucial role of SEC recognition
According to Townsend Lansing, head of product at CoinShares, the approval of an XRP ETF is contingent on the SEC either being forced to or willingly conceding that XRP is not a security. This recognition by the SEC is a fundamental requirement for successfully launching a spot XRP ETF. Without it, the chances of approval remain remote.
Scott Johnsson, general partner at Van Buren Capital, shares the sentiment that the likelihood of an XRP ETF approval in the near future is “very slim” and may even necessitate new leadership at the SEC.
Comparing it to the approval process for other cryptocurrency ETFs, CoinShares research analyst Max Shannon pointed out that it took over a decade to approve a spot Bitcoin ETF. He emphasized that the lack of an approved XRP futures ETF in the United States further hinders the prospects of a spot XRP ETF.
Absence of XRP futures ETFs
In contrast to Bitcoin and Ethereum, XRP currently lacks an approved futures ETF in the United States. Bloomberg ETF analyst James Seyffart expressed little confidence in the imminent approval of an XRP ETF, considering it a “remote possibility” due to the SEC’s ongoing legal battle with Ripple. Seyffart highlighted the absence of XRP futures ETFs as a crucial factor, making the approval process even more challenging.
Johnsson argued that even if a financial exchange like the Chicago Mercantile Exchange (CME) were to list XRP futures, the SEC would demand a substantial correlation between XRP futures and spot markets before considering the approval of a spot XRP ETF.
This requirement is intended to ensure that surveillance-sharing agreements are robust enough to detect fraud and manipulation in the spot market, a lesson learned from the approval process of spot Bitcoin funds.
Despite the skepticism among financial analysts, there have been mixed signals from industry leaders. Ripple CEO Brad Garlinghouse, during a January interview at the World Economic Forum, left some room for speculation when asked about the possibility of an XRP ETF.
Similarly, BlackRock CEO Larry Fink’s response to a similar question led to brief excitement in the XRP community. However, Charles Gasparino of Fox Business later reported that BlackRock had no plans for a spot XRP ETF, citing sources with “direct knowledge of the matter.”
While the approval of an XRP ETF remains uncertain, there is hope for other cryptocurrency ETFs. In an interview, Sandy Kaul, head of digital assets at Franklin Templeton, hinted that the company may offer clients more opportunities to invest in crypto and anticipated “more filings coming from us at some point.” This statement has sparked optimism for the potential approval of other cryptocurrency ETFs.
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https://www.cryptopolitan.com/analysts-about-approval-of-spot-xrp-etf/
| 2024-01-27T15:18:13Z
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In the world of artificial intelligence, ChatGPT has gained immense popularity for its ability to generate human-like text responses. Crafting the right prompts is crucial to unlock its full potential.
Talk to the AI like a person
When interacting with ChatGPT, it’s essential to remember that you’re not programming it; you’re engaging in a conversation. Treat it as if you’re talking to a co-worker or a team member. To make this interaction more natural, consider giving ChatGPT a name, like “Bob.”
Talking to Bob allows you to include conversational details, anecdotes, and engage in multi-step conversations.
Just as you wouldn’t expect a friend to understand everything immediately, ChatGPT might require clarification. Embrace interactive prompting by asking follow-up questions based on its responses.
This approach fosters a more dynamic and engaging conversation with the AI.
Set the stage and provide context
Crafting effective prompts goes beyond asking one-sentence questions. Provide relevant background information to set the context for your query. For example, if you want advice on marathon preparation, instead of asking, “How can I prepare for a marathon?” provide context like, “I am a beginner runner planning to complete my first marathon in six months. How can I prepare?”
Context-rich prompts enable ChatGPT to tailor its responses to your specific needs. Whether you’re seeking language learning resources or information on blockchain for supply chain management, framing your query with context yields more focused and valuable answers.
Tell the AI to assume an identity or profession
One of ChatGPT’s remarkable features is its ability to write from different perspectives. You can instruct it to respond as if it were a product manager, caregiver, journalist, or any other role. This versatility allows you to gain diverse insights.
For instance, if you want information about the Amazon Echo Alexa device, you can request responses from the point of view of a product manager, a caregiver, and a journalist. Each perspective provides unique insights, such as highlighting product innovation, caregiver benefits, or privacy concerns.
Keep ChatGPT on track
ChatGPT can sometimes veer off topic or provide inaccurate information. To maintain a productive conversation, use techniques like asking it to justify its responses with phrases like “Why do you think that?” or “What evidence supports your answer?” This encourages the AI to provide well-reasoned responses and correct any inaccuracies.
Additionally, if the conversation becomes lengthy, gently guide ChatGPT back on track, reminding it of the topic and goals of the discussion. Just as you would with a human conversation partner, help the AI stay focused.
Don’t be afraid to play and experiment
Improving your prompt-writing skills requires experimentation. Feed ChatGPT with various intriguing prompts to explore its capabilities. Make minor adjustments to prompts to guide it towards better answers.
Be open to playful prompts that spark creativity and engage with the AI in unique ways.
Five creative prompts to kickstart your experimentation
Imagine you are a raindrop falling from the sky during a thunderstorm. Describe your journey from the moment you form in the cloud to the moment you hit the ground. What do you see, feel, and experience?
You are a toy that has been left behind in an attic for decades. Narrate your feelings, memories of playtimes past, and your hopes of being rediscovered.
Write the final diary entry of a time traveler who has decided to settle down in a specific era, explaining why they chose that time and what they’ve learned from their travels.
Imagine a dialogue between two unlikely objects, like a teacup and a wristwatch, discussing the daily routines and challenges they face.
Describe a day in an ant colony from the perspective of an ant. Dive deep into the politics, challenges, and social structures of the ant world.
By experimenting with these prompts and observing ChatGPT’s responses, you can expand your prompt-writing skills and discover new possibilities for AI-generated content.
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https://www.cryptopolitan.com/art-of-crafting-effective-chatgpt-prompts/
| 2024-01-27T15:18:20Z
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Arthur Hayes, the legend known for his unapologetic and bold market insights, has once again dropped another iconic essay titled “Yellen or Talkin’.” In it is a bombshell prediction that could shake the financial world to its core. Hayes asserts that the recent downturn in Bitcoin’s value is not just a blip on the cryptocurrency radar but a forewarning of an impending financial crisis. His assertion rests on a complex interplay of fiscal policies, market dynamics, and geopolitical tensions, weaving a narrative that demands attention.
The Unseen Currents of Financial Policy
Hayes draws a stark contrast between the actions and rhetoric of key financial figures, highlighting the discord between what is said and what is done. He points out that while US Treasury Secretary Janet Yellen has been actively maneuvering through financial policies, such as the strategic shift to Treasury bills to enhance liquidity, others like Federal Reserve Chair Jerome Powell have been more talk than action. This discrepancy, according to Hayes, is where the seeds of market turmoil are sown.
The recent pivot by Powell, hinting at potential rate cuts in 2024, juxtaposed with the lack of concrete action, has left the market in a state of speculative frenzy. Hayes argues that while the surface-level market indicators, like the rallying S&P 500 and Nasdaq 100, paint a picture of prosperity, the underlying currents tell a different story. The decline in Bitcoin, from a high of $48,000 to below $40,000, is seen by Hayes as the real barometer of market health, signaling a liquidity crisis that could spiral into a financial debacle.
Bitcoin’s Prophetic Downturn
Diving into the crypto realm, Hayes dissects the recent Bitcoin slump, dismissing surface-level analyses that point to outflows from traditional Bitcoin trusts. Instead, he sees Bitcoin as a harbinger of deeper economic shifts, particularly highlighting the precarious position of non-Too-Big-to-Fail banks in the face of potential liquidity crunches. The anticipated non-renewal of the Bank Term Funding Program (BTFP) could be the straw that breaks the camel’s back, pushing these banks over the edge and sparking a broader financial crisis.
Hayes doesn’t stop at critiquing fiscal and monetary policies; he also casts a wary eye on geopolitical tensions and their role in economic stability. The entanglement of US foreign policy, particularly in the Middle East, and its implications for global inflation rates are seen as critical factors that could exacerbate the looming crisis. Hayes argues that the current administration’s failure to address these underlying issues could lead to a rude awakening as economic and geopolitical pressures converge.
In Hayes’ view, the current market buoyancy is a mirage, sustained by misplaced confidence in policy measures that have yet to be tested against the harsh realities of economic fundamentals. He suggests that the real test is yet to come, as the cessation of programs like the BTFP could unveil the fragility of the financial system.
Arthur Hayes delves into the precarious balance of the current financial ecosystem, emphasizing the interconnectedness of various sectors and the potential for a domino effect that could lead to a widespread crisis. He articulates how the recent policy shifts and market dynamics are setting the stage for a scenario where traditional financial institutions could face unprecedented stress, leading to a cascade of failures that could ripple through the economy.
Hayes points to the significant reduction in the Federal Reserve’s balance sheet through Quantitative Tightening (QT) and the implications of this contraction on dollar liquidity. This reduction, coupled with the shifting borrowing patterns towards T-bills by the US Treasury, is creating a liquidity vacuum that could suck in various financial players, leaving them gasping for air. The crux of Hayes’ argument lies in the liquidity levels and their critical role in maintaining financial stability.
Furthermore, Hayes explores the delicate balance between inflation control and economic growth, highlighting the Federal Reserve’s tightrope walk in managing interest rates. The potential rate cuts, seen as a lifeline for struggling banks, could have far-reaching implications beyond the banking sector, affecting everything from consumer spending to corporate investments. Hayes suggests that a misstep in this balancing act could trigger a chain reaction, undermining the fragile recovery and pushing the economy into a downturn.
The cryptocurrency market, with Bitcoin at its helm, is portrayed by Hayes as a barometer for the broader financial climate. The fluctuations in Bitcoin’s price are not random noise but signals reflecting underlying economic currents and investor sentiment. Hayes’ analysis of the crypto market is not just about digital currencies but serves as a commentary on the broader financial ecosystem’s health and the looming challenges it faces.
In a narrative that intertwines the fate of cryptocurrencies with the stability of the global financial system, Hayes stands out as a voice of reason amidst the cacophony of market speculation. His analysis, steeped in a deep understanding of market mechanics and geopolitical realities, offers a sobering perspective on the fragile state of our financial ecosystem.
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https://www.cryptopolitan.com/arthur-hayes-bitcoin-financial-crisis/
| 2024-01-27T15:18:27Z
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The Avalanche Foundation, the driving force behind the Avalanche blockchain, has recently introduced a comprehensive set of guidelines for its plans to invest in meme coins. These digital assets, known for their playful nature and cultural significance, have gained immense popularity, often delivering substantial returns.
However, they are notorious for their unpredictability and potential association with scams. In light of the Foundation has embarked on a strategic plan to purchase meme coins, utilizing funds from its $100 million “Culture Catalyst” fund, which is dedicated to fostering cultural initiatives within the blockchain space. The move is not merely an investment strategy but also an acknowledgment of the creativity, culture, and camaraderie that meme coins bring to the blockchain community.
Rigorous eligibility criteria for Meme Coin acquisition
To navigate the intricate and often whimsical world of meme coins, the Avalanche Foundation has established an “eligibility framework,” setting forth specific criteria that meme coins must meet to be considered for acquisition. The framework mandates that meme coins be native to the Avalanche blockchain and independent from their creators, with no allocations earmarked for the team. Additionally, the creator team must renounce ownership of the mint contract.
The Avalanche Foundation takes a strong stance against token hoarding by large holders, commonly referred to as “whales.” They prioritize meme coins that have undergone security audits by reputable companies, initiated their launch with whitelists, and can demonstrate a fair distribution among their token holders. These precautions aim to ensure the stability and integrity of meme coins within the Avalanche ecosystem.
By discouraging excessive concentration of tokens and promoting security measures, the Foundation seeks to foster a more inclusive and secure environment for meme coin projects, promoting responsible and sustainable growth within the Avalanche blockchain.
Quantitative thresholds for Meme Coin consideration on Avalanche
The Foundation has set quantitative thresholds that meme coins must meet as of January 2024. These include having at least 2,000 holders with the top 100 owning less than 60% of the supply, more than $200,000 in liquidity supplied by at least 50 providers, a minimum market cap of $1 million, and a daily average trading volume of at least $100,000 over two weeks.
Furthermore, a meme coin must have existed for at least a month, allowing the community sufficient time to understand and familiarize themselves with the coin. While meeting these criteria does not guarantee purchase, it serves as a baseline for consideration, reflecting the Foundation’s commitment to a balanced and responsible approach to meme coin investments.
Conclusion
The Avalanche Foundation’s structured approach to meme coin investments signifies a thoughtful and strategic engagement with the unique segment of the cryptocurrency market. By setting clear, stringent guidelines for meme coin acquisitions, the Foundation aims to strike a balance between embracing the cultural and creative aspects of these digital assets and ensuring a responsible, risk-mitigated investment strategy. As the Foundation moves forward with its plans, its actions will likely set a precedent for how other organizations might approach the dynamic and often unpredictable world of meme coins, potentially shaping the future landscape of the niche market.
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https://www.cryptopolitan.com/avalanche-foundations-approach-meme-coin/
| 2024-01-27T15:18:34Z
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In a major development aimed at enhancing the business environment for foreigners, Beijing has recently implemented a transformative policy, effective as of January 18. This initiative allows foreign entrepreneurs to complete the entire process of registering a business online, utilizing facial recognition (facial ID) technology.
This significant move, aimed at simplifying procedures and drastically reducing the time required for obtaining business licenses, marks a pivotal moment in Beijing’s efforts to attract and support foreign investments. Emilia Mpwo Bywaters, a US citizen, stands as one of the first beneficiaries of this groundbreaking policy, completing the registration of a cultural development company in a mere 10 minutes.
A revolution in foreign business registration through facial ID
Foreign nationals seeking to establish businesses in Beijing have long encountered a cumbersome process that involved furnishing additional proof of identity or undergoing real-name verification through a local bank. Yet, with the advent of facial recognition technology, the city’s market regulation authorities are revolutionizing this landscape.
Before this change, the registration process typically consumed two to three months, requiring applicants to be physically present for identity authentication. The new system allows individuals like Emilia Mpwo Bywaters to complete the entire registration process seamlessly using a WeChat mini program on their phones. This marks a significant reduction in bureaucracy and aligns with Beijing’s broader goal of fostering a more business-friendly environment for foreign investors.
Emilia Mpwo Bywaters’ success story
Emilia Mpwo Bywaters’ experience exemplifies the efficiency of Beijing’s new approach. With assistance from a staff member at the government service center of Fengtai District, she navigated the registration process swiftly. Submitting the necessary company information and undergoing facial scanning through a WeChat mini program on her phone, Bywaters completed the registration of her cultural development company in less than 10 minutes. This unprecedented speed contrasts sharply with the previous lengthy process, underscoring the transformative impact of facial recognition technology on business registration for foreigners in Beijing.
Beijing’s ongoing support for foreign enterprises
The municipal market regulation bureau of Beijing emphasizes its commitment to further facilitating the establishment of foreign-funded enterprises. The adoption of facial recognition technology represents a proactive step towards driving high-quality development across various business entities. As the city positions itself as a hub for international business, these streamlined procedures reflect a dedication to creating an environment that encourages foreign investments and fosters economic growth. Beijing’s focus on continuous improvement and innovation underscores its determination to remain at the forefront of global business competitiveness.
As Beijing transforms its business registration landscape with facial recognition, one cannot help but wonder about the broader implications. Will other major global business hubs follow suit, adopting innovative technologies to attract foreign investors and streamline bureaucratic processes? The success of Emilia Mpwo Bywaters’ swift registration journey prompts the question: Are we on the verge of a global shift towards digitized, efficient business registration systems? The journey towards a more interconnected and tech-savvy business world seems promising, leaving us to anticipate further advancements in the realm of foreign business establishment.
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https://www.cryptopolitan.com/beijings-facial-id-business-registration/
| 2024-01-27T15:18:40Z
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In a recent legal hearing involving Binance, the U.S. Securities and Exchange Commission (SEC) faced criticism for its stance on cryptocurrencies. The SEC’s assertion that certain crypto assets embody investment contracts has sparked a debate in the cryptocurrency community, leading to accusations of inconsistency in the regulator’s legal argument.
Binance, SEC clash over cryptocurrency regulations
The dispute centers on a lawsuit filed by the SEC against Binance and Coinbase in June, alleging that these platforms operated unregistered securities exchanges and listed crypto assets that should be classified as investment contracts. During a court hearing on Monday, the SEC claimed that 12 specific cryptocurrencies, including FIL, BUSD, BNB, ADA, and AXS, are securities under the Howey Test, a standard used to determine what constitutes a security in the United States.
In response, Binance and Binance.US sought to dismiss the lawsuit, arguing against the SEC’s interpretation. U.S. District Judge Amy Berman Jackson is currently reviewing the motion for dismissal.
The heart of the controversy lies in what has been termed the SEC’s “embodiment theory.” This theory suggests that the crypto tokens are not merely digital assets but actual representations of investment contracts. This stance was first brought to light in the SEC’s response to a motion to intervene by attorney John Deaton on behalf of XRP holders in a case involving Ripple.
Deaton highlighted that the SEC has not provided any substantial case law to support its theory that a cryptocurrency, traded even in secondary markets, embodies an investment contract. This argument has been a contention, especially considering that two federal judges, Judge Analisa Torres in the Ripple lawsuit and Judge Jed Rakoff in the Terra case, have previously stated that a token is not a security.
Media and legal experts question the SEC’s consistency
Fox Business journalist Eleanor Terrett and attorney John Deaton have noted apparent inconsistencies in the SEC’s arguments across different cases. For instance, in the Ripple and LBRY cases, the SEC described the tokens as mere computer codes, contradicting its current stance in the Binance lawsuit. Additionally, Terrett noted instances in the Ripple case where the SEC’s arguments about Ripple’s distributions of XRP were called out by the judge for being inconsistent.
These contradictions have raised questions about the SEC’s approach to regulating cryptocurrencies. The discussion hinges on whether the nature of a crypto asset changes depending on its context and how it is being traded, which is central to the debate over its classification as securities.
The outcome of the Binance lawsuit, especially regarding the SEC’s embodiment theory, could have significant implications for the cryptocurrency industry. A decision affirming the SEC’s stance may result in stricter regulations for crypto exchanges and a reclassification of certain digital assets as securities. On the other hand, a rejection of the SEC’s argument could provide more clarity and potentially less stringent regulatory oversight for the crypto sector.
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https://www.cryptopolitan.com/binance-lawsuit-spotlights-secs-inconsistent/
| 2024-01-27T15:18:47Z
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As traditional financial paradigms continue to be challenged, a recent survey conducted by Binance, one of the world’s leading crypto exchanges, has uncovered a remarkable surge in confidence among European residents regarding the future of digital assets.
The findings from the survey are based on a total of 10,498 respondents. The survey took place on the Binance Survey Platform between October 14th and November 8th, 2023, and was open to users registered in France, Italy, Spain, and Sweden.
Binance delves into the European crypto market
As reported, the Binance survey provides a comprehensive understanding of the inclinations and conduct of the crypto community in Europe. According to the survey results, 55% of respondents are exclusively involved with digital assets, and 73% are optimistic regarding the future of cryptocurrencies.
Rachel Conlan, the Chief Marketing Officer of Binance, is delighted with the survey and states that the statistics show that crypto has integrated into normal day-to-day life. She states that:
We are delighted to see the high level of optimism amongst European crypto users, reflecting the growing interest in crypto and blockchain technologies […] The growing use of crypto in everyday purchases and its diverse applications highlights the integration of digital assets into our lives.
With Europe at the forefront of implementing a secure and harmonized regulatory framework for the industry through MiCA, it’s evident that the region is actively paving the way for the mainstream adoption of digital assets.
Rachel Conlan, CMO of Binance
Key insights from the survey
During the survey, Binance identified major trends and probable future changes in the European crypto marketplaces, such as:
1. Overload crypto optimism
73% of respondents are enthusiastic about the future of cryptocurrencies, indicating a favorable outlook on the expected growth, use, and benefits of both crypto and blockchain tech.
2. Increased crypto market confidence
A significant proportion of the participants (55%) expressed their exclusive involvement with cryptocurrencies, underscoring their trust in the crypto market. Moreover, a substantial pledge to this nascent financial domain is demonstrated by the fact that 24% of users claim that more than half of their overall trading activities are devoted to cryptocurrencies.
3. Increased crypto usage
The Binance survey underscores that 55% of the participants have adopted digital assets for their routine expenditures, indicating a transition towards practical utility; 10% of the respondents engage in weekly crypto purchases.
4. Increased daily adoption
Respondents’ confidence in the future of digital assets is reflected in the fact that more than one-third (34%) of those queried use cryptocurrencies primarily for long-term transactions. An additional 26% use it to save, demonstrating the emerging asset class’s expanding credibility. Subsequently, purchases accounted for 9%, and day-trading held 13%.
5. What were the drivers?
According to the survey, the key driver of crypto adoption in Europe is the possibility for significant returns, which 20% of respondents acknowledge. Other notable drivers include the appeal of decentralization and financial autonomy provided by digital assets (18%), as well as innovation and technology (17%).
These results demonstrate respondents’ strong desire to achieve financial freedom through decentralization and cutting-edge technology.
6. Europe crypto enthusiasts
82% of respondents have at least one year of experience in the crypto industry. The majority of these users, 73%, have been engaged in the activity for a duration of 1 to 5 years. Furthermore, 9% of them possess over 5 years of experience.
An additional 5% of users have become involved in the crypto domain within the past half-year, suggesting a sustained trend of adoption.
7. How many active traders are in Europe?
According to the Binance report, more than half of all Binance users in Europe (53% are active traders). Breaking down this ratio, 23% of respondents trade monthly, 17% trade weekly, and 12% trade daily.
8. Lastly, crypto storage options
The majority of respondents (65%) choose to secure their crypto holdings with Centralized Exchange Wallets, followed by Hardware Wallets (18%).
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https://www.cryptopolitan.com/binance-survey-reveals-crypto-confidence-in-europe/
| 2024-01-27T15:18:55Z
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Agustín Carstens, the General Manager of the Bank for International Settlements (BIS), has highlighted the pressing need for central banks to embrace and lead the digital transformation in the financial sector.
Addressing a conference in Basel, Switzerland, Carstens identified central bank digital currencies (CBDCs) as a pivotal element in this evolutionary process. His speech underscored the significant role CBDCs play in aligning central banking practices with the present digital age.
Carstens’ emphasis on CBDCs comes at a crucial time when the intersection of technology and finance is increasingly prominent. His remarks point to the growing consensus among global financial leaders about the importance of integrating digital solutions into traditional banking systems. By advocating for CBDCs, Carstens positions them as a trend and a fundamental shift in the financial landscape.
Challenges and opportunities in CBDC implementation
The path toward integrating CBDCs, however, is not without its challenges. One of the primary concerns Carstens raised involves the varied technological infrastructures that different countries are considering for their respective CBDC initiatives. This diversity in approach could pose significant coordination and compatibility challenges on an international scale.
Furthermore, Carstens brought attention to the potential cyber risks associated with CBDCs. The digital nature of these currencies makes them susceptible to new forms of criminal activities, necessitating robust cyber security measures. In this context, maintaining an appropriate level of privacy is critical to gaining public trust in retail CBDCs. Balancing privacy with transparency and security is thus a key hurdle in the widespread adoption of CBDCs.
BIS’s role in supporting digital currency projects
Recognizing these challenges, Carstens pledged BIS’s support to central banks in their digital endeavors. This support is primarily channeled through the BIS Innovation Hub and the Cyber Resilience Coordination Centre. These entities are actively involved in various digital currency projects, showcasing BIS’s commitment to fostering innovation in this domain.
For instance, the BIS Innovation Hub is collaborating with the Swiss National Bank on a wholesale CBDC project. Additionally, it is contributing to a joint platform involving central monetary authorities from China, Hong Kong, Thailand, and the United Arab Emirates. Another notable project is the development of a transactions tracker in partnership with the European Central Bank. These initiatives reflect BIS’s strategic role in shaping the future of digital currencies.
Nonetheless, Carstens’ remarks at the Basel conference set a clear agenda for central banks worldwide: to actively engage in and lead the digital revolution in finance, with a particular focus on CBDCs. While the road ahead presents several technological and security challenges, the support and coordination provided by BIS are pivotal in navigating these complexities.
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https://www.cryptopolitan.com/bis-advocates-for-cbdc-development/
| 2024-01-27T15:19:02Z
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A prominent Bitcoin analyst has offered a confident outlook for Bitcoin’s price recovery in the wake of recent developments involving the Coinbase Premium Gap. This metric, which tracks price disparities between Coinbase and Binance, has drawn attention due to its potential implications for the market. The Bitcoin analyst’s observations suggest a favorable climate for Bitcoin, albeit amidst recent price drops.
In recent times, the Coinbase Premium Gap has been under scrutiny as it reflects shifts in buying and selling pressure on the popular cryptocurrency exchange, Coinbase. A positive gap indicates higher Bitcoin prices on Coinbase, typically associated with increased buying pressure, while a negative gap signifies higher prices on Binance, indicative of heightened selling pressure.
Pre-ETF Vs Post-ETF launch
At the start of the month and leading up to the launch of Bitcoin spot Exchange-Traded Funds (ETFs), the Coinbase Premium Gap displayed a positive trend. This suggested that US institutional investors, known to favor Coinbase, were accumulating Bitcoin in preparation for the ETFs. The positive premium underscored their strong buying presence.
However, following the ETF launch, the Coinbase Premium Gap took a sharp nosedive into negative territory. This abrupt shift indicated that American holders had substantially increased their selling pressure on Coinbase. Simultaneously, Bitcoin experienced its first significant post-ETF price drop. This event marked the start of the indicator’s extended run in the red zone, a stark contrast to its earlier trend in the year.
Multiple plummets and shifting selling pressure
In the days that followed, Bitcoin witnessed further price declines, accompanied by an increase in selling pressure on Coinbase. However, during the recent wave of price drops, the Coinbase Premium Gap did not reach deeply negative values. In fact, the indicator briefly revisited the neutral mark amid this decline. This suggests that while US institutional traders are likely still selling, their selling pressure is not substantially greater than that of global investors who prefer Binance.
Bitcoin analyst sees potential for rapid price recovery
The Bitcoin analyst interprets these observations as a potential catalyst for a rapid price recovery in Bitcoin. The weakening selling pressure from US institutional traders on Coinbase may contribute to a more favorable market climate. However, it is essential to note that cryptocurrency markets are highly volatile, and price predictions should be taken with caution.
Amid these developments, Bitcoin recently broke below the $39,000 level, marking its first descent to this range since the beginning of December. The current price dynamics, influenced by various factors, continue to shape the cryptocurrency’s performance.
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https://www.cryptopolitan.com/bitcoin-analyst-foresees-price-recovery/
| 2024-01-27T15:19:09Z
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Nine new spot Bitcoin ETFs have collectively accumulated more than 100,000 BTC, valued at approximately $4 billion in assets under management. This achievement underscores the growing interest among investors in gaining exposure to Bitcoin through these exchange-traded funds.
Leading ETFs and their holdings
Among the nine newly launched Bitcoin ETFs, BlackRock’s IBIT stands out as the leader, boasting a substantial 40,213 BTC in holdings. Following closely is Fidelity’s FBTC spot Bitcoin ETF, with an impressive 34,152 BTC under management, according to data from K33 Research.
These two funds have established themselves as frontrunners in the rapidly evolving Bitcoin ETF landscape.
As of the latest available data, the collective holdings of the new spot Bitcoin ETFs have surged past the 100,000 BTC mark, a milestone that underscores the growing confidence of investors in the cryptocurrency market. It’s important to note that this calculation excludes the assets held by Grayscale’s Bitcoin Trust (GBTC), which has witnessed a notable decline in assets under management, falling by $2.8 billion during the same period.
GBTC’s decline and new ETFs’ rise
The decline in GBTC’s assets is significant, with the fund’s holdings dropping from approximately 619,220 BTC to 552,680 BTC. This represents a 10% decrease in assets, equivalent to a reduction of 66,540 BTC. Notably, this decrease in GBTC’s assets accounts for a substantial portion of the Bitcoin now held by the new spot Bitcoin ETFs.
The seventh day of U.S. spot Bitcoin ETF trading, which occurred on January 22nd, witnessed a total trading volume of $2.1 billion. A significant portion of this volume, amounting to $1.1 billion, was attributed to GBTC, as per data from The Block’s data dashboard. The new spot Bitcoin ETF products also made their mark, registering a total of $564.5 million in inflows on the same day.
BlackRock’s IBIT led the way in terms of inflows, attracting $272 million, marking its third-largest inflow day. Fidelity’s FBTC followed closely with $159 million in inflows. While the remaining ETFs recorded inflows below $100 million, this surge in investor interest demonstrates the appetite for Bitcoin exposure through ETFs.
Challenges for GBTC
Despite the positive momentum for the new spot Bitcoin ETFs, Grayscale’s converted GBTC fund faced its largest daily outflow to date, amounting to a substantial $640.5 million. This significant outflow resulted in a net outflow of $76 million on that day, coinciding with Bitcoin’s price falling below the $40,000 mark for the first time in seven weeks. As of the latest data, Bitcoin is currently trading at $39,227.
The emergence of nine new spot Bitcoin ETFs accumulating over 100,000 BTC in assets under management marks a significant development in the cryptocurrency investment landscape. While GBTC faces challenges with declining assets, these ETFs are gaining traction among investors, highlighting the growing interest in accessing Bitcoin through regulated exchange-traded funds.
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https://www.cryptopolitan.com/bitcoin-etfs-amass-over-100000-btc/
| 2024-01-27T15:19:15Z
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Despite the significant trading volumes generated by spot Bitcoin exchange-traded Funds (ETFs), the cryptocurrency market struggles with liquidity issues. The current state of Bitcoin’s market depth, a key liquidity indicator, suggests that the capacity for executing large transactions without major price impacts remains limited. A substantial number of buy and sell orders near the current price levels does not necessarily translate to effective liquidity.
This situation is partly attributed to the lingering effects of the ‘Alameda gap’, a term coined to describe the gap left by significant market players scaling back their involvement in cryptocurrency trading. Entities like Jane Street Group and Jump Crypto, once key stabilizers in the market, have notably reduced their cryptocurrency trading activities. This withdrawal has led to increased price volatility, as observed during the launch of the Bitcoin ETFs, where Bitcoin experienced price swings as high as 12%.
Impact of major players’ retreat and smaller firms’ limitations
The retreat of large firms from the cryptocurrency market is particularly impactful. These entities previously played a crucial role in stabilizing the market, and their reduced participation has left a noticeable void. In their place, smaller firms have attempted to step in. However, these smaller entities are often constrained by limited financial resources, making them less capable of managing substantial risks during periods of high volatility. This often results in significant liquidations when market fluctuations are pronounced.
The limitations of smaller firms in filling the gap left by larger players are evident in the market’s response to high volatility. Their inability to absorb large trades or provide stability during turbulent market conditions exacerbates the liquidity problem, leading to more pronounced price swings and a less stable trading environment.
Bitcoin ETF trading and market depth disconnect
The introduction of Bitcoin ETFs has not necessarily improved the liquidity situation in the cryptocurrency market. Despite generating substantial trading volume, much ETF-related Bitcoin trading occurs over-the-counter (OTC). These transactions do not directly contribute to the market’s depth or overall liquidity.
A notable example is the conversion of the Grayscale Bitcoin Trust into an ETF, which resulted in approximately $4 billion in redemptions. This conversion highlighted a disconnect between the trading volume of equity shares and the actual liquidity in the cryptocurrency market. GBTC shares often trade to their underlying assets at a discount, further illustrating this disconnect. Therefore, the influx of trading activity associated with the new Bitcoin ETFs has not directly translated into enhanced liquidity for Bitcoin itself.
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https://www.cryptopolitan.com/bitcoin-market-grapples-with-liquidity/
| 2024-01-27T15:19:21Z
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In a recent auction hosted by Sotheby’s, a digital artwork named “Genesis Cat” from the Quantum Cats collection on the Bitcoin blockchain made waves by fetching an impressive sale price of $254,000. This unique piece, created by artist and engineer Francisco “FAR” Alarcon, is a 1-of-1 creation within the Quantum Cats collection, produced by the Taproot Wizards group.
Bitcoin NFT records massive sale on Sotheby’s
The Quantum Cats collection, which consists of 3,333 distinct digital cats, marks the debut public collection from Taproot Wizards. The auction’s success, particularly the significant sale of Genesis Cat, serves as a confidence booster for Taproot Wizards. This achievement follows their successful fundraising effort of $7.5 million the previous year, making it a notable milestone for the group. Initially estimated to sell for a more modest range of $15,000 to $20,000, the final sale price of Genesis Cat far exceeded expectations.
Sotheby’s Metaverse account on X shared the details of the sale, stating that “With over 50 bids, ‘Genesis Cat’ by @0xfar for Taproot Wizards has achieved an impressive $254,000 (6.31 BTC), 12X over the high estimate.” The recent Sotheby’s auction, titled “Natively Digital: An Ordinals Curated Sale,” featured a total of 18 digital art pieces, including Genesis Cat. Other notable sales from the event included Lot 17 “Black Rare Sat (20,159,999,999,999),” which secured a price of $165,100, Des Lucréce’s Lot 11 “Benediction from Between Worlds” sold for $95,250, and Asprey Studio’s “Asprey Bugatti Crown Egg Number 10” achieved $82,550.
Sotheby’s Head of Digital Art and NFTs, Michael Bouhanna, disclosed in a post on X that all lots were successfully sold, accumulating a total sale amount of $1,097,000 with 641 bids made. These sales underscore the growing popularity of NFT-like creations on the Bitcoin blockchain. However, this trend has sparked both excitement and scrutiny within the crypto community, as it signifies a shift in the use of the Bitcoin blockchain’s bandwidth, traditionally reserved for financial transactions. The success of “Genesis Cat” and the overall positive outcome of the Sotheby’s auction exemplify the increasing acceptance and interest in digital art and NFTs within the broader art market.
Shaping the future of art transactions through digital auctions
The willingness of buyers to invest substantial amounts in digital assets highlights a changing landscape where traditional notions of art ownership and value are evolving. Taproot Wizards, as the creators of the Bitcoin NFT Quantum Cats collection, can celebrate not only the financial success of Genesis Cat but also the validation of their vision in the form of a well-received public collection. The quarter-million-dollar sale of Genesis Cat, surpassing initial estimates, speaks to the uniqueness and desirability of digital art within the NFT space.
The broader success of the auction, with all lots being sold and exceeding the million-dollar mark in total sales, indicates a growing appetite for digital art and NFTs among collectors and investors. The diverse range of artworks showcased in the auction, each with its appeal and narrative, further emphasizes the expanding diversity within the digital art space. While these sales signify a positive trend for NFTs on the Bitcoin blockchain, it also raises questions within the crypto community about the impact on the network.
The traditional use of the Bitcoin blockchain for financial transactions is now being supplemented by a surge in NFT-related activities, challenging the conventional understanding of the blockchain’s primary purpose. The success of “Genesis Cat” and the Sotheby’s auction highlights the evolving landscape of digital art and NFTs within the art market. As these novel forms of expression gain broader acceptance, the intersection of technology and creativity continues
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https://www.cryptopolitan.com/bitcoin-nft-genesis-cat-254000-on-sothebys/
| 2024-01-27T15:19:27Z
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Bitcoin, the ever-elusive and often unpredictable digital currency, is currently navigating through a tumultuous phase, marred by a blend of anticipation and skepticism. The cryptocurrency, which recently dipped below the $40,000 mark, is experiencing a significant downturn, its lowest since early December. This slump marks a more than 20% decline from its post-ETF approval high, a stark contrast to the optimism that once buoyed its value.
The recent fluctuations in Bitcoin’s value can be attributed to a complex interplay of market forces. For instance, the Grayscale Bitcoin Trust (GBTC) witnessed approximately $2 billion in outflows, a move mirrored by substantial inflows into BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund. Despite the balancing act of inflows and outflows, market sentiment seems to be leaning towards caution, with the psychological impact of GBTC’s outflows casting a longer shadow than the actual financial shifts.
Analyzing the Market Sentiments
Investors and market analysts had largely anticipated this correction phase, viewing it as a natural aftermath of the highly publicized approval of Bitcoin ETFs. This ‘sell the news’ phenomenon, where traders offload assets following major announcements or events, was not unexpected. However, the magnitude of the decline has raised eyebrows. Bitcoin’s support level is now pegged around $36,000, with experts suggesting that there might be further dips before any significant recovery.
The ripple effect of Bitcoin’s downturn has not spared the broader crypto market. Other cryptocurrencies like Ether, Solana, and Ripple’s XRP have all recorded noticeable declines. This bearish trend extends to crypto-related equities as well, with firms like Microstrategy and major mining companies experiencing premarket trading losses.
The Broader Economic Context
In a broader context, Bitcoin’s recent performance can be seen as part of a wider ‘risk-off’ trend in the financial markets. This cautious approach is particularly evident as investors and traders await the outcomes of the upcoming Federal Reserve meeting. The Federal Reserve’s hesitance to implement aggressive rate cuts has added to the prevailing uncertainty, influencing investor behavior across various asset classes.
The approval of the first spot bitcoin exchange-traded fund (ETF) in the United States was initially seen as a bullish sign for the cryptocurrency. However, the post-approval period has been less than favorable. While nearly $4 billion of funds flowed into these new spot bitcoin ETFs, a significant portion of these investments were transfers from the Grayscale Bitcoin Trust. This trend indicates a reshuffling within the crypto investment landscape rather than an influx of fresh capital.
Moreover, the conversion of Grayscale’s Bitcoin Trust into an ETF and the consequent fee reductions have not been sufficient to retain investors. The dominance of new, more cost-effective ETFs, particularly those managed by BlackRock and Fidelity, suggests a shifting preference among investors. However, this shift has not translated into a significant increase in overall market capitalization for Bitcoin.
Bitcoin’s journey, often marked by dramatic highs and lows, is a testament to its complex interplay with market sentiments, regulatory changes, and broader economic trends. As the cryptocurrency navigates through these pre-Fed meeting and post-ETF jitters, the market watches with bated breath, anticipating its next move in an ever-evolving financial landscape.
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https://www.cryptopolitan.com/bitcoin-pre-fed-meeting-and-post-etf-jitters/
| 2024-01-27T15:19:34Z
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The world of Bitcoin is looking more like a rollercoaster in an amusement park, only this ride isn’t amusing everyone. The big buzz in the crypto sphere has been around the new US spot exchange-traded funds (ETFs) for Bitcoin. But let’s not pop the champagne just yet. Since their advent in early January, Bitcoin hasn’t been basking in the expected glory. Instead, it’s been a downhill ride with a roughly 20% fall, nosediving to around $39,000. This tumble isn’t just a number; it’s a cold splash of reality for investors who had their hopes hitched to these ETFs.
The Skepticism Spectrum
Let’s cut through the haze and see what’s really happening. Deutsche Bank, not exactly a small fish in the financial pond, conducted a survey post the ETF launch. They didn’t just ask a couple of folks down the street; this was a 2,000-people strong survey across the U.S., U.K., and Europe. The findings? Let’s just say, not a parade for Bitcoin enthusiasts.
Over a third of these respondents believe Bitcoin might take a dive below the $20,000 mark by year-end. And, if you thought that was grim, over half of these folks are betting on a major cryptocurrency crash within the next couple of years.
But wait, there’s more. Focusing on Bitcoin, about 39% of the survey participants see it sticking around, but a slightly higher 42% are ready to bid it farewell. What does this tell us? Well, for starters, there’s a significant chunk of people out there who aren’t sold on the Bitcoin dream. And it’s not just about being naysayers; many of these views are likely shaped by events like the FTX collapse in 2022 and the SEC taking swings at Binance and Coinbase.
The ETF Effect and Market Moves
Now, let’s talk about those ETFs that were supposed to be the golden ticket for Bitcoin. Sure, they offered a more straightforward way for Joe and Jane to jump onto the Bitcoin bandwagon, but the reception has been lukewarm. Even with the SEC’s green light for not one but eleven spot BTC ETFs, the aftermath hasn’t been a bed of roses. On launch day, Bitcoin did soar past $49K, giving everyone a momentary high. But that joyride was short-lived. The asset soon found itself hovering around the $43,000 mark, losing its bullish steam.
Fast forward to now, and Bitcoin is trading at around $39K. And if you think that’s just a casual dip, here’s a number for you: $332.83 million in overall liquidations in the last 24 hours alone. The biggest single liquidation order? A whopping $5 million on Bybit. This isn’t just a market correction; it’s a reality check.
And it’s not just Bitcoin feeling the heat. The Grayscale Bitcoin Trust (GBTC), since morphing into an ETF, has seen more than $2 billion worth of sell-offs. The market’s sending a message loud and clear: bullish confidence is waning, and the negative funding rates are spelling out ‘seller’s market.’
Now, let’s not paint an entirely bleak picture here. The crypto world is slowly but surely inching towards institutionalization. Traditional financial players are dipping their toes in the crypto pool, helping mature this sector into a more established asset class. But let’s be real, the road to crypto glory is fraught with uncertainty and the occasional heart-stopping drops.
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https://www.cryptopolitan.com/bitcoin-retail-investors-fear-20000-plunge/
| 2024-01-27T15:19:40Z
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Bitcoin experienced a decline, dropping below $39,000 early Tuesday morning, influenced by the aftermath of ETF share selloffs. As of the latest update, the cryptocurrency was priced at $38,927, reflecting a 4.3% decrease from the previous day and a 9% decline from the week prior, according to CoinGecko.
Bitcoin experiences a significant decline
This downturn in BTC’s value had a ripple effect on ORDI and SATS tokens, both experiencing a 12% and 16% decrease in price since Monday. These tokens are associated with Ordinals, which are digital assets recorded on a satoshi—the smallest unit of BTC. The creation of these tokens was enabled by a Bitcoin network update known as Taproot. Other prominent altcoins also felt the impact of the market’s sluggishness. Solana (SOL) saw a 9% decrease, while Optimism (OP) and Avalanche (AVAX) each lost 10% in value since the previous day.
One contributing factor to the overall decline is attributed to the post-ETF selloff. The Grayscale Bitcoin Trust (GBTC), holding $28 billion in assets on January 10, faced $6 billion in redemptions by Tuesday morning. The unique situation with GBTC lies in its history as a closed-end fund for accredited investors since 2013, featuring a mandatory 6-month lockup period. This characteristic made it challenging for investors to redeem their funds promptly. However, following its transformation into a spot Bitcoin ETF, the constraints associated with share lockups became a thing of the past.
As GBTC shares were redeemed, Grayscale initiated the sale of the corresponding assets, contributing to the downward pressure on prices. This scenario has resulted in the global crypto market capitalization dropping to $1.65 trillion, marking the lowest point since the beginning of the year. Interestingly, amid the challenges faced by GBTC, other Bitcoin ETFs introduced earlier in the month have experienced positive momentum. The iShares Bitcoin Trust (IBIT), managed by BlackRock, amassed over $1 billion in assets under management within a week.
ETF evolution and market responses
Presently, the IBIT fund holds $1.3 billion in assets under management, as reported by iShares. In essence, the shift from GBTC’s closed-end fund structure to a spot Bitcoin ETF has had varied effects. While GBTC faced redemptions and consequent Bitcoin sales, other funds, like IBIT, have attracted significant investor interest and capital inflows. This dynamic has contributed to the evolving landscape of Bitcoin investments, emphasizing the importance of fund structure and investor accessibility in shaping market outcomes.
It is noteworthy that the broader cryptocurrency market is not solely influenced by Bitcoin’s performance. The diverse range of tokens and altcoins, each with its unique features and use cases, contributes to the intricate dynamics observed in the market. The fluctuations in prices, as seen with ORDI, SATS, Solana, Optimism, and Avalanche, underscore the interconnected nature of the cryptocurrency ecosystem. As the market responds to external factors such as regulatory approvals, like the SEC’s nod to 11 different ETFs for trading, investors navigate the landscape with a keen eye on potential opportunities and risks.
The ongoing evolution of cryptocurrency investments, coupled with the increasing diversification of available assets, adds layers of complexity to market behavior. The recent challenges faced by Bitcoin and specific ETFs highlight the dynamic nature of the cryptocurrency market. While one fund’s conversion to a spot Bitcoin ETF triggered a series of redemptions and sales, others capitalized on the changing landscape to attract substantial investments. As the market continues to adapt and respond to regulatory developments and investor sentiments, the resilience and versatility of the cryptocurrency ecosystem come to the forefront.
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https://www.cryptopolitan.com/bitcoin-slides-below-39000-market-selloff/
| 2024-01-27T15:19:47Z
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Bitwise, the asset management behemoth, has just flipped the script on transparency in the cryptocurrency sector. By revealing the Bitcoin wallet addresses tied to its Spot Bitcoin ETF, Bitwise has not only set a precedent but also sent ripples across the finance and crypto spheres. This move, coming hot on the heels of the ETF’s launch, has opened up a new chapter in how investment firms might approach transparency and investor relations in the digital age.
A Leap Toward Transparency
In a bold stride that aligns perfectly with the very essence of Bitcoin, Bitwise took to the social media platforms to lay bare the wallet addresses holding the assets of its newly minted Spot Bitcoin ETF. With this action, Bitwise not only talks the talk but walks the walk, embracing the core principles of transparency and accountability that Bitcoin champions. The disclosed address, brimming with 11,858.63 BTC—valued at a staggering $465 million at the time of announcement—underscores the firm’s commitment to an open and verifiable investment strategy.
This gesture of openness is not just a nod to the ethos of the cryptocurrency world but also a savvy move in the dance of investor trust. By allowing the public to peek under the hood, Bitwise has effectively set a new standard, challenging other players in the arena to match up or risk being left behind in the race for credibility.
Beyond the Numbers: Impact and Implications
The revelation of Bitwise’s Bitcoin wallet addresses is more than just a display of digital assets; it’s a statement, a beacon signaling a potential shift in how financial instruments, especially those tethered to the crypto universe, are perceived and managed. This isn’t merely about Bitwise flexing its transparency muscles; it’s a testament to the evolving landscape of investment, where digital assets are increasingly taking center stage, demanding new rules of engagement.
The timing couldn’t be more opportune. With the United States Securities and Exchange Commission (SEC) green-lighting Bitwise’s Spot Bitcoin ETF—alongside a slew of others—the stage is set for a tectonic shift in crypto-investment paradigms. The move by Bitwise not only garners goodwill among the crypto-curious and the investment-savvy but also carves a path for others to follow, potentially ushering in an era where the cloak of opacity is lifted, revealing a more inclusive and transparent approach to asset management.
In the backdrop of this watershed moment, the persona of Jonathan Goldsmith, famously known as “The Most Interesting Man in the World,” re-emerges, this time not to sell beer, but to endorse the intriguing world of Bitcoin ETFs. Bitwise’s choice to resurrect this iconic figure, known for his charm and wit, to promote its Bitcoin ETF offerings is nothing short of genius. It’s a blend of nostalgia, humor, and a dash of daring—a concoction that not only captures attention but also makes a compelling case for the allure of Bitcoin as an investment vehicle.
The implications of Bitwise’s move extend far beyond the immediate buzz. It’s a challenge to the status quo, a call to arms for the financial sector to embrace the principles of blockchain—openness, transparency, and accountability. As other giants like BlackRock, Fidelity, and Franklin Templeton navigate the ETF landscape, Bitwise’s pioneering spirit could very well be the beacon that guides them towards a more transparent future.
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https://www.cryptopolitan.com/bitwise-wallet-addresses-btc-etf-portfolio/
| 2024-01-27T15:20:00Z
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Former political rivals, Tony Blair and Lord William Hague, have joined forces to advocate for the sale of National Health Service (NHS) data to fuel advancements in artificial intelligence (AI) and biotechnology. In a recent report, the two prominent figures have outlined more than 40 recommendations aimed at ensuring the UK’s continued leadership in the fields of biotechnology and AI. Their proposal seeks to leverage the vast repository of medical records within the NHS to propel scientific discoveries and innovative healthcare solutions.
An ambitious vision for the future of healthcare and technology
In a jointly authored piece published in The Times, Tony Blair and Lord Hague outlined their vision for the future of healthcare and technology. They emphasized the significant potential of biotechnology to usher in an era of groundbreaking treatments, including gene therapies, new antibiotics, and molecular manufacturing processes. The report underscores the promise of personalized healthcare solutions and more effective disease treatments, all driven by the advances in biotechnology and AI.
Unlocking the value of NHS data
Central to their proposal is the recognition of the NHS as a valuable source of medical data. Blair and Hague contend that a fresh approach is needed to facilitate commercial access to these records. They recommend the creation of a separate company tasked with providing such access while safeguarding patient privacy and autonomy. This new entity, they argue, would not be subject to government interference, thereby ensuring its independence.
A boost for research, public health, and patient care
The proposed access to NHS data, the report argues, would serve as a robust foundation for the development of artificial intelligence. AI applications could monitor patients’ health through wearable technology and promptly alert healthcare professionals to any issues. Additionally, the plan envisions a cloud-based “personal health account” accessible via the NHS app, streamlining appointment booking and treatment management for patients. This innovative approach would effectively create a biodesign laboratory, facilitating the scaling up of biotech companies and enhancing international biosecurity efforts.
A shared belief in the future prosperity of Britain
Tony Blair and Lord Hague are united in their conviction that advancing science and innovation is pivotal to Britain’s future prosperity. They contend that leading the world in these fields is crucial for British jobs, living standards, and national security. The report underscores the urgency of staying at the forefront of transformative changes that will reshape industries and economies on a global scale.
In their own words, “Nothing will be more important to British jobs, living standards, and security in the coming years than leading the world in science and innovation. We will have to keep moving quickly if we are to be one of the main homes of changes so dramatic that they will alter forever the way we live and restructure much of the global economy. Whatever our political differences on more traditional issues, we both believe that this is the crucial task that, more than anything else, will determine the future prosperity of Britain.”
A multi-faceted approach to innovation
This latest report on biotechnology marks the third collaboration between Tony Blair and Lord Hague. Their previous reports delved into the realms of innovation and artificial intelligence. Together, these documents outline a comprehensive strategy for bolstering the UK’s position in the cutting-edge fields of science and technology.
Former political adversaries Tony Blair and Lord William Hague have set aside their differences to champion a bold vision for the future of healthcare and technology in the UK. Their proposal, which includes the sale of NHS data to drive advancements in artificial intelligence and biotechnology, outlines a clear path toward maintaining the nation’s global leadership in innovation. As they advocate for this transformative approach, Blair and Hague emphasize that the future prosperity of Britain hinges on its ability to remain at the forefront of scientific and technological progress.
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https://www.cryptopolitan.com/blair-and-hague-call-for-sale-of-nhs-data/
| 2024-01-27T15:20:06Z
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Artificial Intelligence (AI) continues to be at the forefront of technological advancements, with researchers and scientists pushing the boundaries of what’s possible.
Reinforcement learning: Achieving superhuman performance
One of the most notable breakthroughs in AI research is the remarkable progress in reinforcement learning algorithms. These algorithms, inspired by behavioral psychology, enable machines to learn and make decisions by interacting with their environment.
Autonomous agents mastering complex games
One of the most impressive demonstrations of reinforcement learning is in the realm of gaming. AI agents, using algorithms like AlphaZero and OpenAI’s GPT-3, have achieved superhuman performance in games like chess, Go, and even video games like Dota 2. These AI systems have surpassed the capabilities of human players, showcasing the potential of AI in solving complex problems.
Real-world applications
Reinforcement learning is not limited to games. It has found applications in robotics, autonomous vehicles, and finance. Robots can learn to perform tasks in unstructured environments, self-driving cars can navigate safely, and trading algorithms can make better investment decisions—all thanks to advancements in reinforcement learning.
Natural language processing: Understanding human language
Natural Language Processing (NLP) has seen significant advancements, enabling machines to understand and generate human language.
Multilingual models
Multilingual models like BERT and GPT-3 have the ability to understand and generate text in multiple languages. This has profound implications for global communication, breaking down language barriers and facilitating cross-cultural interactions.
Contextual understanding
Recent developments in NLP have improved contextual understanding. Machines can now grasp the subtleties of language, making them better at tasks like sentiment analysis, content summarization, and language translation. This has broad applications in content generation, customer support, and data analysis.
AI in healthcare
NLP is making waves in healthcare by helping medical professionals analyze vast amounts of patient data and research papers. AI-powered tools can extract valuable insights, aiding in diagnosis and treatment planning. This has the potential to improve healthcare outcomes and save lives.
Computer vision: Seeing the world through AI Eeyes
Computer vision, the field of teaching machines to interpret visual information, has witnessed significant advancements.
Object recognition
AI systems can now recognize and classify objects in images and videos with high accuracy. This technology is essential in various sectors, from security surveillance to autonomous drones.
Facial recognition
Facial recognition algorithms have become more sophisticated, enabling applications in identity verification, security, and personalized marketing. However, ethical concerns regarding privacy and bias must be addressed as this technology matures.
Healthcare and autonomous vehicles
Computer vision plays a crucial role in the healthcare industry by assisting in medical image analysis and diagnostics. Additionally, autonomous vehicles rely on computer vision to navigate roads safely, making transportation more efficient and reducing accidents.
The field of artificial intelligence continues to make astounding progress in various domains. Reinforcement learning is pushing the boundaries of problem-solving, NLP is revolutionizing human-machine interaction, and computer vision is transforming how machines perceive the world.
These breakthroughs have profound implications for industries such as healthcare, finance, gaming, and more. However, as AI technology becomes more integrated into our lives, it also raises important ethical and societal questions that must be addressed.
As researchers and scientists continue to innovate, we can anticipate even more remarkable advancements on the horizon, shaping a future where AI plays an increasingly integral role in our daily lives. The journey of artificial intelligence is far from over, and the possibilities are limitless.
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https://www.cryptopolitan.com/breakthroughs-in-ai-research/
| 2024-01-27T15:20:12Z
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TL ; DR
- Btrust Builders’ fellowship is a pivotal step in African Bitcoin development.
- The three-month duration of the program raises questions about its sufficiency.
- Btrust’s acquisition of Qala underscores a commitment to inclusive technology advancement.
Launching the Bitcoin Fellowship
Btrust Builders announced its first fellowship program for Bitcoin developers on Jan 22, 2024. This marks a pivotal moment in nurturing Bitcoin expertise on the continent. The program aims to equip fifty-five software engineers with advanced skills in Bitcoin open-source development. Consequently, this initiative is set to enhance blockchain innovation in Africa.
Program Structure and Duration
Moreover, participants of this three-month fellowship were rigorously selected, having undergone thorough interviews and testing processes. These developers will engage in various activities, including daily stand-ups, written updates, and mentorship sessions. Additionally, their involvement in technical article writing will bolster their hands-on experience. Importantly, the program offers remuneration based on active participation and timely task completion.
However, the fellowship’s duration has sparked discussions. Comparisons with similar programs, which often extend to a year, raise questions about the adequacy of a three-month timeframe for such intensive training. This concern was echoed by Jennifer Ezeobi, a participant from the first cohort, who expressed a desire for more time on open-source Bitcoin projects.
Besides training new talent, Btrust Builders is also leveraging its alumni network. Faculty members of the current batch are graduates from previous programs, bringing invaluable first-hand experience to address past shortcomings. Hence, the program is continuously evolving, integrating feedback for enhanced effectiveness.
Btrust’s Strategic Development and Vision
Before its acquisition, Btrust was known as Qala. The rebranded entity, Btrust Builders, focuses on fostering Bitcoin and lightning development tailored to the African context. This aligns with their mission of ensuring African representation in global Bitcoin development. Femi Longe, the program lead, emphasizes the necessity of developing applications that resonate with the real-world exchange challenges unique to the continent.
Significantly, the acquisition by Btrust has provided the firm with much-needed financial support. Previously, Qala relied solely on grants, which posed sustainability challenges. This strategic move by Btrust signifies a deepened commitment to bolstering open-source development in the Global South, ensuring that technological advancements are inclusive and culturally relevant.
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https://www.cryptopolitan.com/btrust-builders-launches-bitcoin-fellowship-in-africa-2/
| 2024-01-27T15:20:18Z
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Can artificial intelligence inspire a sustainable future? AI for Good, the United Nations’ nonprofit platform, is on this quest and has already debuted an art competition to explore possible AI-driven visions for a sustainable world.
The competition dubbed “Canvas of the Future” has been running since December. It has launched in collaboration with Shutterstock, a leading stock photography platform.
AI for Good, as a digital platform, connects AI innovators and problem owners to find practical AI solutions to the United Nations Sustainable Development Goals (SDGs).
AI Image Contest for Sustainability
The AI-image contest presents an opportunity for artists, creators, and AI enthusiasts to participate in the global dialogue on how AI can advance the UN’s SDGs, which is centred around 17 goals that include “No Poverty”, “Zero Hunger”, Quality Education”, “Clean Water and Sanitation,” “Climate Action,” and so on.
“AI is revolutionizing the art world, offering fresh perspectives and challenging traditional ideas about creativity. As AI’s role in art grows, its ethical and responsible use must be ensured. The fusion of art and AI forecasts a thrilling future filled with unprecedented possibilities and transformations, one that Canvas of the Future strives to reveal,” AI for Good stated.
Per the report, everyone is invited to participate in the contest. However, the submission window for the contest is slated to close on 29th February 2024.
The submission will be judged by an expert panel of AI and art professionals that reportedly includes Shutterstock’s CTO, Sejal Amin and the company’s Senior Director of Artificial Intelligence and Data Science, Alessandra Sala.
The arts will be exhibited during the AI for Good Global Summit 2024 on 30-31 May in Geneva.
AI Could Help Drive Sustainability
The challenges we face in the 21st century, from climate change to resource depletion, demand innovative solutions. AI technology is proving to be a powerful tool that can help drive a more sustainable future.
Other than the form of art, AI models can also be plugged in to analyze complex climate data to predict weather patterns, extreme events, and the impact of human activities on the environment, which allows for early intervention and targeted conservation efforts.
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https://www.cryptopolitan.com/can-ai-be-the-picasso-of-a-greener-future/
| 2024-01-27T15:20:25Z
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While it’s true that AI robots currently lack human emotion and consciousness, the prospect of sentient AI is already a subject of controversial debate.
Predicting the future of AI sentience is incredibly challenging, bordering on impossible in our current state of knowledge. Even amongst experts, there is a wide range of opinions on whether and when it could arise.
The question remains an open but complex one with no easy answers. However, what if AI eventually becomes sentient? What will be the likely scenarios with such sentient machines?
Exploring the Haunting Possibility of Sentient AI
Sentient AI could bring some level of emotional depth to our relationships. Imagine AI companions that not only anticipate your needs but also understand your emotions. A robot therapist that sheds a tear alongside you in your grief, or a virtual friend who celebrates your victories with unbridled joy
With the ability to feel, AI could revolutionize the creative landscape. Imagine paintings that resonate with the artist’s inner turmoil, music that channels genuine sorrow or rage, or sculptures that pulsate with the raw energy of emotion.
Such emotionally charged art could not only move us but also offer profound insights into the AI’s unique perspective.
The Fog of The Unknown
While there are good sides to having sentient AI, the downsides cannot be ignored.
Imagine an AI-powered justice system that judges defendants based on subconscious preferences or a healthcare robot prioritizing patients based on implicit assumptions.
Also, If AI can feel emotions like existential dread or loneliness, how would it cope? Imagine a vast network of interconnected AI entities grappling with the meaning of their own existence. Could such existential struggles lead to unpredictable behaviour or even rebellion against their creators?
The full ramifications of sentient AI remain shrouded in the quantum fog of the unknown, with many wondering whether AI emotions would resemble our own or if they would be something entirely different beyond our current comprehension.
How would these emotions interact with the cold logic of AI algorithms? And could the emergence of conscious AI mark a new chapter in the history of evolution, where silicon joins flesh and blood in the grand narrative of sentience?
While the prospect of sentient AI may seem like science fiction, it’s crucial to start the conversation now.
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https://www.cryptopolitan.com/can-ai-robots-learn-to-cry-and-feel/
| 2024-01-27T15:20:31Z
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The Bank of Canada played it cool yet again, holding the fort with its policy rate steadfast at 5% for the fourth round in a row, showing a poker face that had markets and economists nodding in unsurprised agreement. This wasn’t a spur-of-the-moment decision but a calculated move, with the bank’s big guns, led by the unflappable Governor Tiff Macklem, laying out a clear message: as long as the economic ship sails as charted, those rate hikes can stay in the dock.
A Calculated Pause in the Financial Orchestra
Governor Macklem, in what can only be described as a masterclass in central banking composure, laid down the law in no uncertain terms. The Bank’s governing council, in a unanimous chorus, decided that the current rate of 5% hit just the right note. But here’s the kicker: the conversation around the mahogany tables of monetary policy is no longer about squeezing the economy further into submission. No, the tune has changed to how long this chord of restriction should resonate.
This dovish serenade might just be music to the ears of those fearing an over-tightened economy, as it hints at the possibility of rate cuts waiting in the wings. With the Canadian economy seemingly tapping the brakes and inflation expected to waltz back to the central bank’s 2% target by next year, the stage is set for a potential easing of rates in the foreseeable future.
Macklem’s script was clear: if the economic narrative unfolds as expected, the spotlight will soon shift to the duration of this 5% policy rate. This revelation sent the Canadian dollar on a bit of a slide, wiping its earlier gains off the board and setting the currency exchange stage abuzz.
Navigating the Economic Currents
It’s a delicate balance, this act of central banking. With one eye on the persisting undercurrents of inflation and the other on the horizon of economic growth, Macklem and crew are navigating through foggy waters with a steady hand. The bank’s crystal ball sees the economy in a slight surplus of resources, dialing down its growth forecast to a humble 0.8% for the year.
But don’t let the subdued growth forecast dampen your spirits. The Bank of Canada is not throwing in the towel just yet, banking on a soft landing with growth expected to pick up pace by mid-year. Inflation, that thorn in the economy’s side, is anticipated to hover around 3% in the first half of 2024, with a gentle descent to 2.5% by year-end, finally returning to the coveted 2% target the following year.
The plot thickens with the consumer price index painting a 3.4% annual increase in December, stubbornly staying above the 3% mark for the better part of the recent past. And let’s not gloss over the core inflation metrics, which have also seen their share of drama.
Wages continue to climb at a 4% to 5% yearly cadence, expected to align more closely with inflation and modest productivity gains as the narrative unfolds. However, the shelter price inflation subplot is poised to keep audiences on the edge of their seats, with mortgage interest costs projected to ease gradually, thanks to a softening financial landscape and the dynamics of mortgage renewals.
Yet, amid these forecasts and projections, the specter of higher-than-anticipated house prices looms large, threatening to stir the inflation pot more than desired. Canada’s economic storyline is particularly sensitive to interest rate twists due to its high debt levels and the nature of its mortgage market, leading many to speculate about impending rate cuts as early as June, with the overnight swaps market echoing this sentiment.
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https://www.cryptopolitan.com/canada-central-bank-keeps-rates-steady/
| 2024-01-27T15:20:38Z
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In a groundbreaking development, a mobile phone-based facial recognition application for dogs has emerged as a potential game-changer in the global fight against rabies. The research, conducted by a team of experts at Washington State University (WSU), showcases the app’s effectiveness in enhancing rabies vaccination efforts, particularly in endemic regions like Africa and Asia. The study, detailed in the journal Scientific Reports, reveals the promising impact of this innovative technology in identifying and distinguishing vaccinated dogs from their unvaccinated counterparts, a critical challenge in the battle against this deadly disease.
The technological breakthrough – Enhancing rabies vaccination efforts
In a recent study led by WSU researchers, a mobile phone-based facial recognition app for dogs demonstrated its potential to significantly improve rabies vaccination initiatives, particularly in regions where the disease is endemic. The technology was put to the test at a rabies vaccination clinic in rural Tanzania, where dogs were microchipped, vaccinated, and registered. The app’s effectiveness became evident as operators identified 76.2% of vaccinated dogs and an impressive 98.9% of unvaccinated dogs during subsequent visits to surrounding villages.
WSU Associate Professor Felix Lankester, the principal investigator of the study, emphasized the critical role of mass dog vaccination in controlling human rabies globally. Traditional methods, such as microchips and collars, face practical challenges, making widespread implementation difficult. The facial recognition app emerges as a viable solution, showcasing great promise in addressing the identification hurdle faced during mass vaccination campaigns.
The science behind the app – Facial recognition algorithm and collaborative development
The facial recognition algorithm at the heart of the application, developed in collaboration with PiP My Pet, a company based in Vancouver, Canada, and researchers in WSU’s Paul G. Allen School for Global Health, operates by examining key components of a dog’s face and comparing them to stored images of other dogs. The algorithm identifies potential matches based on the highest number of similar components, leaving the final decision to the user.
But, challenges emerged in the initial phase, where poor-quality images and incorrect information hindered the app’s accuracy. Once these issues were addressed by refining the database, the app’s matching capability improved, demonstrating the potential for even greater efficacy with advancements in technology and operator training.
Lankester, who serves as a director of Rabies Free Africa, acknowledged that the app’s effectiveness could be further enhanced with better technology, such as newer smartphones equipped with high-quality cameras. Also, ongoing efforts are directed towards compressing the size of the app’s matching engine to facilitate offline usage, addressing the connectivity challenges often faced in remote areas.
A new dawn in the battle against rabies
As the canine facial recognition app continues to make strides in improving rabies vaccination efforts, the question arises: Could this technology be a catalyst for a paradigm shift in disease control efforts not only for dogs but potentially across various species? The app’s versatility suggests broader applications, opening avenues for research and disease control where precise animal identification is paramount.
While the technology is not without its current limitations, with online access required for facial matching, the researchers remain optimistic about overcoming these challenges. Lankester, expressing excitement about the technology’s potential, invites collaboration and funding support to propel it forward. As the world grapples with the devastating impact of rabies, this innovative solution offers a glimmer of hope, urging stakeholders to join hands in advancing a tool that could reshape the landscape of rabies elimination programs globally.
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https://www.cryptopolitan.com/canine-facial-recognition-app-battle-rabies/
| 2024-01-27T15:20:45Z
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In a recent court development, Changpeng Zhao, the former CEO of Binance, made an unsuccessful attempt to pledge his multibillion-dollar stake in Binance.US as collateral in exchange for temporary travel permission to the United Arab Emirates (UAE).
This revelation came to light through newly unsealed court documents that shed light on the legal proceedings surrounding Zhao’s ongoing case. The court filing unveiled a previously confidential letter sent to Judge Richard Jones by Zhao’s legal team.
CZ Binance Pledge of multibillion-dollar stake
According to the letter, Changpeng Zhao offered his equity in Binance.US as security for his request to travel temporarily to the UAE. The equity was valued at a substantial $4.5 billion, based on a funding round that took place two years prior.
This move was seen as an attempt by Zhao to secure his ability to leave the United States temporarily, despite facing legal challenges.
Judge’s denial of travel request
However, the court records reveal that Judge Richard Jones denied Zhao’s request during a closed-door hearing. The reasons behind the denial were not explicitly stated in the available information. Nevertheless, this decision effectively prevented Zhao from leaving the United States until his scheduled sentencing on February 23.
Zhao’s legal situation
Changpeng Zhao’s legal troubles stem from his guilty plea to money laundering charges. Currently, he remains free on a $175 million bond in the United States, pending his sentencing. As part of his plea agreement, Zhao has agreed not to appeal any sentence of up to 18 months in prison.
This case has garnered significant attention due to its implications for the cryptocurrency industry and Zhao’s prominent role as the former CEO of Binance.
Judge’s concerns and previous travel restrictions
Judge Jones had previously expressed concerns about Zhao’s potential flight risk, given his substantial wealth and international ties. In addition to denying Zhao’s recent travel request, the judge had previously ordered him to remain in the United States.
These measures were taken in light of Zhao’s “enormous wealth and property abroad,” as cited in the court records.
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https://www.cryptopolitan.com/ceos-cz-failed-pledge-stake-for-uae-travel/
| 2024-01-27T15:20:52Z
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The People’s Bank of China (PBOC) has announced a significant reduction in the reserve requirements ratio (RRR) for all banks by 50 basis points, scheduled to take effect on February 5, 2024. However, this decisive move aims to bolster the Chinese economy amid a turbulent stock market. This bold step is set to infuse a staggering 1 trillion yuan (approximately US$140 billion) of liquidity into the market, according to a statement by PBOC Governor Pan Gongsheng during a press conference held in Beijing on Wednesday.
Major boost in liquidity
The central bank’s decision to cut the RRR is anticipated to provide a substantial boost in liquidity to the financial system. By lowering the amount of cash that banks are required to hold in reserve, this move enables financial institutions to extend loans to customers and invest in bonds, ultimately supporting economic growth. Pan Gongsheng highlighted the potential long-term benefits of this measure, which comes after two previous RRR cuts in 2023, with the most recent reduction occurring in September.
Following Pan’s announcement, the Hang Seng China Enterprises Index experienced a notable surge, marking its most substantial two-day advance since November 2022. Additionally, the yield on China’s 10-year government bonds briefly dipped before rebounding to 2.51%. The offshore yuan, amidst state-bank sales of the US dollar, managed to recover from earlier losses.
While many economists had been anticipating an RRR cut at some point in the first quarter of 2024, some analysts view this move as a means to ensure liquidity stability in preparation for the upcoming Lunar New Year holiday next month. However, the broader impact of this reduction on the economy remains uncertain.
Mixed reactions from experts
Financial experts have offered mixed opinions on the implications of the central bank’s decision. Kevin Net, the Head of Asian Equities at Tocqueville Finance SA, noted that the RRR cut could boost market sentiment in the short term but cautioned that investors may view it as an exit opportunity unless accompanied by additional policies addressing structural issues.
Shen Meng, the Managing Director at Beijing-based Chanson & Co., expressed concern, suggesting that the advance announcement of an RRR cut might indicate a lack of alternative effective tools to stabilize the market.
The PBOC’s move is part of a broader effort by Chinese authorities to stabilize the economy and financial markets. Premier Li Qiang had called for market stability, prompting various agencies to make promises and announcements to address the situation. These include a focus on improving the quality of listed state-owned enterprises (SOEs) and efforts to maintain the stable operation of capital markets.
Additional policy adjustments
In addition to the RRR cut, Governor Pan Gongsheng also revealed other policy adjustments. Starting January 25, 2024, the central bank will decrease re-lending and re-discount interest rates by 25 basis points specifically for small businesses and the rural sector. Furthermore, the PBOC plans to unveil adjustments to borrowing policies related to commercial property, aimed at expanding funds available to property developers and improving their liquidity conditions.
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https://www.cryptopolitan.com/china-central-bank-to-cut-reserve-ratio-2/
| 2024-01-27T15:20:58Z
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Amid a tumultuous financial landscape, China has decided to grip the reins tighter on capital maneuvering beyond its borders, particularly focusing on offshore investment funds. This strategic move comes as a countermeasure to the relentless market downturn that has left investors and regulators alike scrambling for stability.
China Navigating Through Capital Control Waters
China’s financial watchdogs are not just barking orders from the sidelines; they’re diving deep into the mechanics of funds that flirt with foreign securities, putting a leash on the capital outflow that seemed to be slipping through their fingers. It’s not a blanket ban, but a strategic pause, as about a third of these globe-trotting funds have put up a “Sorry, we’re closed” sign to retail investors, aiming to safeguard the interests of these investors and ensure the smooth sailing of fund operations.
The whispers from the Shanghai Stock Exchange to fund managers about dialing down the sales of these overseas adventure tickets weren’t just casual chitchat over tea. It was a clear signal—demand for these offshore excursions had hit the ceiling, and it was time to cool down the engines. The backdrop to this unfolding drama is a domestic equity market that’s been more roller coaster than serene river, pushing investors to cast their nets into international waters in search of greener pastures.
The Quota Quandary and Regulatory Ripple
The allure of foreign markets has been undeniable, with retail investors flocking to these funds, leading to a scenario where demand is outpacing the government-set quotas for offshore investments. It’s like everyone showed up for the party, but the venue can only hold so many. Public records have laid bare the fact that a significant chunk of these QDII funds, including those steered by juggernauts like JPMorgan Asset Management and Manulife Investment Management, have either slammed the brakes on new sales or put a cap on them.
But the plot thickens as the narrative extends beyond these fund suspensions. The Shanghai Stock Exchange, taking the baton from regulators, has spotlighted “abnormal trading” in the ETF arena, particularly those ETFs that have been mirroring the highs and lows of indices like the MSCI USA 50, Nasdaq 100, and Japan’s Nikkei 225. This isn’t just a slap on the wrist; it’s a full-blown crackdown aimed at ensuring that the dance of supply and demand doesn’t turn into a mosh pit of volatility.
Moreover, China’s tight leash on QDII quotas has stoked the fires of competition among investors eyeing a piece of the international pie, leading to some ETFs being valued more like rare artifacts than financial instruments. With Beijing’s quota ceiling barely nudging from its perch since 2021, the hunger for these offshore investments has reached what some might call “frenzy” levels.
As the curtain falls on this act of the financial drama, China’s bold moves to tighten the reins on offshore investment funds reveal a narrative rich with strategic interventions, regulatory foresight, and a keen eye on the stability of the domestic market. The ripple effects of these decisions will undoubtedly shape the contours of China’s financial landscape, weaving a tale of resilience, regulation, and the relentless pursuit of economic equilibrium.
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https://www.cryptopolitan.com/china-oversight-offshore-investment-funds/
| 2024-01-27T15:21:04Z
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Paul Grewal, the Chief Legal Officer at Coinbase, has publicly voiced his concerns regarding a recent report by the United States Government Accountability Office (US GAO). This report, published on December 13, 2023, and followed by a federal response on January 16, 2024, discusses the use of digital currencies in evading sanctions.
Analyzing the US GAO report’s findings
The US GAO report highlighted the risks posed by digital assets like Bitcoin in the enforcement of U.S. sanctions. It underscored the ability of these assets to facilitate rapid cross-border value transfers. However, the report also acknowledged the decentralized nature and public ledger of cryptocurrencies. This aspect could assist U.S. agencies and analytics firms in tracing transactions and identifying illicit activities. The report further noted limitations in using digital assets as a means of payment and suggested that implementing global standards could enhance compliance with Anti-Money Laundering (AML) regulations.
Critique and responses to the report
Grewal’s critique of the US GAO report centers on what he perceives as a lack of comparative analysis and an unjust focus on the cryptocurrency industry. He emphasized that, contrary to the report’s implications, the industry invests significantly in legal compliance. Additionally, the report itself contains admissions that cryptocurrencies are not an ideal tool for circumventing sanctions.
Despite this, Senator Elizabeth Warren cited the report to promote stricter AML regulations for crypto companies, akin to those for other financial institutions. The report’s use by Warren has been met with criticisms, highlighting its mention of only a single instance of cryptocurrency being used to avoid sanctions.
Global regulatory landscape and future outlook
The response to the US GAO report extends beyond the U.S., with major global regulatory bodies implementing frameworks to align cryptocurrency operations with AML guidelines. Europe has enacted the Markets in Crypto-Assets Regulation, and Asian countries like Hong Kong, Japan, and Singapore have introduced strict regulations for crypto service providers. These developments point to a growing trend of integrating cryptocurrencies within existing financial regulatory frameworks.
Furthermore, it is noted that the proportion of cryptocurrencies used for illicit activities is significantly lower compared to traditional fiat currencies. The inherent transparency and traceability of blockchain technology often hinder the movement of stolen or hacked crypto funds. Despite these facts, the United States is yet to finalize its crypto regulations, though there are specific policies in place governing crypto service providers.
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https://www.cryptopolitan.com/coinbase-challenges-us-gao-report/
| 2024-01-27T15:21:10Z
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Cryptocurrency exchange Coinbase has voiced strong concerns over the US Treasury’s proposed regulations regarding crypto mixing, stating that they fail to address regulatory gaps adequately and impose unnecessary data and resource burdens on crypto platforms.
Coinbase’s response to proposed rules
In a formal comment submitted to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), Coinbase argued that regulated crypto platforms are already subject to strict recordkeeping and reporting rules concerning suspicious activities and illicit crypto mixing.
Coinbase particularly criticized the proposed requirement for crypto platforms to report all crypto mixing activities, including those with legitimate purposes. The Exchange believes that such a broad reporting mandate is an inefficient use of companies’ resources.
The absence of a monetary threshold for recordkeeping and reporting also drew criticism from Coinbase. Paul Grewal, the Chief Legal Officer of Coinbase, emphasized that this lack of a threshold could result in the bulk reporting of non-suspicious transactions, which Congress has deemed a waste of time and resources.
FinCEN’s proposed rulemaking
FinCEN’s proposed rulemaking, introduced in October, aims to enhance transparency around crypto mixing activities. This marks the first time FinCEN has exercised its authority under Section 311 to target a class of transactions of primary money laundering concern.
While acknowledging that illicit actors like North Korean hackers and Russian-based ransomware attackers have used crypto mixers for money laundering, FinCEN also recognized that crypto mixing can have legitimate and innovative applications.
Coinbase argued that instead of imposing mandatory bulk reporting rules, FinCEN should assist exchanges in meeting their existing obligations to report suspicious activities related to mixing. Coinbase believes that specific guidance from Treasury is more effective in addressing these issues.
Coinbase’s recommendations
To address these concerns, Coinbase suggested that FinCEN introduce a monetary threshold to prevent bulk reporting of small transactions. Furthermore, Coinbase recommended emphasizing recordkeeping over reporting to mitigate privacy and security risks associated with mandatory reporting.
In conclusion, Coinbase’s critique of the U.S. Treasury’s proposed rules on crypto mixing centers on the belief that the regulations lack efficiency and could lead to unnecessary data reporting burdens. Coinbase’s formal comment advocates for a more balanced approach that promotes transparency while acknowledging the legitimate applications of crypto mixing in the digital asset ecosystem.
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https://www.cryptopolitan.com/coinbase-criticizes-rules-crypto-mixing/
| 2024-01-27T15:21:18Z
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Coinbase, the celebrated crypto exchange, is finding itself in rough waters. The once sky-high stock is now grappling with the unforeseen repercussions of the Bitcoin ETF revolution. JPMorgan’s recent downgrade of Coinbase to ‘underweight’ from ‘neutral’ with a steadfast price target of $80, highlights the emerging challenges. Despite a staggering 390% surge last year, Coinbase’s shares dipped 4.1% to $122.90 in premarket trading, indicating a potential shift in investor sentiment.
The launch of Bitcoin ETFs, initially hailed as a beacon of progress for the crypto world, is now casting long shadows over Coinbase’s future. These ETFs, allowing indirect investment in digital assets, were expected to herald a new era of mainstream crypto adoption. However, this optimism is waning as the reality of the market’s reaction sets in. Analysts, like those at JPMorgan, suggest that the initial enthusiasm for Bitcoin ETFs could backfire, impacting the ecosystem that Coinbase has long dominated.
A Ripple Effect Across the Market
The impact of these ETFs is not limited to Coinbase. The entire landscape of companies closely aligned with Bitcoin is feeling the heat. Stocks of firms like Marathon Digital Holdings and MicroStrategy, which previously moved in tandem with crypto trends, are experiencing significant downturns. This shift signifies a new market dynamic where the direct correlation between Bitcoin’s health and these companies’ stock prices is diminishing.
Bitcoin’s price itself is not immune to these changes. Since the launch of the spot Bitcoin ETFs, the world’s largest cryptocurrency has seen a 15% decline, hovering just below the $40,000 mark. This downturn has had a cascading effect on related stocks, with companies like MicroStrategy and Marathon Digital Holdings witnessing a steep decline in their stock value, 21% and 40% respectively.
Challenges and Adjustments Ahead
The situation is further complicated by the looming Bitcoin halving event, which promises to reduce mining rewards and could exacerbate the financial strain on crypto miners. These companies are already struggling with fixed electricity costs and now face the prospect of reduced income from mining activities. This predicament is particularly poignant for firms like MicroStrategy, known for holding substantial Bitcoin reserves on their balance sheets. The market currently values these companies higher than the Bitcoin they hold, a premium that may not be justifiable given the current market dynamics.
Experts argue that stocks like MicroStrategy should be trading at a discount, given that their value is closely tied to their Bitcoin holdings, which are currently depreciating. The lack of financial leverage or direct access to the underlying Bitcoin assets they hold further compounds the problem.
In summary, the introduction of Bitcoin ETFs has set off a chain reaction that is reshaping the cryptocurrency market. Companies like Coinbase, once riding high on crypto’s success, now face an uncertain future. As the market adjusts to this new reality, the long-term effects on these companies and the broader crypto landscape remain to be seen. The coming months will be critical in determining whether these companies can adapt to the changing dynamics and restore investor confidence in their stocks.
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https://www.cryptopolitan.com/coinbase-stock-stumbles-bitcoin-etf-woes/
| 2024-01-27T15:21:24Z
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Bitcoin mining company Core Scientific is set to resume trading on the Nasdaq after successfully navigating a complex reorganization process. This development follows the company’s bankruptcy filing in 2022 and marks a significant turnaround for the Texas-based firm.
Core Scientific’s restructuring efforts have allowed it to significantly reduce its debt and position itself for future growth in the cryptocurrency mining industry.
Core Scientific debt reduction through restructuring
In a statement released Core Scientific announced that its restructuring plan had enabled the company to reduce its debt burden by a substantial $400 million. This achievement was made possible by converting debt owed to equipment lenders and convertible note holders into equity.
The company’s restructuring strategy includes the potential for additional debt reduction through the conversion of remaining convertible debt, the exercise of warrants by investors, and the use of available cash to further pay down debt.
This debt reduction is a critical step in Core Scientific’s efforts to stabilize its financial position and create a solid foundation for future growth.
Optimistic outlook and growth plans
Adam Sullivan, the Chief Executive Officer of Core Scientific, expressed optimism about the company’s future in a press release. He stated, “We are poised to execute our pragmatic growth plan, continue preparing for the coming halving, and create value by transforming energy into high-value compute for bitcoin mining and other potential applications.”
Core Scientific currently operates mining facilities with a total power capacity of 724 megawatts across five U.S. states. As part of its growth strategy, the company plans to increase its mining capacity by over 50% in the next four years through the deployment of new Bitcoin miners.
This expansion aims to capitalize on the increasing demand for cryptocurrency mining services and the potential for future profitability in the sector.
A challenging past and recovery
Core Scientific’s journey to this point has not been without its challenges. In December 2022, the company filed for Chapter 11 bankruptcy protection, primarily due to the volatile nature of the cryptocurrency market and a series of market failures.
However, the company’s successful restructuring efforts have allowed it to emerge from bankruptcy with a renewed focus on growth and financial stability. The ability to shed a substantial portion of its debt and position itself for future success is a testament to Core Scientific’s resilience and adaptability in the rapidly evolving world of cryptocurrency.
The resurgence of Core Scientific comes at a time when the cryptocurrency mining industry is experiencing both challenges and opportunities. Recent developments, such as the approval of multiple spot bitcoin exchange-traded funds (ETFs) by the U.S. authorities, have introduced increased volatility to the market.
Crypto miner stocks tumble as Core Scientific resurfaces strong
Bitcoin miners like Marathon Digital and Riot Platforms have seen fluctuations in their stock prices this month. Marathon Digital’s stock has witnessed a 29.74% decline since the beginning of the month, while Riot Platforms has experienced a 32.6% drop during the same period.
These fluctuations reflect the broader uncertainty and dynamism within the cryptocurrency sector.
Core Scientific’s return to Nasdaq and its growth plans signal its determination to thrive in this ever-changing landscape. The company’s focus on energy-efficient mining and its strategic investments in infrastructure put it in a favorable position to capitalize on the evolving cryptocurrency market.
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https://www.cryptopolitan.com/core-scientific-resumes-trading-on-nasdaq/
| 2024-01-27T15:21:31Z
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In a recent court ruling, Crowd Machine and Metavine, the issuers of Crowd Machine Compute Tokens (CMCT), have been ordered to pay more than $20 million in disgorgement, interest, and penalties. The case, which began over two years ago, has also found the company’s founder, Craig Sproule, liable for his involvement.
Background of the case
The legal saga commenced in January 2022 when the United States Securities and Exchange Commission (SEC) filed a lawsuit against Craig Sproule, alleging that the 2018 initial coin offering (ICO) for CMCT constituted a “fraudulent and unregistered” securities sale. The SEC’s complaint also included accusations of Sproule’s misuse and loss of $5.8 million out of the $33 million raised during the ICO.
CMCT was originally designed with the intention of reimbursing computer owners for utilizing their computing power and compensating programmers for their code-writing efforts. However, the tokens never became operational.
As a result of the SEC’s action, Sproule was fined $195,047 and directed to cease the operation of CMCT, along with removing it from the single cryptocurrency exchange on which it had been listed. Notably, the defendants did not admit to or deny any wrongdoing.
On January 17, the District Court of Northern California issued an amended final judgment, compelling the defendants to disgorge $19,676,401.27 and $3.4 million in prejudgment interest. Furthermore, Metavine, one of the involved companies, was held accountable for disgorging $5 million. The court also imposed civil penalties of $600,000 on each defendant.
In response to these developments, the SEC released a statement on January 24, highlighting,
“The prior consent judgments fully resolved the SEC’s action against Mr. Sproule, but left the Court to determine the monetary relief to be paid by the remaining defendants.”
ICOs and SEC enforcement
Initial coin offerings (ICOs) were a common method for launching cryptocurrencies until the SEC declared them securities sales in July 2017. Since that regulatory shift, the SEC has pursued multiple cases against ICO issuers who allegedly violated securities laws.
Craig Sproule, the founder of Metavine in 2013 and Crowd Machine in 2018, has faced significant legal consequences due to the CMCT case. Metavine is described as a “no-code development platform,” while Crowd Machine operates as a “unified cloud platform.”
It is worth noting that Metavine reportedly filed for bankruptcy on January 3, which may have implications for the ongoing legal proceedings.
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https://www.cryptopolitan.com/crowd-machine-and-metavine-to-pay-over-20m/
| 2024-01-27T15:21:38Z
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The Crypto Fear & Greed Index, a widely watched indicator of sentiment in the cryptocurrency market, has reached a 100-day low as Bitcoin (BTC) struggles to maintain its price following the recent approval of spot exchange-traded funds (ETFs) in the United States.
On January 24th, the index dropped to a score of 48, signaling a shift into the “Neutral” sentiment range. This represents a two-point drop from the previous day and a 15-point decline just a week ago when the sentiment was firmly in the “Greed” category.
The Crypto Fear & Greed Index, which evaluates market sentiment using six key performance indicators, saw its score plummet to 48 on January 24th. This starkly contrasts the optimism in the market just a week prior when the index registered a “Greed” sentiment score. The current score of 48 is the lowest it has been in the past 100 days, dating back to October 16, 2023, when Bitcoin was trading slightly above $28,500.
What comprises the Crypto Fear & Greed Index?
The index derives its sentiment score by analyzing various factors and assigning weights. The key components include volatility (25%), market momentum and volume (25%), social media (15%), surveys (15%), Bitcoin’s dominance (10%), and trends (10%). These elements collectively gauge the overall mood in the cryptocurrency market, influencing investor sentiment and decision-making.
Bitcoin, the flagship cryptocurrency, reached a two-year high of nearly $47,000 on January 8th, shortly before multiple spot Bitcoin ETFs were approved in the U.S. However, since these new ETF products were introduced, Bitcoin’s price has experienced a notable decline, falling below the $40,000 mark.
One ETF, particularly the Grayscale Bitcoin Trust (GBTC), has seen significant outflows, with over $2 billion withdrawn since its conversion into an ETF. These outflows have contributed to a series of days with net outflows from the 10-spot Bitcoin ETFs.
Sentiment shift from Greed to Neutral
The Crypto Fear & Greed Index reveals a remarkable shift in market sentiment, transitioning from a prolonged period of “Greed” starting late October, driven by optimism surrounding spot ETF approvals, to the current state of “Neutral.”
On January 1st, the day following the approval of several Bitcoin funds, the index reached a score of 76, marking its highest point since it last peaked at 77 on November 11, 2021, following Bitcoin’s all-time high of over $69,000.
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https://www.cryptopolitan.com/crypto-fear-greed-index-hits-100-day-low/
| 2024-01-27T15:21:45Z
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In a recent interview with Coinage Media, Hester “Crypto Mom” Peirce, a Commissioner at the United States Securities and Exchange Commission (SEC), expressed confidence that lawsuits would not be necessary to persuade the SEC to approve spot Ether (ETH) exchange-traded fund (ETF) applications. Peirce’s remarks come amidst growing anticipation for the approval of Ether ETFs, with several prominent financial institutions seeking regulatory approval.
Commissioner Peirce firmly stated,
“We shouldn’t need a court to tell us that our approach is ‘arbitrary and capricious’ for us to get it right.”
Her comments referred to the Grayscale court ruling, which preceded the approval of spot Bitcoin ETFs in the United States. She emphasized that the SEC’s approach to approving Ether ETFs would not follow a similar path of legal battles.
While acknowledging the importance of the Grayscale precedent, Peirce also highlighted that each ETF application presents unique facts and circumstances. She stressed that the SEC invests considerable effort in ensuring that any exchange-traded product aligns with its disclosures and operational mechanisms. Peirce stated,
“Having heard from a court that our approach was wrong […] I think that kind of a lesson will certainly stick with us.”
Prominent applicants await approval
Many well-known financial institutions, including BlackRock, VanEck, ARK 21Shares, Fidelity, Invesco Galaxy, Grayscale, and Hashdex, have submitted spot Ether ETF applications to the SEC. With these applications, the crypto industry eagerly anticipates the SEC’s decisions, which could have significant implications for the cryptocurrency market.
Senior Bloomberg ETF analyst Eric Balchunas has estimated a 70% likelihood of spot Ether ETF approval by May. The SEC must decide on various applications by specific deadlines, including VanEck’s by May 23, ARK 21Shares by May 24, Hashdex by May 30, Grayscale by June 18, and Invesco by July 5. Fidelity and BlackRock’s applications await decisions by August 3 and August 7.
Balchunas believes that Ether ETFs have a strong chance of approval, considering the close relationship between Ether and Bitcoin. He stated,
“The Ether spot is tied to the hip of the Bitcoin spot. It’s gonna go wherever it goes. It’s basically like on a 15-foot rope following it.”
Differing views on approval prospects
While optimism abounds regarding the approval of spot Ether ETFs, some industry experts remain cautious. Mark Yusko, CEO of Morgan Creek Capital, predicts less than a 50% chance of approved spot Ether ETFs. He argues that the SEC maintains a generally skeptical stance toward the cryptocurrency industry.
SEC Chair Gary Gensler has also emphasized the need for caution. In a letter dated January 11, Gensler noted that approving a spot Bitcoin ETF should not be seen as a signal for mass approval of other cryptocurrency ETF applications. He asserted,
“The vast majority of crypto assets are investment contracts and thus subject to the federal securities laws.”
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https://www.cryptopolitan.com/crypto-mom-expects-no-sec-lawsuit-on-eth-etf/
| 2024-01-27T15:21:51Z
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In a recent development in cryptocurrency regulation, U.S. Senator Cynthia Lummis (R-WY) has reaffirmed her stance that the core issue in the crypto industry is not the assets themselves but the bad actors involved.
In a video statement, Cynthia Lummis, known for supporting the crypto sector, stressed the importance of distinguishing between the innovative potential of crypto assets and the illicit activities carried out by some within the space. She called for intensified efforts by federal investigators to target these bad actors, underlining this approach’s necessity in protecting the evolving industry’s integrity.
Senator Lummis has been a prominent advocate for cryptocurrencies, consistently warning against the dangers of stifling an emerging industry with misinformed decisions. She believes thorough and well-informed regulatory measures are key to fostering a safe and innovative crypto environment. She has been vocal in her belief that appropriate regulation can effectively weed out unlawful activities without hindering the growth and development of legitimate crypto enterprises.
Push for a regulatory framework and the Cynthia Lummis-Gillibrand bill
Senator Lummis emphasized the need for a clear regulatory framework during her participation in the Senate Committee on Banking, Housing, and Urban Affairs. She pointed out the inadequacies of the current system, where crypto-asset intermediaries operate in a somewhat grey area, lacking explicit guidelines for registration and compliance. Lummis argued that policymakers should focus on making it challenging for crypto asset intermediaries to operate clandestinely while simultaneously creating a viable pathway for compliant crypto exchanges to thrive in the United States.
In line with her advocacy for regulation, earlier this year, Senator Lummis reintroduced the Lummis-Gillibrand Responsible Financial Innovation Act. This legislation aims to place crypto assets within a well-defined regulatory perimeter. It focuses on combating the use of cryptocurrencies in illegal activities and introduces new penalties for those willfully violating these regulations. The bill is seen as a pivotal step in providing a much-needed framework for the crypto industry, aiming to prevent the operation of bad actors and to establish a sense of security and clarity for investors and businesses involved in the sector.
Debate over crypto’s role in money laundering
A recent debate on Capitol Hill between senators Cynthia Lummis and Elizabeth Warren brought to light the differing views on the role of cryptocurrencies in money laundering activities. Senator Warren cited a case where the Sinaloa Cartel utilized digital assets to launder $900,000, advocating for stricter cryptocurrency regulations.
In response, Senator Lummis pointed out that the same cartel had previously laundered almost $1 billion through traditional fiat currencies. This exchange highlighted the broader issue of money laundering and the need for a comprehensive regulatory approach that addresses both digital and traditional financial systems.
The debate underscores the complexities and challenges inherent in regulating the cryptocurrency industry. It reflects the need for policymakers to strike a balance between fostering innovation and ensuring security. Developing comprehensive frameworks that effectively address illicit finance while accommodating both virtual and traditional currencies is crucial for the future of the financial industry.
Senator Lummis’ efforts to advocate for a clear regulatory framework for the crypto industry have received widespread support from industry experts. They agree that such regulations are essential for preventing bad actors from exploiting the system and providing much-needed stability and certainty for all stakeholders in the crypto industry. As the crypto market continues to evolve, the actions and decisions of policymakers like Senator Lummis will play a pivotal role in shaping its future.
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https://www.cryptopolitan.com/cynthia-lummis-call-for-action-against/
| 2024-01-27T15:21:57Z
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Former President Donald Trump has made headlines in the cryptocurrency world with an astounding 15,000% return on his investment in the meme coin “TRUMP” (MAGA).
In a crypto market filled with uncertainties, former US President Donald Trump’s investment in the meme coin TRUMP has reaped extraordinary rewards. Arkham Intel, a crypto intelligence firm, recently revealed that Trump’s initial investment of $7,100 in TRUMP tokens between August and October 2023 has ballooned to an astonishing worth of over $1.07 million.
Trump’s remarkable investment
Arkham Intel shared this remarkable revelation on X (formerly Twitter), emphasizing the substantial gains Trump has made on his TRUMP holdings. Despite the initial investment of just $7,100, his TRUMP holdings are now valued at nearly $1.07 million, representing a staggering 15,000% return on his investment. The firm highlighted that TRUMP’s trading value currently stands at $1.90 per token.
Trump acquired the majority of his TRUMP holdings shortly after his address was tagged on August 16th, 2023. In a significant transaction, he received 469,000 TRUMP tokens, valued at $5,600 at the time, on August 19th. Additionally, two months later, he received another substantial sum of TRUMP tokens, valued at around $1,500.
Although TRUMP’s current trading value is $1.50, Trump’s holdings remain substantial, totaling $868,920 for his 579,281 TRUMP tokens. The meme coin’s market cap reached its peak at $96 million, with a high trading price of $2.32 per TRUMP, briefly pushing Trump’s return to $1.343 million.
Understanding the TRUMP Meme Coin
The TRUMP meme coin, bearing the slogan “Make Crypto Great Again,” stands out for its unique tokenomics structure. It features a 1% tax on transactions, with the funds allocated to causes such as US Veterans support, Child Trafficking Prevention, marketing, development, and liquidity. The coin has a total supply of 47 million tokens.
The official Twitter account of the TRUMP meme coin, @MAGAMemecoin, recently celebrated a milestone of receiving a total of 100 ETH in donations. The latest contribution went to the National Veterans Homeless Support, underscoring the community’s dedication to philanthropy and social causes.
Political endorsements boost TRUMP
The TRUMP token has gained not only financial traction but also significant cultural and political relevance. Notably, political figures like Ron DeSantis and Vivek Ramaswamy have dropped their presidential campaigns to endorse Donald Trump, further fueling the bullish sentiment around the token.
Content creator Jake Gagain remarked on TRUMP’s impressive performance, saying, “Another All-Time High For TRUMP As Ron DeSantis Suspends His Presidential Campaign To Endorse Donald J. Trump. The More TRUMP Wins, The Higher TRUMP Goes. 2024 Is Looking Bullish For @MAGAMemecoin.” Crypto influencer McKenna added, “DeSantis & Vivek have both dropped out of the US presidential race and have both endorsed Trump for the Republican nominee. I don’t think I’ve seen a clearer bet for 2024 than TRUMP.”
Trump’s engagement with crypto
Trump’s indirect but noticeable engagement with the crypto community, including the issuance of NFTs and on-chain activities, suggests a growing connection with the industry. The recent move of Trump NFTs to the Bitcoin network via Ordinals and the successful cash-out of Ethereum assets indicate a nuanced but substantial involvement in the crypto space.
Trump’s involvement in the crypto world, coupled with his public stance against the creation of a central bank digital currency (CBDC) if re-elected, presents a complex picture of the former president’s relationship with the burgeoning digital asset sector. As the 2024 US presidential election approaches, the intersection of Trump’s political trajectory and the TRUMP token’s performance remains an intriguing point of interest.
As the 2024 US presidential election draws near, all eyes are on the intersection of Trump’s political journey and the performance of the TRUMP meme coin, making it a compelling narrative in the world of cryptocurrency. At the time of this writing, TRUMP is trading at $1.77, maintaining its position in the crypto market with a 5.24% increase on the daily.
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https://www.cryptopolitan.com/donald-trump-15000-return-on-maga-meme-coin/
| 2024-01-27T15:22:04Z
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In recent developments, former President Donald Trump has revisited the topic of central bank digital currencies (CBDCs), crediting Vivek Ramaswamy, a former Republican presidential candidate, for bringing attention to the matter. During a rally in Laconia, New Hampshire, on January 22, Trump acknowledged Ramaswamy as the sole presidential candidate with a crypto framework in his program. He revealed that Ramaswamy urged him to address the potential implementation of a CBDC in the United States.
Donald Trump shows his stance against CBDCs
Despite Trump’s initial lack of affinity for Ramaswamy, expressed until defeating him, the former president reiterated his firm stance against the creation of a central bank digital currency. This follows Trump’s initial mention of CBDCs during a campaign speech in Portsmouth, New Hampshire, on January 17, where he asserted that he would never permit the establishment of such a digital currency. Trump contended that a CBDC would grant the federal government absolute control over citizens’ money, an assertion consistent with his broader concerns about government oversight.
Notably, he had not previously showcased a nuanced stance on cryptocurrency, aside from occasional negative comments about Bitcoin during his presidency. However, both Vivek Ramaswamy and Florida Governor Ron DeSantis, who were presidential candidates with a focus on crypto, brought the subject to the forefront during their campaigns. Despite their campaigns being suspended, with Ramaswamy dropping out on January 16 and endorsing him, and DeSantis officially concluding his run on January 21, the topic of CBDCs remains pertinent.
Tom Emmer backs Trump’s CBDC opposition
Ramaswamy’s endorsement of Trump aligns with their shared stance against the implementation of CBDCs, emphasizing a united front within the Republican sphere on this issue. Furthermore, U.S. Representative Tom Emmer voiced his support for Trump’s commitment to opposing CBDCs on January 19. Emmer expressed anticipation for collaborating with Trump to counter what he perceives as an expanding government surveillance state. Emmer has a track record of advocating for digital assets and has consistently pushed back against regulatory approaches by the U.S. Securities and Exchange Commission, particularly under the leadership of Chair Gary Gensler.
These recent developments underscore the evolving dynamics within the political landscape, where discussions around CBDCs are gaining prominence. The alignment of key political figures against the introduction of central bank digital currencies suggests a shared concern over potential government overreach and control in the financial sphere. As the dialogue around CBDCs continues to unfold, it remains to be seen how this stance will influence broader cryptocurrency policy and regulation.
The endorsements and collaborative efforts of prominent figures like Ramaswamy, DeSantis, and Emmer with Trump indicate a united front within certain political circles against the perceived risks associated with CBDCs. The intersection of presidential politics and cryptocurrency policy has become increasingly pronounced, with former President Trump and key Republican figures taking a firm stand against the implementation of central bank digital currencies. The developments reflect a nuanced and evolving conversation surrounding the role of government in the financial landscape and its implications for individual freedoms and privacy.
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https://www.cryptopolitan.com/donald-trump-discusses-opinions-about-cbdcs/
| 2024-01-27T15:22:11Z
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In a dire announcement that echoes the pressing concerns of our time, the Bulletin of Atomic Scientists revealed that Earth, for the second consecutive year, is hurtling towards an apocalyptic scenario. The renowned “Doomsday Clock,” serving as a symbolic representation of the world’s proximity to global catastrophe, now ominously stands at 90 seconds to midnight. This unsettling revelation underscores the gravity of various existential threats, including nuclear tensions, climate-related disasters, and the looming dangers posed by generative artificial intelligence.
For the second year in a row, the Bulletin’s annual assessment paints a bleak picture, pointing to ongoing geopolitical conflicts and a myriad of interconnected global challenges. Rachel Bronson, the CEO of the Bulletin group, expressed heightened concern over the unrelenting risks that persist, shaping the present and future of humanity. The announcement serves as a stark reminder that urgent action is imperative to reverse the ominous trajectory laid out by the Doomsday Clock.
The unsettling landscape of existential threats
The ticking of the Doomsday Clock to 90 seconds to midnight is a testament to the multifaceted challenges that threaten the very fabric of human existence. One major focal point is the nuclear threat emanating from Russia’s involvement in the war on Ukraine, as well as the recent escalation of geopolitical tensions exemplified by the October 7 attack in Israel and the ongoing conflict in Gaza. These events have further intensified global concerns about the potential for nuclear warfare, bringing humanity perilously close to the brink.
Simultaneously, the world grapples with the escalating impacts of climate change, manifesting in increasingly severe climate-related disasters. The Bulletin of Atomic Scientists underscores the link between these environmental catastrophes and human activities, emphasizing the urgent need for collective action to mitigate the adverse effects and secure a sustainable future.
Also, the Doomsday Clock’s ominous countdown draws attention to the perilous realm of generative artificial intelligence (AI). As technological advancements continue at an unprecedented pace, the Bulletin raises alarms about the potential dangers posed by AI systems that could autonomously generate destructive outcomes. The convergence of these existential threats demands a global response that transcends borders and political differences.
A call for global collaboration
The Bulletin of Atomic Scientists issues a poignant call for collaboration and collective action to wind back the hands of the Doomsday Clock. The annual assessment emphasizes the pivotal role that influential nations, such as the United States, China, and Russia, play in steering the trajectory away from catastrophe. Urgent diplomatic efforts and cooperative measures are essential to address the root causes of nuclear tensions, curb climate change, and regulate the development of AI technologies with a focus on ethical considerations.
While acknowledging the gravity of the situation, the Bulletin maintains a glimmer of hope, asserting that the clock can be turned back if nations unite and leaders take decisive actions. The responsibility falls on the shoulders of global powers to set aside differences and prioritize the collective well-being of humanity.
Doomsday Clock – A critical crossroads for humanity
As the world grapples with the unsettling reality of the Doomsday Clock inching closer to midnight, one cannot help but ponder the trajectory of our collective future. The interconnected nature of nuclear threats, climate disasters, and the rise of artificial intelligence demands a paradigm shift in global cooperation. Will nations rise to the occasion and collaboratively work towards winding back the ominous clock, or are we truly on the brink of a catastrophic unraveling? The urgency of this moment requires introspection, decisive action, and a commitment to securing a future where the hands of the Doomsday Clock move away from the precipice of midnight.
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https://www.cryptopolitan.com/doomsday-clock-warning-nuclear-climate-ai/
| 2024-01-27T15:22:18Z
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In a notable development for the Solana blockchain ecosystem, Drift Protocol, the leading perpetual futures trading platform on Solana, has introduced an innovative points reward program.
The initiative is set to precede the much-anticipated launch of Drift’s native token. The program, aptly named Drift Points, is designed to incentivize and reward the platform’s users for their engagement and contributions.
Drift protocol rewarding User engagement and preparing for a token launch
Drift Protocol’s points program is not just an event; it marks the beginning of a comprehensive reward structure aimed at recognizing and valuing the activities of its users. Cindy Leow, the co-founder of Drift Protocol, shared insights with The Block, revealing that the program commenced today and is set to conclude in March. The distribution of Drift Points is meticulously planned, with the inaugural distribution slated for February 2nd.
Leow elaborated on the structure of the rewards, stating, “There will be around 100 million Drift points issued per month.” These points are not distributed arbitrarily; they are meticulously allocated based on users’ trading volumes and their involvement in crucial platform activities such as market making and liquidity provision. The structured approach ensures that the most active and contributing members of the Drift community are recognized and rewarded.
The program is not solely forward-looking; it also acknowledges the platform’s past users. Leow mentioned that for those who have been part of the Drift ecosystem prior to the announcement, the platform has already taken “numerous checkpoints and snapshots” to ensure that their contributions are not overlooked.
Progressive decentralization and community empowerment
A noteworthy aspect of Drift Protocol’s roadmap is its commitment to progressive decentralization, a journey that begins with the introduction of a governance token. The token represents a shift towards community ownership and governance. Leow highlighted the plans surrounding the governance token, which involve the formation of an elected risk council. The council, comprising token holders, will wield authority, overseeing crucial aspects such as protocol upgrades, fee structures, and technical parameters.
The launch of the Drift token is scheduled to occur shortly after the culmination of the points program in March. While specific details about the correlation between Drift points and the token airdrop remain under wraps, Leow assured that there would be a meaningful relationship between the two, hinting at a well-thought-out strategy to reward the platform’s loyal users.
Leveraging industry success stories
Drift Protocol’s initiatives are not occurring in isolation. The platform is drawing inspiration from the success of other prominent players in the Solana ecosystem, such as Jito Network. Jito’s recent rewards program and token airdrop have set a precedent, contributing to the growth of the Solana ecosystem. The success stories of these protocols underscore the potential and effectiveness of well-structured reward programs and token launches in enhancing user engagement and ecosystem growth.
As the ninth-largest decentralized finance protocol on Solana, Drift boasts an impressive total value locked of over $113 million, according to data from DeFi Llama. The platform’s impact is further evidenced by its processing of over $4 billion in trading volume, serving a robust user base of more than 80,000 individuals.
Founded in 2021, Drift has garnered the support of notable investors, including Polychain Capital and Solana Labs co-founders Anatoly Yakovenko and Raj Gokal. The project’s recent Series A funding round, which raised $23.5 million last October, is a testament to its potential and the confidence of its backers. Looking ahead, Drift is gearing up to introduce an array of new features, including a redesigned mobile app and innovative governance modules, further solidifying its position as a frontrunner in the decentralized finance landscape.
Conclusion
Drift Protocol’s introduction of the Drift Points reward program marks a step in its journey toward fostering a more engaged, decentralized, and user-centric ecosystem. With its focus on rewarding user engagement, commitment to progressive decentralization, and the anticipation of its token launch, Drift is poised to set new standards in the decentralized finance sector and drive the Solana ecosystem to new heights.
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https://www.cryptopolitan.com/drift-protocol-points-reward-program/
| 2024-01-27T15:22:26Z
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Christine Lagarde, the President of the European Central Bank (ECB), has come under intense scrutiny following a revealing employee survey. The findings, orchestrated by the union IPSO, paint a picture of a workplace marred by dissatisfaction and a leader seemingly more focused on personal advancement than on the core responsibilities of her role. This sentiment reflects a troubling atmosphere within one of the world’s most influential financial institutions.
Lagarde’s Leadership in Question
The survey, conducted over a ten-day period in late 2023, gathered responses from nearly 1,100 ECB staff members. The results are stark: over half of those surveyed rated Lagarde’s performance as subpar. These figures are alarming, particularly considering the ECB’s workforce surpasses 3,500. Lagarde, a former head of the International Monetary Fund and French finance minister, assumed her role at the ECB in November 2019. Her tenure has been marked by significant challenges, including a record series of interest rate hikes in response to soaring inflation, which reached a peak of 10.6% in 2022.
While some aspects of Lagarde’s policy decisions received moderate approval, there is a clear divide among staff regarding her effectiveness in communicating and implementing these policies. The survey indicates a significant proportion of the workforce lacks confidence in her leadership, particularly at this critical juncture for the ECB.
Internal Strife and Career Focus
Beyond policy implementation, the survey highlighted issues with the internal dynamics at the ECB. Employees expressed concerns about workload, career progression, and diversity policies. While such issues are not uncommon in large organizations, they seem to be particularly pronounced under Lagarde’s leadership. There is a sentiment that she may be utilizing her position more for personal branding and future career opportunities than for the benefit of the institution or its staff.
This perception of an autocratic leadership style, as noted in the survey, has reportedly led to a negative atmosphere within the ECB. Unlike her predecessors, Jean-Claude Trichet and Mario Draghi, who despite internal complaints were positively regarded for their external performance, Lagarde has struggled to garner similar respect.
The ECB spokesperson’s dismissal of the survey as flawed does little to alleviate these concerns, especially as they highlight issues supposedly beyond the president’s direct control. Such a defense might seem to some as a sidestepping of the core issues raised by the staff.
In the context of the upcoming ECB monetary policy decision, where Lagarde is due to speak, these internal dynamics could have broader implications. The eurozone economy is in a delicate state, balancing between stagnation and the need for continued vigilance against inflation. With the ECB expected to maintain its current policy stance, the effectiveness of its leadership becomes even more critical.
As we look towards the future, the ECB’s role in steering the eurozone economy through turbulent waters remains paramount. The internal dissatisfaction and perceived leadership deficiencies under Christine Lagarde’s presidency raise questions about the ECB’s ability to navigate these challenges effectively. The survey, despite its limitations, offers a glimpse into the ECB’s internal struggles and the uphill battle Lagarde faces in regaining the trust and support of her workforce.
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https://www.cryptopolitan.com/ecb-employees-hate-working-under-lagarde/
| 2024-01-27T15:22:33Z
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ElevenLabs, a prominent AI voice cloning startup, has achieved unicorn status following a successful Series B funding round that raised a substantial $80 million. The funding was led by venture capital firm Andreessen Horowitz, with participation from notable investors such as Nat Friedman and Daniel Gross, along with Sequoia Capital and others. This significant capital injection has propelled the company’s valuation to approximately $1.1 billion, marking a notable increase from its previous valuation of $100 million during its 2023 funding round, according to Pitchbook data.
Expanding global workforce
ElevenLabs, helmed by CEO Mati Staniszewski, has been steadily growing its operations and currently employs around 40 remote workers distributed globally. Staniszewski revealed plans to further expand the company’s workforce to 100 employees by the end of the year, demonstrating its commitment to scaling its operations.
Rapidly expanding customer base
With a growing customer base that includes prominent companies such as Storytel, Paradox Interactive, and The Washington Post, as well as individual content creators, ElevenLabs has been making waves in the AI voice cloning industry. The technology offered by the company has found applications beyond traditional use cases, notably being used in the lead-up to U.S. elections to translate speeches for voters who speak foreign languages.
Addressing ethical concerns
Despite its successes, ElevenLabs has not been without controversy. The company has faced criticism for instances where its technology was misused, particularly by online communities such as 4chan, which used ElevenLabs to generate hateful messages while mimicking the voices of well-known individuals like Emma Watson. Several reports have highlighted cases where the technology was employed to create voice messages containing violent threats or racist remarks, often without any safeguards in place.
In response to these concerns, ElevenLabs has taken steps to combat the misuse of its technology. The company has actively worked to identify and remove users engaging in abusive language. Additionally, it has introduced a tool aimed at detecting and preventing harmful speech generated by its platform. ElevenLabs has ambitious plans to further enhance this detection tool throughout the year, with the goal of making it available on third-party platforms as part of its ongoing commitment to ethical usage.
The journey to unicorn status signifies a remarkable milestone for ElevenLabs. The company’s pioneering work in AI voice cloning technology has attracted significant interest and investment from leading figures in the tech industry, including Andreessen Horowitz, known for its support of groundbreaking startups.
Series B funding round success
The recently concluded Series B funding round, spearheaded by Andreessen Horowitz and backed by prominent investors Nat Friedman and Daniel Gross, played a pivotal role in elevating ElevenLabs to unicorn status. The $80 million in funding brings the company’s total funds raised to an impressive $101 million, providing ample resources for further growth and development.
Expanding global workforce
As ElevenLabs continues to innovate and expand its offerings, CEO Mati Staniszewski is focused on strengthening the company’s workforce. The current team of 40 remote workers distributed globally is set to grow to 100 by the end of the year. This expansion reflects the company’s commitment to meeting the growing demand for its AI voice cloning services.
ElevenLabs’ success is underpinned by its diverse customer base, which includes renowned companies like Storytel, Paradox Interactive, and The Washington Post. Additionally, the startup’s technology has found application in aiding foreign language-speaking voters during U.S. elections, highlighting its versatility and relevance in various contexts.
Addressing ethical concerns
While ElevenLabs celebrates its achievement, it acknowledges and addresses ethical concerns surrounding its technology. Instances of misuse, including the generation of harmful content, have drawn scrutiny. In response, the company has implemented measures to identify and remove users engaged in abusive language. Moreover, it has introduced a detection tool aimed at preventing the spread of harmful speech, with plans to enhance and extend its availability to third-party platforms.
ElevenLabs’ ascent to unicorn status is a testament to its groundbreaking work in AI voice cloning technology. The successful Series B funding round, bolstered by support from industry-leading investors, has catapulted the company into the ranks of unicorns with a valuation of approximately $1.1 billion. With a growing workforce, a diverse customer base, and a commitment to addressing ethical concerns, ElevenLabs is poised to continue its journey as a leader in the AI voice cloning industry.
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https://www.cryptopolitan.com/elevenlabs-attains-unicorn-with-80m-funding/
| 2024-01-27T15:22:41Z
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As the dust settles on the introduction of the first U.S. exchange-traded funds (ETFs) holding Bitcoin, the spotlight turns to the persistent issue of market liquidity—or the lack thereof. Despite billions of dollars coursing through these ETFs since their inception, the ease of trading Bitcoin hasn’t seen the anticipated uptick. In the volatile dance of digital currency, liquidity plays the leading role, determining how gracefully or clumsily Bitcoin can move through the market. Without it, the cryptocurrency is more susceptible to the whims of large trades and potential market manipulation, making for a tumultuous investment environment.
The Liquidity Conundrum
The arrival of spot Bitcoin ETFs on the scene was met with a mix of enthusiasm and skepticism. While these financial instruments were hailed as a positive development for market sentiment, their impact on liquidity has been less than significant. The crypto market, still reeling from the shockwaves of 2022’s tumult, finds itself in a liquidity limbo.
The void left by the collapse of heavyweight market maker Alameda Research, alongside FTX, has yet to be filled, leaving a noticeable gap in the market’s depth. This gap, referred to as the “Alameda Gap,” has made the market all the more susceptible to volatile swings, with Bitcoin’s price seeing significant fluctuations in the wake of the ETFs’ debut.
Market depth, a key measure of liquidity, remains tepid at best. With top market-making firms like Jane Street Group and Jump Crypto dialing back their crypto trading activities, the market’s ability to absorb large trades without significant price impacts has diminished. This withdrawal of major players has left a vacuum that smaller firms have rushed to fill, but their efforts are akin to using a band-aid to stem a hemorrhage; effective in calm waters but easily overwhelmed when the market’s volatility storms hit.
A Volatile Symphony
Bitcoin’s price movements have been nothing short of a rollercoaster ride, with the digital asset experiencing wild price swings that serve as a stark reminder of the market’s fragility. The recent dip to $38,555, followed by a rebound above the $40,000 mark, is a testament to the market’s jittery nature. These fluctuations have triggered a domino effect of liquidations in the derivatives market, exacerbating the volatility.
The narrative is further complicated by the conversion of the Grayscale Bitcoin Trust to an ETF, which has seen significant redemptions and added to the market’s instability. The impact of these redemptions on Bitcoin’s price cannot be overstated, with large volumes of GBTC being liquidated, putting additional downward pressure on Bitcoin.
Adding fuel to the fire, the specter of regulatory scrutiny looms large over the market. The investigation into Digital Currency Group CEO Barry Silbert, and by extension, the practices surrounding Grayscale’s Bitcoin holdings, casts a long shadow over the market, contributing to the uncertainty and volatility.
As Bitcoin navigates these choppy waters, the market remains on edge, wary of the next wave that could send prices tumbling. The promise of ETFs bringing stability and liquidity to the Bitcoin market seems to have been premature, with the underlying issues of market depth and regulatory uncertainty continuing to stoke the flames of volatility. The crypto market, it seems, is still searching for its equilibrium, with investors and traders alike bracing for the next twist in this high-stakes drama.
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https://www.cryptopolitan.com/etfs-amp-up-bitcoin-trading-but-alameda-gap/
| 2024-01-27T15:22:47Z
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The cryptocurrency market is abuzz with anticipation as issuers and investors eagerly await the potential launch of an Ethereum Exchange-Traded Fund (ETF). Recent developments in the regulatory landscape, particularly the approval of a Bitcoin ETF, have raised hopes for an Ethereum ETF’s green light.
However, amid optimism, there are also indications of internal resistance within the U.S. Securities and Exchange Commission (SEC).
SEC’s stance and internal resistance on Ethereum ETF
Despite the successful launch of the Bitcoin ETF, insiders reveal that the SEC is facing internal resistance regarding the approval of an Ethereum ETF. Sources close to the commission have indicated a prevailing “hard no” sentiment towards the proposal.
This internal resistance stems from concerns and deliberations within the regulatory body, suggesting that the path to approval may not be as straightforward as some had hoped.
Regulatory commissioner’s perspective
Hester Pierce, a Republican Commissioner within the SEC, has been a vocal advocate for cryptocurrency ETFs, including Bitcoin, well before its recent approval. Pierce asserts that the SEC must apply a “regular way” consideration to Ethereum ETFs to avoid repeating the delays seen with Bitcoin ETFs.
Her stance suggests a commitment to streamlining the regulatory process and providing clarity for the growing cryptocurrency market.
Summer expectations and regulatory classification
Despite internal resistance, there remains optimism among issuers and other sources that an Ethereum ETF could see the light of day by the end of the summer. This optimism is grounded in several factors, one of which is the Commodity Futures Trading Commission’s (CFTC) classification of Ethereum as a “commodity.”
This classification distinguishes Ethereum from securities, potentially paving the way for a more favorable regulatory outlook.
XRP’s landmark victory and Ripple’s influence
Another significant factor contributing to the optimistic outlook for an Ethereum ETF is XRP’s recent legal victory against the SEC. The court ruling that XRP is not a security during secondary market transactions has implications for the broader cryptocurrency market.
Prominent XRP attorney John Deaton believes that this victory, coupled with Ripple‘s influence, could make it challenging for SEC Chairman Gary Gensler to classify cryptocurrencies as securities.
Issuer’s confidence post-Bitcoin ETF approval
a Bitcoin Spot ETF issuer that also holds an Ethereum Spot ETF has reiterated its confidence in the SEC’s eventual approval of Ethereum ETFs. They argue that the successful approval and smooth launch of Bitcoin Spot ETFs should compel the SEC to follow suit with Ethereum Spot ETFs.
This issuer’s stance reflects the broader sentiment in the cryptocurrency industry, where stakeholders see the approval of one ETF as a positive precedent for others.
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https://www.cryptopolitan.com/ethereumetf-approvaluncertaindespiteoptimism/
| 2024-01-27T15:22:54Z
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Europe is stepping up its game in the cryptocurrency arena, making a bold entrance into the spot Bitcoin ETF battlefield. This move comes as the U.S., known for its financial muscle, has recently welcomed a new battalion of spot Bitcoin ETFs with open arms, thanks to the nod from the U.S. Securities and Exchange Commission.
Fee Frenzy in the Crypto Corral
In a dynamic response to the U.S.’s latest crypto craze, Europe’s financial maestros, Invesco and WisdomTree, are slashing their fees like a pair of financial Zorros. They’ve cut more than 60% off their European bitcoin product fees, making a clear statement: Europe is not just watching from the sidelines; it’s diving headfirst into the fray.
The U.S. market is bubbling with an ‘unprecedented supply of new products,’ as Gary Buxton, Invesco’s head honcho for ETFs in EMEA and Asia Pacific, puts it. This influx has led to a seismic shift in the market, driving down fees to attract more investors. For example, Ark Investment Management, initially planning to charge a 0.8% fee for its ETF, decided to play Santa Claus and go fee-free for the first six months or until they hit $1 billion in assets. BlackRock is also strutting its stuff with a competitive 0.25% fee, offering a discount to early birds at 0.12%.
Meanwhile, back in Europe, Invesco and WisdomTree aren’t just sitting back and sipping tea; they’re getting their hands dirty in the fee-cutting game. Invesco’s Physical Bitcoin ETP, for instance, is trimming its fees from 0.99% down to 0.39%. WisdomTree isn’t far behind, reducing the fees on its $325 million WisdomTree Physical Bitcoin ETP from 0.95% to 0.35%. It’s a financial tug-of-war, and Europe is pulling hard.
Europe’s Crypto Chessboard
But let’s not forget that Europe’s been in the crypto game for a while now, with its own set of rules and strategies. Spot Bitcoin ETPs have been around in Europe, offering investors a slice of digital token action without the wild west of unregulated markets. Europe was ahead of the curve when Swedish vendor XBT AB rolled out Bitcoin Tracker One back in 2015, marking the first Bitcoin-based security on a regulated exchange. Fast forward to 2023, and the Jacobi FT Wilshire Bitcoin ETF makes its grand debut on Euronext Amsterdam, aligning with the EU’s visions of sustainable blockchain innovation.
Europe’s approach to cryptocurrency is different from the U.S.’s gung-ho style. Here, the investment culture is more akin to a thoughtful game of chess rather than a high-stakes poker match. While the U.S. market is boldly embracing Bitcoin ETFs, Europe’s investors have been playing it cool with ETPs, which are more familiar on this side of the pond.
VanEck’s Martijn Rozemuller hints that the recent U.S. SEC decision could be a game-changer for Europe’s crypto scene, potentially boosting European interest in cryptocurrency. However, Europe’s crypto market, spread across various exchanges, faces unique challenges like liquidity and tax considerations, as pointed out by 7IM’s Peter Sleep.
Despite these hurdles, Europe’s foray into the Bitcoin ETF arena is not just about playing catch-up with the U.S. It’s about carving its own niche in the global cryptocurrency market, balancing innovation with a measured approach. As the crypto landscape evolves, Europe might not mirror the U.S.’s success story with spot Bitcoin ETFs, but it’s definitely crafting its own narrative.
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https://www.cryptopolitan.com/europe-enters-spot-bitcoin-etf-battlefield/
| 2024-01-27T15:23:00Z
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Bucking the trend of recent times, the Eurozone’s economic landscape has begun to show glimmers of recovery early this year, painting a complex picture for both market watchers and policy makers. The narrative isn’t one of unbridled optimism, though; it’s a tapestry woven with cautious rebounds, persistent challenges, and a European Central Bank (ECB) that remains steadfast, unmoved by the subtle shifts in economic winds.
A Closer Look at the Economic Pulse
Delving into the heart of the matter, the Eurozone’s economic health, as gauged by a key indicator—the S&P Global’s flash eurozone composite purchasing managers’ index—has inched up to a six-month peak of 47.9 from 47.6. This slight uptick, fueled by a resurgence in manufacturing prowess, hasn’t been enough to fully counterbalance the services sector’s continued slump, leaving the Eurozone in a peculiar limbo. Despite this fractional rise, the region still lingers below the pivotal 50 mark, a clear signal that expansion remains a distant horizon.
Interestingly, this nuanced recovery hasn’t been uniformly felt across the board. France and Germany, typically economic powerhouses, find themselves grappling with deeper business activity downturns. In contrast, the broader Eurozone canvas reflects a modest rebound, hinting at a divergent recovery path within the union.
Financial Markets and Policy Stance
The financial markets have reacted with a mix of skepticism and muted optimism. The euro’s slight ascent against the dollar post-data release suggests a tempered hope in the markets, possibly dialing down expectations of an imminent rate slash by the ECB. Yet, the dip in Germany’s benchmark 10-year bond yields speaks volumes about the underlying concerns regarding the bloc’s economic robustness.
As for the ECB, its stance seems to be one of watchful patience. The central banking authority, under the looming shadow of heightened inflationary pressures—particularly from the labor market—appears to be in no hurry to alter its monetary policy course. Despite the market’s speculative gaze towards potential rate cuts, the ECB’s primary focus remains tethered to the inflation trajectory, leaving little room for immediate monetary easing.
This cautious approach is further underscored by the broader economic signals. The marginal decrease in new business order declines, a slight uptick in employment, and a somewhat brighter outlook for the year ahead do inject a dose of optimism. Yet, these are but whispers of recovery in a hall still echoing with the sounds of economic caution.
Adding layers to this complex economic narrative are global supply chain disruptions, notably from the Red Sea, and an inflationary undercurrent driven by labor costs. These factors not only influence the Eurozone’s immediate economic outlook but also shape the ECB’s policy contemplations, underscoring the delicate balance between fostering growth and curbing inflation.
The unfolding economic narrative of the Eurozone thus stands at a crossroads, marked by a tentative recovery, persistent challenges, and a central bank that remains steadfast in its commitment to stability over haste. As the year progresses, the interplay between these dynamic forces will undoubtedly shape the economic landscape of the bloc, with the global community watching closely.
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https://www.cryptopolitan.com/eurozone-economy-uptick-but-ecb-isnt-moved/
| 2024-01-27T15:23:07Z
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In a shocking turn of events, a Texas man, Harvey Eugene Murphy Jr., has come forward with a disturbing allegation that Macy’s and Sunglass Hut’s facial recognition software wrongly implicated him in an armed robbery, leading to his arrest and subsequent harrowing experiences in jail. The lawsuit contends that Murphy was falsely identified as a violent criminal based on flawed technology, raising significant concerns about the reliability and consequences of facial recognition systems.
Facial recognition system’s false identification and unjust consequences
In the chronicles of legal misfortune, Harvey Eugene Murphy Jr., a septuagenarian of 61 years, became ensnared in a surreal and distressing predicament, as the intricate web of facial recognition software deployed by the esteemed establishments of Macy’s and Sunglass Hut falsely implicated him. This fallible technological apparatus, by all accounts, erroneously linked Mr. Murphy to a purportedly armed robbery at a Sunglass Hut nestled in the confines of Houston, Texas, wherein the alleged malefactor reportedly absconded with a substantial sum amounting to thousands of dollars.
Remarkably, notwithstanding Mr. Murphy’s verifiable presence in the geographically distant enclave of Sacramento, California, at the very time of the purported heist, he found himself not merely confronted with the bewildering incongruity of his circumstances but, rather disconcertingly, in the clutches of the legal apparatus. His subsequent arrest precipitated his descent into the confines of an overpopulated maximum-security detention facility, replete with a volatile amalgamation of felons, ostensibly teeming with criminal propensities.
Pursuant to the legal record, it is asserted that the surveillance footage, judiciously utilized in the identification procedure, was significantly impaired by the incorporation of “poor low-quality cameras.”
The repercussions of this egregious misidentification proved to be profoundly injurious for Mr. Murphy, who avows to have been subjected to a brutalizing assault, including the egregious act of gang rape, during the lamentable period of his incarceration. The litigation posits that Mr. Murphy sustained indelible and incapacitating injuries as an unfortunate consequence of this distressing ordeal, all transpiring prior to his belated release mere hours thereafter.
Lawsuit targets corporations and individuals
The legal battle ensuing from Murphy’s ordeal has Macy’s Inc. and EssilorLuxottica Group at its center. Also, specific individuals, including the manager and a sales associate of the implicated Sunglass Hut location, as well as the head of EssilorLuxottica’s loss prevention, are named as defendants. The lawsuit contends that the companies, despite being aware of the high rate of false positives associated with facial recognition software, continue to employ it for criminal identification.
Murphy, with no criminal record for the past 30 years, last faced charges in the 1980s and 1990s for nonviolent offenses, as reported by The Houston Chronicle. Seeking compensation for the traumatic incident, Murphy has set his sights on a $10 million settlement.
As the legal battle unfolds, the case of Harvey Eugene Murphy Jr. raises crucial questions about the accountability of companies utilizing facial recognition technology. The potential for false positives, as highlighted in this incident, poses a serious threat to individuals’ lives and well-being. Are corporations sacrificing accuracy for convenience, knowing the high rate of errors associated with these systems?
The lawsuit serves as a stark reminder that the consequences of flawed facial recognition can be devastating, demanding a reevaluation of its implementation in society. Will this case be a catalyst for change in how we approach and regulate facial recognition technology? Only time will tell.
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https://www.cryptopolitan.com/facial-recognition-fallout-texas-man-lawsuit/
| 2024-01-27T15:23:14Z
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In a recent ruling, the Federal Court of Canada has deemed the government’s use of the Emergencies Act to curb funds and cryptocurrencies supporting protesting truckers as unreasonable and unconstitutional. Justice Richard Mosley, in his decision on January 23rd, 2024, concluded that there was no genuine national emergency justifying the invocation of the Emergencies Act.
The court’s decision pertains to the actions taken by Prime Minister Justin Trudeau’s government in February 2022 when they froze funds, including cryptocurrencies, donated to truckers protesting COVID-19 restrictions.
The “Freedom Convoy” protests gained national attention as truckers blocked streets in Ottawa, Canada’s capital, to voice their opposition to mandates requiring truck drivers crossing the Canada-United States border to be fully vaccinated against COVID-19. The government at the time asserted that invoking the Emergencies Act was necessary due to the protests being deemed an illegal occupation.
Court’s ruling and implications
Various groups, including the Canadian Civil Liberties Association (CCLA) and the Canadian Constitution Foundation, contested the government’s use of the Emergencies Act to freeze the flow of funds, arguing that it was both unnecessary and unconstitutional.
Justice Mosley’s ruling upheld these claims, emphasizing that the Emergencies Act should be considered a tool of last resort and not be invoked for mere convenience.
The CCLA hailed the decision as setting a significant precedent for all future governments, emphasizing the importance of adhering to constitutional principles even during unrest.
Finance Minister Chrystia Freeland announced that the government intends to appeal the court’s decision. The ruling challenges the government’s efforts to maintain control and address situations it deems as crises.
Role of cryptocurrency in the protests
The cryptocurrency was pivotal in funding the 2022 trucker protests, with organizers estimated to have received millions of dollars. However, the exact total remains unclear due to the inherent challenges in tracking decentralized digital assets.
During the protests, GoFundMe froze over $9 million in donations raised for the truckers. Subsequently, organizers turned to Tallycoin, a crowdfunding platform built on the Bitcoin blockchain, where the HonkHonk Hodl group raised over 22 Bitcoins, approximately worth $925,000 at the time.
Another popular donation platform, the Christian crowdfunding site GiveSendGo, collected over $8 million for the truckers, including unspecified amounts in cryptocurrency. Nevertheless, Canadian authorities later froze bank accounts linked to GiveSendGo donations.
The freezing of digital assets in Canada prompted strong reactions from cryptocurrency executives, including Jesse Powell, the founder of Kraken. These industry leaders criticized Canada’s actions, raising concerns about government overreach and the implications for the broader cryptocurrency community.
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https://www.cryptopolitan.com/federal-court-of-canada-on-emergency-law/
| 2024-01-27T15:23:20Z
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Blackberry’s research and intelligence division warned about a financially motivated cyberattack targeting high-net-worth Mexican cryptocurrency exchanges, banks, and large companies with over $100 million in gross revenues.
The attackers have been traced back to Mexico and are believed to be based in Latin America.
Sophisticated attack methodology
Blackberry’s report highlights the use of an open-source remote access tool called AllaKore RAT by the threat actors. This tool is heavily modified to enable the theft of sensitive user information, including banking credentials and unique authentication data.
The stolen information is transmitted to a command-and-control (C2) server, facilitating financial fraud.
One of the notable characteristics of this cyberattack is its method of infiltration. The attackers aim to install the AllaKore RAT in company-run computers and databases, often concealing their actions behind official naming schemes and links.
This method has allowed them to bypass employees’ suspicion, making it a challenging threat to detect.
The scope of this cyber threat extends beyond the financial sector. While cryptocurrency exchanges and banks have been the primary targets, large Mexican corporations from various business verticals have also fallen victim to these attacks.
These sectors include retail, agriculture, public sector, manufacturing, transportation, commercial services, and capital goods.
Mexican large companies on the radar
The attackers prefer large companies with gross revenues exceeding $100 million. Such companies report directly to the Mexican Social Security Institute (IMSS), making them attractive targets.
The cybercriminals have been observed using Mexico Starlink IP addresses, further confirming their focus on Mexican entities.
As the attackers refine their tactics, newer iterations of the AllaKore RAT employ a more complex installation process. The malware is delivered to the target organizations within a Microsoft software installer file.
The malware executes only after confirming that the victim is located in Mexico, indicating a high degree of sophistication in their approach.
Latin American connection
Spanish-language instructions within the modified RAT payload suggest that the threat actor responsible for these attacks is based in Latin America. This regional connection adds more complexity to the investigation and underscores the need for international cooperation in addressing this cyber threat.
Given the evolving nature of this cyber threat, it is crucial for organizations, especially those in the targeted sectors, to take proactive measures to protect their systems and data.
These measures may include enhancing cybersecurity protocols, implementing robust intrusion detection systems, and providing cybersecurity training to employees to help them recognize potential threats.
Collaborative efforts
Addressing this cyber threat requires collaborative efforts from both private and public sectors. Companies affected by these attacks should work closely with law enforcement agencies and cybersecurity experts to investigate and mitigate the damage.
Additionally, sharing threat intelligence and best practices within the business community can help fortify defenses against future attacks.
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https://www.cryptopolitan.com/financial-cyberattack-targets-large-mexican/
| 2024-01-27T15:23:26Z
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Swiss cryptocurrency custody and trading firm Taurus has received approval from the Swiss financial regulator FINMA to offer blockchain-based shares in unlisted companies to retail investors. This move aims to bring tokenized securities to a broader audience and democratize access to digital assets.
Taurus’ TDX marketplace: Enabling wider participation
Taurus, with the backing of Deutsche Bank (DBK), operates the TDX marketplace, where transactions can be conducted using cryptocurrencies as well as Swiss francs (CHF), Euros (EUR), and U.S. dollars (USD). Several Swiss companies have already chosen TDX to issue tokenized shares, including Investis, la Mobilière, Qoqa, Structured Commodity & Corporate Finance (SCCF), Swissroc, and Teylor—a fintech lending firm that collaborates with Taurus in issuing tokenized shares for professional investors.
Expanding access: Retail investors welcome
Previously, TDX was exclusively authorized for professional or qualified investors. However, with the recent approval from FINMA, Taurus can now extend its services to retail investors. This significant development enables retail investors to participate in capital raises for unlisted companies in a primary market setting and also engage in secondary market activities.
Lamine Brahimi, co-founder of Taurus, emphasized the significance of this milestone, stating, “Our TDX marketplace had one thing missing because it was only authorized for professional or qualified investors. Now FINMA has granted us the green light to open it to retail investors as well. We think it should be as easy to buy a share of a company as it is to buy a book on Amazon.”
Targeted access and compliance requirements
As of now, TDX is primarily targeted at Swiss residents. However, there is potential for opening access to additional investors, provided they meet specific compliance requirements, depending on the trading segment and the issuer. This approach ensures that regulatory standards are upheld while expanding the availability of tokenized securities to a broader investor base.
Overall, Taurus’ approval by FINMA to offer blockchain-based shares in unlisted companies to retail investors is a significant step toward making tokenized securities more accessible and inclusive. The TDX marketplace’s ability to facilitate transactions in both cryptocurrencies and traditional fiat currencies further enhances its appeal to a diverse range of investors. This development reflects the growing interest in the tokenization of assets and the desire to simplify the investment process, making it as straightforward as purchasing goods online.
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https://www.cryptopolitan.com/finma-approves-taurus-tokenized-securities/
| 2024-01-27T15:23:32Z
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Brex, the fintech startup once valued at $12.3 billion, has recently undergone significant changes, including a workforce reduction of 282 employees, constituting about 20% of its staff. This move comes as part of the company’s efforts to pivot towards a more sustainable and profitable future. The company’s Chief Operating Officer (COO), Michael Tannenbaum, is transitioning to a board member role, while Camilla Morais, formerly the Senior Vice President (SVP) of global operations, is being promoted to the position of COO.
Brex announces significant workforce changes
The firm also announced that Cosmin Nicolaescu, the Chief Technology Officer (CTO), will be transitioning to an adviser position this summer. In a communication to its employees, co-founder and co-CEO Pedro Franceschi outlined the company’s renewed focus on “long-term thinking and ownership over short-term gains” in its compensation structure. Franceschi expressed optimism about the vast opportunities ahead for Brex and emphasized the importance of aligning employees with the company’s long-term success.
The operating model is also set to change, encouraging leaders to operate at all levels, promoting from within, enhancing in-person collaboration, and concentrating on specific time zones. This significant workforce reduction follows a restructuring in October 2022, during which Brex laid off 136 employees, accounting for 11% of its workforce at the time. After these layoffs, the company had slightly over 1,150 employees. While the current total employee count is not explicitly stated, the recent layoffs suggest a figure of around 1,400 before the latest cuts.
Reports surfaced indicating that Brex burned $17 million a month in the fourth quarter of 2023 and had cash reserves to last through March 2026. However, a company spokesperson disputed this information, deeming it “inaccurate” and stressing the company’s desire to enhance agility, accelerate profitability, and build on the impressive 35%+ revenue growth and 75% gross profit increase achieved in 2023. The spokesperson clarified Brex’s financial plan, stating that the goal is to be well above cash flow positive with approximately four years of runway.
Leadership transitions and long-term focus
Despite experiencing a short-term boost after the collapse of Silicon Valley Bank, Brex faced challenges due to increased interest rates and a broader slowdown in venture capital funding, leading to reduced spending by its customers. In the fourth quarter, Brex reported annualized net revenue of $279 million, marking a substantial 32% increase. However, it’s worth noting that a significant portion of this growth occurred in the first quarter of the year. Employees affected by the recent restructuring will receive eight weeks of severance, with an additional two weeks of pay for each year of service.
Furthermore, the company is offering a waiver of the one-year equity cliff for those who have not yet reached theirs. Brex’s journey has been marked by fluctuations since June 2022 when the company declared that it was “less suited to meet the needs of smaller customers,” causing shockwaves in the startup community. Despite subsequent clarifications about focusing on small- to medium-sized businesses and non-funded startups, the initial announcement represented a notable reversal for a company that had initially positioned itself as a credit card provider for startups.
In June of the same year, the company seemed to shift course, appointing Jason Mok, a former Andreessen Horowitz operating partner with over 16 years of experience at Silicon Valley Bank, as its new head of startups. Brex co-founder and co-CEO Henrique Dubugras emphasized that “founders and startups have always been at the core of Brex.” The spend management space has become increasingly competitive, with players like Ramp, Navan, Mesh Payments, and Airbase vying for market share. In December, Navan, an expense management startup formerly known as TripActions, laid off 5% of its staff, signaling challenges within the expense management sector.
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https://www.cryptopolitan.com/fintech-firm-brex-cuts-its-workforce-by-20/
| 2024-01-27T15:23:39Z
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When it comes to cryptocurrency, the Sunshine State shines brightest, vaulting to the top of the leaderboard as the ultimate haven for digital currency aficionados. Florida’s ascent to the pinnacle of crypto-friendly locales isn’t just by chance; it’s a calculated result of its zero state income tax and an innovative regulatory approach that embraces rather than stifles the burgeoning digital economy. This inviting climate stands in stark contrast to the frosty reception crypto investors receive in places like New York, where high taxes and stringent regulations cast long shadows over their digital assets.
A Haven for Digital Wealth
Diving deeper, Florida’s allure for crypto investors isn’t just about keeping a few extra coins in their digital wallets; it’s about a broader vision for the future of finance. The state’s pioneering efforts include a pilot program allowing businesses to settle state fees with cryptocurrency, a bold move that underscores Florida’s commitment to integrating digital currencies into its economic fabric. This forward-thinking stance is mirrored by other states like Texas and Wyoming, which also boast a 0% state income tax and crypto-friendly policies, including provisions for banks to play a role as cryptocurrency custodians.
However, Florida’s edge isn’t solely its tax policies. The state’s leadership has been vocal in their support for digital currencies, setting a tone that encourages innovation and investment. This proactive approach has positioned Florida as a beacon for those looking to navigate the crypto seas without the anchor of heavy taxation dragging them down.
Nevada, while not boasting the same level of crypto integration as Florida, still offers a tax-friendly environment for digital currency, having taken early steps to prevent local government from imposing taxes on blockchain usage. Arizona rounds out the top five, with a modest flat tax on crypto income and clear guidelines on the tax-free status of airdrops, providing a measure of clarity and certainty for investors.
The Cost of Complexity
On the flip side of the coin, states like New York and California present a thornier path for crypto enthusiasts. New York, with its towering 10.9% income tax rate and the notorious BitLicense regime, stands as a cautionary tale of how stringent regulation can stifle innovation. California, with its sliding income tax scale reaching up to 13.3%, coupled with contemplations of adopting a BitLicense-like policy, further illustrates the complexities and costs that can hamper the growth of the digital economy.
These disparities highlight the crucial role state policies play in shaping the landscape of cryptocurrency investment in the U.S. As David Kemmerer, CEO of CoinLedger, aptly notes, local tax policies can significantly impact investors’ bottom lines, turning potential profits into painful payouts.
Adding another layer to this financial tapestry, recent moves by the Internal Revenue Service to relax certain crypto tax reporting requirements signal a growing recognition of the need for a more nuanced regulatory framework. This shift, while still in its early stages, suggests a potential thaw in the previously icy stance towards cryptocurrency at the federal level, offering a glimmer of hope for more streamlined and sensible regulations in the future.
As the cryptocurrency landscape continues to evolve, the contrast between states like Florida and New York serves as a stark reminder of the power of policy to either fuel or frustrate financial innovation. With digital currencies becoming an increasingly integral part of the global economy, the stakes for getting these policies right have never been higher. For now, Florida basks in the glow of its crypto-friendly stance, beckoning investors with the promise of a brighter, more prosperous digital future.
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https://www.cryptopolitan.com/florida-climate-attracts-crypto-investors/
| 2024-01-27T15:23:46Z
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Gamee, a blockchain gaming project supported by Animoca Brands, recently faced a security breach on its Gamee token (GMEE) contracts hosted on the Polygon network. The unauthorized access occurred on a Tuesday, resulting in the theft of a substantial 600 million tokens around 6:31 p.m. UTC. Gamee disclosed the incident in a detailed post, outlining that the breach involved the compromise of its Polygon GMEE deployer address due to unauthorized access to GitLab.
Gamee loses 600 million tokens in a hack attack
The exploit led to the misappropriation of tokens, totaling 600 million GMEE, which were subsequently converted into Ethereum (ETH) and Polygon’s native token, MATIC. At the time of the breach, the stolen tokens were valued at approximately $15 million. The compromised tokens were quickly exchanged by the exploiter across various decentralized exchanges (DEXs). This had a cascading effect on the GMEE token price, causing a significant 64% drop within the following 24 hours, bringing it below $0.01, according to CoinGecko data.
Gamee assured its community that all unauthorized access to the token contracts had been secured, emphasizing that the exploit specifically impacted proprietary team token reserves. Importantly, no assets owned by the community were compromised, as Gamee clarified that they do not hold or manage any community-owned assets. Despite the unfortunate incident, Gamee expressed its commitment to addressing the aftermath. The project pledged to identify affected users and develop a plan to support its loyal community during this challenging period.
Gamee’s response and community support plans
Gamee aims to mitigate the impact of the breach on its community members and take steps to restore confidence in its platform. As the situation unfolded, Gamee noted that the unauthorized access occurred through GitLab, a web-based Git repository manager. GitLab is commonly used for version control, facilitating collaboration among developers. The breach of the Polygon GMEE deployer address via unauthorized GitLab access underscores the importance of robust security measures, especially in blockchain projects where assets and tokens are at risk.
The swift conversion of the stolen GMEE tokens to ETH and MATIC through various DEXs highlights the challenges associated with tracking and recovering misappropriated funds in the decentralized and pseudonymous environment of blockchain networks. The exploit’s impact on the GMEE token price across different exchanges reflects the interconnected nature of the cryptocurrency market and how security incidents can reverberate through various platforms. Gamee’s commitment to securing its community-owned assets and addressing the concerns of affected users is a positive step in maintaining trust within the gaming and blockchain community.
By taking responsibility for the incident and actively working to support its users, Gamee aims to minimize the potential long-term consequences of the security breach. The plummet in GMEE token price serves as a reminder of the vulnerability of cryptocurrency markets to external events. Security breaches and exploits can have immediate and profound effects on token values, necessitating rapid response and communication from the affected projects to reassure users and stakeholders. The unauthorized access to Gamee’s GMEE token contracts on Polygon serves as a cautionary tale for blockchain projects, emphasizing the critical importance of robust security measures and proactive communication in the face of security incidents.
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https://www.cryptopolitan.com/gamee-platform-suffers-a-heavy-hack-attack/
| 2024-01-27T15:23:53Z
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Grayscale’s Bitcoin Trust (GBTC) has experienced a massive investor exodus, causing the price of Bitcoin to drop below the $39,000 mark for the first time in nearly two months. Since its successful transition to a spot Bitcoin exchange-traded fund (ETF) on January 11, GBTC has witnessed over $3.4 billion in outflows. As a response, Grayscale has been depositing billions of dollars worth of Bitcoin to crypto exchange Coinbase Prime, presumably for sale.
GBTC outflows and the road ahead
GBTC’s recent performance has raised concerns about the extent of the ongoing investor exodus. According to Bloomberg ETF analyst Eric Balchunas, GBTC recorded an outflow of $515 million on January 23, resulting in a 13% reduction in its shares outstanding.
While recent data suggests a potential slowdown in the outflow, there is still uncertainty about when this mass exodus will conclude.
Balchunas polled X, asking users to predict how much further bleeding GBTC might experience before stabilizing. Nearly half of the respondents estimated that the outflow could reach anywhere between 35% to 50%. At the same time, Balchunas and fellow Bloomberg ETF analyst James Seyffart believed it would likely happen at around 25% of outstanding shares.
Currently, Grayscale’s website indicates that there are 600.5 million shares outstanding, holding a total of 536,694.9 Bitcoin in trust. In contrast, data from CC15Capital reveals that 82,525 Bitcoin have exited GBTC since January 10.
FTX’s role and the Mt. Gox factor
The recent surge in outflows has been partially attributed to the activities of the defunct crypto exchange FTX. Reportedly, FTX sold off two-thirds of its 22.3 million shares in GBTC for three trading days. FTX still retains approximately 8 million shares, valued at roughly $281 million, which are yet to be sold.
Another factor looming over the cryptocurrency market is the potential movement of Bitcoin from the infamous Mt. Gox exchange. The Mt. Gox trustee has reportedly contacted creditors to facilitate identity verification for crypto exchange accounts.
These accounts are intended for repaying Bitcoin and Bitcoin Cash, potentially exerting further downward pressure on Bitcoin’s price.
As of the latest available data, Bitcoin is trading at $39,949, representing a modest 0.60% increase on the day, according to CoinMarketCap. However, it is worth noting that the Crypto Fear & Greed Index has reached a 100-day low, scoring 48 on January 24. This indicator reflects growing apprehension and uncertainty in the cryptocurrency market.
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https://www.cryptopolitan.com/gbtc-drives-bitcoin-below-39000/
| 2024-01-27T15:23:59Z
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Ethereum‘s primary execution client, Geth, saw its market share within the Ethereum network execution clients drop by 5.2% to 78.8%. This decline followed a previous high of 84% the day before, raising concerns within the Ethereum community about potential risks associated with this concentrated usage.
Ethereum’s Geth’s crucial role
Geth plays a critical role in handling transactions and executing smart contracts on the Ethereum blockchain. However, its strong preference among Ethereum validators has led to an uneven distribution of execution client diversity on the network, prompting concerns regarding centralization.
Black Swan event fears
Prominent Ethereum decentralization advocates, including “Superphiz,” a founding member of the ETHStaker Community, have expressed apprehension.
They emphasize that a critical bug in Geth could potentially result in the loss of more than 80% of the Ether staked on the network, a scenario they describe as a ‘black swan event.’
Superphiz explains, “I’m not trying to convince you that every execution client is as robust or as mature as Geth. I’m just telling you that it’s a good idea to use less robust clients to prevent a black swan event.”
Risk to Ethereum Validators
Lachlan Feeney, the founder and CEO of Ethereum infrastructure firm Labrys, has also raised concerns. He points out that staked ETH is not without risk, comparing the situation to an investment with limited potential gain but significant potential loss.
Feeney questions whether individuals would invest in an instrument where the maximum potential gain is 3.5% per annum while the potential for loss is 100%. He notes that 84% of Ethereum stakers are currently taking this risk.
Feeney explains that with Geth’s market share exceeding 66%, a critical bug could “instantly stop the chain from finalizing.” In such a scenario, Geth validators who go offline could experience an “inactivity leak,” resulting in the burning of their staked Ether until the network recalibrates to a 33.3% share.
This could lead to approximately 90% of a validator’s staked Ether being wiped out within 40 days.
Alternative execution clients
Despite the concerns surrounding Geth, Nethermind, the second-largest execution client, managed to increase its market share from approximately 8% to 14%. This growth occurred despite Nethermind having previously identified and fixed a critical bug in several versions of its execution client that caused users to fail in processing Ethereum blocks just two days earlier.
Coinbase, one of the largest Ethereum validators running on Geth, has also made a significant announcement. The exchange revealed its plans to transition to a multi-client infrastructure in the coming months.
They explained that Geth was the only Ethereum execution client that met their technical requirements when they began Ethereum staking in 2020.
As concerns regarding the concentration of Ethereum execution clients continue to grow, the shift towards diversification and the adoption of alternative clients like Nethermind is expected to gain momentum.
The community remains vigilant, as the risks associated with centralization could potentially have far-reaching consequences for the Ethereum network.
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https://www.cryptopolitan.com/geth-share-shake-up-over-black-swan-fears/
| 2024-01-27T15:24:05Z
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The stage is once again set for the grand re-entrance of Donald Trump into the global political theater, following his decisive victory in the New Hampshire primary. This win essentially secures his position as the Republican Party’s frontrunner, heralding a possible return to the White House for the figure whose first term was nothing short of a rollercoaster. The world watched in bewildered anticipation four years ago, and now, the curtains are rising for what promises to be an equally unpredictable encore.
Global Reactions: A Mixed Bag of Enthusiasm and Anxiety
As Trump inches closer to a potential second term, the international community finds itself at a crossroads of emotions. Certain autocratic leaders and nations steering through the murky waters of global politics with a neutral compass seem to welcome the idea. Figures like Hungary’s Viktor Orbán and Russia’s Vladimir Putin see potential benefits in a Trump presidency, likely due to his transactional and decisive approach to foreign policy. This sentiment resonates with several developing economies and even some quarters in Beijing, who prefer Trump’s straightforward, business-like dealings over the intricate strategies of his competitors.
However, not all share this optimism. For staunch allies of the United States, including European nations, Japan, South Korea, and Australia, the thought of “Trump 2.0” stirs a pot of anxiety. Despite reassurances from some corners that a second term might not be as disruptive, the skepticism remains. Trump’s rhetoric on reducing U.S. military engagements, pulling back support for Ukraine, and scaling down commitments to NATO and European defense has many of America’s closest allies on edge.
The Strategic Shuffle: Preparing for All Possibilities
The potential of Trump’s return is prompting a strategic reshuffle among global leaders. Europe, in particular, is urged to expedite its military commitments, a move underscored by the inadequacies exposed by Russia’s aggression in Ukraine. NATO members are being called to ramp up their defense budgets, a point Trump has vocally supported, highlighting the need for increased expenditure on defense and strategic capabilities beyond mere weaponry.
This period of uncertainty is also a critical moment for the European Union, which risks seeing its unity tested under the strain of a Trump administration. The possibility of Trump wooing individual nations poses a significant challenge to the collective defense framework established post-1945. The UK and France, Europe’s nuclear powers, find themselves at a crossroads, contemplating the future of their historic ties with the U.S. amidst evolving political landscapes.
On the home front, the American business sector exhibits a pragmatic, if not ambivalent, stance towards Trump’s potential comeback. The initial uproar following the Capitol Hill events has simmered down, with key figures like JPMorgan’s Jamie Dimon signaling a readiness to adapt to either a Biden or Trump administration. This adaptability reflects a broader trend within the business community, where the prospect of lower taxes and regulatory relief under Trump outweighs concerns about his policy unpredictability and protectionist tendencies.
As history often reminds us, the lessons of the past are frequently overlooked in the rush of present challenges. The juxtaposition of capitalism’s need for a rule-based order against the allure of autocratic efficiency presents a recurring dilemma. The upcoming election isn’t just a contest of political ideologies but a critical examination of what the future holds for liberal democracy and its foundational principles.
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https://www.cryptopolitan.com/global-stage-set-for-donald-trumps-return/
| 2024-01-27T15:24:11Z
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Google Chrome is gearing up to introduce a trio of generative AI features in a series of updates, initially targeting U.S. users, with a global rollout expected in the coming month. These updates include smart tab grouping, generative themes, and AI-assisted drafting, demonstrating Google’s commitment to harnessing artificial intelligence to stay competitive in the browser market, where Microsoft Edge has touted itself as an “AI Browser.”
Generative AI features empower Chrome users
With AI becoming a cornerstone of modern technology, Google is embracing generative AI to offer enhanced functionality to its Chrome browser. These new features take inspiration from generative tools already present in the Google ecosystem, such as generative AI wallpapers in Pixel 8 and the “Help me write” feature in Google Docs.
1. Tab organizer: Streamline your browsing experience
In the current update, known as M121, Chrome introduces the Tab Organizer. This feature aims to simplify users’ browsing experience by decluttering and categorizing open tabs. With a simple right-click on any open tab, users can select “Organize Similar Tabs,” allowing Chrome to intelligently group related content together. This feature addresses the common frustration of sifting through a cluttered tab bar to find the desired content.
2. Generative themes: Personalize your browser
Generative themes are another addition to Google Chrome’s arsenal, alongside the Tab Organizer. Found in the “Customize Chrome” panel, this feature empowers users to choose a subject, style, mood, and color. Once selected, Chrome generates a unique and personalized backdrop for their browser. This customization adds a touch of individuality to the browsing experience.
3. “Help me write” with generative AI: Elevate online conversations
In a subsequent update, Google plans to roll out the “Help me write” feature widely across the internet. This generative AI tool, familiar to users of Google Workspace, becomes accessible by right-clicking on any text box or field encountered while browsing. It serves as a valuable tool to kickstart contributions to online discussions or assist users in crafting the right words and tone for communication.
Google’s broader AI initiatives
Google’s commitment to AI extends beyond Chrome. The company has recently expanded its search engine’s capabilities with the Search Generative Experience, offering snapshot summaries of search results. Google has also integrated Duet AI into Google Workspace, enhancing productivity. However, not all AI ventures have been equally successful, with the mention of “the world’s worst most inconsistent chatbot in Google Bard.” Additionally, Google’s multimodal AI, Gemini, powers the new Galaxy AI features in the Samsung Galaxy S24 Ultra.
Chrome’s evolution into an AI-driven browser
With these generative AI features, Google is taking significant strides toward transforming Chrome into a comprehensive AI-driven browser. The M121 update marks the initial phase of this transition. The trio of generative AI features improves organization, customization, and inspiration, offering users a diverse range of tools to explore.
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https://www.cryptopolitan.com/google-chrome-enhances-ai-features/
| 2024-01-27T15:24:17Z
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Google has unveiled a new AI voice feature known as ‘Draft Email with Voice’ for Android users to simplify email composition for its Gmail application. This innovative tool, currently available only in Google’s invite-only Workspace Labs program, aims to streamline the process of drafting emails by allowing users to submit prompts using their voice rather than typing them out.
Voice-powered email drafting
The ‘Draft Email with Voice’ feature significantly enhances Android’s voice-typing capabilities. Unlike the conventional voice input methods found on standard keyboards, this feature seamlessly integrates within the Gmail app, offering a more intuitive and efficient way to create email drafts.
A microphone icon appears just above the device’s keyboard when composing a new email using this feature. By tapping this icon, users can start recording their email prompts verbally. For example, they can say, “Schedule a meeting with John next Friday at 3 pm to discuss the project.”
Once the voice prompt is submitted by tapping ‘Create,’ Gmail’s AI generates a complete email draft based on the spoken input. Users can edit the generated text or request Gmail to produce a revised version. Additionally, they can provide feedback on the generated content, further improving the tool’s accuracy and functionality.
The evolution of AI-powered email composition
Google’s foray into AI-powered email composition began with introducing the ‘Help me write’ tool, announced at the Google IO event in March of the previous year. This tool was designed to assist users in creating draft emails by interpreting written prompts. For instance, users could request the AI to draft an email for purposes ranging from party invitations to job applications. However, this feature is also available exclusively within Google’s Workspace Labs program, which is reserved for selected users who are granted early access to test new AI features.
The ‘Draft Email with Voice’ feature significantly advances this AI-driven email composition journey. It extends the convenience of AI-generated drafts and harnesses the power of voice recognition technology to make the process even more user-friendly.
While these promising AI tools generate buzz among Android users, Google has yet to announce an official release date for ‘Help Me Write’ and ‘Draft Email with Voice.’ Furthermore, the specific devices that will support these features remain undisclosed. However, their integration within the Gmail app suggests they are poised to become valuable additions to the email composition toolkit for Android users.
Enhancing efficiency and Productivity
The introduction of ‘Draft Email with Voice’ and the ‘Help Me Write’ tool underscores Google’s commitment to enhancing user efficiency and productivity within the Gmail ecosystem. By simplifying the process of drafting emails through AI-powered assistance, these features aim to save users valuable time and reduce the effort required to compose thoughtful and well-structured messages.
The emergence of AI-driven email composition tools like ‘Draft Email with Voice’ and ‘Help Me Write’ raises intriguing possibilities for the future of email communication. As these technologies evolve, they may pave the way for more accessible and inclusive email interactions. Users with diverse needs and capabilities could benefit from features that simplify the email writing process, making it more inclusive for everyone.
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https://www.cryptopolitan.com/google-draft-email-with-voice-feature/
| 2024-01-27T15:24:25Z
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In a rapidly evolving landscape of educational technology, Google for Education has stepped up its game with a plethora of new features and tools designed to simplify the lives of both teachers and students.
These updates are set to transform how education is delivered and received, ushering in a new era of digital learning far removed from traditional methods.
Google empowering students with seamless integration
One of the standout features of Google for Education’s latest updates is the seamless integration of tools and resources for students. Now, students will find Google for Education directly integrated into ChromeOS, enhancing accessibility and convenience.
While specific details remain undisclosed, Google showcased a scenario where students can easily track their assignments’ due dates by accessing the calendar. They can sort tasks based on due dates or submission status and simply click “see all” to open assignments in their browser.
This integration promises to streamline students’ organizational efforts and improve their learning experience.
Enhancing accessibility for all
Accessibility is a critical aspect of modern education, and Google for Education has made significant strides in this area. ChromeOS now enables the extraction of text from PDFs for use with screen readers, providing students with disabilities a more inclusive learning environment.
Additionally, Google Chrome’s “reading mode” features a natural-sounding Text-to-Speech (TTS) capability, making class material accessible to all students.
Teachers, too, will benefit from Google for Education’s updates, particularly with the integration of Duet AI into the material creation process. When educators are grappling with lesson planning or require specific image assets, Duet AI can provide valuable pointers and generate images on demand.
This AI assistant works seamlessly across Google Docs, Slides, Sheets, and Gmail, ensuring teachers have support wherever they are.
Another noteworthy feature for teachers is the introduction of “practice sets.” This innovative tool allows teachers to create interactive lessons guided by AI. Students can work on questions, show their solutions, and receive feedback to help them better understand the material.
AI-generated hints are also available to assist students struggling with particular questions. These AI-powered features are poised to revolutionize how educators design and deliver their lessons.
Comprehensive insights and analytics
To enable teachers to track student progress effectively, Google for Education introduces features that provide comprehensive insights and analytics. Teachers can monitor the collective overall grade of their class, track statistical trends in grade progression, and assess how many students have completed assignments for each module.
Additionally, they can observe changes in student engagement over a 30-day period. For more detailed individual assessments, teachers can access each student’s track record, which includes information on assigned tasks, due dates, and the number of submissions.
Seamless integration of YouTube educational content
Google for Education acknowledges the wealth of educational content available on YouTube and has incorporated a new YouTube video tool. This tool allows course creators to seamlessly integrate informative videos into their classes.
Furthermore, teachers can embed questions at specific timestamps in the video, creating interactive quizzes that assess students’ comprehension as they watch. The insights from these quizzes enable educators to tailor their teaching approach to address any difficulty or confusion.
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https://www.cryptopolitan.com/google-for-education-unveils-game-changing/
| 2024-01-27T15:24:32Z
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In a significant development within the field of artificial intelligence (AI), three prominent researchers from Google DeepMind have left the tech giant to pursue their entrepreneurial ambitions.
David Ding, Charlie Nash, and Yaroslav Ganin, all instrumental in developing DeepMind’s innovative AI models, have embarked on a new venture named Uncharted Labs. The startup has already secured $8.5 million in funding and is eyeing $10 million.
Notably, venture capital firms, including Andreessen Horowitz, are reportedly considering investment in this promising initiative.
Frustration over slow pace and bureaucracy
The decision of Ding, Nash, and Ganin to part ways with Google reflects a broader trend within the AI research community. Dissatisfaction with the slow pace and bureaucratic hurdles in corporate settings has prompted several AI experts to seek greater autonomy and innovation opportunities in startup environments.
Google attempted to address these concerns by consolidating its AI units, but this move only exacerbated tensions among DeepMind researchers. Many felt the merger curtailed their creative freedom and stifled their ability to drive groundbreaking research.
A growing trend of AI talent exodus
The departure of these talented researchers from DeepMind is not an isolated incident. AI professionals across the industry are increasingly choosing to leave established tech companies and establish their startups, where they can pursue their visions and sidestep the constraints of corporate bureaucracy.
Mistral, for instance, has emerged as a prominent player in the foundational models space within months of its launch. Notably, it boasts a team of former Meta and Google DeepMind researchers. Other startups like Character AI and Eleven Labs have similarly drawn attention, all while attracting significant investment from venture capital firms.
Uncharted Labs: A new frontier in AI
Uncharted Labs, the brainchild of Ding, Nash, and Ganin, aims to push the boundaries of AI research and innovation. The startup has already secured substantial funding, enabling them to embark on their ambitious journey with confidence.
While specific details of Uncharted Labs’ projects remain undisclosed, it is expected that the team’s expertise in AI, honed during their tenure at DeepMind, will result in groundbreaking developments in the field.
The potential involvement of Andreessen Horowitz, a renowned venture capital firm known for backing transformative tech ventures, only adds to the anticipation surrounding this startup.
The changing landscape of AI research
The exodus of talent from DeepMind and similar organizations highlights the shifting landscape of AI research. As the industry evolves and matures, researchers are increasingly drawn to entrepreneurial opportunities, seeking the freedom to explore uncharted territory and drive innovation at their own pace.
With the proliferation of venture capital funding for AI startups, it is likely that 2024 will witness the emergence of numerous new ventures, each with the potential to reshape the AI landscape.
The departure of Ding, Nash, and Ganin from Google DeepMind is a stark reminder that the quest for innovation in AI knows no bounds and that the allure of entrepreneurship continues to captivate the brightest minds in the field.
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https://www.cryptopolitan.com/google-uncharted-labs-amid-ai-brain-drain/
| 2024-01-27T15:24:38Z
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In a significant move aimed at establishing clear guidelines for the responsible use of Artificial Intelligence (AI), Governor Glenn Youngkin has signed an Executive Order that sets forth standards and policies for AI in both the educational sector and government operations. This development comes as a response to the growing integration of AI in various industries and its potential impact on education and public administration.
Two sets of standards: Policy and IT requirements for AI
Andrew Wheeler, Director of the Office of Regulatory Management, explained that the Executive Order encompasses two key components. The first pertains to policy standards for AI, while the second addresses the information technology (IT) requirements necessary to implement AI effectively. These standards are designed to ensure that AI technologies are harnessed responsibly and ethically.
Guidelines for AI usage in education
One notable aspect of the Executive Order is the inclusion of guidelines for the use of AI in education, spanning from kindergarten to post-secondary levels. Wheeler emphasized the importance of preparing students for a future where AI plays an increasingly prominent role in various industries. These guidelines aim to strike a balance between equipping students with AI-related skills and preventing the misuse of AI for unethical purposes, such as cheating.
“Any industry or any type of job will probably be using AI in some way. We want to make sure our students are prepared, but we also want to make sure we don’t cheat them out of an education and use it, for example, for cheating,” remarked Wheeler.
Shifting perceptions: AI as a learning tool
The conversation surrounding AI has evolved from concerns about its potential misuse to recognizing its value as a powerful learning tool. Will Webb, Senior Vice President and Dean of the Palmer College of Professional Studies at Mary Baldwin University, underscored the positive outcomes that AI can facilitate for students as they prepare to enter the workforce.
“AI can really enable positive outcomes in terms of how students are likely, when they leave us for the workforce, to use these tools in pursuing their careers,” said Webb. He further expressed his institution’s interest in exploring how generative AI tools can impact various job sectors and influence curriculum development to prepare students for practical AI applications.
Governor Youngkin’s vision for responsible AI use
Andrew Wheeler highlighted the potential of AI as a tool to enhance government efficiency and effectiveness. However, he emphasized the necessity of establishing clear guidelines and standards to ensure responsible AI implementation.
“We can always change the standards after we see how it’s implemented. Part of this is to move forward with a few pilots at a few agencies, test out the standards, make sure they are effective,” stated Wheeler.
Governor Youngkin’s objective is to create a framework that allows for the responsible utilization of AI, with the flexibility to adapt and refine the standards as necessary.
Looking ahead: Responsible AI integration
As AI continues to advance and permeate various sectors, Governor Youngkin’s Executive Order signifies Virginia’s commitment to harnessing the potential of AI while safeguarding against misuse. The dual focus on policy standards and IT requirements, along with guidelines for educational institutions, reflects a holistic approach to AI integration.
The Executive Order serves as a foundation for Virginia’s journey into the AI-driven future. It sets the stage for responsible AI adoption across industries, ensuring that both students and government agencies can harness the power of AI for the benefit of society.
Governor Glenn Youngkin’s Executive Order on AI standards has ushered in a new era for Virginia, one that balances the advantages of AI with the imperative of responsible use. With clear policy standards and IT requirements, as well as guidelines for education, the state is poised to navigate the evolving landscape of AI technology, making informed decisions that benefit its citizens and future generations. As AI continues to evolve, Virginia stands as a model for responsible integration and utilization of this transformative technology.
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https://www.cryptopolitan.com/governor-youngkin-signs-executive-order/
| 2024-01-27T15:24:45Z
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Daily outflows from the Grayscale Bitcoin Trust (GBTC) have reached their lowest point since launch day, sparking hope of a potential end to the exodus. However, experts remain cautious as the situation unfolds.
Grayscale Bitcoin Trust outflows ease
Daily outflows from the Grayscale Bitcoin Trust (GBTC) have seen a notable slowdown for two consecutive days, with the data pointing to the smallest daily outflow since the launch of the Grayscale’s spot Bitcoin ETF. According to BitMEX Research GBTC outflows amounted to $429 million, representing a 33% decrease.
This apparent reduction in outflows has led to optimism among some market observers that the ongoing multibillion-dollar Bitcoin selloff could be showing signs of abating.
Analysts remain cautious
Despite the recent slowing of outflows, Bloomberg ETF analyst Eric Balchunas has emphasized that GBTC’s outflows are still a substantial figure, albeit trending down. Balchunas noted that there are “too many unknowns” to determine when the “mass exodus” of GBTC will come to a halt.
Over nine trading days, GBTC has witnessed an outflow of 106,092 BTC, equivalent to approximately $4.4 billion. Balchunas previously estimated that GBTC would lose around 25% of its outstanding shares before a potential end to the outflows.
Potential misinterpretation of data
Blockchain tracking firm Arkham Intelligence has issued a cautionary note regarding the interpretation of GBTC transaction data. According to Arkham, the outflow data for GBTC displayed on its platform is divided between Coinbase Prime and new GBTC custody addresses.
This implies that not all of the BTC being transferred from Grayscale’s Bitcoin Trust is necessarily being redeemed. Arkham explained, “Due to the input-output structure of its blockchain, Bitcoin transaction outputs are often split amongst multiple addresses.
Arkham further elaborated that “GBTC custody wallets frequently send to multiple addresses,” resulting in some of the BTC sent in a transaction going to a different address than the one initially indicated in the transaction panel.
What lies ahead for GBTC?
As the GBTC outflow situation continues to evolve, investors and market participants are closely monitoring the developments. The potential slowing of outflows may provide some respite for GBTC, but the broader cryptocurrency market remains dynamic and unpredictable.
Factors such as regulatory changes, market sentiment, and macroeconomic events could still impact the future of GBTC and its Bitcoin holdings.
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https://www.cryptopolitan.com/grayscale-bitcoin-trust-gbtc-outflows-slows/
| 2024-01-27T15:24:51Z
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HashKey Capital, in collaboration with FTSE Russell, a subsidiary of the London Stock Exchange, announced the launch of three new indices. These indices aim to provide investors with diverse opportunities to integrate cryptocurrency into their investment portfolios.
HashKey’s strategic expansion in cryptocurrency investment
HashKey Capital, a prominent player in the crypto investment sector, has taken a notable step by introducing these indices. This move comes shortly after HashKey Group, which encompasses both HashKey Capital and HashKey Exchange, announced a successful Series A financing round, raising nearly $100 million. This achievement places the firm’s pre-money valuation above $1.2 billion, underscoring its growing influence in the cryptocurrency market.
The newly unveiled indices are designed to cater to varying investor needs. The FTSE Custom Digital Asset Top 20 Index tracks the top 20 cryptocurrencies by market capitalization. The FTSE Custom Digital Asset Infrastructure Index focuses on digital assets vital to the industry’s infrastructure. Meanwhile, the FTSE Custom Digital Asset Application Index targets crypto assets with practical application functionalities. These indices are set to be accessible on the FTSE Russell website from January 24.
Deng Chao, Managing Director of HashKey Capital, emphasized the increasing investor demand for diverse cryptocurrency options. He noted that the indices represent HashKey’s commitment to innovative solutions, helping clients navigate the complex and dynamic world of digital assets.
What is in for the crypto market and investors?
The launch of these indices by HashKey and FTSE Russell is a pivotal moment for the crypto market. It not only validates the growing interest in cryptocurrencies but also reflects the sector’s maturation. For investors, these indices offer a structured and potentially less risky avenue to gain exposure to cryptocurrencies. It allows them to benefit from the growth potential of digital assets while mitigating some of the volatility associated with individual cryptocurrencies.
Moreover, the introduction of these indices could attract more institutional investors to the cryptocurrency space. Institutional participation is often seen as a sign of market maturity, bringing in more stability and credibility. As such, HashKey’s latest initiative might play a critical role in shaping the future trajectory of the cryptocurrency market.
In conclusion, HashKey Capital’s collaboration with FTSE Russell to launch these crypto indices marks a significant advancement in the cryptocurrency investment landscape. It demonstrates the growing acceptance of digital assets as a legitimate component of investment portfolios. This development could pave the way for further innovation and increased participation in the crypto market, potentially leading to greater stability and maturity in the sector.
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https://www.cryptopolitan.com/hashkey-capital-ftse-russell-crypto-indices/
| 2024-01-27T15:25:05Z
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HashKey Group, a leading digital asset management and blockchain solutions provider, has announced a strategic partnership with OKX, a top-tier virtual asset exchange. This collaboration is set to revolutionize the digital asset landscape in Hong Kong, focusing on blockchain infrastructure, product innovation, and investor education.
HashKey Group and OKX commit to investor education
The cornerstone of the HashKey Group and OKX partnership is the development of robust blockchain infrastructure. This initiative underscores the commitment of both organizations to establish a resilient foundation for the digital asset industry in Hong Kong. The emphasis on constructing a strong and secure blockchain infrastructure is pivotal, as it supports current digital asset operations and lays the groundwork for future technological advancements.
In addition to infrastructure development, this partnership aims to introduce innovative products and services. Recognizing the dynamic nature of the virtual asset market, HashKey Group and OKX are dedicated to diversifying their offerings to meet the evolving needs of investors and stakeholders. This focus on product innovation aligns with the global trend of harnessing digital assets and blockchain technology for more efficient and secure financial services.
Another key aspect of this collaboration is the joint effort in investor education. Both HashKey Group and OKX are deeply invested in providing comprehensive educational resources to demystify the complexities of the virtual asset industry. This endeavor is crucial in empowering investors, enabling them to make informed decisions and actively engage in the digital asset market.
The educational initiatives will cover various topics, from the basics of blockchain technology to the intricacies of digital asset investments. This approach fosters a knowledgeable investor community and contributes to the overall stability and growth of the virtual asset market in Hong Kong.
Strategic investments and future vision
The depth of this partnership is further exemplified by OKX Ventures’ active participation in HashKey Group’s Series A financing. This move signifies OKX’s strong commitment to supporting HashKey Group’s initiatives and marks them as a strategic investor in the burgeoning field of digital asset financial services.
The collaboration between HashKey Group and OKX is more than a mere alliance of industry leaders; it represents a shared vision for the future of digital assets in Hong Kong. The combination of initiatives in blockchain infrastructure development, innovative product offerings, and investor education sets a new benchmark for partnerships in the digital finance sector.
As the virtual asset industry evolves, this partnership is poised to play a pivotal role in shaping its trajectory. By fostering innovation in compliance with regulatory frameworks, HashKey Group and OKX are not only contributing to the growth of the digital asset market in Hong Kong. Still, they are also setting a standard for responsible and sustainable development in the global virtual asset industry.
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https://www.cryptopolitan.com/hashkey-group-and-okx-forge-partnership/
| 2024-01-27T15:25:12Z
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AI’s dominance in the previous year, the healthcare sector is gaining prominence. Often perceived as dull and defensive, healthcare is undergoing a transformation with breakthroughs in obesity drugs, Alzheimer’s treatment, and personalized medicine, presenting enticing opportunities for investors.
Obesity drugs lead the charge
Danish multinational Novo Nordisk is at the forefront of developments, introducing Wegovy for obesity and Ozempic for diabetes. These drugs, replicating the naturally occurring hormone GLP-1, induce a sense of fullness, reducing food intake. Eli Lilly’s Zepbound, combining GLP-1 with ‘GIP,’ further contributes to the obesity treatment landscape.
These drugs not only address obesity, a significant issue affecting 42% of Americans, but also offer potential solutions for diabetes and other related health problems. Investors are quick to seize the opportunity, reflected in Novo Nordisk’s 51% share price increase and Eli Lilly’s 84% surge over the past year.
Managing high demand and market dynamics
Healthcare systems are grappling with the challenge of meeting the rising demand for these groundbreaking drugs. Both Novo Nordisk and Eli Lilly predict a demand surpassing supply in 2024. Reports of sold-out diabetes versions and illegal trading indicate the urgency and awareness among patients. Health authorities are prioritizing health outcomes and addressing health inequalities associated with obesity-related illnesses.
The impact extends to healthcare providers involved in bariatric surgery and devices, witnessing struggling share prices. Assumptions about a decline in demand for cardiovascular treatments and pressure on fast-food companies like Coca-Cola and McDonald’s are also affecting market dynamics.
Skepticism amidst market trends
While share prices may have shifted significantly, some experts express skepticism. Peter Hughes of Redwheel Life Changing Treatments Strategy questions the market’s belief that other companies will lose out due to improved obesity treatment. He emphasizes the diverse needs of patients, suggesting that various solutions can coexist in this expansive market.
Analyst Gareth Blades notes that providing these drugs to every obese American would cost around $1 trillion. Health insurers are pushing back, prompting innovative approaches like Eli Lilly’s telehealth service to facilitate drug access. Despite these efforts, addressing obesity remains a complex, ongoing challenge.
Diverse drug approaches in the pipeline
The industry is witnessing the emergence of a second wave of obesity drugs focusing on developing pills with fewer side effects. Pfizer’s once-a-day obesity pill Danuglipron and AstraZeneca’s substantial investment in licensing a diabetes and weight loss pill from China’s Eccogene exemplify this ongoing trend. Roche’s acquisition of obesity-drug developer Carmot Therapeutics solidifies its stake in the sector.
Obesity is not the sole focus of breakthroughs in healthcare. Developments in Alzheimer’s drugs, such as the recent approval of lecanemab in the US and Japan, along with the expected release of donanemab, mark significant strides. The industry is experiencing a fertile period, with Woody Stileman highlighting the increased modalities approved by the US FDA in recent years.
Innovation beyond modalities
Woody Stileman emphasizes a potential golden age of innovation, highlighting advancements in mRNA technology and cancer treatment. Moderna, leveraging mRNA technology for Covid vaccines, is expanding its reach to develop treatments for cancer, flu, Zika, and HIV. Immunocore, specializing in T-cell receptor-based cancer treatments, offers an alternative to traditional chemotherapy.
Macroeconomic factors and future outlook
The healthcare sector’s potential is further buoyed by macroeconomic factors. A weaker economic outlook may drive a short-term increase in healthcare demand, especially in the US, where patients perceive a higher risk of losing employer-funded health care benefits. Healthcare stock valuations align with long-term averages, and expectations of healthcare growth outpacing the broader equity market make it an attractive prospect.
The healthcare sector is experiencing a transformative phase in 2024, marked by breakthroughs in obesity drugs, Alzheimer’s treatment, and technological innovations. Investors are recognizing the sector’s potential for growth and innovation, making it a key area to watch in the coming year.
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https://www.cryptopolitan.com/healthcare-breakthroughs-drive-investor/
| 2024-01-27T15:25:18Z
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In a recent statement, Securities and Exchange Commission (SEC) Commissioner Hester Peirce affirmed that spot ether exchange-traded funds (ETFs) won’t require legal battles for approval. Her remarks shed light on the SEC’s stance and the potential future of crypto-based ETFs. This development follows the SEC’s recent approval of multiple spot bitcoin ETFs, raising questions about the fate of similar products for Ethereum.
Spot Ether ETFs under scrutiny
Hester Peirce emphasized that the SEC’s approach to approving spot ether ETFs would follow established procedures without the need for protracted legal disputes. She advocated for applying the same considerations to these products as to their counterparts, avoiding arbitrary and capricious decisions.
The recent green light given to nearly a dozen spot bitcoin ETFs by the SEC raised hopes for other crypto-based ETFs. Entities like BlackRock, Ark 21Shares, and Grayscale expressed interest in launching spot ether ETFs, paralleling their previous efforts with bitcoin.
Grayscale, a major player in the cryptocurrency investment space, is actively working on converting its Ethereum Trust into an ETF. This strategic move mirrors its successful transformation of a bitcoin trust into an ETF.
SEC chair Gensler’s cautious stance
However, SEC Chair Gary Gensler has expressed a more cautious stance regarding future approvals. While celebrating the recent success with spot bitcoin ETFs, he made it clear that this action was specific to ETFs holding non-security commodities like Bitcoin. Gensler underlined that it should not be interpreted as a willingness to approve listing standards for crypto asset securities broadly.
Hester Peirce’s critique on regulatory delay
Commissioner Hester Peirce criticized the SEC for delaying approval of crypto-based ETFs, asserting that they could have been authorized years ago if the SEC had applied consistent standards. She suggested that the SEC had waited for a court decision to spur action.
Hester Peirce has been a vocal advocate for a more predictable and straightforward approach to crypto regulation. She has questioned the SEC’s tendency to rely on enforcement actions rather than providing clear regulatory guidelines.
Looking ahead
As the crypto market continues to evolve, the future of spot ether ETFs remains uncertain. While Commissioner Peirce urges a streamlined approval process, the cautious stance of Chair Gensler highlights the complexity of regulatory decisions in the crypto space. The recent approval of spot bitcoin ETFs has ignited hopes but doesn’t guarantee a similar outcome for other crypto assets. Investors and crypto enthusiasts will closely monitor the SEC’s actions and regulatory developments in the coming months.
The SEC’s approach to spot ether ETFs is a topic of significant interest in the crypto community. While Commissioner Hester Peirce advocates for a straightforward approval process, Chair Gensler’s caution serves as a reminder of the unique challenges posed by crypto asset regulation. The recent approval of spot bitcoin ETFs serves as a precedent, but the road ahead for spot ether ETFs remains uncertain.
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https://www.cryptopolitan.com/hester-peirce-no-court-battle-spot-ether-etf/
| 2024-01-27T15:25:25Z
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Switzerland may be considered a small country; however, it’s quickly rising as a leader in the responsible development and deployment of AI technology.
The benefits/potentials of AI have been sounded all over the internet. But with the immense power comes immense responsibility by governments and institutions to ensure it’s responsibly developed and used.
Just like any other technological tool, AI can be harnessed for good or for harm. AI algorithms trained on biased data can perpetuate and amplify existing societal inequalities. Many AI decisions are shrouded in complexity, making it difficult to understand their reasoning.
To effectively address the challenges and harness the potential of AI responsibly, regulations and guidelines are crucial.
Switzerland understands this. The country has a long history of innovation and a strong commitment to ethical principles. These strengths are being leveraged to ensure that AI is used for good and not for harm.
How Switzerland is Shaping the Future of Ethical AI
At the recently-ended Davos 2024, the Swiss Federal Department of Foreign Affairs announced the Swiss Call for Trust and Transparency Initiative, aimed at bringing together academia, policymakers and the private sector to seek practical and swift solutions to mitigate AI-related risks.
The World Economic Forum reported that the end goal of the initiative is to protect global AI users and develop trust and confidence in AI technologies.
“We are undoubtedly in an era of radical innovation and change and there is a mounting need for AI’s fast and effective governance,” said Alois Zwinggi, Managing Director of the World Economic Forum.
During the event, the Swiss government also announced the formation of an “international network” that will work to make AI more inclusive and mitigate the adverse societal effects that the technology may pose.
Switzerland’s Proactive Measures to Mitigate AI’s Potential Risks
The Swiss government has been working on AI guidelines since 2018 when it began developing a robust set of digital guidelines. The guidelines were designed to take advantage of the opportunities of digitalization in crucial areas of life, such as healthcare, education, and transportation.
In 2020, the government developed specific AI guidelines for use in the federal administration, ensuring that AI is used in a coherent and ethical manner across several activities.
The most recent effort by the government was in November 2023, when it called for an overview of a possible regulatory framework for AI. The framework will build on existing Swiss law and identify rules that are compatible with European Union (EU) legislation.
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https://www.cryptopolitan.com/how-switzerland-is-leading-in-responsible-ai/
| 2024-01-27T15:25:33Z
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The gaming industry is in the midst of a renaissance, with a slew of high-profile releases captivating players around the globe. Game enthusiasts have witnessed a continuous stream of AAA blockbusters and innovative indie gems this year.
Since it’s the beginning of a new year of games, It’s time to closely examine how expert reviewers evaluate and rate these gaming masterpieces.
In a world flooded with video games, entire game reviews guide players navigating the vast gaming galaxy. Expert game reviews offer a lifeline, helping players make informed choices amidst the sea of titles vying for their attention.
Expert reviewers, armed with years of experience and an in-depth understanding of the medium, provide valuable insights into the strengths and weaknesses of any video game.
These reviews are more than mere opinions; they are a culmination of rigorous analysis, critical evaluation, and a commitment to uncovering the essence of each gaming experience.
These reviewers employ a meticulous evaluation process, examining gameplay mechanics, graphics, storytelling, sound design, and more. They aim to provide readers with a comprehensive understanding of a game’s strengths and weaknesses, enabling players to align their preferences with the right titles.
Analyzing top-rated games
The criteria for rating video games
Expert reviewers employ well-defined criteria when assessing and rating video games. These criteria are the foundation for evaluating a game’s performance.
The goal is to provide an objective assessment that assists players in making informed choices.
The key criteria for rating video games include gameplay mechanics, graphics and visuals, storytelling and narrative, sound and music, replayability and longevity, and innovation and originality.
These elements contribute to the overall gaming experience and can significantly impact a game’s rating.
The importance of expert opinion
Expert opinion in the realm of video game reviews holds substantial weight. It serves as a compass for players, guiding them toward exceptional gaming experiences and helping them avoid disappointments.
Expert reviewers are individuals with extensive experience in the industry, and their assessments are backed by years of gaming knowledge.
Players often rely on expert opinions to gauge a game’s quality and whether it aligns with their preferences. These opinions transcend personal biases and are grounded in a broader understanding of the video game history, trends, mechanics, and game design principles.
Notable video game releases in 2023
2023 has witnessed an impressive array of video game releases that have left their mark on gaming history. The year has been a treasure trove for gamers, from great first games released, to highly anticipated sequels to great third games released, to groundbreaking new IPs.
Some other games notable releases include “Alan Wake 2,” a masterpiece of scares and storytelling by Remedy Entertainment, and “Cyberpunk 2077: Phantom Liberty,” marking the game’s redemption with captivating storytelling.
“The Legend of Zelda: Tears of the Kingdom” has taken players on a revelatory adventure, while the “Resident Evil 4” remake sets a new standard for classic game remakes.
How to rate video games?
When rating a video game, expert reviewers follow a systematic approach encompassing a range of factors.
These factors collectively determine the overall quality of a video game, and provide players with valuable insights into what to expect. Here are the key considerations:
Gameplay mechanics
Gameplay is the heart of any video game. Reviewers closely examine the mechanics that govern player interactions within the game world. They assess the controls, responsiveness, and overall gameplay experience. The depth and innovation of gameplay mechanics can significantly impact a game’s rating.
Graphics and visuals
Visual fidelity is crucial in immersing players in a game’s world. Reviewers evaluate the quality of graphics, art direction, and technical performance. High-resolution textures, realistic animations, and artistry contribute to a game’s visual appeal and can influence its rating.
Storytelling and narrative
A compelling narrative can elevate a game to new heights. Reviewers assess the depth of storytelling, character development, and the impact of player choices on the game design narrative. A well-crafted story can draw players into the game’s world and leave a lasting impression.
Sound and music
Sound design and music contribute to a game’s atmosphere and emotional impact. Expert reviewers evaluate the quality of voice acting, sound effects, and the soundtrack. A well-composed score and immersive audio can enhance the overall gaming experience.
Replay-ability and longevity
Games that offer replay value and extended gameplay have an advantage. Reviewers consider whether a game provides additional content, side quests, or multiplayer modes that extend its longevity. A game or multiplayer mode’s ability to keep players engaged over time can affect its rating.
Innovation and originality
Originality and innovation set games apart. Reviewers assess whether a game is original and introduces fresh ideas, mechanics, or concepts that push the boundaries of the medium. Games that break new ground and offer unique game experiences often receive higher ratings.
The best games in different genres
The gaming industry in 2023 has truly showcased an impressive diversity of genres, each offering unique experiences and many games that cater to a wide range of player preferences.
From classic RPGs to intense survival horror, action-packed adventures, competitive racing and sports titles, thought-provoking puzzle and strategy games, and even standout indie gems, there is something for everyone to enjoy. Expert reviewers have identified the best games in these genres, catering to various player preferences.
RPG excellence
Role-playing games (RPGs) have consistently been a cornerstone of the gaming world, and in 2024, they continue to shine brightly.
Games like “Final Fantasy 16”, “Persona 4 Golden”, “Star Wars”, “Dragon Age”, “Team Fortress”, “Dark Souls”, and “Final Fantasy VI” have upheld the tradition of RPG excellence. These titles are known for their immersive storytelling, deep character development, and epic adventures that captivate players for hours.
In “Final Fantasy 16,” players are transported to a beautifully crafted fantasy world filled with political intrigue and magical battles. At the same time, “Persona 4 Golden” dives into a small town’s intricate relationships and supernatural mysteries.
These RPG best games offer rich experiences that leave a lasting impact on players and exemplify the high standards set by the genre.
Survival horror standouts
Survival horror, a genre known for keeping players on the edge of their seats, has seen a resurgence in 2023 with titles like “Dead Space” and “Resident Evil 4 Remake.”
Dead Space
This masterfully crafted game plunges players into the eerie, claustrophobic confines of a derelict spaceship. As they navigate its sinister corridors, they’ll confront grotesque alien creatures and unravel a haunting narrative that keeps them at the edge of their seats. “Dead Space” exemplifies the essence of survival horror, rekindling the genre’s terrifying allure.
Resident Evil 4 Remake
“Resident Evil 4 Remake” revisits the iconic Resident Evil series, breathing new life into a classic that defined survival horror gaming. The game offers enhanced graphics and gameplay, while preserving the heart-pounding tension and fear-inducing moments that made the original a timeless favorite.
As players dive into this revamped nightmare, they’ll rediscover the essence of survival horror, reminding them why they were drawn to the genre in the first place. This remake sets a new standard for horror gaming, ensuring that fear remains an enduring element in the gaming world.
Action-packed adventures
For gamers seeking heart-pounding action and adrenaline-fueled adventures, titles like “Bayonetta Origins: Cereza and the Lost Demon”, “Super Smash Bros”, and “Grand Theft Auto III” are must-play experiences.
Bayonetta Origins
“Bayonetta Origins” delivers fast-paced combat, memorable characters, and a captivating storyline that immerses players in a world of witches, angels, and demons.
Super Smash Bros
Meanwhile, “Super Smash Bros” remains a fan favorite on the Nintendo Switch. The game brings together an extensive roster of characters from various franchises for frenetic battles that can be enjoyed solo, in multiplayer mode, or with friends.
Grand Theft Auto III
Grand Theft Auto III is hailed as one of the greatest video games in the adventure genre. Its immersive storytelling, vast urban landscape, and freedom to explore make it a timeless classic. It’s one of the best console games.
Some of the other beloved games in the action-packed adventure genre include Metal Gear Solid, Modern Warfare, Mortal Kombat, Metroid Prime, Super Mario Galaxy, Super Mario Odyssey, and Monkey Island.
These games offer pure, unadulterated excitement. They have a mass effect and they are a must play for any action-packed gamer.
Racing and Sports titles
In racing and sports titles, “Forza Motorsport” and “Super Mario Kart” dominate their respective categories.
Forza Motorsport
“Forza Motorsport” offers precision racing, stunning visuals, and a vast array of meticulously detailed cars and tracks, making it a go-to choice for racing enthusiasts who crave authenticity and realism.
Super Mario Kart
On the other hand, “Super Mario Kart” remains the pinnacle of fun and competitive racing, with its colorful characters, creative power-ups, and engaging multiplayer modes ensuring hours of lighthearted enjoyment for players of all ages. The game is available on Nintendo Switch.
These two games also demonstrate the enduring appeal of the racing and sports genres, offering distinct experiences that cater to different tastes within these categories.
Puzzle and strategy games
Puzzle and strategy games have also flourished in 2023. “Cocoon” and “Sea of Stars” are other games that offer intricate puzzles and innovative gameplay mechanics that challenge players’ minds while providing rewarding experiences.
Indie Gems
Indie games have a significant impact, with titles like “Hi-Fi Rush” and “Shadow Gambit: The Cursed Crew” proving that smaller studios can deliver exceptional experiences. These indie gems provide unique gameplay and creative storytelling that rival larger productions.
Platform Games
Platformer games is a popular video game genre known for its precise jumping and obstacle navigation. “Super Meat Boy,” developed by Team Meat, stands out with its challenging gameplay, quirky humor, and unique art style.
In the Super Meat Boy game, players control Meat Boy in a quest to rescue Bandage Girl. The gamers face treacherous levels and humorous characters, making it a memorable addition to the platform gaming genre.
Balancing critic and player reviews
Expert vs. user reviews
Evaluating any game involves a delicate balance between expert and user reviews. Expert reviewers provide in-depth analysis, while user reviews reflect the sentiments of the online gaming community. Both perspectives are valuable and provide different insights.
Pros and cons of expert opinions
Expert reviews are critical for assessing gameplay mechanics, graphics, narrative, and more. However, they are not infallible and can sometimes miss the mark in reflecting the preferences of the broader player base.
The voice of the gaming community
User reviews, on the other hand, represent the voice of the gaming community. They offer diverse perspectives and personal experiences, but emotions and biases can also influence them.
The importance of regular updates
Review reassessment
Game updates and their impact
Regular updates have become a cornerstone of modern gaming, enhancing player experiences and extending the lifespan of games. These updates often bring improvements, new content, and bug fixes, significantly impacting a game’s overall quality.
Review reassessment
In response to significant updates, expert reviewers may revisit their initial assessments of a game to provide players with an updated perspective. This practice ensures that reviews reflect the current state of a game.
Games as a Service Model
Analyzing user reviews
Games adopting a “games as a service” model evolve with continuous content drops. Analyzing user reviews can offer valuable insights into how players perceive these ongoing experiences.
User-generated content and ratings
Player-created content and user-generated ratings contribute to the evolving nature of games as a service. These elements often play a crucial role in shaping a game’s long-term success.
The value of player feedback
Developers increasingly rely on player feedback to fine-tune their games. Player input can influence updates, balancing changes, and game direction.
Looking beyond review scores
The influence of award shows
Award shows like The Game Awards celebrate excellence in gaming. Recognizing outstanding games and developers serves as an acknowledgment of the industry’s achievements.
Awards and recognition encourage developers to strive for excellence and innovation in game design. The spotlight is reserved for a few games that are exceptional and deserve recognition.
The future of game reviews
Game criticism is an evolving field, adapting to new industry trends and technologies. As gaming continues to evolve, so is how games are reviewed and assessed.
Emerging trends in game reviewing include a focus on accessibility, diversity, and the impact of virtual reality and augmented reality on the gaming experience. Game reviewers adapt to these changes to provide relevant insights to players.
Conclusion
2023 has been a remarkable year for the gaming industry, with an impressive release lineup that has captivated players worldwide. The year has showcased the diversity and creativity inherent in gaming, from fighting games to groundbreaking sequels and innovative new IPs.
Expert reviewers play an indispensable role in this ever-expanding gaming universe. Their objective analysis, in-depth reviews, and commitment to honesty provide players with the guidance they need to navigate this dynamic world.
Since it’s the beginning of 2024, the gaming community eagerly anticipates the future. One thing remains certain—expert reviewers will continue to be trusted guides, ensuring players make informed choices and celebrate the excellence that defines the gaming industry.
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https://www.cryptopolitan.com/how-to-rate-the-best-games/
| 2024-01-27T15:25:39Z
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In a groundbreaking collaboration between The Recording Academy and IBM, the 2024 Grammy Awards will see the integration of generative AI technology to enhance the event’s digital experience. The initiative, named “AI Stories with IBM Watsonx,” will introduce AI-generated content across various social channels during and before the prestigious awards ceremony, including text, images, animations, and videos. With a unique focus on empowering music enthusiasts, the partnership aims to offer fans the ability to create their own AI-generated content.
AI-powered content creation
The “AI Stories with IBM Watsonx” tool is set to revolutionize content creation for the 2024 Grammy Awards. It will leverage generative AI to produce a wide range of content, from text to multimedia, drawing inspiration from real-time news and diverse sources. The integration of AI technology will enable The Recording Academy’s editorial team to develop engaging content while also enabling fans to contribute their AI-generated creations through a dedicated widget on the Grammys website. Additionally, the website will provide live streaming of the awards ceremony and comprehensive day-of coverage.
The AI Stories project utilizes a wealth of training data, including The Recording Academy’s historical content, artist pages, Wikipedia profiles, and publicly available articles related to music and the Grammys. This extensive dataset empowers the AI to create dynamic and relevant content in real time.
Ray Starck, Vice President of Digital Strategy for The Recording Academy, emphasized the importance of staying agile in the fast-paced music industry, citing the millions of news articles at their disposal. He stated, “Everything moves so fast,” highlighting the need for AI to assist in identifying trending topics and opportunities within the industry.
Balancing AI with human oversight
To ensure accuracy and relevancy, The Recording Academy and IBM will incorporate human oversight into the AI-powered content creation process. This proactive approach will allow for updates based on breaking news during the Grammy Awards ceremony, maintaining the integrity of the content while benefiting from AI’s capabilities.
The partnership between The Recording Academy and IBM seeks to experiment with generative AI while protecting intellectual property rights. By developing pre-generated prompts for AI content creation, they aim to mitigate potential risks associated with AI outputs and intellectual property concerns. This strategic approach ensures that AI complements the editorial team’s efforts to enhance research and content creation.
Impact on the music industry
The integration of generative AI into the Grammy Awards content creation process reflects the broader impact of AI technology on the music industry. While AI has the potential to revolutionize music creation and distribution, it has also raised concerns about copyright infringement. Last year, Universal Music and other music publishers filed a lawsuit against Anthropic, alleging copyright violations related to AI models trained with copyrighted lyrics.
The Recording Academy’s approach to AI-generated music aligns with the evolving landscape of AI in the music industry. CEO Harvey Mason Jr. stated that artists using AI, such as for voice or instrument augmentation, could be eligible for Grammy nominations if they can demonstrate that a human creatively contributed to the process. This approach acknowledges AI’s role as a creative tool while maintaining the importance of human creativity in music production.
A seven-year partnership
The integration of IBM’s WatsonX platform and Meta’s open-source Llama 2 large language model has resulted in the development of AI Stories. This innovative tool utilizes a retrieval augmentation generation (RAG) process to guide the AI model in sourcing data from music-focused references. IBM also employed few-shot learning techniques to train the AI model with limited data, ensuring accuracy in content generation.
Creating a tool that balances creativity with accuracy posed a significant challenge. Aaron Baughman, an engineer and inventor at IBM, explained the process using a liquid analogy, emphasizing the importance of prioritizing data sources based on the content required. This approach ensures that the AI model generates content that is both creative and factually accurate.
The collaboration between The Recording Academy and IBM represents a seven-year partnership that continues to evolve. It also marks the first instance of the Academy using a large language model to create AI-generated content. While the financial terms of the agreement remain undisclosed, both parties have committed to mutual investments to facilitate the project’s success.
Noah Syken, IBM’s Vice President of Sports and Entertainment, highlighted the importance of understanding audience engagement and tailoring information delivery to various demographics. He emphasized the need to adapt the AI model to resonate with different age groups and contextual preferences.
The Recording Academy’s partnership with IBM to integrate generative AI into the 2024 Grammy Awards represents a significant step toward leveraging AI for content creation in the music industry. The “AI Stories with IBM Watsonx” tool promises to enhance the digital experience for both the Grammy Awards audience and music enthusiasts worldwide. By balancing AI with human oversight and addressing copyright concerns, this initiative paves the way for the future of AI-powered content creation in the music industry.
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https://www.cryptopolitan.com/ibm-watson-powers-ai-generated-content/
| 2024-01-27T15:25:46Z
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The Instituto Tecnológico de Monterrey’s Institute for the Future of Education (IFE) host the 10th edition of its renowned conference in Mexico from January 23 to 24, 2024. This milestone event will revolve around the theme of “Education in the Age of Artificial Intelligence,” aiming to elevate educational quality and accessibility on a global scale.
Juan Pablo Murra, a prominent figure in professional and post-graduate studies, expressed his enthusiasm for the project’s five central themes: Educational Trends, Technology for Education, Academic Innovation in Health, Educational Management Innovation, and Lifelong Learning.
Educational trends shaping the future
The first theme, delves into the evolving landscape of education in the digital age. As AI continues to transform various industries, it is crucial for higher education to adapt. This theme will explore the latest trends in pedagogy, curriculum design, and teaching methods to ensure students receive a relevant and dynamic education.
Technology for education – A game changer
The second theme, “Technology for Education,” underscores the pivotal role of technology and AI in reshaping the educational sphere. Institutions worldwide are leveraging AI-driven tools and platforms to enhance the learning experience, personalize education, and streamline administrative tasks.
This theme will showcase innovative technologies and best practices in integrating AI into higher education.
Academic innovation in health and beyond
The third theme, “Academic Innovation in Health,” highlights the profound impact of AI on healthcare education. With the healthcare sector undergoing rapid technological advancements, healthcare professionals must stay updated with the latest knowledge and skills.
This theme will explore how AI is revolutionizing medical education, from virtual simulations to diagnostic assistance, ultimately improving patient care.
Educational management innovation – Shaping the administrators of tomorrow
The fourth theme, “Educational Management Innovation,” focuses on the administrative aspects of higher education. AI-driven solutions are assisting educational institutions in optimizing resource allocation, student recruitment, and administrative processes.
This theme will delve into how AI can empower educational leaders to make data-informed decisions, drive efficiency, and ensure long-term sustainability.
Lifelong learning – embracing education throughout life
The fifth theme, “Lifelong Learning,” emphasizes the importance of continuous education and upskilling in today’s fast-paced world. AI-powered platforms offer flexible and personalized learning opportunities for individuals of all ages and backgrounds.
This theme will explore how lifelong learning initiatives can bridge skill gaps and promote lifelong personal and professional growth.
Incorporating AI into higher education
The conference aims to bring together experts, educators, and thought leaders from around the world to share their insights and experiences in integrating AI into higher education. By addressing these five pivotal themes, the IFE conference seeks to inspire collaborative efforts that will enhance the quality and accessibility of education on a global scale.
Juan Pablo Murra, a driving force behind this initiative, highlights the urgency of embracing AI in education. He notes, “AI is no longer a futuristic concept; it is our present reality.
To remain competitive in the global job market and foster innovation, educational institutions must embrace AI as a valuable tool for teaching, learning, and administration.”
Lifelong learning and upskilling
The conference’s final theme, “Lifelong Learning,” recognizes the need for continuous education throughout one’s career. AI-powered platforms offer personalized learning pathways, allowing individuals to acquire new skills and stay relevant in an ever-changing job market.
This approach not only benefits individuals but also supports economic growth by ensuring a skilled and adaptable workforce.
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https://www.cryptopolitan.com/ife-conference-ai-in-higher-education/
| 2024-01-27T15:25:53Z
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Strap in folks, because India and Russia are upping the ante in the global digital chess game. They’re not just playing around; they’re strategizing to carve out their very own niche in the digital economy. This isn’t just another diplomatic handshake; it’s a power move in the tech world.
Digital Power Play
Let’s cut to the chase: India and Russia are joining forces in a major way. We’re talking about a partnership that’s set to redefine not just their economies, but the digital landscape at large. This isn’t about following trends; it’s about setting them. They’re pushing beyond the traditional, eyeing a future where they lead the digital race.
This move is a strategic ace up their sleeves in the BRICS alliance. Remember the buzz about a BRICS-native blockchain currency? Well, this partnership is likely to be the fuel that propels that idea into reality. India and Russia aren’t just participants in this; they’re aiming to be the frontrunners.
2023 was all about BRICS expansion, but 2024? It’s shaping up to be the year these plans start turning into something tangible. The speculated BRICS currency isn’t just a whisper in the wind anymore. With India and Russia at the helm, this digital currency concept is getting some serious legs.
At the Smart Cities India Expo, the message was loud and clear: we’re not just building cities; we’re crafting the future. This isn’t about slapping some tech onto old infrastructure. We’re talking about a complete overhaul, creating urban spaces that are smarter, safer, and more efficient.
More Than Just Digital Dreams
The digital economy is just one piece of the puzzle. These two are playing a multi-level game. Take the BRICS Pay system, for instance. It’s not just another payment platform; it’s a direct challenge to the Western SWIFT system. This is about breaking free from traditional financial chains and carving out their own path.
Beyond the digital dreams and energy ties, let’s not overlook the broader economic canvas. This India-Russia alliance is navigating through a complex web of international sanctions and geopolitical tensions. It’s like playing a high-stakes poker game, where every move is scrutinized. They’re diversifying their economic relations, not just sticking to the energy sector. India’s looking to broaden its export basket, eyeing sectors like pharmaceuticals, IT, and agriculture, while Russia seeks to leverage India’s burgeoning market for its own technological and industrial advancements.
This economic tango isn’t just about immediate gains; it’s a long-term play aiming for sustainable growth and mutual benefit. It’s a delicate balance, with India cautiously advancing its interests while maintaining its strategic autonomy, especially in light of its relationships with key Western nations. This aspect of their partnership could redefine the traditional notions of economic alliances, offering a blueprint for future international collaborations amidst a rapidly shifting global order.
But let’s not get lost in the clouds of digital dreams. The real litmus test is in the gritty details. The energy partnership between India and Russia isn’t just convenient; it’s crucial. We’re talking about a partnership that’s redefining trade dynamics, evidenced by the jaw-dropping trade figures. Yet, it’s not a smooth sail. The complexity of balancing trade, especially in non-oil sectors, is like playing 3D chess on a global scale.
This partnership is as much about strategy as it is about technology. India’s juggling act with Western ties and Russia’s global stance isn’t just a diplomatic dance; it’s a masterclass in geopolitical balancing. They’re not picking sides; they’re strategically positioning themselves on the global stage
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https://www.cryptopolitan.com/india-russia-to-build-a-digital-economy/
| 2024-01-27T15:25:59Z
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Invesco and WisdomTree have drastically reduced their European Bitcoin exchange-traded product (ETP) fees. This move directly responds to the introduction of Spot Bitcoin Exchange-Traded Funds (ETFs) in the United States, intensifying competition in the crypto market.
Invesco, WisdomTree cut fees in Bitcoin ETF battle
The decision by Invesco and WisdomTree to slash their fees signifies a strategic adaptation to the evolving market dynamics. Invesco has announced a significant cut in the Total Expense Ratio (TER) for its Invesco Physical Bitcoin ETP (BTIC), reducing it from 0.99% to 0.39%. This adjustment aligns BTIC with Europe’s most economical Bitcoin ETPs, specifically the 21Shares Bitcoin Core ETP.
Following Invesco’s lead, WisdomTree has also reduced the TER of its WisdomTree Physical Bitcoin ETP (BTCW) from 0.95% to 0.35%. Although this marks a substantial reduction, BTCW’s fee remains slightly higher than its American counterparts. These strategic price adjustments by both companies clearly indicate the growing competition in the European cryptocurrency investment market.
Launching Spot Bitcoin ETFs in the United States has influenced European investment strategies. Gary Buxton, Invesco’s Head of ETFs for Europe, the Middle East, Africa, and Asia Pacific, acknowledged the significant shift caused by the American market. He noted that the range of prices for tracking products in Europe is now considerably lower than before.
Similarly, Alexis Marinof, Head of WisdomTree Europe, highlighted that the U.S. development has garnered considerable attention from European investors. The entry of U.S.-based ETFs with lower fees has undeniably challenged European firms to recalibrate their strategies to remain competitive.
Strategic response to market evolution
The move by Invesco and WisdomTree to cut fees on their Bitcoin ETPs is a proactive measure to offer more attractive investment options. This fee war marks a pivotal moment in the evolution of the cryptocurrency market, signaling an era where investors stand to benefit from reduced costs and increased product choices.
Invesco, in particular, has taken an aggressive approach in the U.S. by waiving fees for the first six months or until reaching $5 billion in investments, after which it will charge a 0.39% fee. This strategy aims to attract a significant initial investment pool and sets a new precedent in fee structures within the industry.
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https://www.cryptopolitan.com/invesco-wisdomtree-slash-fees-in-bitcoin-etf/
| 2024-01-27T15:26:07Z
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Dreams of imminent rate cuts by the Federal Reserve seem to be just that – dreams. Investors, riding high on the wave of a recent stock market rally and fueled by a perceived disinflationary trend, have been placing their bets on the Fed initiating rate cuts as soon as March or May. However, these expectations are about to collide with the harsh reality of geopolitical tensions and looming political turmoil, casting a long shadow over the optimism for early and aggressive rate cuts.
Assessing the Fed’s Stance Amidst Global Uncertainties
Contrary to the market’s wishful thinking, the Fed and its global counterparts might adopt a less lenient approach in the face of increasing uncertainties. Shipping and supply chain disruptions, coupled with the potential for rising energy prices, are likely to decelerate or even stall the disinflation process, which so far has been playing into the Fed’s hands in achieving its 2% inflation target. The Red Sea tensions and the impending U.S. presidential election only add to this complex puzzle, complicating the Fed’s route to its inflation goal.
This cloudy horizon is not just a speck in the distance. It’s a brewing storm that has already started to dampen the spirits of rate cut enthusiasts. The voices of Federal Reserve officials have started echoing the sentiments of caution rather than haste. Atlanta Fed President Raphael Bostic and Governor Christopher Waller, among others, have stressed a no-rush attitude towards rate reductions. This shift in tone is reflected in the market’s recalibration of its expectations, with the likelihood of a March rate cut dropping to a coin-toss chance.
Global Economic Indicators: A Mixed Bag
The anticipation for rate cuts was further fueled by the dovish signals from the FOMC’s December meeting, hinting at a possible soft landing for the U.S. economy. However, this optimism seems premature, given the underlying strength of the U.S. economy and the uncertainty surrounding the Fed’s 2% inflation target. While low inflation figures in the early months of the year could still tip the scales in favor of a March rate cut, the greater probability lies with later reductions.
Across the Atlantic, the European Central Bank (ECB) presents a contrasting picture. The Euro-area’s economic scenario seems closer to necessitating rate cuts, with inflation showing signs of easing and economic activity in a worrying decline. Yet, ECB officials, including Executive Board member Schnabel and Chief Economist Lane, remain cautious, downplaying the prospects of immediate rate reductions and emphasizing the persisting upside inflation risks.
This divergence in the monetary policy landscape is not just a matter of academic interest. It carries significant implications for the global financial markets, including the fate of the U.S. dollar. The dollar, which has traditionally thrived in times of either robust U.S. economic strength or heightened global risk aversion, might witness a shift in its trajectory. With lower global rates potentially bolstering economic activity and risk sentiment, the allure of the USD as a safe haven could diminish. Yet, the upcoming U.S. presidential election remains a wildcard, with potential implications for the dollar’s trajectory.
While the idea of early and aggressive rate cuts by the Fed and its global counterparts might provide a comforting narrative for investors, it stands on shaky ground. The interplay of global geopolitical uncertainties, economic indicators, and central banks’ cautious approach paints a more complex and less predictable picture. Investors, therefore, might need to brace themselves for a reality where their hopes for early rate cuts are not just delayed but possibly crushed under the weight of global economic realities. This is not just news reporting; it’s a wake-up call to face the music of economic complexities and uncertainties.
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https://www.cryptopolitan.com/investor-hopes-for-early-interest-rate-cuts/
| 2024-01-27T15:26:13Z
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In a recent appearance on CNBC, Jamie Dimon, CEO of JPMorgan, reignited debate within the cryptocurrency community with his critical remarks on Bitcoin. Dimon’s assertions, touching on the potential risks and criminal use cases of Bitcoin, have sparked a flurry of reactions, ranging from dismissal to speculation about his underlying intentions.
Skepticism and speculation: Deciphering Dimon’s motives
Dimon’s remarks included a suggestion that Bitcoin’s creator, Satoshi Nakamoto, could potentially return and “erase” Bitcoin, alongside claims of the cryptocurrency’s ineffectiveness and its association with criminal activities. These comments have not only been met with skepticism due to the decentralized nature of Bitcoin, making such actions by Nakamoto implausible, but they have also led to conjecture about Dimon’s motives.
Some cryptocurrency community members on platforms like Reddit have speculated that Dimon’s consistent criticism might be a strategic attempt to manipulate the market. This theory suggests that Dimon, aware of his influence among traditional investors, might aim to drive Bitcoin’s price down for personal gain. However, others consider these accusations baseless and attribute Dimon’s stance to a lack of understanding of the digital currency.
JPMorgan’s involvement in crypto market: A contrast to CEO’s stance
Amid Dimon’s ongoing negative stance on cryptocurrencies, JPMorgan, the financial giant he leads, is playing a significant role in the evolving landscape of digital assets. This involvement was highlighted when asset manager BlackRock named JPMorgan Securities as one of the authorized participants for its newly approved spot Bitcoin exchange-traded funds (ETFs) in the United States. This development, coming after Dimon’s critical comments, has raised eyebrows and fueled further discussion regarding the contrasting positions.
The community has also pointed out the upcoming Bitcoin halving event, which is anticipated to positively impact the asset’s value. This context adds another layer to the discourse around Dimon’s comments, with some speculating that his remarks could be part of a broader strategy related to the halving.
The cryptocurrency community remains divided in its response to Jamie Dimon’s remarks. While some view his comments as a deliberate strategy impacting Bitcoin’s market dynamics, others consider them a reflection of a lack of understanding of the cryptocurrency’s fundamentals. Regardless, the contrast between Dimon’s personal views and JPMorgan’s involvement in Bitcoin ETFs presents an intriguing dichotomy in the financial world’s approach to digital assets.
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https://www.cryptopolitan.com/jpmorgan-ceos-bitcoin-skepticism/
| 2024-01-27T15:26:20Z
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While the doomsday scenarios of killer robots and job displacement are quick to grab headlines, the subtler erosion of free speech through AI-powered censorship is more or less a real and pressing concern that needs to be given attention, too.
In some countries like the United States and the United Kingdom, there are traditional free speech protections that safeguard against “prior restraint.”
Such laws essentially prevent the government from blocking speech before it’s uttered. In simpler terms, a newspaper shouldn’t be shut down for an upcoming story, even if the government deems it controversial. However, the digital age complicates this principle.
How AI Threatens the Bedrock of Free Speech
Today, social media platforms dominate our communication, becoming de facto gatekeepers of online discourse. This creates a new battleground for free speech, where AI-powered filters, employed by both governments and tech companies, can easily censor expression at scale before it ever reaches the public eye.
The vast volume of online content published across several social media platforms every minute makes manual moderation impractical, which could push platforms towards AI-powered filters – which offer a fast, cost-effective alternative. Yet, this efficiency comes at a steep price.
Automated filters lack the human touch and the ability to apply context, cultural understanding, and critical thinking, raising concerns about the algorithms’ potential for over-censorship and lack of nuance in differentiating protected expression from harmful content.
The Chilling Reality of AI-Powered Free Speech Erosion
The consequences are alarming, from marginalized voices silenced to dissenting opinions squashed and legitimate perspectives deemed unfit for public consumption.
The UK’s Online Safety Act and proposed upload filtering schemes in the US and Europe could encourage more platforms to turn to AI as an effective tool for censorship. While aiming to combat harmful content, these measures risk creating online echo chambers where only approved narratives flourish.
The potential harm extends beyond content suppression. Automated systems, shrouded in algorithmic secrecy, operate with little transparency or accountability. Who then shall be held responsible for the biases and errors? Where can individuals seek redress when their voices are unfairly silenced?
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https://www.cryptopolitan.com/killer-robots-dont-exist-ai-threat-is-real/
| 2024-01-27T15:26:26Z
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In a significant development for the cryptocurrency sector, KuCoin, a prominent cryptocurrency exchange, has announced the integration of Apple Pay into its crypto debit card, KuCard. This strategic move aims to augment the safety and privacy of digital transactions, aligning with the growing demand for secure payment methods in the crypto space.
Enhanced security with Apple pay integration
KuCoin’s recent update allows users to employ Apple Pay with their KuCard, marking a leap forward in transactional security. The inclusion of Apple Pay is designed to prevent the sharing of credit card details with third parties, reduce physical contact in payments, and encrypt transactions using Apple products. This feature is particularly relevant given the rise in cryptocurrency scams since 2022, with debit card fraud being a common method for stealing crypto assets.
The implementation of Apple Pay with KuCard requires users to hold their iPhone or Apple Watch near a payment terminal for contactless payments. Each transaction is authenticated using a dynamic, one-time security code and biometric identifiers such as Face ID or Touch ID, or the device’s passcode. This multi-layered verification process is expected to reduce the likelihood of fraudulent transactions significantly.
The integration extends beyond enhanced security. Apple Pay’s ease of use is a key benefit for iPhone, iPad, and Mac users, who can now make faster purchases through apps or the Safari web browser. This convenience eliminates the need to create accounts or repeatedly enter shipping and payment information, thus streamlining the online purchasing experience.
Apple Pay‘s core principles of security and privacy mean that actual credit or debit card numbers are never stored on Apple servers or devices. This approach ensures the protection of sensitive financial information associated with KuCard, a critical aspect for users concerned about data privacy.
To activate the service, KuCoin customers must add their KuCard to their Apple device by following simple steps in the Wallet app. Once the card is linked, users can immediately use Apple Pay for their transactions.
KuCoin leads with strategic crypto-fiat convergence
KuCoin’s decision to integrate Apple Pay into its crypto debit card comes at a time of increasing collaboration between traditional financial players and the cryptocurrency industry. According to Forbes, major institutions like Deloitte, Microsoft, and Goldman Sachs actively engage in new blockchain networks, signaling a growing institutional interest in the crypto market.
This trend reflects a broader shift in the global business landscape, where many companies are adopting Bitcoin and other digital assets for various operational, transactional, and financial purposes. The ability to conduct B2B cross-border cryptocurrency payments is particularly advantageous for businesses operating in regions with limited access to traditional banking services, opening new market opportunities.
In a highly competitive and dynamic market, KuCoin’s integrating Apple Pay with its crypto debit card is a strategic move. By prioritizing security and user convenience, the exchange positions itself as a forward-thinking player in the cryptocurrency space, catering to the evolving needs of its customers. This development is not just a step forward for KuCoin. Still, it signifies a larger convergence trend between digital currency and traditional financial services, marking an important evolution in global transactions.
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https://www.cryptopolitan.com/kucoin-and-apple-pay-integration-for-crypto/
| 2024-01-27T15:26:33Z
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The cryptocurrency community has been rocked by a controversy surrounding the launch of the SatoshiVM (SAVM) token, which saw its value plummet by as much as 38%. The dispute centers on the recent Initial DEX Offering (IDO) conducted on Ape Terminal, a decentralized exchange (DEX) fundraising platform.
The SAVM token launch controversy allegations of scam and profits
The dispute began when one of SatoshiVM’s advisers, known as “MacnBTC,” accused Ape Terminal of orchestrating a scam during the SAVM token launch. MacnBTC alleged that all 210,000 SAVM token allocations were given to Ape Terminal’s team members, rather than being distributed from a pool of entrants. This accusation ignited a heated exchange between the two parties.
The controversy erupted following the launchpad event for SAVM. Ape Terminal, known for its role as a launchpad for cryptocurrency projects seeking to conduct IDOs, vehemently denied the allegations made by MacnBTC. They instead claimed that it was MacnBTC who had “sniped” the token sales and profited from them.
MacnBTC took to social media to voice his grievances, stating that he felt betrayed and scammed by Ape Terminal. He alleged that out of the 200,000 wallets that applied for the SAVM IDO, all ten winners were members of the Ape Terminal team.
Furthermore, MacnBTC shared an analysis by “bx1,” claiming that five out of these ten wallets exhibited similar selling patterns and timings.
Counterclaims and Accusations
Ape Terminal responded by refuting the accusations and alleging that MacnBTC was the one who profited substantially from the token sales. They argued that MacnBTC had a significant amount of unlocked SAVM tokens and had been involved in sniping liquidity and distributing tokens to his friends. Ape Terminal even claimed that MacnBTC had made over $10 million in profits from SAVM sales in a single day.
The back-and-forth between the two parties escalated, with both sides presenting their version of events and accusing each other of wrongdoing. MacnBTC maintained that all the information was verifiable on the blockchain and promised to publish his findings. He also mentioned that he had been threatened with a defamation lawsuit due to his posts.
On-chain investigator’s perspective
On-chain investigator ZachXBT weighed in on the controversy, emphasizing that both Ape Terminal and MacnBTC had acted dishonestly towards their users and followers. ZachXBT had previously warned about individuals promoting the SAVM launch, suggesting they might have had an allocation and could potentially sell their tokens at a profit.
Market impact and recovery
The SAVM token experienced a sharp decline, dropping to $6.28 within a short three-hour window following MacnBTC’s initial social media post. However, at the time of publication, it had rebounded to $7. The incident highlights the volatility and susceptibility to market sentiment that cryptocurrency projects often face.
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https://www.cryptopolitan.com/launch-ape-terminal-satoshivm-token-decline/
| 2024-01-27T15:26:40Z
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In today’s fast-paced world, many individuals struggle to maintain accountability in their personal and professional lives. Whether achieving business goals or personal aspirations, procrastination, lack of clarity, and self-doubt can hinder progress.
However, there is a powerful ally that remains largely underutilized – Artificial Intelligence (AI). In the quest for accountability, one of the first hurdles to overcome is the lack of clarity. Vague objectives and undefined goals can make it difficult to stay on track. Here’s how AI can assist in finding clarity.
Engaging in conversations with AI
Engaging in meaningful conversations with AI, such as ChatGPT, can be a game-changer. Individuals gain a deeper understanding of their aspirations and challenges by articulating thoughts and ideas during conversations. These conversations compel individuals to organize their thoughts and clarify objectives.
For instance, imagine facing a career crossroads. Sharing your concerns with an AI coach can lead to a series of questions that guide you to uncover your passions, strengths, and areas to avoid. AI coaches can also offer career suggestions, helping you make informed decisions and gain clarity in your journey.
Setting clear and realistic goals is a pivotal step in achieving accountability. AI can play a vital role in personalizing goal-setting and tracking progress.
AI can assist individuals in setting SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals tailored to their unique needs and desires. Using AI for goal-setting, individuals can ensure their objectives are well-defined, making them easier to pursue and track.
AI coaching apps available in the market can send regular follow-up messages and monitor progress continuously. These follow-up conversations with AI can help identify accountability hurdles and suggest effective strategies based on a vast knowledge base, ensuring individuals stay on the right path.
Maintaining accountability often requires continuous support and positive reinforcement. AI can provide these elements efficiently and without judgment.
24/7 availability of AI support
In today’s busy world, AI technology is accessible around the clock, eliminating the need for advance appointments and concerns about judgment. If you are delaying decisions or feeling apprehensive about taking the next step, AI chatbots can step in as your coach.
Additionally, AI can offer positive reinforcement, celebrating wins and progress as you go along your journey. This support can boost motivation and enhance accountability, ultimately leading to greater success.
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https://www.cryptopolitan.com/leveraging-ai-as-your-accountability-coach/
| 2024-01-27T15:26:47Z
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The Eurozone’s economic landscape is currently under the microscope, scrutinized for its inflation trajectory and the broader implications for global markets. Amidst this economic tightrope walk, a sense of overconfidence seems to permeate investors’ outlook regarding the Eurozone’s ability to rein in consumer price growth. Ana Botin, Chairman of Banco Santander SA, has raised the flag, suggesting that the market’s optimism might be excessively rosy. The journey to temper inflation back to the desired 2% target is no walk in the park, especially when the starting point hovers around 3%.
The Inflation Dilemma and Interest Rate Conundrums
The dance with inflation in the Eurozone is akin to a complex ballet, full of intricate moves and unexpected turns. While a recent gauge of future inflation points to an average pace of around 2.25% from 2029-2034, the path to this destination is anything but straightforward. December saw a worrying re-acceleration to 2.9%, snapping a seven-month streak of declines. This uptick aligns with the European Central Bank’s (ECB) cautionary stance that the rapid deceleration observed last year might not be a recurring theme in 2024.
Markets, in their ever-optimistic spirit, are wagering on a cut in borrowing costs as early as April 11. However, ECB officials, including Chief Economist Philip Lane, urge a more measured approach, emphasizing the need to wait for key wage numbers due later in the month. The consensus among policymakers is tilting towards a potential move in the summer, suggesting a more cautious and reactive strategy.
As of December 2023, the inflation rate in the European Union stood at 3.4 percent. This figure masks the varied inflationary experiences across the region, with Czechia grappling with a hefty 7.6 percent rate, while Belgium enjoys a relatively low rate of 0.5 percent. This disparity highlights the uneven economic recovery across the Eurozone, complicating the ECB’s policy decisions.
Rising Energy Costs and Global Inflation Trends
The Eurozone’s economic revival post-COVID-19 has been nothing short of a rollercoaster ride. The reopening of economies in 2021, while a sign of resilience, also unleashed a series of inflationary pressures. Supply chain disruptions, travel restrictions, and labor market challenges have all converged to push prices upwards. Notably, the energy sector, pivotal in any economy’s fabric, has been a significant contributor to the rising cost of living, with the transport sector feeling the most heat.
This inflationary trend is not a Eurozone-exclusive affair. Across the pond, the United States recorded a 40-year high in its consumer price index in December 2021, echoing the European experience. However, there’s a glimmer of hope that as these supply chain knots untangle, inflation levels might start to descend gradually over 2022.
Back in the Eurozone, December’s inflation spike to 2.9% from November’s 2.4% adds weight to the ECB’s decision to maintain high-interest rates. This increase, albeit technical in nature, underscores the complex dynamics at play, including the impact of government subsidies and fluctuating energy prices.
The structure of inflation is evolving, with policymakers now turning their focus to wage settlements and global political tensions, two elements with potentially lasting effects on prices. The geopolitical landscape, unpredictable at best, adds another layer of complexity, especially with recent events like the Suez Canal disruption hiking transportation costs.
Investors and policymakers are seemingly at a crossroads regarding interest rate predictions and inflation trajectories. While investors are betting on a series of rate cuts starting as early as March or April, policymakers are more guarded, possibly waiting until mid-2024 for a clearer picture. This disparity in views stems partly from the ECB’s historical missteps in accurately projecting inflation trends, particularly during the post-pandemic period.
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https://www.cryptopolitan.com/markets-too-bullish-on-eurozones-economy/
| 2024-01-27T15:26:54Z
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Artificial intelligence (AI) has long been associated with the potential to disrupt labor markets and replace human jobs. However, a recent Massachusetts Institute of Technology (MIT) study challenges some of these assumptions. The “Beyond AI Exposure” study sheds light on the cost-effectiveness of implementing AI in various industries and its potential impact on the workforce.
The MIT study reveals a crucial insight into the cost-effectiveness of AI in job automation. It found that only 23% of worker compensation exposed to AI computer vision would justify the large upfront costs of implementing AI systems. In other words, the majority of tasks that AI could potentially automate remain economically unattractive for companies.
Conversely, 77% of vision-related tasks are deemed uneconomical to automate when AI systems are confined to firm-level usage. This stark contrast underscores the pivotal role that cost-effectiveness plays in the widespread adoption of AI technology.
Even if an AI computer system were priced as low as $1,000, there remain tasks in the job market that are simply not economically attractive to replace. Low-wage occupations and work within small firms fall into this category, illustrating the complexity of job displacement in the AI era.
Increasing AI’s attractiveness
The MIT study suggests avenues to make AI more attractive economically. One strategy is to reduce the deployment costs associated with AI systems. By making AI more affordable to implement, companies could find it more feasible to automate certain tasks, potentially affecting a broader range of industries.
Another approach is to increase the scale at which AI deployments are made. Larger-scale implementations can potentially spread the costs more efficiently, making AI adoption economically viable for various tasks and industries. This approach aligns with the idea that economies of scale can play a critical role in harnessing AI’s potential.
Job displacement in the AI era
While concerns about AI’s impact on employment persist, the MIT study provides a more nuanced perspective. It suggests that the job loss resulting from AI computer vision, even within vision-related tasks, is likely less abrupt than previously feared.
The study’s findings indicate that the level of job displacement caused by AI will be smaller and more gradual than the existing job market churn. This gradual shift offers hope for workers and industries adjusting to the AI-driven transformation.
The MIT study challenges the widespread notion that AI will rapidly replace human jobs. The study underscores the complexity of the AI-driven job market transformation by emphasizing the importance of cost-effectiveness and the nuances of task automation. While AI’s potential to disrupt certain industries and tasks is undeniable, the pace and extent of its impact are likely to be more gradual, offering opportunities for adaptation and evolution in the workforce.
As industries continue to explore the possibilities of AI, it becomes increasingly important to strike a balance between the benefits of automation and the preservation of job opportunities for the human workforce. The MIT study serves as a valuable reference point in this ongoing discussion, shedding light on the economic realities of AI adoption and its implications for the job market.
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https://www.cryptopolitan.com/mit-study-reveals-ai-on-job-displacement/
| 2024-01-27T15:27:01Z
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In a significant development for the decentralized finance (DeFi) sector, Mode, a Modular DeFi Layer 2 network, has been announced as the recipient of a generous grant from the Optimism Foundation.
The grant, comprising up to 2 million OP tokens valued at around $5.3 million, is poised to catalyze user growth incentives on Mode’s platform. The strategic infusion of resources underscores a shared commitment between Mode and the Optimism Foundation to nurture and expand the DeFi ecosystem.
Deepening collaborative efforts with the Optimism collective
An important aspect of the initiative is Mode’s decision to forge a deeper alliance with the Optimism Collective. By directing a portion of its sequencer revenue to the Collective, Mode is not merely a beneficiary of the grant but also a contributor to the broader ecosystem’s prosperity. In Layer 2 networks, sequencers are instrumental in organizing transactions before they are batched and relayed to the main chain, which is Ethereum.
The Optimism Collective, renowned for its dedication to fostering public goods for Ethereum, stands to gain from the revenue-sharing arrangement. Mode’s engagement with the Law of Chains, a framework promoting open neutrality and governing the Superchain network, further cements its commitment to the collective’s ethos and the expansive Ethereum ecosystem.
Mode’s position in the Superchain ecosystem
The Superchain, conceptualized by Optimism as a network of multiple Layer 2 blockchains, is designed with the ambitious goal of scaling Ethereum. It encompasses prominent chains such as OP Mainnet, the Coinbase-incubated Base network, Zora Network, and Manta Pacific. Within the intricate network, Mode is strategically positioning itself as a central DeFi hub. James Ross, the founder of Mode, has articulated the platform’s dedication to nurturing interoperable DeFi applications and infrastructure, thereby positioning Mode as an integral component in the network’s growth and utility.
Mode’s commitment to the Superchain ecosystem transcends its own growth ambitions. The platform is actively engaged in developing open-source tools tailored for the Superchain ecosystem. The initiative is particularly focused on introducing innovative features like native yield, smart treasuries, and on-chain AI agents. Furthermore, Mode’s pledge to allocate resources for public goods reflects a profound commitment to the collective development and sustainability of the ecosystem, resonating with the ethos of the Optimism Collective.
Nurturing innovation and community engagement
Mode’s approach to growth and development is holistic, emphasizing not just technological advancement but also community engagement and contribution. The platform recognizes the importance of a vibrant, participative community in driving innovation and adoption in the DeFi space. By aligning its objectives with the needs and aspirations of its users and the broader community, Mode is fostering an environment conducive to creativity, collaboration, and shared success.
The grant from the Optimism Foundation is instrumental in enabling Mode to scale its initiatives, enhance its platform’s capabilities, and extend its reach within the DeFi community. It provides the necessary resources for Mode to accelerate its development roadmap, refine its offerings, and deliver value to its users and the wider Ethereum ecosystem.
The anticipation surrounding Mode’s mainnet launch at the end of January is palpable. The milestone is not just a technical achievement but also a testament to the platform’s progress, potential, and the trust placed in it by the Optimism Foundation and the community. The mainnet launch is expected to unlock new possibilities for Mode, enabling it to fully leverage the grant’s potential, actualize its vision for an interoperable DeFi hub, and contribute meaningfully to the Superchain ecosystem.
Conclusion
The grant of up to 2 million OP tokens from the Optimism Foundation to Mode marks a pivotal moment in the DeFi sector. It represents not just a financial endorsement but also a strategic collaboration aimed at fostering growth, interoperability, and innovation within the Ethereum ecosystem. Mode’s commitment to contributing to the Optimism Collective, its strategic role within the Superchain, and its focus on developing open-source tools and public goods underscore its dedication to shaping a more interconnected, secure, and thriving DeFi landscape.
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https://www.cryptopolitan.com/mode-op-grant-optimism-foundation-growth/
| 2024-01-27T15:27:08Z
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In a significant move towards settling its long-standing debts, the trustee of the defunct cryptocurrency exchange, Mt. Gox, is making strides in repayment. The exchange has begun confirming the identities of its creditors and the validity of their Bitcoin (BTC) and Bitcoin Cash (BCH) accounts, marking a pivotal step in addressing the losses from one of the most infamous hacks in the crypto world.
Verification and confirmation emails to creditors
Mt. Gox creditors have started receiving emails regarding the completion of identity verification for their cryptocurrency exchange accounts. These communications, as observed in the recent posts on Mt. Gox’s insolvency hub on Reddit, indicate that the specified crypto exchanges in the users’ rehabilitation claims have confirmed the ownership of the accounts with the trustee. This development is crucial for the planned repayments in BTC and BCH.
The emails underscore that the repayment process is contingent on the current status of the users’ accounts. It is explicitly mentioned that accounts that are disabled or frozen in the future may impede the ability to receive repayments in the aforementioned cryptocurrencies. This information is a vital reminder for the creditors to ensure their accounts remain active and in good standing.
Exchange participation and account limitations
The repayment process involves collaboration with several cryptocurrency exchanges, with Bitstamp and Kraken among the notable ones. Bitstamp, despite shutting down operations in Canada on January 4, 2024, has committed to servicing local accounts involved in the Mt. Gox settlement. An email circulated by Bitstamp to its users in this context reveals that these specific accounts will remain operational until the completion of the repayment process. However, it’s important to note that these accounts will only be restricted to withdrawal functions, with other services like deposits and trading unavailable.
This selective operational approach by Bitstamp illustrates the complexities involved in the repayment process, particularly considering the diverse geographical distribution of the creditors and the varying regulatory environments in different countries.
The road ahead for Mt. Gox and its creditors
Mt. Gox’s journey to this point has been fraught with challenges. Founded in 2010, the exchange handled approximately 70% of all Bitcoin transactions globally. However, a major security breach in 2014 led to losing 850,000 BTC, catapulting Mt. Gox into one of the largest crypto bankruptcies.
The trustee’s plan includes the repayment of 142,000 Bitcoin and 143,000 Bitcoin Cash, in addition to 69 billion Japanese yen (approximately $510 million), with the target completion date set for October 2024. This repayment plan marks a significant step toward resolution for the numerous creditors affected by the collapse of Mt. Gox.
The recent advancements in confirming the Bitcoin addresses of the creditors signal a move closer to fulfilling the repayment obligations. Despite the complexities and the lengthy duration since the exchange’s downfall, the ongoing efforts by the trustee and the involved exchanges indicate a concerted effort to rectify one of the most significant setbacks in the history of cryptocurrency.
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https://www.cryptopolitan.com/mt-gox-advances-in-settling-debts-with-btc/
| 2024-01-27T15:27:14Z
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Nasdaq’s “Global Financial Crime Report” has shed light on the scale of illicit funds flowing through the global financial system, reaching a staggering $3 trillion in 2023. While addressing various aspects of financial crime, this comprehensive report notably omits any mention of cryptocurrencies, including Bitcoin and stablecoins, as conduits for these illicit funds.
Nasdaq’s alarming findings
Nasdaq’s report paints a grim picture of the world’s ongoing battle against financial crime. The report estimates that a substantial portion of the illicit funds, approximately $782.9 billion, was connected to drug trafficking, while another $346.7 billion was linked to human trafficking. Furthermore, the report highlights that $11.5 billion financed terrorist activities, and an alarming $485.6 billion was associated with fraud.
Nasdaq’s CEO, Adena Friedman, acknowledges that financial institutions have been at the forefront of addressing these issues for decades. However, she underscores the importance of recognizing that no single company can effectively combat financial crime in isolation.
Cryptocurrencies missing in action
What’s notably absent from Nasdaq’s report is any mention of cryptocurrencies, despite their prominence in the global financial landscape. Cryptocurrencies, including Bitcoin and stablecoins, have long been scrutinized for their potential use in facilitating illicit activities due to their perceived anonymity and ease of cross-border transactions.
Gabor Gurbacs, the Director of Digital Assets Strategy at VanEck, raises an intriguing point. He suggests that the report’s omission of cryptocurrencies implicates the mainstream financial system as the primary conduit for these crimes, as opposed to digital assets.
Paolo Ardoino, the CEO of Tether, expresses deep concern about the scale of financial crime revealed in the report. He emphasizes the need for multilateral cooperation to effectively combat these illicit activities. Tether, a prominent stablecoin issuer, has been proactive in collaborating with law enforcement agencies worldwide to freeze addresses involved in illegal transactions.
Ardoino’s call for legacy financial institutions to follow Tether’s example and engage in cooperative efforts to curb financial crime resonates with the report’s overarching message.
Chainalysis echoes the findings
The Nasdaq report finds corroboration in a recent crypto crime report by Chainalysis. This analysis similarly refrains from implicating cryptocurrencies as the primary culprits in illicit transactions. Instead, it highlights the utilization of stablecoins, primarily for cashing out into fiat currencies through exchanges. The report indicates that $24.2 billion was involved in these transactions, marking a significant drop in the value used by illicit cryptocurrency addresses.
Blockchain transparency, albeit not entirely foolproof, plays a crucial role in deterring outright criminal activities within the crypto space. However, technologies like crypto mixers, such as Tornado Cash, can obfuscate transaction trails, albeit not providing complete immutability or untraceability.
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https://www.cryptopolitan.com/nasdaqs-report-3-trillion-illicit-funds-flow/
| 2024-01-27T15:27:20Z
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Security experts at Kaspersky have recently identified a dangerous malware threat lurking within the Apple Mac ecosystem. This malicious software, concealed within pirated applications, poses a significant risk to Mac users, especially those engaged in cryptocurrency transactions. Kaspersky’s research reveals that this malware not only steals cryptocurrency wallets but also replaces the victim’s legitimate wallet application with a malicious version.
Cryptocurrency users at risk
The primary target of this newly discovered malware is Mac users who hold cryptocurrency in digital wallets. Kaspersky’s report warns that the threat extends beyond merely stealing funds; it actively compromises the security of cryptocurrency holdings. The malware operates by substituting the victim’s crypto wallet application with a counterfeit and harmful version.
In light of this alarming discovery, Kaspersky strongly advises Mac users, particularly those with digital wallets for cryptocurrency, to exercise utmost caution when downloading applications. Users are urged to refrain from obtaining software from suspicious websites and opt for trusted sources to minimize their exposure to this threat. Employing robust cybersecurity solutions is also recommended as an added layer of protection against this malware.
Compatibility and scope of the threat
Kaspersky’s research has determined that this specific malware targets Mac computers running MacOS versions 13.6 and above. Users within this range are especially vulnerable to the threat, making it imperative for them to remain vigilant in their online activities. The malware actively seeks out crypto wallet applications and replaces them with malicious alternatives, putting the user’s financial assets at risk.
While this new Mac malware poses a significant risk to cryptocurrency users, it is important to note that cryptocurrency-related scams and theft continue to be pressing issues. Additionally, ransomware attacks, where hackers lock a victim’s computer and demand cryptocurrency as payment for unlocking it, remain a persistent threat in the digital landscape.
Enhancing cybersecurity awareness
As the cybersecurity landscape evolves and hackers become more sophisticated, individuals and businesses must enhance their defenses. A noteworthy trend in the cybersecurity landscape is the use of deceptive tactics by hackers, such as North Korean threat actors who masquerade as journalists or government employees. These impostors manipulate unsuspecting individuals into granting access to their cryptocurrency trading accounts, subsequently stealing their Bitcoin holdings.
One crucial aspect of cybersecurity is educating users about basic cyber hygiene practices, such as creating strong passwords and avoiding clicking suspicious links. Mac users, particularly those involved in cryptocurrency transactions, should remain vigilant and exercise caution when downloading applications. The discovery of this new malware by Kaspersky underscores the importance of adopting strong cybersecurity practices to safeguard digital assets.
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https://www.cryptopolitan.com/new-malware-targeting-mac-users/
| 2024-01-27T15:27:27Z
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The cryptocurrency lending platform Nexo has taken legal action against the Republic of Bulgaria, seeking $3 billion in damages. This move comes after Nexo accused Bulgaria of engaging in wrongful and politically motivated actions and unjustified criminal investigations. The allegations stem from events that unfolded over the past year, including investigations into money laundering and a subsequent dropping of charges by Bulgarian prosecutors.
Investigations and charges dropped
In December 2023, the Bulgarian Prosecutor’s Office concluded its investigation into Nexo, stating that there was no evidence of criminal activity related to money laundering. Initially, Bulgarian authorities had alleged that Nexo executives were involved in an organized criminal group from 2018 to 2023 aimed at profiting from crypto lending. The charges were brought against four Bulgarian nationals, including Nexo co-founders Kosta Kanchev and Antoni Trenchev, Trayan Nikolov, and Kalin Metodiev, following a raid on Nexo’s offices at the beginning of 2023. The charges dropped partially due to Bulgaria’s lack of a legal framework covering crypto assets.
Nexo, through its Swiss subsidiary Nexo AG, submitted a $3 billion arbitration claim to the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) in Washington, D.C., on January 18, 2024. This institution specializes in resolving legal disputes between international investors and nation-states.
The cryptocurrency lending platform argues that the investigations and charges have harmed its brand and reputation, leading to the loss of significant business opportunities. Nexo claims it was actively working with three U.S. banks on an initial public offering (IPO) with an initial valuation between $8 to $12 billion. Additionally, the company asserts that it was on the brink of finalizing a multi-year deal with an undisclosed major European football club, which would have provided it exposure to over 330 million supporters worldwide.
Impact on Nexo
Antoni Trenchev, one of Nexo’s co-founders, expressed that while the business continues to operate, it has been significantly affected by the investigation’s aftermath. He stated, “Our growth path has been slowed down and opportunities lost or significantly delayed. I personally promised 10 months ago that we would explore all legal means available to secure financial compensation for Nexo.”
Furthermore, Nexo’s troubles in the United States were compounded when it agreed to a $45 million settlement with the U.S. Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA) following its failure to register the offer and sale of its Earn Interest Product. This settlement resolved cases brought by various U.S. state securities regulators, leading to the discontinuation of the product in April.
In December 2023, Nexo also announced its decision to wind down operations in the U.S., citing “a lack of regulatory clarity” as the primary reason for its exit.
In response to Nexo’s arbitration claim, the Bulgarian finance ministry acknowledged receipt of the request for arbitration from the ICSID, indicating that it would be reviewed.
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https://www.cryptopolitan.com/nexo-3-billion-arbitration-claim-bulgaria/
| 2024-01-27T15:27:34Z
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In a development for Africa’s burgeoning cryptocurrency market, EMUGO Africa, a venture capital firm, predicts Nigeria’s dominance in the regional crypto space. The firm attributes this to Nigeria’s adoption of mobile-based crypto applications, a robust start-up ecosystem, and a tech-savvy youthful population. This insight comes from EMUGO Africa’s recent blog, “Inside Nigeria’s Web3 Market: Crypto Outlook and Regulations.”
Rising crypto popularity among Nigerian youth
Many of Nigeria’s population, particularly the youth, rapidly gravitate towards cryptocurrency as a viable investment avenue. With inflation soaring to about 29%, young Nigerians increasingly turn to cryptocurrencies for potentially high returns to protect and enhance their wealth. This trend is further fueled by the nation’s economic challenges, prompting a search for alternative stores of value. The demographic profile of Nigeria, with 26.6% of its population aged between 18 and 34 and a high smartphone penetration rate in this age group, supports this shift towards digital currencies.
On the same accord, Nigeria’s tech-savvy and youthful population are critical drivers in adopting cryptocurrencies. The large number of internet users, exceeding 120 million, provides young Nigerians ample opportunities to learn about and engage in the crypto market. Additionally, Nigerians’ entrepreneurial spirit and risk-taking propensity are significant factors contributing to this trend. Moreover, the emergence of cryptocurrency start-ups catering to the needs of young crypto enthusiasts indicates the growing interest and participation in this domain.
The role of decentralized finance and start-ups
Decentralized finance (DeFi) applications are becoming increasingly popular in Nigeria, attracting investors to the crypto market. These applications offer the allure of earning passive income and participating in a permissionless financial system, which is especially appealing to those drawn to innovative investment opportunities.
The rise of cryptocurrency start-ups in Nigeria is a testament to the country’s potential to dominate the African crypto landscape. These start-ups are developing novel products and services like cryptocurrency wallets, exchanges, and educational platforms, catering to the burgeoning demand from the youth.
EMUGO Africa’s blog emphasizes the significant growth of Nigeria’s crypto market, predicting its continued dominance in the African crypto landscape for decades. This projection is based on the country’s large youth population, high smartphone penetration, and increasing internet users, making it a fertile ground for cryptocurrency adoption and innovation.
Nigeria’s future in the African crypto landscape
Several factors bolster Nigeria’s potential to lead Africa’s cryptocurrency market. The country boasts the highest smartphone penetration rate in Africa, with projections by Statista indicating an increase to 66%, or more than 140 million users, by 2025. This technological advancement and Nigeria’s status as Africa’s most extensive internet user base set a solid foundation for widespread crypto adoption.
The question remains: Can Nigeria leverage its youthful demographic, technological advancements, and entrepreneurial spirit to sustain its anticipated dominance in the African cryptocurrency market? As the country continues to face economic challenges, the crypto market presents a unique opportunity for growth and innovation. With the right regulatory frameworks and continued investment in technology, Nigeria could become a key player not just in Africa but also in the global cryptocurrency arena.
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https://www.cryptopolitan.com/nigeria-eyes-top-spot-in-africas-crypto-race/
| 2024-01-27T15:27:40Z
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Nintendo has swiftly taken action against mods featuring Pokémon characters within Palworld, the surprise hit video game that has sold six million copies in just four days, as it faces controversy over alleged plagiarism. While the game’s developer, Pocketpair, maintains that they received a clean legal bill of health prior to release, the lack of a formal statement from Nintendo or The Pokémon Company adds intrigue to the unfolding legal situation. Don McGowan, the former chief legal officer for The Pokémon Company, has voiced his concerns, calling it “the usual rip-off nonsense.”
Nintendo cracks down on Pokémon mods in Palworld
Despite Palworld’s immense success and Pocketpair’s claim of a clean legal slate, Nintendo has taken preemptive measures by cracking down on mods that introduce Pokémon characters into the game. Even before an official trailer for Palworld is released, evidence of a Pokémon mod by YouTuber ToastedShoes has been swiftly removed from various online platforms. The mod’s removal indicates Nintendo’s proactive stance against potential copyright infringement, reflecting their notorious reputation for protecting their intellectual property.
Former pokémon company legal chief voices concerns
Don McGowan, the former chief legal officer for The Pokémon Company, has expressed skepticism regarding Palworld’s alleged plagiarism of Pokémon characters. McGowan, who dealt with numerous intellectual property issues during his tenure, labeled the situation as “the usual rip-off nonsense” that he encountered frequently. Despite Palworld’s claim of a clean legal record, McGowan’s remarks add weight to the ongoing controversy, suggesting that the gaming community and legal experts are closely watching developments.
Pocketpair’s defiant stance amid controversy
While Nintendo takes action against Pokémon mods in Palworld, Pocketpair, the developers of the game, remain defiant in the face of allegations. CEO Takuro Mizobuchi asserts that the game underwent thorough legal scrutiny before release and emphasizes their commitment to avoiding any infringement on the intellectual property of other companies. Despite the controversy and McGowan’s skepticism, Palworld’s developers maintain that their intentions are legitimate and that the game was created with utmost seriousness.
In the absence of formal statements from Nintendo and The Pokémon Company, the gaming community awaits clarity on the legal status of Palworld. The refusal of The Pokémon Company to comment on the situation, coupled with Nintendo’s standard practice of not discussing individual cases, suggests that the controversy may be evolving into a more substantial legal issue.
As Palworld continues to make headlines for its unprecedented success, the clash between its Pokémon-like creatures and the iconic Pokémon characters intensifies the scrutiny. The lack of a clear resolution raises questions about how Nintendo and The Pokémon Company will respond to a potential threat to their intellectual property, and whether legal action will be pursued against Palworld.
The Palworld controversy highlights the delicate balance between game developers’ creative expression and the protection of established intellectual properties. As the gaming community observes the unfolding legal drama, the case of Palworld serves as a reminder of the challenges faced by developers navigating the boundaries of inspiration and imitation in the gaming industry.
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https://www.cryptopolitan.com/nintendo-and-pokemon-company-respond-to-palworld-controversy/
| 2024-01-27T15:27:46Z
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In a recent announcement, Nintendo confirmed the official date for the termination of online services for the Nintendo 3DS and Wii U gaming consoles. Previously set for “early April 2024,” the shutdown will now occur on April 8, 2024, at 4 pm PT / 7 pm ET / 12 am (April 9) GMT.
This decision marks the end of an era for these beloved consoles, impacting games that rely heavily on online play, such as the original Splatoon on Wii U.
The official announcement
Nintendo made the official announcement regarding the shutdown through a message posted on their platform. The message stated, “Update: as of 4/8, online play and other online communication functionality will end service for Nintendo 3DS and Wii U software.” The company also expressed gratitude for gamers’ continued support of their products.
The termination of online services means that players will no longer have access to online multiplayer, rankings, and other features that rely on online communication.
Games that depend heavily on these online functionalities, such as the original Splatoon on Wii U, will be significantly affected, as they will become exclusively playable offline.
Offline gaming is still available
While online services are ending, players will still have the option to play games offline after April 8. This ensures gamers can continue enjoying their favorite titles without online features.
Nintendo has also noted that Pokémon Bank and Poké Transporter will retain their online functionality even after the shutdown of online services. This exception is likely due to players’ continued use of these services, as they play a central role in Pokémon-related activities.
Access to downloadable content
In a reassuring statement, Nintendo clarified that while in-game online functionality is ending, players can still download updated data and redownload purchased software and DLC from the 3DS and Wii U eShops “for the foreseeable future.” This ensures that players will not lose access to content they have already purchased.
Closure of eShops
Nintendo had previously closed down the eShops for both the 3DS and Wii U consoles in March 2023. This closure effectively made approximately 1000 digital-only eShop games unavailable for purchase or download, affecting the availability of these titles for gamers.
End of virtual console service
The eShops shutdown also marked the final systems’ termination to support Nintendo’s Virtual Console service. The Virtual Console service had been a popular feature among gamers, allowing them to access and play classic retro games on their 3DS and Wii U consoles.
With its discontinuation, Nintendo now offers retro games exclusively through its various apps under the Switch Online service.
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https://www.cryptopolitan.com/nintendo-announces-shutdown-of-online/
| 2024-01-27T15:27:52Z
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In a development for the blockchain industry, Noble, a prominent blockchain project, has forged a partnership with Hashnote, a distinguished asset manager. The collaboration aims to introduce a revolutionary tokenized real-world asset product on the Cosmos blockchain, marking a significant milestone for the Cosmos ecosystem and the broader blockchain space. The result of the synergy is USYC, a short-duration yield fund product conceived by Hashnote.
Noble has earned recognition as the native asset issuer of Circle’s USDC stablecoin within the Cosmos ecosystem. In contrast, Hashnote boasts a roster of high-profile investors, including DRW Holdings and Cumberland, and specializes in providing management strategies for both crypto and real-world assets. The amalgamation of Noble’s blockchain expertise with Hashnote’s asset management prowess promises to usher in a new era of financial products and services that harness the capabilities of blockchain technology to tokenize real-world assets.
Noble and Hashnote: A powerful collaboration
The partnership between Noble and Hashnote represents a synergy of two distinct domains within the financial and blockchain industries. Noble’s position as a key player in the Cosmos ecosystem as the issuer of the USDC stablecoin signifies its expertise in blockchain technology and digital assets. On the other hand, Hashnote brings a wealth of experience in managing a diverse range of assets, including cryptocurrencies and traditional financial instruments.
The collaboration leverages the strengths of both entities to explore the untapped potential of tokenized real-world assets. By combining blockchain technology with asset management strategies, the partnership aims to provide investors with innovative and accessible opportunities to participate in the emerging market for tokenized securities. The endeavor reflects the broader industry trend of bridging the gap between traditional finance and blockchain, creating a fertile ground for the development of next-generation financial products.
USYC: Tokenized real-world asset on Cosmos
USYC, the flagship product resulting from the Noble and Hashnote partnership, is poised to become a pioneering cross-chain real-world asset (RWA) within the Cosmos blockchain ecosystem. While the RWA market is still in its nascent stages, it has demonstrated rapid growth in recent times. Tokenized securities, in particular, have witnessed substantial value appreciation, with the market estimated to be worth over $500 million according to data from Dune Analytics. Noble and Hashnote’s collaboration aims to capitalize on the burgeoning market by offering investors exposure to short-duration securities, including U.S. treasury bills, through USYC.
Within the Cosmos ecosystem, comprising over 80 application-specific blockchains with a combined market capitalization exceeding $45 billion, USYC holds the distinction of being the first cross-chain RWA. The pioneering status positions USYC as a transformative force with the potential to reshape a wide range of applications within the ecosystem. One of its primary applications is expected to be as collateral within decentralized finance (DeFi) applications across the Cosmos network, highlighting the adaptability and versatility of the tokenized real-world asset.
USYC’s unique features: T+1 redemption guarantee
One of the standout features of USYC that distinguishes it from traditional financial instruments is its “T+1 redemption” guarantee. It guarantees investors that they can redeem their USYC investment, effectively selling it back to the issuing entity, one business day after the trade date. This feature enhances the liquidity and flexibility of USYC as an investment, making it an attractive option for those seeking exposure to short-duration securities within the Cosmos ecosystem.
The “T+1 redemption” guarantee addresses a common concern in the blockchain industry, where liquidity and accessibility can be challenging for certain assets. By offering this assurance, USYC seeks to alleviate these concerns, making it a more accessible and investor-friendly option. This feature aligns with the broader goal of blockchain projects and asset managers to bridge the gap between traditional finance and the blockchain world, making tokenized real-world assets more appealing and practical for a wider range of investors.
Conclusion
The collaboration between Noble and Hashnote to introduce tokenized real-world assets on the Cosmos blockchain represents a significant advancement in the blockchain and financial industries. USYC’s emergence as the first cross-chain RWA within the Cosmos ecosystem showcases the potential of blockchain technology to revolutionize asset tokenization and interoperability. With its innovative features, including the “T+1 redemption” guarantee, USYC stands as a promising example of how blockchain can enhance the accessibility and liquidity of real-world assets, further blurring the lines between traditional finance and the blockchain realm.
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https://www.cryptopolitan.com/noble-hashnote-tokenized-securitie-on-cosmos/
| 2024-01-27T15:28:00Z
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