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Put simply, smart contracts are computer programs that can automatically execute the terms of a contract. With traditional operations, numerous contracts would be involved just to manufacture a single console, with each party retaining their own paper copies. However, combined with blockchain, smart contracts provide automated accountability. Smart contracts can be leveraged in a few ways: When a truck picks up the manufactured consoles from the factory, the shipping company scans the boxes.

Beyond payments, a given worker in production could scan their ID card, which is then verified by third-party sources to ensure that they do not violate labor policies. Other Popular Cryptocurrencies Litecoin: Launched in , Litecoin functions similarly to Bitcoin in that is also open sourced, decentralized, and backed by cryptography. Zcash: Released in October , Zcash is a relative newcomer in the space. However, there are claims that it is the first truly anonymous cryptocurrency in existence due to its employment of zero knowledge SNARKS, which involves no transaction records whatsoever.

The technology ensures that, despite all the information being encrypted, it is still correct and that double spending is impossible. Monero: Monero possesses unique privacy properties. Ripple: Released in , Ripple offers instant and low-cost international payments. It thus requires less computing power. Investing in Cryptocurrencies As mentioned previously, cryptocurrency has no intrinsic value—so why all the fuss?

People invest in cryptocurrencies for a couple primary reasons. Apart from pure speculation, many invest in cryptocurrencies as a geopolitical hedge. During times of political uncertainty, the price of Bitcoin tends to increase. The supply of Bitcoin is limited by code in the Bitcoin blockchain.

The rate of increase of the supply of Bitcoin decreases until the number of Bitcoin reaches 21 million, which is expected to take place in the year As Bitcoin adoption increases, the slowing growth in the number of Bitcoin all but assures that the price of Bitcoin will continue to grow.

Bitcoin is not the only cryptocurrency with limits on issuance. The supply of Litecoin will be capped at 84 million units. The purpose of the limit is to provide increased transparency in the money supply, in contrast to government-backed currencies. With the major currencies being created on open source codes, any given individual can determine the supply of the currency and make a judgment about its value accordingly. Applications of the Cryptocurrency. Cryptocurrencies require a use case to have any value.

The same dynamic applies to cryptocurrencies. Bitcoin has value as a means of exchange; alternate cryptocurrencies can either improve on the Bitcoin model, or have another usage that creates value, such as Ether. As uses for cryptocurrencies increase, corresponding demand and value also increase.

Regulatory Changes. Because the regulation of cryptocurrencies has yet to be determined, value is strongly influenced by expectations of future regulation. In an extreme case, for example, the United States government could prohibit citizens from holding cryptocurrencies, much as the ownership of gold in the US was outlawed in the s. Technology Changes. Unlike physical commodities, changes in technology affect cryptocurrency prices.

July and August saw the price of Bitcoin negatively impacted by controversy about altering the underlying technology to improve transaction times. Conversely, news reports of hacking often lead to price decreases.

Still, given the volatility of this emerging phenomenon, there is a risk of a crash. Many experts have noted that in the event of a cryptocurrency market collapse, that retail investors would suffer the most. ICOs help firms raise cash for the development of new blockchain and cryptocurrency technologies.

Startups are able to raise money without diluting from private investors or venture capitalists. Bankers are increasingly abandoning their lucrative positions for their slice of the ICO pie. Not convinced of the craze? Outstanding Issues around the Cryptocurrency Market With cryptocurrencies still in the early innings, there are many issues surrounding its development.

According to this theory, members of society implicitly agree to cede some of their freedoms to the government in exchange for order, stability, and the protection of their other rights. By creating a decentralized form of wealth, cryptocurrencies are governed by code alone.

The following section will discuss these tangible aspects of cryptocurrency development. Accounting Treatment of Cryptocurrencies Under current accounting guidelines, cryptocurrencies are most likely not cash or cash equivalents since they lack the liquidity of cash and the stable value of cash equivalents. The value of cryptocurrency holdings on balance sheets would be at cost or fair market value at the time of receipt. The ruling left many questions unanswered.

These rules exclude certain investment assets, but do not explicitly exclude cryptocurrencies, so their applicability is unclear. In the EU, a decision of the European Court of Justice rules that cryptocurrencies should be treated like government-backed currencies, and that holders should not be taxed on purchases or sales. Regulation of Cryptocurrencies Regulatory treatment of cryptocurrencies continues to evolve, but because the technology transcends global boundaries, the influence of national regulators is limited.

Japan Is the First to Take an Unambiguous, Encouraging Regulatory Approach Japan has not only legally recognized Bitcoin, but also created a regulatory framework to help the industry flourish. This is considered a major step forward for legitimizing cryptocurrencies. The media has generally praised the new regulatory scheme, though the Japanese Bitcoin community has criticized the system as hampering innovation.

The move follows the major fraud and investor losses from the Mt. Gox Bitcoin exchange scandal. The retail investor— Mrs. She wants something regulated and trustworthy. On the other hand, US regulators have been less than keen about the rise of virtual currencies. Take initial coin offerings ICOs for example. Despite their popularity, many ICOs are for new cryptocurrencies with speculative business models, and have been widely criticized as scams. Since ICOs can be sold across national borders, it remains to be seen whether ICO issuers will choose to comply or simply move transactions outside of the US.

Due to the pseudonymous nature of ICO transactions, it may be difficult for national governments to significantly limit cryptocurrency sales or trading. Regulation is also expanding beyond ICOs. This move is a result of concern that cryptocurrency investors believe they are receiving the protections and benefits of a registered exchange when they, in fact, are not.

To date, compared to securities brokers, cryptocurrency exchanges have had no capital rules and have been largely unregulated other than for anti-money laundering—something that seems to be subject to change. Exchanges registered with the SEC will be subject to inspections, required to police their markets, and mandated to follow rules aimed at ensuring fair trading. China has banned ICOs, called on local exchanges to stop trading in cryptocurrencies, and limited mining.

Bitcoin and other cryptocurrency trading are still permitted to be traded, but only via over-the-counter OTC markets, which is a slower process that may increase credit risk. China also recently cracked down on a cryptocurrency loophole that allowed Chinese investors to trade crypto assets on overseas exchanges. Overall, China has taken a tough stance on cryptocurrencies, looking to cleanse the financial markets for years now and viewing cryptocurrencies as a potential shadow banking sector and a way to move money out of the country.

The Chinese government believes its benefits include decreased transaction costs, enhanced access to financial services for rural areas, and increased efficacy of monetary policies. However, it wants to maintain full control of these transactions. South Korea. South Korea has become a hub for crypto trading , for housewives and students alike.

However, South Korea banned ICOs in September , and since then regulators have been contemplating shutting down local crypto exchanges, outlawing deposits into anonymous virtual accounts at banks, even instituting a capital gains tax on crypto-trading. It remains to be seen how regulation will shake out. In contrast, Vermont and Arizona have embraced the new technology. Both states passed laws providing legal standing to facts or records tied to a Blockchain, including smart contracts.

Arizona also passed a second law prohibiting blockchain technology from being used to track the location or control of a firearm. Security and Privacy Issues Computer hacking and theft continue to be impediments to widespread acceptance. These issues have continued to rise in tandem with the popularity of cryptocurrencies.

In July , one of the five largest Bitcoin and Ethereum exchanges Bithumb was hacked, resulting in the theft of user information as well as hundreds of millions of Korean Won. The pseudonymous nature of blockchain and Bitcoin transactions also raises other concerns. In a typical centralized transaction, if the good or service is defective, the transaction can be cancelled and the funds returned to the buyer. Parting Thoughts Despite advancements since their inception, cryptocurrencies rouse both ire and admiration from the public.

The challenge proponents must solve for is advancing the technology to its full potential while building the public confidence necessary for mainstream adoption. After all, critics are not entirely wrong. Bitcoin and its investors could end up like brick and mortar stores, eclipsed by the next big thing. New cryptocurrency advancements are often accompanied by a slew of risks: theft of cryptocurrency wallets is on the rise, and fraud continues to cast an ominous shadow on the industry.

Still, cryptocurrencies and blockchain could be truly transformative. The only limit is your imagination. Cryptocurrencies are primarily used to buy and sell goods and services, though some newer cryptocurrencies also function to provide a set of rules or obligations for its holders. What is a crypto wallet? Cryptocurrency wallets are necessary for users to send and receive digital currency and monitor their balance. What is a crypto miner? During mining, two things occur: Cryptocurrency transactions are verified and new units are created.

The soul of money is trust. So, the question becomes: which institution is best-placed to generate trust? I will argue that central banks have been and continue to be the institutions best-placed to provide trust in the digital age. This is also the best way to ensure an efficient and inclusive financial system to the benefit of all. Part of that convention is that central banks provide, and critically are seen to provide, an open, neutral, trusted and stable platform.

Private companies use their ingenuity and dynamism to develop new payment methods and financial products and services. This combination has been a powerful driver of innovation and welfare. The realization of the vision of an open monetary and financial system that harnesses technology for the benefit of all. Gatekeeping the gatekeepers — big tech and banking licenses The growing interconnectedness between the traditional financial system and cryptos is demonstrated by the potential for, and the implications of, Big Tech firms and other digital asset firms taking stakes in or owning banks and financial services companies.

The findings are based on publicly available licensing requirements in seven jurisdictions covering Asia, Europe and North America. The paper compares the merits of bank ownership by tech firms in relation to ownership by commercial or industrial non-financial companies NFCs. Unburdened by legacy infrastructure, tech firms can offer superior technology and user-friendly apps that may allow them to reach more consumers and perform various aspects of the banking business onboarding, deposit-taking, lending, payments more efficiently than incumbents, including commercial or industrial NFCs that may own banks.

Nevertheless, as part of the authorization process — and subsequently through continuing supervision — authorities need to examine the ability and willingness of tech firms to deliver on their stated objectives. A particular policy concern is whether the risks of allowing tech firms to own banks can be offset through licensing requirements without undermining the potential benefits they bring to consumers.

Policy responses may differ across countries, but they are likely to be guided by three main considerations: the policy priorities of each jurisdiction; the inherent risks posed across and within each group of tech firms; and the applicability of the existing licensing regime in addressing the risks of tech-owned banks. It found that mistakes had not stemmed from regulatory grey areas or misinterpretations of risk, regulation or compliance.

It did not know what management information to expect, did not understand the role of the regulator and fundamentally did not understand banking. The potential relevance to, say, a Big Tech owning a bank is clear. Decentralized autonomous organizations The emergence of decentralized autonomous organizations DAOs represents a revolutionary change in the ways people and businesses can organize.

DAOs leverage blockchain technology and are decentralized models of control and governance. They are characterized by transparency, clarity of rule, and process-driven decisions, primarily using smart contracts on distributed ledgers. Once a DAO has been established, via a blockchain, participants take ownership of its token, which allows them to participate in the system.

Close to 5, DAOs have been formed to date, and this is expected to grow exponentially. Many involve pooling digital money together to purchase assets, both physical and digital. ConstitutionDAO was established seven days prior to the auctioning of one of the 11 remaining copies of the U. The intent was to purchase and house it at a protected public location.

These are just two examples of how quickly DAOs can be created, and of how powerful they can be. Central to a DAO is transparency. Anyone can see which individual wallet address owns tokens. Tokens allow for people to vote on proposals.

Anyone can create a proposal. Simply stated, and in an ideal setting, it is egalitarian. One challenge to the model, however, is its democratic nature which can make DAOs overly deliberate and result in a slower process compared with more traditional organizations.

The regulatory landscape for DAOs is nearly non-existent at the state level. Wyoming, which has led the United States on regulation for blockchain and cryptocurrency, recently codified rules for DAOs residing in the state. No other state enables this yet. Further, there is a movement afoot for corporations in the cryptocurrency sector to dissolve and become DAOs.

With potentially hawkish regulation on the horizon for cryptocurrency, DAOs, by their very nature, are code-based, self-running, leaderless entities running via a decentralized network, which permits actions based on how users interact under brassbound, predefined rules. Theoretically, under the current regulatory landscape there is nothing the law can do about such an entity.

A corporation converted to a DAO would no longer be in control of the platform, which reverts to a completely new decentralized model, unlike anything regulated currently. The SEC is reportedly looking into true DAOs such as Uniswap, which operates in the decentralized finance DeFi sector as a decentralized exchange DEX and is a code-based organization that matches buyers and sellers of cryptocurrency. One area of focus is lending pools, where users will provide their assets for other users to trade, which produces healthy yields, just as banks provide interest on assets.

This may fall into the Howey Test investment contract realm. Joe Raczynski Technologist and futurist, manager of technical client management at Thomson Reuters. Financial crime There is also concern that crypto firms can, and are, being used as conduits for facilitating financial crime. Many such firms, if not most, are outside the regulatory perimeter and have often found stepping into the regulated world challenging.

One example of this is Binance, which has suffered multiple setbacks in its attempts to become regulated in several jurisdictions. The FCA currently has a limited role in registering UK-based crypto-asset exchanges for anti-money laundering purposes.

Exchanges can be used to launder the proceeds of crime and we must contribute to the global effort to address financial crime by demanding that businesses with a UK presence meet the necessary standards. While some of the business which have applied to us have shown evidence of adequate systems and controls, many others fell well short of acceptable standards, and many have withdrawn their applications as we have scrutinized them.

The state of those firms ignoring the requirement to register with us or which have moved off-shore to avoid registration could be even worse. Charles Randell Chair of the UK Financial Conduct Authority and the Payment Services Regulator, September New research shows that decentralized finance DeFi protocols in particular are becoming an increasingly significant route for money launderers. This refers to cyber-criminal activity such as darknet market sales or ransomware attacks in which profits are virtually always derived in cryptocurrency rather than fiat currency.

It is more difficult to measure how much fiat currency derived from offline crime — traditional drug trafficking, for example — is converted into cryptocurrency to be laundered. The couple allegedly conspired to launder , bitcoin stolen after a hacker broke into Bitfinex and initiated more than 2, unauthorized transactions. In another high-profile example last year, former partners and associates of the ransomware group REvil [25] caused a widespread gas shortage on the U.

East Coast when it used encryption software called DarkSide to launch a cyber attack on the Colonial Pipeline. The biggest difference between fiat and cryptocurrency-based money laundering is that, due to the inherent transparency of blockchains, it is much easier to trace how criminals move cryptocurrency between wallets and services in their efforts to convert their funds into cash. Mining pools, high-risk exchanges and mixers also saw substantial increases in value received from illicit addresses.

One of the novel features of DeFi platforms is that visibility and verification of identities of counterparties is not required. Although some platforms have recently introduced know-your-customer KYC verification requirements, these are not always necessary for the platforms to function, even though such requirements are required by law in most jurisdictions.

In addition, some third-party service providers offer additional privacy-enhancement or even law evasion techniques for DeFi users. It can therefore be difficult to trace transactions, increasing the risk of these platforms attracting illegal activities, money laundering, terrorist financing, or circumventing sanctions restrictions. Cryptos are undoubtedly being used in financial crime, but it still appears that, for instance, cryptocurrencies are substantially less likely to be used for money laundering than fiat currency.

That said, the war in Ukraine has raised further questions and concerns about the potential for cryptos to be used in the avoidance of, or non-compliance with, sanctions. Specifically, the international regulatory framework should provide a level playing field along the activity and risk spectrum. The IMF believes this should have the following elements: Crypto-asset service providers that deliver critical functions should be licensed or authorized.

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Following his active duty service he worked in the semiconductor industry for decades while serving in the Navy Reserves, retiring with the rank of Commander. He is married to his high school sweetheart, Barbara and has three grown kids. Keene lives in Washington State. I flew the most awesome aircraft in the most challenging environments. I never considered flying on and off carriers a postage-stamp-sized runway in the middle of the ocean especially risky. And I was surrounded by guys who did the same thing so it all seemed quite normal.

The only aircraft I thought was dangerous was the helicopter because it had no ejection seat. In the 70s and 80s, I had the world by the tail. Ultimately being a good and present father was my most important life goal. In the corporate world I found interesting though not particularly thrilling technical jobs. Through it all, I continued to look for alternative ways to become more independent. In the early s I was offered an opportunity to become second in command as vice president of operations for a struggling private semiconductor company.

The president and I disagreed on some fundamental issues regarding running the now-successful business. I ended up leaving that company but kept the options. They had no inherent value then but I still hoped they would one day. In , the company went public. Dot-com fever In the s and into the year the dot coms had been running high, IPOs were happening at a record pace, and even monkeys throwing darts at stock names made money.

The stock market was simply the place to be if you wanted to make money. When the stock in my former company plummeted, I lost almost everything I had. I was devastated. In a panic, the baby is thrown out with the bath water. I had to decide whether to tuck tail and run back to corporate life, or work to figure out how to keep my dream of independence. Barbara told me that she believed in me and would support whatever I chose. There's no reason to change. And companies have figured out that I can create pretty significant loyalty by creating a very well-designed experience for my customers.

Apple is also increasing prices for discounted subscriptions, including annual and family plans, where available. And the price increase for Apple Music could give other music subscription services, including Spotify, cover to follow suit. Correction: An earlier version of this story misstated Apple One's price. This story was updated on Oct. The case, over whether XRP is a security, remains closely watched, as it could set a legal precedent affecting the entire industry.

When the truth eventually comes out, the shamefulness of their behavior here will shock you. The SEC and Ripple have been embroiled in a legal battle since , when the agency sued the crypto company for alleged securities laws violations. Ripple rejected the claim. Hinman was a member of the SEC leadership around the time that the agency filed the lawsuit against Ripple.

He stepped down at the end of and is now an adviser to a16z. Ripple demanded that the SEC also release emails and other documents related to the way the Hinman speech was discussed internally. Ripple finally prevailed last week. This story was updated to clarify Hinman's time at the SEC. But doing so will require huge amounts of energy.

It takes around 1, kilowatt-hours to remove a ton of carbon from the sky using direct air capture. The carbon removal industry expects to scale to capture billions of tons per year. That could put it in direct competition with renewable needs for other purposes like, say, keeping the lights on. For reference, the average American home uses a little less than kilowatt-hours of energy per month. Even the lowest-carbon fossil fuel, natural gas, generates almost half a ton of carbon dioxide for every ton that is taken out of the atmosphere via DAC, according to his estimates.

The net cost is actually double that amount. What that means is that, for DAC to be economically feasible, the energy powering it has to be carbon-free. And that means less conflict over future renewable energy. In other words, Chief members in cities such as Boston and D. Cybersecurity vendor SOCRadar, which reported the data leak to Microsoft, said in a blog post that data belonging to more than 65, companies was affected.

Microsoft, however, said in its own post that SOCRadar "has greatly exaggerated the scope of this issue. The server misconfiguration was reported on Sept. Due to the configuration error, there was a potential that certain "business transaction data" could have been accessed without a need for authentication, Microsoft said.

The data corresponds to "interactions between Microsoft and prospective customers," including around the planning and implementation of Microsoft services, the company said in its post. Affected data may have included "names, email addresses, email content, company name, and phone numbers, and may have included attached files relating to business between a customer and Microsoft or an authorized Microsoft partner," Microsoft said. SOCRadar said that a "single misconfigured data bucket" was responsible the exposure of the data of the 65, affected companies, which the company said are based across countries.

The leak amounts to 2. The files are dated between and August , the vendor said. Microsoft disputed SOCRadar's claims about the size of the leak, saying that an "analysis of the data set shows duplicate information, with multiple references to the same emails, projects, and users.

The leak didn't involve any vulnerability since it was solely caused by the server misconfiguration, the company said. Keep Reading Show less Kyle Alspach The risk is climbing that both Russia and China may look to bring an escalation in major cyberattacks against the U. When it comes to Russia, an increase in major cyberattacks against the West is looking a lot more likely as "we are entering a new phase of the conflict" over Ukraine, he said.

Russian President Vladimir Putin is "starting to realize that the war is not going well for him," Alperovitch said. And that may mean that he's going to be much more willing to confront not just Ukraine, but also the West. Meanwhile, China may be jumping into the fray, too, in response to the recent U. Update: The first sentence of this article was reworded to better describe the type of cyberattacks involved.

On Monday, Ye, formerly known as Kanye West, agreed to purchase Parler, the social media platform popular among conservatives and which launched in Ye made anti-Semitic remarks on both platforms, prompting Twitter to lock his account and Instagram to delete his post and place other restrictions on his platform activity.

Ye has only doubled down on his anti-Semitic rhetoric in recent days. In the two days since the news of the acquisition broke, Parler has seen four times as many new users sign up as it did in the preceding month, Levine told Protocol. He also said the company wants to expand beyond politics by recruiting new users who are musicians, athletes, and comedians.

Parler currently has around 70 employees, he said. Parler is working through the details of how the acquisition will affect its leadership team, according to Levine. Ye had communicated with Elon Musk last week, prior to making the Parler acquisition offer, according to Bloomberg. Once the deal went public on Monday, Ye spoke to former President Donald Trump over the phone — they reportedly made dinner plans, and Ye said he invited Trump to join Parler, a move that Ye would reciprocate by joining Truth Social.

Keep Reading Show less Kwasi Gyamfi Asiedu Major ISPs have consistently offered poor neighborhoods and communities of color slower base internet speeds than more affluent, white neighborhoods, despite charging all of these communities the same price for service, according to a new investigation by The Markup and The Associated Press.

The investigation sheds light on the fact that worse broadband service in poor communities doesn't necessarily equate to lower costs. The ISPs mentioned in the report didn't deny offering different speed rates for the same price, but said it's not because they're intentionally discriminating. Cherney Running a monopoly chip business has its advantages, especially as the rest of the industry is pushed into turmoil — the result of a rapid, significant reversal in demand for consumer chips and U.

The company is the exclusive manufacturer of tools that use extreme ultraviolet lithography tech , which is necessary to print-cutting edge chips. ASML said early Wednesday when it held an earnings conference call with investors that some of its customers — Intel, Samsung, and TSMC, for example — had delayed equipment delivery dates. And that's basically depending on their capex plans and on the depth of the recession, about the ability to finance it depends whether it's a few months out or a few quarters out.

ASML is in an enviable position compared with some of the other tool makers. Located in the Netherlands, it can operate outside of the increasingly hawkish U. Sales of the advanced EUV machines are blocked to Chinese customers, but only because one of the crucial submodules is manufactured by a San Diego subsidiary of ASML, and without that submodule the EUV machines would be unable to operate. Other chip equipment makers are not likely to fare as well as ASML.

At the same time as some consumer end markets for chips have dropped off sharply, the U. The fresh export restrictions caused Applied Materials to issue a revenue warning last week , cautioning investors that the damage would extend into the next quarter too. But a lot of tools are subject to the new rules and — perhaps more importantly — so are the personnel needed to service and support existing equipment.

The expensive, complex machines needed to perform the various aspects of chip manufacturing require consistent monitoring and upkeep, which has morphed into a lucrative business for the equipment makers. To put a fine point on it, according to The Economist, Goldman Sachs now estimates that overall the new U. Try the real, potentially harsh winter about to hit Europe. Shutting down a key segment of the crypto industry could be one solution to the crisis, officials believe.

Targeting crypto mining in a push to drastically cut energy consumption makes sense for the EU, given the difficulties of making similar reductions at major industries. Miners have cited the flexibility they have in shutting down and spinning up their operations based on the cost and availability of energy as an advantage compared to other industries, and argued that they can actually help stabilize grids and lower the cost of energy.

The EU has also been moving to introduce rules for the fast-growing crypto industry, highlighted by the recent approval of the Markets in Crypto-Assets Regulation , which is expected to become law in The rise of renewable energy and electric vehicles are helping slowly bend the emissions curve, but there's still a lot of work to do. In actual numbers, carbon dioxide emissions are projected to increase by million tons in to a grand total of That growth is a lot less than , when they climbed nearly 2 billion tons.

Last year's rapid rise in emissions was due in part to the global economic recovery following pandemic lockdowns. The report credits this year's increase in emissions to power generation and the aviation sector, as travel continues to rise to pre-pandemic levels.

Russia's invasion of Ukraine is also making natural gas more expensive. That's impacting the European Union's energy security , and the bloc and other countries are turning to coal as a cheaper but dirtier alternative. But this uptick in emissions tied to coal use is "considerably outweighed by the expansion of renewables. The IEA said that offset million tons of carbon pollution, an amount that's roughly on par with Canada's annual emissions.

The group forecast that the world is on track for "consistent improvement" when it comes to transitioning to clean energy and that last year's big emissions increase was a COVIDrelated blip.