Lifeboat Foundation

The problem relates to something called BGP routing, and it took down every part of Facebook’s business.

DeversiFi’s faulty bill shows crypto, where “code is law”, is equally vulnerable to costly slip-ups that have no formal resolution mechanism.

“Right now, most of the users of DeFi are true believers in the technology and its potential, and so confidence may persist regardless of these events,” said Hilary Allen, professor of law at the American University Washington College of Law.

“But if DeFi is more broadly adopted by people less committed to the technology, confidence will become more vulnerable — and the potential for panics that can come with damaged confidence should give us pause,” she added.

Continue reading “‘Fat finger’ $24m charge exposes fragility in crypto market” »

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Elon Musk reiterated Tesla’s commitment to China, stating that the company will continue to invest in the country. Musk made his announcement at a pre-recorded question-and-answer session at China’s Cyberspace Administration’s Global Digital Conference. Musk has hailed the country that is vital to his electric vehicle company for the second time this month, calling it as a “global leader in digitalization.” As per Mr. Musk’s comments made during another pre-recorded webcast at the World New Energy Vehicle Congress less than two weeks earlier, Chinese automakers were the “most internationally competitive.” Musk was enthusiastic in his praise for the nation that is vital to Tesla’s electric vehicle business, and his remarks came as the company works to repair its image in China. Musk stated, “I have a lot of respect for the various Chinese automakers who are driving these (EV) technologies.” Musk stated Chinese carmakers are among the best at software, which he claims will “shape the future of the vehicle industry” during his three-minute speech. “My honest view is that China invests a lot of resources and efforts adopting the latest digital technologies in various areas, including the automotive industry,” Musk said in a recent video. China has become a global leader in digitalization in the vehicle industry.” “Tesla will continue to boost its investment and research and development efforts in China.” However, negative coverage of Tesla has also grown in China over the last year. In one high-profile case, a woman claiming to be a Tesla customer protested an apparent brake failure in her car at the Shanghai auto show in April. Tesla was accused of having an “arrogant and aggressive approach” in China, according to official media, after a video of the incident went viral on Chinese social media. But now, Tesla has been attempting to repair its image in China following a barrage of negative headlines. The corporation has been under governmental scrutiny for its privacy practises, as well as several recalls in China. Some state and military employees are apparently restricted from driving Tesla electric vehicles. Musk emphasized data protection in his speech and outlined the many types of data that are stored locally. “At Tesla, we’re pleased to see a bustle of fresh laws and regulations targeted at enhancing data handling,” Musk remarked. In the past, the corporation is said to have broken ground on a big Shanghai facility. According to Reports, Tesla sold 44,264 Made-in-China automobiles by August 2021. There were 31,379 for export, which marked an increase over July’s 32,968 made-in-China automobiles sold and June’s 33,155 units sold. Local EV firms like Xpeng Inc., Li Auto Inc., and Nio Inc. are also posing a threat to Tesla in China. Last month, shipments of China-made cars to domestic purchasers increased, and exports from the company’s Shanghai factory — largely to Europe — increased. As a result, Tesla’s overall China shipments increased 34% from July to 44,264 units in August. According to sources, Tesla momentarily suspended some tasks at its Shanghai factory last month due to a global shortfall of semiconductors. Because of a shortage of crucial chips, a portion of a production line at the China plant was shut down for nearly four days in August. Tesla created a data centre in China to contain all of the data generated by our businesses there, which include manufacturing, sales, service, and charging. All personally identifying information is kept secure in China and is never sent abroad. Data is only permitted for international transfer in very rare instances, such as spare parts orders from overseas.” Tesla is acting in response to new Chinese government regulations governing how carmakers with cameras and sensors collect and use data. Tesla also said in a statement that it was “glad to hold discussions with industry experts” regarding new data security requirements for automobiles in the country. “Data security in automobiles is critical. Tesla will make every effort to maintain data security by implementing automotive data security management.”

Continue reading “Elon Musk WARNED Everyone China No Longer Playing Games 🚫” »

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Stimulating STEM Innovation & Securing U.S. High-Tech Economy — Kimberly A. Reed, Fmr President and Chairman Export-Import Bank of the United States.

Kimberly A. Reed just finished up a 2-year term as President and Chairman of the Board of Directors of the Export-Import Bank of the United States (EXIM — https://www.exim.gov). She was the first woman to lead EXIM in the agency’s 87-year history, was the first recipient of EXIM’s highest honor, the Franklin D. Roosevelt Award, and was confirmed by the U.S. Senate in 2019 on a strong bi-partisan basis.

Continue reading “Kimberly A Reed — Fmr EXIM Chairman / President — Stimulating STEM & Securing U.S. High-Tech Economy” »

Waymo, Alphabet Inc.’s autonomous driving company, is vague on exactly when semis controlled by its technology will be hauling cargo, without drivers, across the U.S. but has a detailed list of challenges to be mastered first, ranging from rough winds and slick roads, stray pedestrians on the highway and figuring out how robot trucks can deploy safety flares when they have to pull over.

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While the idea of the automobile was invented in the late 1800s in Germany and France, the true commercial revolution of the industry occurred in the 1920s in the U.S. There were 40+ years of experimentation between 1,880 and 1,920 with different form factors such as steering sticks, drive systems, and even names (like the Stanley Steamer). Brands and technologies were secondary until the true mass production of one common form, and with that development in the 1920s came the exceptional volumes and growth rates that led to the tripling of registered drivers in the U.S. between 1920 and 1930.

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According to 2020’s McKinsey Global Survey on artificial intelligence (AI), in 2,020 more than 50% of companies have adopted AI in at least one business unit or function, so we witness the emergence of new AI trends. Organizations apply AI tools to generate more value, increase revenue and customer loyalty. AI leading companies invest at least 20% of their earnings before interest and taxes (EBIT) in AI. This figure may increase as COVID-19 is accelerating digitization. Lockdowns resulted in a massive surge of online activity and an intensive AI adoption in business, education, administration, social interaction, etc.

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With global corporate-venture-capital-backed (CVC) funding reaching $79 billion across 2,099 deals in the first half of 2,021 according to CB Insights, the chances are high that startups will find great opportunities with this growing investor set.

Entrepreneurs, however, are likely to discover that the investment process can be different for CVCs compared to private venture capital firms. While both types of investment firms tend to make decisions via an investment committee (IC), private VCs (inclusive of VCs with corporate backers that have an independent LPA structure) make up their ICs with firm partners and/or other venture-minded people.

But for CVCs investing off a corporate balance sheet, the IC can include corporate-minded people, such as the CEO or business unit leaders, who generally tend to be detached from the venture mindset and the requirements for operating in the VC world. As such, entrepreneurs will realize that a successful CVC investment decision tends to have different requirements compared to a private VC firm’s decision.