Lifeboat Foundation

“DATA SLAVERY.” Jennifer Lyn Morone, an American artist, thinks this is the state in which most people now live. To get free online services, she laments, they hand over intimate information to technology firms. “Personal data are much more valuable than you think,” she says. To highlight this sorry state of affairs, Ms Morone has resorted to what she calls “extreme capitalism”: she registered herself as a company in Delaware in an effort to exploit her personal data for financial gain. She created dossiers containing different subsets of data, which she displayed in a London gallery in 2016 and offered for sale, starting at £100 ($135). The entire collection, including her health data and social-security number, can be had for £7,000.

Only a few buyers have taken her up on this offer and she finds “the whole thing really absurd”. Yet if the job of the artist is to anticipate the Zeitgeist, Ms Morone was dead on: this year the world has discovered that something is rotten in the data economy. Since it emerged in March that Cambridge Analytica, a political consultancy, had acquired data on 87m Facebook users in underhand ways, voices calling for a rethink of the handling of online personal data have only grown louder. Even Angela Merkel, Germany’s chancellor, recently called for a price to be put on personal data, asking researchers to come up with solutions.

But constraints brought about by the financial crisis ended the leverage that had fueled the boom. Fixed-income traders felt the brunt of the changes, and in the years since, equities traders —especially those with a technology background—have enjoyed a renaissance. Their rise has touched off a battle for supremacy that’s come down to only three companies: Goldman Sachs, Morgan Stanley, and JPMorgan Chase. These rivals are now locked in a technological arms race to control a $58 billion-a-year industry. As they each jockey for an edge over the other, no one who trades on Wall Street is safe.

Dimon, Blankfein, Gorman: Three great rivals are battling to control the $58 billion-a-year equities industry.

Cryptocurrency fraud and other kinds of cyber-fraud, too.

President Donald Trump has assigned an official task force to investigate the pervasive fraud within the cryptocurrency industry.

On Thursday, the president signed an executive order for a new task force within the Department of Justice with a mandate “to investigate and prosecute crimes of fraud committed against the U.S. Government or the American people, recover the proceeds of such crimes, and ensure just and effective punishment of those who perpetrate crimes of fraud.”

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Bridgewater Associates’ Ray Dalio, the founder of the world’s largest hedge fund, is analyzing the social and financial viability of a widely debated program aimed at reducing the wealth inequality.

Hedge-fund manager Ray Dalio is looking at whether universal basic income can help solve wealth inequality.

Brilinta fits a pattern of what might be called pay-later conflicts of interest, which have gone largely unnoticed—and entirely unpoliced. In examining compensation records from drug companies to physicians who advised FDA on whether to approve 28 psychopharmacologic, arthritis, and cardiac or renal drugs between 2008 and 2014, Science found widespread after-the-fact payments or research support to panel members. The agency’s safeguards against potential conflicts of interest are not designed to prevent such future financial ties.

Science investigation of journal disclosures and pharmaceutical funding records shows potential influence on physician gatekeepers.

The evidence is increasingly clear: 2018 is the year of the Chinese venture deal.

With half of the year now complete, China is driving ahead of Silicon Valley and the rest of the United States on venture capital dollars invested into startups, according to a number of data sources including Crunchbase, China Money Network, and Pitchbook.

These sorts of top line numbers are always driven by large deals, and the Chinese VC market is no exception. Monster rounds this year have included a $1.9 billion investment from Softbank Vision Fund into Manbang Group, a truck hailing startup formed from the merger of two competitors, Yumanman and Huochebang, as well as Ant Financial, which raised a whopping $14 billion from investors.

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https://wisechase.tv/the-bugs-that-reverse-damage/

RENTON, Wash. — Forecasts that predict the space industry to grow to a trillion dollars by the 2040s will require the development of new markets, even with the modest annual growth rates needed to achieve that goal.

A panel session June 26 at the Space Frontier Foundation’s NewSpace 2018 conference here noted that several reports in the last year by investment banks predicted that the global space economy, currently valued at about $350 billion, could grow to $1 trillion or more in the 2040s.

One report by Goldman Sachs predicted the industry would reach $1 trillion in the 2040s, noted Jeff Matthews, a consultant with Deloitte who moderated the panel discussion. A separate study by Morgan Stanley projected a “most likely outcome” of a $1.1 trillion space economy in the 2040s. A third study by Bank of America Merrill Lynch was the most optimistic, seeing the market growing to $2.7 trillion by the same timeframe.

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Last year, I got invited to a super-deluxe private resort to deliver a keynote speech to what I assumed would be a hundred or so investment bankers. It was by far the largest fee I had ever been offered for a talk — about half my annual professor’s salary — all to deliver some insight on the subject of “the future of technology.”

I’ve never liked talking about the future. The Q&A sessions always end up more like parlor games, where I’m asked to opine on the latest technology buzzwords as if they were ticker symbols for potential investments: blockchain, 3D printing, CRISPR. The audiences are rarely interested in learning about these technologies or their potential impacts beyond the binary choice of whether or not to invest in them. But money talks, so I took the gig.

After I arrived, I was ushered into what I thought was the green room. But instead of being wired with a microphone or taken to a stage, I just sat there at a plain round table as my audience was brought to me: five super-wealthy guys — yes, all men — from the upper echelon of the hedge fund world. After a bit of small talk, I realized they had no interest in the information I had prepared about the future of technology. They had come with questions of their own.