Another crisis is inevitable, Bill Gates said.
Billionaire philanthropist Bill Gates is optimistic about the future of the U.S., but he does believe the country will have another financial crisis.
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Category: finance – Page 126
A longer-term concern is the way AI creates a virtuous circle or “flywheel” effect, allowing companies that embrace it to operate more efficiently, generate more data, improve their services, attract more customers and offer lower prices. That sounds like a good thing, but it could also lead to more corporate concentration and monopoly power—as has already happened in the technology sector.
LIE DETECTORS ARE not widely used in business, but Ping An, a Chinese insurance company, thinks it can spot dishonesty. The company lets customers apply for loans through its app. Prospective borrowers answer questions about their income and plans for repayment by video, which monitors around 50 tiny facial expressions to determine whether they are telling the truth. The program, enabled by artificial intelligence (AI), helps pinpoint customers who require further scrutiny.
AI will change more than borrowers’ bank balances. Johnson & Johnson, a consumer-goods firm, and Accenture, a consultancy, use AI to sort through job applications and pick the best candidates. AI helps Caesars, a casino and hotel group, guess customers’ likely spending and offer personalised promotions to draw them in. Bloomberg, a media and financial-information firm, uses AI to scan companies’ earnings releases and automatically generate news articles. Vodafone, a mobile operator, can predict problems with its network and with users’ devices before they arise. Companies in every industry use AI to monitor cyber-security threats and other risks, such as disgruntled employees.
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A Blockchain For Mars
Posted in bitcoin, cryptocurrencies, finance, space travel
Outside John Snow Pub, arguably one of the best pubs to visit on a rainy November day in Soho, London, I was having a beer with my dear friend Alex, discussing tech and cryptocurrency like we always do. The thing that struck me the most from the conversation that Alex brought up was the technical challenges of Mars to have its own blockchain due to speed of light delays between Earth and Mars. It took me on a little journey of determining what might a blockchain on Mars look like, what are the challenges brought upon by speed of light and other factors, and how to push forward the efforts of colonizing the Red Planet.
The past few years and especially 2017 have brought cryptocurrency to the mainstream. Everyone and their grandmother can be seen at one point asking around “How can one buy bitcoin?” and “Would you buy Ripple?” among other questions. Every day, someone armed with a badly-edited whitepaper (a paper outlining how the technology works) will raise millions of dollars in Initial Coin Offerings, or ICOs (the cryptocurrency version of a stock market IPO). By now, one can see that, while 99% of the coins will probably fail due to bad planning, overpromised marketing, or because of their scammy nature, there is no doubt that the future of the cryptocurrency market is bright and it has a lot of room for growth.
The race to Mars is on going. SpaceX still is leading the efforts to allow humans for colonization of the Red Planet, most recently with their two simultaneous Falcon Heavy rocket landings.
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Fiber-optic cables package everything from financial data to cat videos into light, but when the signal arrives at your local data center, it runs into a silicon bottleneck. Instead of light, computers run on electrons moving through silicon-based chips, which are less efficient than photonics. To break through, scientists have been developing lasers that work on silicon. Researchers now write that the future of silicon-based lasers may be in quantum dots.
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India now generates around 1,160.1 billion units of electricity in financial year 2017, up 4.72% from the previous year. The country is behind only China which produced 6,015 terrawatt hours (TWh. 1 TW = 1,000,000 megawatts) and the US (4,327 TWh), and is ahead of Russia, Japan, Germany, and Canada.
Total electricity production stood at 1,003.52 billion units in India between April 2017 and January 2018. “Multiple drivers (like industrial expansion and rising per capita income) are leading to growth in power demand; this is set to continue in the coming years,” said a report by the India Brand Equity Foundation (IBEF), an arm of the Indian government’s ministry of commerce.
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Getting your head around cryptocurrencies was hard enough before governments got involved. But now that policy makers around the world are drawing up fresh regulations on everything from exchanges to initial coin offerings, keeping track of what’s legal has become just as daunting as figuring out which newfangled token might turn into the next Bitcoin.
The rules can vary wildly by country, given a lack of global coordination among authorities. And while that may change after finance chiefs discuss digital assets at the Group of 20 meeting in Buenos Aires this week, for the time being there’s a wide range of opinions on how best to regulate the space. Below is a rundown of what major countries are doing now.
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Binance, the world’s largest cryptocurrency exchange by traded value, is seeking a fresh start in the Mediterranean.
The company, founded last year in Hong Kong, is planning to open an office in Malta, said founder Zhao Changpeng in an interview from Hong Kong. Binance will soon start a “fiat-to-crypto exchange” on the European island nation, and is close to securing a deal with local banks that can provide access to deposits and withdrawals, he said, without providing a timeframe.
“We are very confident we can announce a banking partnership there soon,” Zhao said. “Malta is very progressive when it comes to crypto and fintech.”
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You may have heard of Numerai — the unorthodox hedge fund that crowdsources predictive stock market models from data scientists around the world. It is now seeking more brain power and announced today that it is giving away $1 million worth of cryptocurrency to Kaggle users who sign up. The San Francisco-based hedge fund incentivizes its community members by giving them digital tokens they can stake during tournaments to express confidence in their predictions. The best trading algorithms are then selected based on how they perform on the live market, and their creators are rewarded with more tokens.
Looking at most Wall Street hedge funds’ models, it’s fair to say open, collaborative efforts aren’t at their core. Movies like Wall Street, which portrays a greedy Gordon Gekko, and The Wolf of Wall Street, which highlights the derailing decadence of power and money, paint a rather unflattering picture of egocentric traders and financiers. Numerai founder and CEO Richard Craib is looking to change that.
The 30-year-old South African wants to create a more open and decentralized ecosystem for hedge funds. Rather than restricting access to trading data, Craib encrypts it before sharing it with his global network of data scientists, which effectively prevents them stealing and replicating the trades on their own. They can, however, use the shared information to build predictive models for the hedge fund.
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