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Musk, others commit $1 billion to non-profit AI research company to ‘benefit humanity’

(credit: OpenAI)

Elon Musk and associates announced OpenAI, a non-profit AI research company, on Friday (Dec. 11), committing $1 billion toward their goal to “advance digital intelligence in the way that is most likely to benefit humanity as a whole, unconstrained by a need to generate financial return.”

The funding comes from a group of tech leaders including Musk, Reid Hoffman, Peter Thiel, and Amazon Web Services, but the venture expects to only spend “a tiny fraction of this in the next few years.”

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Can You Own Part of an Asteroid? How Asteroid Mining Is Changing Space Law

Coal miners mine coal; diamond miners mine diamonds; gold miners mine gold; space miners (will) mine space—and anything in it that has precious metals or compounds that can be whisked into rocket fuel. But, just like the first three kinds of “resource extraction,” the celestial kind will face more than a few philosophical, financial, and regulatory complications.

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Google makes ‘largest purchase’ of renewable energy to power data centers: 842 MW across 3 countries

Google says it wants to power 100% of its operations from renewable energy.


Google has announced a slew of renewable energy projects, as it moves to meet its commitment to power 100 percent of its business from green energy sources.

In what it calls the “largest, and most diverse, purchase of renewable energy ever made by a non-utility company,” Google said it has added 842 megawatts (MW) of renewable energy to its data centers, which nearly doubles the amount of clean energy it has already bought. Most of the renewable energy has been purchased for locations in the U.S., but Google said it has added more than 150 megawatts from a solar plant in Chile and a wind farm in Sweden.

When Google commits to long-term contracts to buy a certain amount of renewable energy, it effectively gives the giant energy companies, such as EDF, Duke, and RES Americas, the confidence and finances to pursue building new facilities.

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Veritasium Explores The Future of Energy — GE

Derek Muller of ‘Veritasium’ explores the impact of the Northeast blackout of 2003 and the innovations in energy that are essential to keeping the lights on. For more on the future of energy, check out Breakthrough’s ‘Energy on the Edge’ episode on the National Geographic Channel airing Sunday 11/29 at 9/8c.

Check Out Veritasium’s ‘How Long Will You Live’: http://bit.ly/21fLyDN

GE works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works.

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The UK has just invested in a super plane that could fly anywhere in four hours

It almost sounds like a dream: a new kind of hypersonic space-kissing jet that can take you anywhere in the world in just four hours. But the Skylon super plane being developed by UK aerospace firm Reaction Engines is very real.

The project took a big step forward this week with Reaction Engines announcing a new partnership with defence and aerospace giant BAE Systems, whose financial backing, along with a considerable investment from the UK government, will help Reaction develop its new class of aerospace engine dubbed SABRE (Synergetic Air-Breathing Rocket Engine) by as early as 2020, with test flights possible just five years later.

It’s thanks to the SABRE engine that the Skylon could theoretically take you to the other side of the planet for lunch, before dropping you safely back home in time for dinner.

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Mind Control Device Alters Emotions on Demand

Think of all the possibilities!


braincontrolMind control has been a topic of many great suspense and science fiction movies until recent. Now, an emotion altering device that will work in conjunction with a smart phone app is now being developed by Thync, and is slated for release to the public in 2015.

Thync announced on Oct. 8 that it’s raised $13 million from financial contributors to develop technology combining neuroscience and consumer electronics.

“This is an avenue for people to call up their best stuff on demand,” says Isy Goldwasser, Thync’s chief executive officer and co-founder. “It’s a way for us to overcome our basic limitation as people. It lets us call up our focus, our calm, and creativity when we need it.”

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Will Fintech Upstarts Do To Banks What Uber Has Done To Taxis — Or Will Banks Win?

Quoted: “Masters went on to say that, because financial services involve Americans’ livelihoods (and not just, say, their taxi ride to Brooklyn), regulations ruling the space are many multitudes more complex than they are in other industries — and the 100-plus year-old banks have a leg up in dealing with these rules.

“Anyone who imagines that as a result of the advent of new technology we will see a world where incumbent financial institutions who provide vital, heavily-regulated intermediated services, custodial services, safe-keeping services will be decimated and completely removed from the picture overnight is just naive and wrong,” she said, pointing out that customers of legacy banks can pay bills and deposit checks through their iPhones — so it’s not as if there’s been no innovation in traditional financial services.”

Read the article here > http://www.forbes.com/sites/maggiemcgrath/2015/10/20/will-fi…ately-win/

What if U.S. had raised interest rates?

At the end of 2015, the US national debt will be 18.6 trillion dollars. With such a big number, it’s tempting to put it in perspective by comparing it with things more easily envisioned. Alas, I can not think of anything that puts such an oppressive and unfair burden into perspective, except to this:

US debt represents a personal obligation of $60,000 for each American citizen. And it is rising quickly. Most of our GDP is used simply to pay down interest on that debt. Few pundits see a way out of this hole.

bretton_woods-aIn my opinion, that hole was facilitated in August 1971, when the US modified the Bretton Woods Agreement and unilaterally terminated convertibility of the US dollar to gold. By forcibly swapping every dollar in every pocket and bank account with the promise of transient legislators, individual wealth was suddenly based on fiat instead of something tangible or intrinsic.

Feds Meet: No interest rate hike

The benchmark interest rate set by the US Federal Reserve Board is currently between 0 and 0.25%. It has been at or near zero since 2006.

By now, Lifeboat readers know that 20 hours ago, the US Federal Reserve board decided to not hike the benchmark interest rate. The Fed did, however, signal that they still intend to raise interest rates at a future meeting—perhaps in October or December.

The announcement came just after US equity markets closed. But, in what has become a most odd news coverage of a non-event, the immediate reaction was to lift the Asian stock markets, which were still open during the announcement.

I am a frequent contributor to Quora. I field many questions on economics, politics, law, and even physics. You might be inclined to check out my credentials as pundit of macro-economics. Don’t bother…There are none! I am an armchair economist (this is the same as saying: “I am not an economist”). But I certainly follow these things closely, and have an informed opinion.


Today, I was asked this:
What would happen if the fed had raised interest rates?

The question asked specifically about the effect on other interest rates, but a more interesting exercise might be to speculate on the state of the economy. Here then, is a comon-sense response…

If we could freeze all other conditions and avoid the effects of public confidence, likely change in debt, debt rating, etc… If we ignore these things, then the direct result of raising the interest rate for a given national currency is to attract outside money. That is, we would see an increase in foreign conversion into dollars and a movement of US assets from stocks and bonds into currency or currency equivalents. This is a simple result of the higher payout that one would expect after a raise in interest rates.

In theory, the sift of international assets and investment into dollars does four things:

  • It strengthens the value of the dollar, thereby increasing the take-home potential of US workers and the number of things US residence buy from overseas (because a slightly higher fraction of organizations seek dollars)
  • It increases income for anyone tied to published interest rates, such as many senior citizens.
  • It increases interest payments from anyone tied to published interest rates. For anyone deeply in debt on instruments such as credit cards or home equity, this can have a devastating impact—causing minimum payments to rise by many times the interest rate hike.
  • It increases US national debt, because so much of the economy is built on forward loans in the form of Treasury notes. With an interest rate increase, the US must pay more on both new debt and the financing of massive outstanding debts.

This is all theoretical, of course. In practice, one of the first effects is for individuals and institutions to wonder: How can the US possibly pay out on debt at an increased rate?”. [possible answer]*

One very obvious effect is that many individuals will further lose confidence in the American economy or the will of American’s to honor the national debt. Because of this, the effect of raising the interest rate (for the first time in 9 years) is not easy to predict. Despite massive uptake on US debt, the Chinese and energy producing nations have limits to what they can believe. A subtle switch in their investment activity (or the determination to move away from a dollar-based reserve) will have massive repercussions, especially for the US.

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* Some pundits argue that US debt and payments can continue to grow, because the ability to accommodate these things are protected by these things:

  • a recovering economy
  • increased activity from the new investors
  • need for producer nations to seize on a massive consumer market
  • need for producer nations to invest their gains

But, a growing number of economists, investors, analysts, credit bureaus, and citizens don’t buy this argument! They point out that it kicks-the-can down the road and foists untenable debt on future generations. They would prefer that the US reign in spending and pay down debt.

In this regard, being the world’s reserve currency has helped hook the US on debt, and it has ballooned out of control. Transitioning to a firmly capped currency that is not controlled by legislation or a reserve board would help the country avoid massive debts (those that exceed the willingness of bond holders to finance) and to do what it must do.

In my take, the real question is not “What if the Fed has raised interest rates?” The real question is:

Does the U.S. have the courage to link its currency to something durable
— and beyond control of transient political winds and a debt pyramid?”

Sure, we must still honor the excess of the past 40 years. But with gold, or Bitcoin, at least we will have solid underpinnings and incentives to spend within our means.

Philip Raymond is a member the New Money Systems Board
at Lifeboat. He is Co-chair of Cryptocurrency Standards
Association and editor at A Wild Duck.

What is a Blockchain?

This short post is not about Bitcoin. It’s about a new method of organizing and arbitrating communications that is at the heart of Bitcoin

We hear a lot about the blockchain. We also hear a lot of misconceptions about its purpose and benefits. Some have said that it represents a threat to banks or to governments. Nonsense! It is time to form a simple, non-political, and non-economic explanation…

What is a Blockchain?

The blockchain is a distributed approach to bookkeeping. It offers an empowering, efficient and trusted way for disparate parties to reach consensus. It is “empowering”, because conclusions built on a blockchain can be constructed in a way that is inherently fair, transparent, and resistant to manipulation.

This is why blockchain-backed systems are generating excitement. Implemented as distributed and permissionless, they take uncertainty out of accounting, voting, legislation or research, and replace it with trust and security. Benefits are bestowed without the need for central authority or arbitration. The blockchain not only solves a fundamental transaction challenge, it addresses communication and arbitration problems that have bedeviled thinkers since the ancient Egyptians.

Related:

—Philip Raymond, CRYPSA Co-chair
Cryptocurrency Standards Association

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