Bitcoin is Recovering, But This Key Data Shows Bears Are Still Well in Control – newsBTC

Bitcoin is currently recovering from the $8,512 weekly low against the US Dollar. However, BTC price is still facing many key hurdles near $9,000 and it could resume its decline.

This week, we saw a strong downward move in bitcoin below $9,000 and $8,800 against the US Dollar. BTC price even traded below the $8,680 support level and settled well below the 100 hourly simple moving average.

A new weekly low is formed near $8,512 and the price is currently correcting losses. It surpassed the $8,700 resistance level, and the 23.6% Fib retracement level of the downward move from the $9,281 high to $8,512 low.

On the upside, there are many resistances forming near the $9,000 and $9,200 levels. More importantly, there is likely a bearish flag forming with support near $8,735 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Bitcoin is currently struggling near the 50% Fib retracement level of the downward move from the $9,281 high to $8,512 low. The first key resistance is near the flag resistance at $9,000.

If the bulls gain strength above $9,000, the next important breakout zone is visible near the $9,200 level and the 100 hourly SMA. Therefore, the price must climb above the $9,000 and $9,200 levels to start a fresh increase in the coming sessions.

If bitcoin fails to correct above the $9,000 and $9,200 resistance levels, it is likely to resume its decline. An initial support is near the flag trend line at $8,735.

A successful break below the flag support could open the doors for a fresh decline below $8,700 and $8,600. In the mentioned case, the price could even decline below the $8,512 swing low.

The next major support and buy zone is near the $8,200 level (as discussed yesterday using the daily chart). In the medium term, bitcoin price is likely to bounce back as long as there is no daily close below $8,000.

Technical indicators:

Hourly MACD The MACD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is currently just below the 50 level.

Major Support Levels $8,735 followed by $8,500.

Major Resistance Levels $9,000, $9,200 and $9,280.

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Bitcoin is Recovering, But This Key Data Shows Bears Are Still Well in Control - newsBTC

Bitcoin (BTC) is What DeFi Makers Want to Build on: Anthony Pompliano – U.Today

Ethereum-based DeFi applications are the trigger that is expected to drive the ETH price high up this year by many investors. This belief has not been changed even by the two consecutive hacks of the bZx dapp.

However, now the famous Bitcoin supporter and VC investor Anthony Pompliano, aka Pomp, says that dev teams prefer to build DeFi dapps on the Bitcoin ledger, rather than on Ethereum.

Pomp becameengaged in a discussion with the cryptocurrency educator and YouTuber Brad Laurie. The latter supports Ethereum as the basis for DeFi, calling ETH the tech backbone.

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Pompliano responds to that, saying that he has had four dev teams pitch him on different DeFi ideas to be implemented on the Bitcoinledger recently. In particular, he says:

Most of DeFi mechanisms are being built on top of Bitcoin.

To top it off, Pompliano says that Ethereum is not money.

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Iconic hackerspace Noisebridge is saved by donation of $150K bitcoin – San Francisco Chronicle

There arent many rules at Noisebridge, the pioneering 10-year-old hackerspace in San Franciscos Mission District. The first one: Be excellent to each other. The second: If you let someone in who hasnt been there before, you have to give them the tour.

There is plenty to see. Spread out over the entire third floor of its Mission Street building, the space is a playground for creative makers. Theres a woodshop stocked with tools that smells sweetly of sawdust, a mini recording studio complete with guitars and keyboards, 3D printers, a laser cutter and a ceramic kiln. All of it is open to the public and available to use by anyone, free of charge.

I think this place is sort of perfect, says Noisebridge regular John Backus. Its a creative home for lots of people.

Its also in jeopardy.

Since 2017, Noisebridge has been the subject of a complaint with the San Francisco Department of Building Inspection for converting the space into a workshop without proper permitting. Violations included installation of a ventilation system and construction of walls and bathrooms without permits. According to members of the hackerspace, they now need to install a full sprinkler system on the buildings lower floors to be in compliance. A rough estimate prices those upgrades at $150,000.

In an email provided to The Chronicle, the buildings owners wrote that they are not interested in doing the construction: The requested upgrades likely go over 150K and wont even be the last of the citys requests.

The hackerspace also didnt have the funding for the project. It would have been a little more than our entire bank account, says Noisebridge treasurer Tyler Maran. We run entirely on month-to-month donations. Were not piling up cash over here.

The only option would be to pick up and move.

Then at 8:24 a.m. Thursday morning, Maran received an email that the cryptocurrency exchange Kraken had deposited $150,000 worth of bitcoin into Noisebridges account. The only acknowledgement of the donation was a tweet from Kraken about the sprinkler requirement: Sounds like a subtle way of saying ya'll neckbeards need a shower. Anyway, we got you. @noisebridge

Within the hacker community, Noisebridge is an icon. Its been on Mission since 2009, open to anyone who rings the doorbell and walks up the rainbow-painted stairs. Theres no entry fee or membership charge, no official leadership or management running the show. Its open daily from about 11 a.m. to 10 p.m. and hosts regular events from classes on 3D printing to the SF Stupid Sh*t That No One Needs and Terrible Ideas Hackathon 7 (March 28). About 1,000 people pass through the space every week and around 600 donate monthly via Patreon or a cash box affixed to the wall.

It operates according to do-ocratic principles: If you want to do something paint a mural, put up a piece of art, build yourself a wooden storage locker because the metal ones are full youre free to go ahead, provided youre accountable to anyone impacted by the change and willing to talk about it. A set of shelves for hands-off works-in-progress is tagged with signs that say Do not hack.

I started going to the space because I knew it had the equipment I wanted to use, but I stayed there because of the cool people, says Ruth Grace Wong, a Noisebridge regular whos on the board.

The vibe inside Noisebridge is really motivating, really encouraging, really inspiring, she says.

Its an iconic part of SF tech culture, Backus says. Its something that I think inspired a trend all around the world that this is how to cultivate a culture where people can be creative and do things just for the fun of it.

The space is infused with the humor and inventiveness of its community. iZac, a Futurama-inspired bartending robot with a bucket for a body, overlooks the main workspace opposite a pastel portrait of Nikola Tesla on one wall. The Flaschen Taschen, a 10-by-9-foot video display made up of 1,575 beer bottles (that people from Noisebridge actually drank) each capped with an LED, blinks out colorful patterns.

The tech industry, and the wealth it has brought to San Francisco, has both threatened and aided Noisebridge. The hackerspaces landlord has raised the rent twice over the past few years, from about $4,000 per month to $7,000 monthly, an increase Noisebridge was only able to handle thanks to a $100,000 donation from Handshake, a decentralized service for domain names with its own crytocurrency.

There have been previous scares about Noisebridges finances and future such as whether it can afford building updates or make rent. Right now, the elevator that serves the third floor is broken.

We pride ourselves on being ADA compliant, Maran says, referring to the Americans with Disabilities Act. Weve lost members of the community.

This time around, it took Maran and other members of the Noisebridge community a while to understand how much it might cost to upgrade the buildings sprinkler system and allow Noisebridge to stay in its home of 10 years. The $150,000 estimate is just that, a guess at the price tag to modify a building that the hackerspace doesnt own.

After Noisebridge reached out to its immediate community for donations, on Wednesday Backus tweeted a thread about the importance of the space and the threats to its future. Nothing I've seen better captures **pure SF hacker culture** than Noisebridge, he wrote. It's *surrounded* by companies and VC firms that brand themselves as loving the values that define Noisebridge. I wish they helped fund it.

The next day, Kraken made its transfer. CEO and co-founder Jesse Powell quote-tweeted his companys response and added his own: Thanks for calling attention to this. Hopefully, were good.

What the influx of bitcoin means for the future of Noisebridge is still up in the air, but the money opens up options.

It was kind of a lost cause at first because we didnt have that kind of cash, Maran says. Were going to have to start talking to the landlord about it; were going to go to our upcoming hearing with the building department. Its a lot of work weve got to do now, if that means that we can stay, or if it means that we use that money to support us moving to another space.

Already Maran and others have been looking into the latter, touring spaces designed and permitted to house the kind of work that happens within Noisebridges mural-covered walls.

Weve always been searching for a forever home, Maran says.

Leaving the Mission building, if thats what the community decides to do, will be bittersweet. The layers of paint and posters and clever signage and circuit-board chandeliers that cover the walls and hang from the ceiling form a physical history of a place that means a lot to a lot of people.

Itll be really sad. Well have to have a party, says regular and board member Wong. Theres really a lot of beautiful murals there that well have to leave behind, but coming to a new space with a lot of blank walls, thats also really beautiful.

Sarah Feldberg is San Francisco Chronicle Culture Desk editor. Email: sarah.feldberg@sfchronicle.com

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Stocks Fall 10% In A Week As Global Recession Signals, Can Bitcoin (BTC) Hold As A Store Of Value (SoV)? – Coingape

The S&P 500 value has dipped over 10% in the past week, its highest weekly loss since the global financial crisis in 2008, raising huge concern across the financial world. Gold on the other hand is on a steady rise as an ounce of gold hit a nine-year high of $1,690 USD earlier in the week. While the former has presented unprecedented gains prior to the sharp fall over the week, the latter asset is continuing to make its case as the go-to store of value (SoV) for investors.

In any SoV discussion, Bitcoin (BTC) has become a common conversation and the recent volatile moves in BTCs market is a factor that a number of analysts are debating. After briefly dropping below the $8,500 USD, questions were raised on BTCs actual use as a store of value.

Over the past, three month, the world has been fighting off the Corona Virus epidemic that has affected financial markets in equal proportion as the S&P 500 witnessed its lowest fall since the GFC in 2008. The stock market falling has seen a number of investors looking at alternative assets across the board with money flowing into gold and commodity markets.

One market that has not enjoyed any capital bumps is BTCs market, which experienced over 10% in losses over the past week lower than the S&P 500. Is BTC losing its sense of a store of value?

Having lost close to $30 billion over the past week, is BTC volatile nature killing its prospects as a store of value? Probably not.

Well, BTC may be entering its first ever bearish global trend as the stock market and commodities market experience the first ever drawdown since the global recession. Well, it has not started off so brightly in the days following the spread of corona virus to a number of countries but the long term prospects of BTC look healthy to provide safety for investors in times of economic repression.

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Stocks Fall 10% In A Week As Global Recession Signals, Can Bitcoin (BTC) Hold As A Store Of Value (SoV)?

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In any SoV discussion, Bitcoin (BTC) has become a common conversation and the recent volatile moves in BTCs market is a factor that a number of analysts are debating. After briefly dropping below the $8,500 USD, questions were raised on BTCs actual use as a store of value.

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Lujan Odera

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Coingape

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Bitcoin and Altcoins Struggle to Recover – Cryptonews

After trading below the USD 8,850 support, bitcoin found bids near the USD 8,550 support area. Recently, it started an upside correction above USD 8,700, but the previous supports near USD 8,850 and USD 9,000 are now (09:00 UTC) acting as key resistances for the bulls.

Similarly, most major altcoins are struggling to recover further above key pivot levels, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD topped near USD 235 and it is back below USD 230. However, XRP is still holding the USD 0.232, but it remains at a risk of more downsides in the near term.

Total market capitalization

Recently, bitcoin price managed to correct higher above USD 8,650 and USD 8,700 (as discussed yesterday). However, the previous supports near USD 8,850 and USD 9,000 prevented a convincing upside break. As a result, BTC/USD is now showing a few bearish signs below USD 8,800. If there is a clear break below USD 8,650, the price could even break the USD 8,550 support area.Any further losses may perhaps lead the price towards the USD 8,250 level. On the upside, the bulls need to gain pace above USD 8,850 to start a decent recovery wave.

Ethereum price corrected more than 10% from the USD 210 support area. ETH/USD climbed above USD 220 and USD 230. However, the USD 235 zone prevented further gains. A swing high was formed near USD 238 and the price declined below USD 230.It is currently testing the USD 225 zone, below which there is a risk of a drop towards the USD 210 area in the near term.

Bitcoin cash price corrected higher from the USD 300 support area, but it failed to continue above the USD 330 area. BCH/USD formed another top and it is currently declining below USD 320. If it continues to move down, there is a risk of a bearish break below the key USD 300 support area in the near term.Litecoin is under a lot of bearish pressure and it is currently struggling to stay above the USD 60.00 support. If there is a successful close below USD 60.00, there is a risk of a sharp decline towards the USD 55.00 support. Conversely, the price could recover above USD 62.50 and USD 64.50.XRP price gained bullish momentum and recovered above USD 0.235. However, the bears came into action near the USD 0.245 level. As a result, the price trimmed its gains and it is now approaching the USD 0.232 support area. Any further losses may perhaps lead the price towards the USD 0.225 level.

In the past three sessions, a few small-capitalization altcoins declined more than 5%, including AION, DX, MONA, BCD, ALGO, LSK, ABBC, REN and HC. Conversely, SXP, BCN, MKR, KNC, ZB, FTT and LINK are up more than 5%.

Watch the latest reports by Block TV.

To sum up, bitcoin price is facing a couple of important resistances near USD 8,850 and USD 9,000. BTC/USD must settle above USD 9,000 to start a decent recovery. If not, it could dive below the recent low at USD 8,550 in the near term._____

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Bitcoin History Part 24: Celebrating the First Halving in 2012 – Bitcoin News

As the third Bitcoin halvening approaches, a handful of OGs will wistfully recall the first such event, which occurred in November 2012. Back then, following the completion of block 210,000, the mining reward halved from 50 to 25 BTC. To commemorate the milestone, early adopters threw parties throughout the world, from Tel Aviv and Macau to Munich and Helsinki.

Also read: Get Ready for the Bitcoin Halving Here Are 9 Countdown Clocks You Can Monitor

The first Bitcoin halving was a big deal, eagerly talked about for months in advance. Discussions and debates centered around the economic consequences of the halving, the future stability of the network and the effect on mining operations. Was Satoshis monetary policy of reducing block rewards by 50% every 210,000 blocks really the best way to keep inflation under control or would it signal the beginning of the end for Bitcoin?

Although bitcoin was only worth about $11 at the time of the first halving, community members appreciated the momentousness of the occasion and, in honor of the big day, hosted parties which, one can extrapolate, were attended by a mixture of those who were deeply invested in the community and hangers on who may have had little idea what the hell Bitcoin was. As for those who couldnt meet up in person, they congregated in chatrooms to trade ideas and raise a metaphorical toast to Satoshi.

According to the original thread in the Meetups section of the Bitcointalk forum, unofficial parties were thrown in Las Vegas, Tel Aviv, New Hampshire, Vienna, Macau, Brazil, Munich, Berlin, Bratislava, Switzerland, London, Ukraine and Helsinki. Some were advertised on Facebook while others had their own dedicated thread on the forum, with those wishing to attend communicating with organizers and posting pics from the shindig.

As The Verge reported at the time, Bitcoin miners, geeks who configure their own computers to mint the cultish digital currency, have been waiting for this moment for a long time about four years, which is how long Bitcoins have been in circulation.

Interestingly, after the final post on November 29, 2012, the halvening thread was resurrected four years later to announce the second-ever halving party in Campinas, Brazil. The resurrection of the thread also led to announcements about parties in Israel and Australia. (Although commonly known as the halvening these days, in 2012 it was simply the halving until Dogecoin colloquialized the phrase two years later with its own block reward reduction.)

These crypto parties, which have echoes of the key signing parties popularized by the cypherpunks, presented an opportunity for bitcoin acolytes to meet in real life and discuss such topics as privacy, technology and Bitcoins architecture. Prior to the first block halving, there were few occasions for bitcoiners to interact in meatspace; in 2012, crypto conferences werent really a thing.

Needless to say, bitcoiners will be hoping the price rises in the wake of the third halving, just as it did after the first, when BTC surged from $11 to $1,100 within 12 months, reaching parity with an ounce of gold and prompting renewed toasts to Bitcoin and its departed creator.

Of course, the crypto landscape has changed immensely since 2012: the 2020 block reward halving will encompass not only Bitcoin Core, but also Bitcoin Cash and Bitcoin SV, both of which emerged from hard forks of the original Bitcoin protocol. Eight years on from the first halving, whos up for another party?

Bitcoin History is a multipart series from news.Bitcoin.com charting pivotal moments in the evolution of the worlds first cryptocurrency. Read part 23 here.

Images courtesy of Shutterstock.

Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see whats happening in the industry.

Kai's been manipulating words for a living since 2009 and bought his first bitcoin at $12. It's long gone. He specializes in writing about darknet markets, onchain privacy, and counter-surveillance in the digital age.

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Bitcoin History Part 24: Celebrating the First Halving in 2012 - Bitcoin News

Ukrainian Government Official Charged with Illegal Bitcoin Mining Operation – Inside Bitcoins

Investigators have cracked down on another illegal cryptocurrency operation in Ukraine, with a government official amid the storm.

Earlier this week, the official Facebook page of the Kyiv Prosecutors Officeannouncedthat it had begun a sweeping investigation into the activities of an unnamed staff member. The investigation, which will be conducted in line with the State Bureau of Investigation, comes in light of allegations that this staff member used the office computers to illegally mine cryptocurrencies.

According to the Facebook post, the individual was an information technology specialist at the office and also held executive positions in the State Judicial Information Systems for a while. The individual allegedly engaged in the illegal use of the offices network equipment to spread malware across the machines and use their computing power to mine crypto.

The defendant also allegedly tried to profit off his access to the offices systems by providing access to third parties in exchange for a small fee. According to the Prosecutors Office, up to three online stores and a resource for Chopper motorcycle enthusiasts had been using their computers to mine cryptocurrencies from as far back as August 2018.

The Prosecutors Office has now opened charges of illegal interference with the operation of computers, as well as the distribution of malware. Although the Prosecutors Office didnt disclose the nature of the mining operation (including the type of cryptos mined or how much was mined), it did confirm that if found guilty, he could face up to 6 years in prison.Like many countries in Eastern Europe and the former Soviet Union, Ukraine has had many problems with illegal crypto mining. With a relative abundance of energy and expansive government resource count, several in the country have tried to capitalize and use resources to mine cryptos.

Last August, UNIAN reported that the Security Service of Ukraine (SBU), Ukraines top counterintelligence and law enforcement agency, cracked down on an illegal crypto mining operation in the country. The miners had worked at a nuclear power plant facility located inYuzhnoukrainsk, and as the report confirmed, their work had compromised the security of the nuclear plant by connecting its computers to the Internet.

Regardless, the Ukrainian government has employed a progressive stance on regulating crypto mining. Earlier this month, the countrys Ministry and Committee of Digital Transformation published its guidance on regulatory policies, in which it confirmed that it would be leaving the industry to regulate itself.

Regulators showed their belief that Bitcoin and its consensus protocol rules are enough to regulate on-chain activities, since network users and node protocols band together to enforce rules. Thus, the government wont need to ensure any oversight or intervention.

Authorities also explained that the presence of open-source protocols would help Bitcoin to self-regulate, while open network access will see to privacy and easy asset movement.In the absence of any oversight functions, the authorities explained that they would focus on building enabling policies in areas such as digitization, digital innovation, and the development of an information-driven society.

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Ukrainian Government Official Charged with Illegal Bitcoin Mining Operation - Inside Bitcoins

Bitcoin Bulls and Bears In Strong Battle To Gain Control Who Will Win? – Coingape

Bitcoin has been falling ever since it failed to break above resistance at the $10,000 level earlier during the week. It rolled over and dropped by a total of 8% during the week, causing a bloodbath within the entire cryptocurrency market.

It recently found some support around the $8,800 level and is attempting to bounce higher, however, the momentum is certainly within the bullish favour and it is likely that Bitcoin will continue to drop lower.

Bitcoin Price Analysis

BTC/USD Daily CHART SHORT TERM

Taking a look at the daily chart above, we can clearly see Bitcoin rolling over at the $10,000 as it started the vicious price decline over the past few days. Yesterday saw the printing of a Doji candle which is an indecision candle as the bulls and bears battle for market momentum.

It had found support at a downside 1.414 Fibonacci Extension level and has been trading along with this level for the past couple of days as we wait for the market players to make their next move.

The cryptocurrency has also been supported by the rising trend line that has been in play since the start of the year.

Bitcoin is considered as neutral at this moment in time but is in danger of turning bearish if the sellers break beneath the rising support trend line.

If the sellers break beneath $8,800, we will expect this rising trend line to provide the first level of support. This is followed by support at $8,672 (.5 Fib Retracement), $8,559 (downside 1.618 Fib Extension), and $8,242 (.618 Fib Retracement).

On the other hand, if the buyers push higher, the first level of resistance lies at $8,975. Above $9,000, resistance lies at $9,270, $9,506, $9,741, and $10,000.

Key Levels

Support: $9,800, $8,672, $8,559, $8,242, $8,000..

Resistance: $9,975, $9,000, $9,270, $9,500, $9,637, $9,615, $9,815, $10,000, $10,190, $10,360, $10,474.

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Bitcoin Bulls and Bears In Strong Battle To Gain Control - Who Will Win?

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Bitcoin found some form of respite from the recent price decline after finding support at the $8,800 level.It was also supported by a rising trend line that has been in play for around 2-months of trading.

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Yaz Sheikh

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Coin Gape

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Bitcoin Can Be Considered a Safe Haven, Analyst Argues – CryptoGlobe

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Bitcoin Can Be Considered a Safe Haven, Analyst Argues

analyst-argues-bitcoin-can-be-considered-a-safe-haven

Analyst Dave Chapman has argued that bitcoin can be a safe haven against economic uncertainty and that few assets have performed as well as BTC so far this year.

Chapman, who is the executive director for Hong Kong-based BC Technology Group Ltd., told CNBC in an interview that bitcoin should be considered a safe haven asset despite its recent drop in price.

He said,

I think bitcoin can be considered a safe haven, relatively speaking. Despite the current macro environment and the pandemonium that has kickstarted 2020 bitcoin is still up 23% year to date.

He continued, adding there are "very few investments that have performed equally as great as bitcoin this year or frankly others." Chapman said the two most common questions he receives from investors concern bitcoins status as a safe haven asset and whether the price is uncorrelated to other asset classes.

He told CNBC,

If you look at whats happening with bitcoin at times of political unrest and economic uncertainty, at times bitcoin does appreciate...if you look at whats happening in US equities today, US equities are down 5% to 10% where bitcoin is up 2%. I think personally thats quite telling.

Chapman also highlighted the changing attitude towards bitcoin from JPMorgan and other Wall Street entities as a positive sign for the industry.

Featured Image Credit: Photo via Pixabay.com

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Bitcoin Can Be Considered a Safe Haven, Analyst Argues - CryptoGlobe

What Is Artificial Intelligence (AI)? | PCMag

In September 1955, John McCarthy, a young assistant professor of mathematics at Dartmouth College, boldly proposed that "every aspect of learning or any other feature of intelligence can in principle be so precisely described that a machine can be made to simulate it."

McCarthy called this new field of study "artificial intelligence," and suggested that a two-month effort by a group of 10 scientists could make significant advances in developing machines that could "use language, form abstractions and concepts, solve kinds of problems now reserved for humans, and improve themselves."

At the time, scientists optimistically believed we would soon have thinking machines doing any work a human could do. Now, more than six decades later, advances in computer science and robotics have helped us automate many of the tasks that previously required the physical and cognitive labor of humans.

But true artificial intelligence, as McCarthy conceived it, continues to elude us.

A great challenge with artificial intelligence is that it's a broad term, and there's no clear agreement on its definition.

As mentioned, McCarthy proposed AI would solve problems the way humans do: "The ultimate effort is to make computer programs that can solve problems and achieve goals in the world as well as humans," McCarthy said.

Andrew Moore, Dean of Computer Science at Carnegie Mellon University, provided a more modern definition of the term in a 2017 interview with Forbes: "Artificial intelligence is the science and engineering of making computers behave in ways that, until recently, we thought required human intelligence."

But our understanding of "human intelligence" and our expectations of technology are constantly evolving. Zachary Lipton, the editor of Approximately Correct, describes the term AI as "aspirational, a moving target based on those capabilities that humans possess but which machines do not." In other words, the things we ask of AI change over time.

For instance, In the 1950s, scientists viewed chess and checkers as great challenges for artificial intelligence. But today, very few would consider chess-playing machines to be AI. Computers are already tackling much more complicated problems, including detecting cancer, driving cars, and processing voice commands.

The first generation of AI scientists and visionaries believed we would eventually be able to create human-level intelligence.

But several decades of AI research have shown that replicating the complex problem-solving and abstract thinking of the human brain is supremely difficult. For one thing, we humans are very good at generalizing knowledge and applying concepts we learn in one field to another. We can also make relatively reliable decisions based on intuition and with little information. Over the years, human-level AI has become known as artificial general intelligence (AGI) or strong AI.

The initial hype and excitement surrounding AI drew interest and funding from government agencies and large companies. But it soon became evident that contrary to early perceptions, human-level intelligence was not right around the corner, and scientists were hard-pressed to reproduce the most basic functionalities of the human mind. In the 1970s, unfulfilled promises and expectations eventually led to the "AI winter," a long period during which public interest and funding in AI dampened.

It took many years of innovation and a revolution in deep-learning technology to revive interest in AI. But even now, despite enormous advances in artificial intelligence, none of the current approaches to AI can solve problems in the same way the human mind does, and most experts believe AGI is at least decades away.

The flipside, narrow or weak AI doesn't aim to reproduce the functionality of the human brain, and instead focuses on optimizing a single task. Narrow AI has already found many real-world applications, such as recognizing faces, transforming audio to text, recommending videos on YouTube, and displaying personalized content in the Facebook News Feed.

Many scientists believe that we will eventually create AGI, but some have a dystopian vision of the age of thinking machines. In 2014, renowned English physicist Stephen Hawking described AI as an existential threat to mankind, warning that "full artificial intelligence could spell the end of the human race."

In 2015, Y Combinator President Sam Altman and Tesla CEO Elon Musk, two other believers in AGI, co-founded OpenAI, a nonprofit research lab that aims to create artificial general intelligence in a manner that benefits all of humankind. (Musk has since departed.)

Others believe that artificial general intelligence is a pointless goal. "We don't need to duplicate humans. That's why I focus on having tools to help us rather than duplicate what we already know how to do. We want humans and machines to partner and do something that they cannot do on their own," says Peter Norvig, Director of Research at Google.

Scientists such as Norvig believe that narrow AI can help automate repetitive and laborious tasks and help humans become more productive. For instance, doctors can use AI algorithms to examine X-ray scans at high speeds, allowing them to see more patients. Another example of narrow AI is fighting cyberthreats: Security analysts can use AI to find signals of data breaches in the gigabytes of data being transferred through their companies' networks.

Early AI-creation efforts were focused on transforming human knowledge and intelligence into static rules. Programmers had to meticulously write code (if-then statements) for every rule that defined the behavior of the AI. The advantage of rule-based AI, which later became known as "good old-fashioned artificial intelligence" (GOFAI), is that humans have full control over the design and behavior of the system they develop.

Rule-based AI is still very popular in fields where the rules are clearcut. One example is video games, in which developers want AI to deliver a predictable user experience.

The problem with GOFAI is that contrary to McCarthy's initial premise, we can't precisely describe every aspect of learning and behavior in ways that can be transformed into computer rules. For instance, defining logical rules for recognizing voices and imagesa complex feat that humans accomplish instinctivelyis one area where classic AI has historically struggled.

An alternative approach to creating artificial intelligence is machine learning. Instead of developing rules for AI manually, machine-learning engineers "train" their models by providing them with a massive amount of samples. The machine-learning algorithm analyzes and finds patterns in the training data, then develops its own behavior. For instance, a machine-learning model can train on large volumes of historical sales data for a company and then make sales forecasts.

Deep learning, a subset of machine learning, has become very popular in the past few years. It's especially good at processing unstructured data such as images, video, audio, and text documents. For instance, you can create a deep-learning image classifier and train it on millions of available labeled photos, such as the ImageNet dataset. The trained AI model will be able to recognize objects in images with accuracy that often surpasses humans. Advances in deep learning have pushed AI into many complicated and critical domains, such as medicine, self-driving cars, and education.

One of the challenges with deep-learning models is that they develop their own behavior based on training data, which makes them complex and opaque. Often, even deep-learning experts have a hard time explaining the decisions and inner workings of the AI models they create.

Here are some of the ways AI is bringing tremendous changes to different domains.

Self-driving cars: Advances in artificial intelligence have brought us very close to making the decades-long dream of autonomous driving a reality. AI algorithms are one of the main components that enable self-driving cars to make sense of their surroundings, taking in feeds from cameras installed around the vehicle and detecting objects such as roads, traffic signs, other cars, and people.

Digital assistants and smart speakers: Siri, Alexa, Cortana, and Google Assistant use artificial intelligence to transform spoken words to text and map the text to specific commands. AI helps digital assistants make sense of different nuances in spoken language and synthesize human-like voices.

Translation: For many decades, translating text between different languages was a pain point for computers. But deep learning has helped create a revolution in services such as Google Translate. To be clear, AI still has a long way to go before it masters human language, but so far, advances are spectacular.

Facial recognition: Facial recognition is one of the most popular applications of artificial intelligence. It has many uses, including unlocking your phone, paying with your face, and detecting intruders in your home. But the increasing availability of facial-recognition technology has also given rise to concerns regarding privacy, security, and civil liberties.

Medicine: From detecting skin cancer and analyzing X-rays and MRI scans to providing personalized health tips and managing entire healthcare systems, artificial intelligence is becoming a key enabler in healthcare and medicine. AI won't replace your doctor, but it could help to bring about better health services, especially in underprivileged areas, where AI-powered health assistants can take some of the load off the shoulders of the few general practitioners who have to serve large populations.

In our quest to crack the code of AI and create thinking machines, we've learned a lot about the meaning of intelligence and reasoning. And thanks to advances in AI, we are accomplishing tasks alongside our computers that were once considered the exclusive domain of the human brain.

Some of the emerging fields where AI is making inroads include music and arts, where AI algorithms are manifesting their own unique kind of creativity. There's also hope AI will help fight climate change, care for the elderly, and eventually create a utopian future where humans don't need to work at all.

There's also fear that AI will cause mass unemployment, disrupt the economic balance, trigger another world war, and eventually drive humans into slavery.

We still don't know which direction AI will take. But as the science and technology of artificial intelligence continues to improve at a steady pace, our expectations and definition of AI will shift, and what we consider AI today might become the mundane functions of tomorrow's computers.

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What Is Artificial Intelligence (AI)? | PCMag