G7 urged to take ‘allied action’ against China on artificial intelligence, quantum and 5G – Science Business

Almost 70 prominent legislators from the G7 group of rich nations and the European Parliament havepenneda letter to the leaders of their countries urging them to unite around a plan of action against China that addresses its growing market power in artificial intelligence (AI), quantum computing and 5G technology.

In a letter published on Monday before a G7 summit in the UK in June, signatories from the US, Canada, Japan, Germany, France, the UK, Italy and the European Parliament criticised China for "manning bottleneck positions" in international bodies, and called on G7 leaders to "avoid becoming dependent" on China for technology.

The power inherent to platform technologies such as quantum computing and AI cannot be overstated, tweeted Norbert Rttgen, chairman of the foreign affairs committee in Germany's Bundestag, who organised the letter. China has taken the lead in some of these future industries. The free world must avoid becoming dependent on a country that rejects market principles and democratic values.

The letter points to five areas of concern where the leaders called for allied action, including international institutional reform, technological standards, human rights, tensions in the Indo-pacific regions and co-operation on COVID-19. The statement also highlights the treatment of the Muslim Uighur population, described as genocide by the outgoing US secretary of state, Mike Pompeo.

China is accused of holding back critical information on COVID-19 at an early stage and undermining the World Health Organisation. "To prepare and prevent future outbreaks, we believe that an independent investigation into the origins and spread of the virus is necessary," the letter says.

China is pushing back. In an address to the virtual World Economic Forum Monday, the countrys president,Xi Jinping, sent out a warning to Joe Biden that he risks a new cold war if he continues with the policies of his predecessor.

Xi instead touted a multilateral approach to solving the economic crisis caused by COVID-19 and said the pandemic should not be used as an excuse to reverse globalisation in favour of decoupling and seclusion.

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G7 urged to take 'allied action' against China on artificial intelligence, quantum and 5G - Science Business

2020 Global Quantum Computing Technologies Market Demand, Revenue, Top Companies, Growth Opportunities, Competitive Landscape Analysis Research Report…

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Conservatives lean into warnings on ‘wave of censorship’ | TheHill – The Hill

Conservative lawmakers and media outlets are leaning hard into the idea that theyre being silenced by Big Tech and corporate media, an argument that resonates with the grass-roots base at a time when anger is running hot over how President TrumpDonald TrumpBlinken holds first calls as Biden's secretary of State Senators discussing Trump censure resolution Dobbs: Republicans lost in 2020 because they 'forgot who was the true leader' MORE was treated while he was in office.

News Corp. Chairman Rupert Murdoch is warning about a wave of censorship that seeks to silence conversation. That message has dominated Fox News Channels prime-time lineup, where Tucker CarlsonTucker CarlsonOVERNIGHT ENERGY: Biden EPA asks Justice Dept. to pause defense of Trump-era rules | Company appeals rejection of Pebble Mine | Energy pick Granholm to get hearing Wednesday Company appeals rejection of controversial Pebble Mine McConnell faces conservative backlash over Trump criticism MORE and Sean HannitySean Patrick HannityMcConnell faces conservative backlash over Trump criticism Almost 7 in 10 oppose Trump pardoning himself: poll Can the GOP break its addiction to show biz? MORE are issuing seething nightly screeds about the silencing of conservatives through bans on social media and political boycotts.

Before he became known for challenging the outcome of the Electoral College vote count, Sen. Josh HawleyJoshua (Josh) David HawleyBush-, Obama-era officials urge Senate to swiftly confirm Biden's DHS pick Senate committee advances Biden's DHS pick despite Republican pushback Google suspends donations to lawmakers who voted against certifying election MORE (R-Mo.) saw his star rise on the right by crusading against Big Tech censorship. House Minority Leader Kevin McCarthyKevin McCarthyFormer lawmakers call on leadership to focus on unity Cheney spokesperson on Gaetz: 'In Wyoming, the men don't wear make-up' Biden attends first church service as president in DC, stops at local bagel shop MORE (R-Calif.) also took up the censorship mantle early in the Trump years, helping him to connect with the GOP base.

The storming of the U.S. Capitol by a mob enraged by Trumps false election claims has emboldened the tech giants and liberal critics of conservative media to push for new restrictions on misinformation and extremism on the right.

Trumps removal from Facebook and Twitter, and Amazons de-platforming of Parler, were controversial moves that have further enflamed Republican anger at Silicon Valley.

GOP pollsters say censorship is the top issue animating the conservative base and that it will define Republican politics in the next presidential cycle.

This will be the defining issue for conservatives going forward in the same way that immigration was the defining issue that catapulted Donald Trump in 2016, said Trump pollster Jim McLaughlin. The issue of freedom of speech and taking on Big Tech, its top of mind for conservatives, but also I think for regular voters in battlegrounds that feel like something is wrong. I dont think the media and Big Tech have any idea about the can of worms theyve opened.

Liberal media watchers say crackdowns are justified given the way they say social media and conservative media outlets have allowed dangerous conspiracy theories to ferment. They say the Jan. 6 riot, in which five people died, were a tipping point that exposes the real-world dangers at play.

Were living now with the consequences of this experiment of misinformation and extremism that was allowed to boil over, said Angelo Carusone, the president of Media Matters for America, which has organized boycotts of Fox News. Now weve reached the tipping point. The right is bugging out and trying to frame this as cancel culture, but I think theyre missing just how angry everyone is at them right now.

Free-market advocacy groups also dispute the idea that social media blacklisting is a form of censorship.

The First Amendment protects against government censorship, but private companies are not required to publish commentary they fear could be harmful to their bottom lines.

These companies are private and have every right to not carry speech they dont want, said Jessica Melugin, the associate director of the Competitive Enterprise Institutes Center for Technology and Innovation. I dont want to minimize the feelings and frustrations people have with these platforms, which are sincere, but at the end of the day this is a business decision.

Conservatives say their political enemies are using the Jan. 6 riot to push for previously unimaginable crackdowns, including on Fox News, the top news source for a majority of conservatives.

Fox has survived many boycotts before and makes a tremendous amount of its money from cable fees, which are separate from its advertising revenue.

And Fox News believes any move by the carriers to pull their network would not hold up in court, given anti-trust laws that prevent cable providers that own Foxs rivals from giving a competitive advantage to their own programs.

Regardless, Fox is trumpeting the attacks from their rivals as evidence of an attempt to silence conservatives.

Murdoch, the chairman of News Corp., also owns the New York Post, which ran a story about Hunter Biden during the presidential campaign that was essentially blacklisted by the social media giants.

This rigidly enforced conformity, aided and abetted by so-called social media, is a straitjacket on sensibility, Murdoch said over the weekend. Too many people have fought too hard in too many places for freedom of speech to be suppressed by this awful woke orthodoxy.

Critics roll their eyes at the notion that one of the worlds most powerful publishers could be silenced.

Figures like Trump have as big a platform as they desire even after being blackballed by social media. Trump could hold a press conference that would earn wall-to-wall coverage or sit for an interview with any media outlet that will have him.

But conservatives say the downstream effect is where the problem lies, citing instances where ordinary people with small followings lose their jobs for expressing unorthodox political views or are swept up in a social media purge.

Free speech advocates warn about the slippery slope in restraining political commentary that falls outside the mainstream.

The social media crackdown has also ensnared some left-wing content, with Facebook recently provoking a firestorm of controversy for shutting down socialist web pages, including the popularWorld SocialistWeb Site.

Civil liberties advocates say there is no easy fix.

Ira Glasser, the former executive director of the American Civil Liberties Union, said the new media landscape has been so thoroughly disrupted by the social media giants that there is no clear-cut answer about how to balance speech concerns with the desire to stop the spread of dangerous misinformation.

What Facebook and Twitter did is perfectly legal and not really different from what a publisher or broadcaster would do if they decided to change or fire one of their anchors or columnists, Glasser said this week on the "Joe Rogan Experience" podcast this week.

On the other hand, they are sort of like a platform or electronic soap box they erected in the park, and invited anybody and everybody to come, and when they start picking and choosing ... when they start being a gatekeeper, you run the risk of them closing people out of a national dialogue and depriving people of an audience. Thats a problem and its a problem we havent figured out how to work out yet.

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Conservatives lean into warnings on 'wave of censorship' | TheHill - The Hill

HILL: Censorship of conservatives is nothing new The North State Journal – North State Journal

An Amazon logo appears on an Amazon delivery van, Thursday, Oct. 1, 2020, in Boston. Amazon wont be forced to restore web service to Parler after a federal judge ruled Thursday, Jan. 21, 2021 against a plea to reinstate the fast-growing social media app favored by followers of former President Donald Trump. (AP Photo/Steven Senne, file)

Conservatives gasped with horror when Twitter banned President Trumps account and Google, Apple and Amazon banned Parler.

Why is anyone surprised? Media outlets have been censoring conservatives for decades in America.

Back in the days before iPhones and social media, the only way for politicians to communicate with the public i.e. voters was through old-fashioned, traditional means: like newspapers, television, radio and the US Postal Service.

In 1984, former Congressman Alex McMillan of Charlotte (R-NC9) won a squeaker of a race over Democrat D.G. Martin by the slimmest of margins, 321 votes out of over 225,000 votes cast.

To provide historical perspective for Millennials, Apple introduced the MacIntosh personal computer in 1984. A decade later, the internet was developed. Two decades later, along came social media. There were very limited avenues through which conservatives could communicate directly with their constituents without filters from editors and journalists who disagreed with them and essentially suppressed their free speech.

I was chief of staff to Congressman McMillan when his 1986 re-election race was the #1 targeted campaign in the country. In an attempt to build mutual trust with the Charlotte Observer, we allowed their quite capable political reporter, John Monk, full access to our office for four months to do an in-depth story about congressional life in general.

When the article came out in the Charlotte Observer, it painted McMillan in an unfavorable light right in the middle of a tight re-election campaign. After blowing out John for writing such a hatchet job, for which I had to apologize later, he sent me the full article as printed in the Augusta, Georgia, paper which was part of the same Knight-Ridder chain that owned the Charlotte Observer.

No one in Augusta, Georgia, voted for McMillan in Charlotte, North Carolina.

It was fair and balanced, just as John said it would be. But the Observer editors had selectively edited the story down about 30%, ostensibly for space concerns. It was blatantly obvious they did it to help D.G. Martin in his rematch against McMillan because they agreed with him on every issue, not McMillan.

We submitted numerous opinion pieces to the Observer over the next decade only to see most of them rejected. The Observer was owned and operated by staunch liberal Democrats who simply did not want to allow conservative Republicans a forum to air their political views and philosophy.

As a privately owned company, they were entirely within their right to deny access to anyone they did not want to publish. It was just infuriating to conservatives to be constantly told the press is fair, neutral and impartial, when in actual practice, they are not.

We went around such editorial roadblocks by mailing out eight million newsletters, town hall meeting notices and congressional updates to 250,000 households at taxpayer expense via the congressional franking privilege. Not proud to have to admit such a wasteful government expense, but the franking privilege and about $1.5 million in campaign ads, an enormous amount in 1986, were the only two ways we could get past media censorship and biased reporting in North Carolina.

It worked; Alex McMillan won re-election by 4,221 votes, a virtual landslide compared to his 1984 win.

Not much has changed in the media world politically since then except for the rise of Fox News, which used to be the news outlet of choice for conservatives for 30 years. Subscriptions and circulation have plummeted at large newspapers, but they still are echo chambers for such partisan political narratives as Russian Collusion and Moderate Joe Biden.

The most troubling thing is how elite liberal media editors use the freedom of the press guarantee in the First Amendment to pound out the free speech clause of the same amendment for others. Be completely fair to all points of view or be honest enough to admit a specific bias so readers can make up their own minds about whether they agree with you or not.

Conservatives have to stop whining about the liberal bias of the media and start owning their own news outlets. Conservatives should figure out what is going to replace social media and get ahead of the curve, not be smashed by it.

There were thousands of newspapers and pamphlets, all of them partisan to the federalist or anti-federalist point of view at the beginning of the republic, many virulently so. America is going to be far better off as a country going forward with a cacophony of opposing views instead of the silence that follows dictatorial censorship of views that media chairmen, publishers or editors dont like.

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HILL: Censorship of conservatives is nothing new The North State Journal - North State Journal

Why Twitter’s "censorship" is not the same as China’s – Quartz

Close your eyes and imagine a world where any social media post or account could be removed without explanation at the behest of a Trump administration. Thats censorship.

Twitter banning an account? Thats debatable.

When the company confirmed on Jan. 20 that it had locked the account of Chinas embassy in the US due to a tweet defending Beijings policies in Xinjiang, many on Chinas Twitter-like Weibo were quick to mock the US company. What is freedom of speech? It is that the Weibo account of the US embassy in China can still voice its opinions, whereas the account of the Chinese embassy is locked by Twitter, posted one user.

A spokesperson for Chinas foreign ministry echoed that confusion,saying today (link in Chinese) that the embassy was merely trying to explain the truth, and that China was bewildered by Twitters decision.

The now-unavailable tweet cited a report from China Daily, a state-owned English-language newspaper, arguing that government policies in Xinjiang had eradicated extremism and emancipated the minds of Uyghur women, such that they are no longer baby-making machines. Thats contrary to how the US government and other critics understand the situation, which is that as many as 2 million Uyghur Muslims and other ethnic minorities may have been held in internment camps in the far western region, and that Beijing has forced stark reproductive choices on Uyghur women.

A spokesperson from Twitter said the tweet violated a policy which prohibits the dehumanization of a group of people based on their religion, caste, age, disability, serious disease, national origin, race, or ethnicity. Twitter has not confirmed when it banned the account, but it has not issued a tweet since Jan. 9.

Its the second time this month Twitter is defending its decision to silence a high-profile account: On Jan. 8, the company permanently banned the account of now former US president Donald Trump, citing the risk of further incitement of violence following a Trump-encouraged insurrection at the US Capitol. The radical left and their big tech allies cannot marginalize, censor, or silence the American people, Sarah Huckabee Sanders, Trumps former press secretary, tweeted at the time. This is not China, this is the United States of America, and we are a free country.

Its important to debate how governments should deal with the ever-expanding influence of social platforms, and how those platforms should deal with the ever-expanding need for consistent moderation policies. But its something else entirely for both American and Chinese commentators to compare Twitters moves to censorship, especially given what constitutes censorship in China.

For starters, private US companies like Twitter usually give clear reasons when they suspend accounts or remove certain content, as Twitter did in the Chinese embassy case. For hundreds of millions of Chinese internet users, its common for content to be removed by platforms without explanation, leaving the user to wonder which word or image triggered the censorship. Chinese users even have a catchphrase to describe the sudden removal of their social media accounts: account bombing. Even Hu Xijin, the chief editor of the Chinese state tabloid Global Times, once begged editors (link in Chinese) at Weibo not to delete his followers comments.

Second, US companies generally have the right to decide what content they carry, while all Chinese internet platforms have to follow the orders of the Chinese government, which is primarily concerned with the control of information, rather than misinformation or hate speech. And because Chinese companies are held accountable for even third-party content according to Chinese laws, they spend a great deal of energy censoring political content, while allowing racial slurs to survive. The companies have no power to refuse the authorities request for access to their users information, which has led to the arrests of dissidents. For many Chinese users, it is hard to imagine criticizing or even just joking about their leaders, given that it could result in jail time.

Lastly, being shut out of one platform in the US, or even multiple platforms, doesnt mean a user has nowhere else to voice their opinions. In China, by comparison, its not uncommon for the online presence of a user seen as too politically sensitive by the state to be erased from platforms entirely. Chen Qiushi, a citizen journalist who reported on the coronavirus outbreak in Wuhan, told Quartz last year that his Chinese social media accounts were deleted after he made a trip to Hong Kong to report on anti-government protests there. Chen has not been seen publicly since February 2020.

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Why Twitter's "censorship" is not the same as China's - Quartz

3 Banks That Have Big Plans for Blockchain and Cryptocurrency – Motley Fool

Various cryptocurrencies such as bitcoin and ethereum soared at the end of 2020 and into the new year, albeit with a lot of volatility, in typical crypto fashion. The huge burst of activity has highlighted several banks that are catering to crypto customers by leveraging blockchain technology to develop specialized payments systems and offer niche banking products. And many of these banks are being rewarded by shareholders for their innovation. Here are three banks that have big plans for blockchain technology and cryptocurrencies.

The top-performing bank stock of 2020,Silvergate Capital (NYSE:SI) went public toward the end of 2019, opening around $13 per share. Today, it trades for roughly $90. The bank, which has $5.6 billion in assets and is based in La Jolla, California, is most famous for the Silvergate Exchange Network (SEN), a digital payments network that can instantly clear transactions in U.S. dollars around the clock, 365 days a year, between two users in the network. This is ideal for institutional crypto traders and crypto exchanges because cryptocurrencies are always trading.

Image source: Getty Images.

As one of the first banks to build this kind of network, Silvergate has a first-mover advantage. The bank has onboarded 76 crypto exchanges and 600 institutional investors onto the network, and the larger it gets the more attractive it becomes for other customers to join. In the fourth quarter of 2020, there were a record 90,000-plus transactions conducted on SEN for a total volume of $59 billion. That's a roughly 530% increase on transactions compared to the fourth quarter of 2019. Silvergate's chief strategy officer, Ben Reynolds, said on the bank's recent earnings call that the company also has 200 SEN prospects in its pipeline. New customers bring in lots of non-interest-bearing deposits for the bank, while transactions bring in fee income.

Silvergate is also building out other products related to crypto. The bank recently finished its pilot on a new lending product called SEN Leverage, which allows customers to obtain lines of credit in U.S. dollars that is collateralized by bitcoin. The product is off to a great start after exiting its pilot program at the end of the third quarter, growing total SEN loan volume from $35.5 million at the end of the third quarter to more than $82 million after the fourth quarter. Silvergate also launched a bitcoin custody solution in the quarter, and Reynolds said launching new products is a key piece of the bank's growth strategy.

The nearly $74 billion asset Signature Bank (NASDAQ:SBNY), which is based in New York City, has also jumped into the world of cryptocurrency with its Signet digital payments system. Signet leverages blockchain architecture to create a real-time payments system, which, like Silvergate's SEN, also allows commercial clients on the network to instantaneously send and clear payments to one another. The platform has helped the bank bring in $10 billion in deposits, which is way more than Silvergate Capital, although Silvergate is a much smaller bank. Signature also has the top five crypto exchanges on Signet.

Signature CEO Joseph DePaolo said the network is "growing by leaps and bounds." He also said the bank is continuing to build the ecosystem using the platform, and that he sees the potential for other ecosystems beyond crypto to use Signet.

You might never know it by the way Jamie Dimon sometimes talks about bitcoin, butJPMorgan Chase (NYSE:JPM) is doing all sorts of innovative and interesting work with blockchain technology. In October, the bank launched its own digital coin, the JPM coin, in order to conduct global payments activity, in what seems similar to the payments offerings of Signature Bank and Silvergate Capital. JPMorgan also has its own digital currency division called Onyx with more than 100 employees.

Additionally, the bank has its own Blockchain Center of Excellence, which actively researches blockchain and its potential uses in order to develop its own technology and try out solutions across its various business divisions. When it launched the JPM coin, Takis Georgakopoulos, the bank's global head of wholesale payments, said he could see a ton of potential uses in the payments space for blockchain. For instance, he said it could help banks confirm that people inserted their account information correctly, helping to avoid rejections on payments. He also said digital currencies could remove a lot of expenses at banks such as the cost of processing paper checks.

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3 Banks That Have Big Plans for Blockchain and Cryptocurrency - Motley Fool

Bitcoin part 1: Heres how the cryptocurrency works – Moneycontrol.com

Note to readers: Bitcoin is becoming popular by the day. It has captured the imagination of many young investors and millennials. But keeping aside its meteoric rise, what is Bitcoin really? And why is the Reserve Bank of India worried? Moneycontrols two-part series demystifies Bitcoin, cryptocurrencies and how they work.

From $121.34 a unit in October 2013 to $32,000 in January 2021, the Bitcoins price has skyrocketed. And no wonder investors of all hues have been intrigued by the cryptocurrencys massive rally. What is this instrument, if it is one at all, and what explains its incredible upward journey? And should you consider the Bitcoin for your portfolio?

What is Bitcoin?

Bitcoin is a type of digital currency. But it is unlike other fiat (legal) currency the Rupee, US Dollar, Euro and so on. A currency is meant to buy goods and services. But unlike normal currencies, the Bitcoin is available only in digital form. It is one of over 4,000 cryptocurrencies available in the world today.

Source: CoinDCX

What is a cryptocurrency?

A cryptocurrency is a virtual currency. It is a generic name Bitcoin is like a brand. Think of cryptocurrency as Cola and Bitcoin as, say, Pepsi. The Bitcoin is the most popular cryptocurrency in the world today. A single unit of a cryptocurrency is actually a complex computerized code that cannot be duplicated.

Why do I need a Bitcoin in the first place, when there is regular currency?

Our usual currencies are subject to a lot of rules and regulations. Central banks of various nations govern their currencies. They control the exchange rates, decide how much money to print and intervene regularly in forex markets.

In 2008, after the global credit crisis, a need was felt to democratize how currencies are held, exchanged and regulated. That year, an anonymous person, under the pseudonym Satoshi Nakamoto, invented Bitcoin. Nobody yet knows who and where Nakamoto is. That was the birth of cryptocurrencies. Ever since, many other cryptocurrencies were invented, but Bitcoin remains the most popular.

Cryptocurrencies are more democratic. You can use them in any part of the world, buy as much as you want and use them anywhere. There is a network of people and their computers that maintains a ledger. Any exchange of the cryptocurrency must be validated by all those who are present in the network. The ledger then gets updated to reflect the transaction. This technology is called blockchain.

What is Blockchain?

Blockchain is a technology on which Bitcoin or any other cryptocurrency works. Its nothing but a sophisticated record-maintaining system run by several users in a decentralized way.

When a Bitcoin is exchanged, a block of data (an alphanumeric code that signifies the cryptocurrency, its quantum and value) is created and shared across all the computers (or nodes) attached to the network. Think of this block as a series of such transactions. Once this block is verified, a formal record gets entered into the decentralized database for everyone (who is on that network) to see. Then, when that same Bitcoin is sought to be sold again, another block gets created. The previous transaction (or block) is not erased. The new block gets attached to the old block to form a chain (hence the term blockchain) for everyone to see the trail. This way of record keeping also means that the transaction cannot be reversed.

So can Bitcoin replace our Rupee?

Not so fast. For one, despite being devised as currencies that should enable you to buy goods and services, cryptocurrencies arent yet considered legal tender. For one, many countries, including India, havent legalized the use of cryptocurrencies.

Why then has the price of Bitcoin gone up so much?

The speculative potential of what Bitcoin can become once it finds global government acceptance and become legal tender is a key driver. In April 2018, the RBI virtually banned cryptocurrencies and prohibited all regulated entities, such as banks, from allowing anyone to trade in them. So, you could no longer transfer funds from your bank account online to a cryptocurrency exchange for buying a Bitcoin or any other cryptocurrency.

But in March 2020, the Supreme Court said that such curbs are illegal. The Supreme Courts ruling makes many believe that eventually cryptocurrency would become legal tender.

Higher demand and lower supply lead to higher prices. The current stage of Bitcoin is one where there is limited supply and a very high demand. That is why Bitcoins price shot up 414 percent between March 2020 and January 2021.

The US, UK and Germany are some countries that allow the use of cryptocurrencies.

So what is the danger in making this a legal currency worldwide?

Apart from decentralization and democracy, the basic idea of cryptocurrency is that there must be no restrictions or controls. Cryptocurrencies do not maintain your records. When you exchange any cryptocurrency, all that gets stored in the decentralized ledger we just told you about, is the fact that the currency was exchanged. Your identity does not get stored. Buyers and sellers of Bitcoin do not get to know each others identities. Hence, its difficult to tax Bitcoin and that is a loss of revenue to the government. You can buy almost anything on the dark web without your identity being revealed and that is a real danger in popularizing cryptocurrencies.

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Bitcoin part 1: Heres how the cryptocurrency works - Moneycontrol.com

Bitcoin (BTC USD) Cryptocurrency Price May Top $50,000 as it Vies With Gold – Bloomberg

Photographer: Chris Ratcliffe/Bloomberg

Photographer: Chris Ratcliffe/Bloomberg

Bitcoins price could exceed $50,000 over the longer term as the digital asset vies with gold for investment flows, according to cryptocurrency exchange Luno and brokerage OSL.

Were talking about Bitcoin over the next three, five, 10 years slowly inching away at golds market capitalization, Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore, said in an online question and answer session with Bloomberg Tuesday. If that happens, you are way over $50,000, he said.

Bitcoin quadrupled last year, eventually reaching an all-time high of almost $42,000 in early January before sliding back by about $10,000. The rally split opinion, with some commentators pointing to increased interest from long-term investors and others citing speculative buying.

While Bitcoin has been popular for trading, increasingly the new to market money that we are seeing is buying Bitcoin as a hedge to inflation and as digital gold, said Matt Long, head of distribution and prime brokerage at digital-asset platform OSL in Hong Kong.

Predicting a price for Bitcoin is challenging but its likely to rise longer term as funds and family offices assign 0.5% or 1% of their portfolios to it, Long added.

Bitcoin, which has climbed 9% this year, was trading at about $31,500 as of 7 a.m. in London on Tuesday.

Before it's here, it's on the Bloomberg Terminal.

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Bitcoin (BTC USD) Cryptocurrency Price May Top $50,000 as it Vies With Gold - Bloomberg

Does Freedom of Speech Exist in Cryptocurrency Communities? – hackernoon.com

"A statement may be both true and dangerous. The previous sentence is such a statement." - David Friedman

Freedom of speech is a topic that many internet communities have struggled with over the last two decades. Cryptocurrency and blockchain communities, a major part of their raison d'etre being censorship resistance, are especially poised to value free speech very highly, and yet, over the last few years, the extremely rapid growth of these communities and the very high financial and social stakes involved have repeatedly tested the application and the limits of the concept.

In this post, I aim to disentangle some of the contradictions, and make a case what the norm of "free speech" really stands for.

A common, and in my own view frustrating, argument that I often hear is that "freedom of speech" is exclusively a legal restriction on what governments can act against, and has nothing to say regarding the actions of private entities such as corporations, privately-owned platforms, internet forums and conferences.

One of the larger examples of "private censorship" in cryptocurrency communities was the decision of Theymos, the moderator of the /r/bitcoin subreddit, to start heavily moderating the subreddit, forbidding arguments in favor of increasing the Bitcoin blockchain's transaction capacity via a hard fork.

Here is a timeline of the censorship as catalogued by John Blocke: https://medium.com/johnblocke/a-brief-and-incomplete-history-of-censorship-in-r-bitcoin-c85a290fe43

Here is Theymos's post defending his policies: https://www.reddit.com/r/Bitcoin/comments/3h9cq4/its_time_for_a_break_about_the_recent_mess/, including the now infamous line "If 90% of /r/Bitcoin users find these policies to be intolerable, then I want these 90% of /r/Bitcoin users to leave".

A common strategy used by defenders of Theymos's censorship was to say that heavy-handed moderation is okay because /r/bitcoin is "a private forum" owned by Theymos, and so he has the right to do whatever he wants in it; those who dislike it should move to other forums:

And it's true that Theymos has not broken any laws by moderating his forum in this way. But to most people, it's clear that there is still some kind of free speech violation going on. So what gives? First of all, it's crucially important to recognize that freedom of speech is not just a law in some countries. It's also a social principle.

And the underlying goal of the social principle is the same as the underlying goal of the law: to foster an environment where the ideas that win are ideas that are good, rather than just ideas that happen to be favored by people in a position of power. And governmental power is not the only kind of power that we need to protect from; there is also a corporation's power to fire someone, an internet forum moderator's power to delete almost every post in a discussion thread, and many other kinds of power hard and soft.

So what is the underlying social principle here? Quoting Eliezer Yudkowsky:

Slatestarcodex elaborates:

That said, sometimes there is a rationale for "safe spaces" where people who, for whatever reason, just don't want to deal with arguments of a particular type, can congregate and where those arguments actually do get silenced. Perhaps the most innocuous of all is spaces like ethresear.ch where posts get silenced just for being "off topic" to keep the discussion focused. But there's also a dark side to the concept of "safe spaces"; as Ken White writes:

Aha. So making your own safe space off in a corner is totally fine, but there is also this concept of a "public space", and trying to turn a public space into a safe space for one particular special interest is wrong. So what is a "public space"? It's definitely clear that a public space is not just "a space owned and/or run by a government"; the concept of privately owned public spaces is a well-established one.

This is true even informally: it's a common moral intuition, for example, that it's less bad for a private individual to commit violations such as discriminating against races and genders than it is for, say, a shopping mall to do the same. In the case or the /r/bitcoin subreddit, one can make the case, regardless of who technically owns the top moderator position in the subreddit, that the subreddit very much is a public space. A few arguments particularly stand out:

If, instead, Theymos had created a subreddit called /r/bitcoinsmallblockers, and explicitly said that it was a curated space for small block proponents and attempting to instigate controversial hard forks was not welcome, then it seems likely that very few people would have seen anything wrong about this.

They would have opposed his ideology, but few (at least in blockchain communities) would try to claim that it's improper for people with ideologies opposed to their own to have spaces for internal discussion. But back in reality, Theymos tried to "annex a public space and demand that people within the space confirm to his private norms", and so we have the Bitcoin community block size schism, a highly acrimonious fork and chain split, and now a cold peace between Bitcoin and Bitcoin Cash.

About a year ago at Deconomy I publicly shouted down Craig Wright, a scammer claiming to be Satoshi Nakamoto, finishing my explanation of why the things he says make no sense with the question "why is this fraud allowed to speak at this conference?"

Of course, Craig Wright's partisans replied back with.... accusations of censorship:

Did I try to "silence" Craig Wright? I would argue, no. One could argue that this is because "Deconomy is not a public space", but I think the much better argument is that a conference is fundamentally different from an internet forum.

An internet forum can actually try to be a fully neutral medium for discussion where anything goes; a conference, on the other hand, is by its very nature a highly curated list of presentations, allocating a limited number of speaking slots and actively channeling a large amount of attention to those lucky enough to get a chance to speak. A conference is an editorial act by the organizers, saying "here are some ideas and views that we think people really should be exposed to and hear".

Every conference "censors" almost every viewpoint because there's not enough space to give them all a chance to speak, and this is inherent to the format; so raising an objection to a conference's judgement in making its selections is absolutely a legitimate act.

This extends to other kinds of selective platforms. Online platforms such as Facebook, Twitter and Youtube already engage in active selection through algorithms that influence what people are more likely to be recommended. Typically, they do this for selfish reasons, setting up their algorithms to maximize "engagement" with their platform, often with unintended byproducts like promoting flat earth conspiracy theories.

So given that these platforms are already engaging in (automated) selective presentation, it seems eminently reasonable to criticize them for not directing these same levers toward more pro-social objectives, or at the least pro-social objectives that all major reasonable political tribes agree on (eg. quality intellectual discourse).

Additionally, the "censorship" doesn't seriously block anyone's ability to learn Craig Wright's side of the story; you can just go visit their website, here you go: https://coingeek.com/. If someone is already operating a platform that makes editorial decisions, asking them to make such decisions with the same magnitude but with more pro-social criteria seems like a very reasonable thing to do.

A more recent example of this principle at work is the #DelistBSV ampaign, where some cryptocurrency exchanges, most famously Binance, removed support for trading BSV (the Bitcoin fork promoted by Craig Weight). Once again, many people, even reasonable people, accused this campaign of being an exercise in censorship, raising parallels to credit card companies blocking Wikileaks:

I personally have been a critic of the power wielded by centralized exchanges. Should I oppose #DelistBSV on free speech grounds? I would argue no, it's ok to support it, but this is definitely a much closer call.

Many #DelistBSV participants like Kraken are definitely not "anything-goes" platforms; they already make many editorial decisions about which currencies they accept and refuse. Kraken only accepts about a dozen currencies, so they are passively "censoring" almost everyone. Shapeshift supports more currencies but it does not support SPANK, or even KNC. So in these two cases, delisting BSV is more like reallocation of a scarce resource (attention/legitimacy) than it is censorship.

Binance is a bit different; it does accept a very large array of cryptocurrencies, adopting a philosophy much closer to anything-goes, and it does have a unique position as market leader with a lot of liquidity.

That said, one can argue two things in Binance's favor. First of all, censorship is retaliating against a truly malicious exercise of censorship on the part of core BSV community members when they threatened critics like Peter McCormack with legal letters (see Peter's response); in "anarchic" environments with large disagreements on what the norms are, "an eye for an eye" in-kind retaliation is one of the better social norms to have because it ensures that people only face punishments that they in some sense have through their own actions demonstrated they believe are legitimate.

Furthermore, the delistings won't make it that hard for people to buy or sell BSV; Coinex has said that they will not delist (and I would actually oppose second-tier "anything-goes" exchanges delisting). But the delistings do send a strong message of social condemnation of BSV, which is useful and needed. So there's a case to support all delistings so far, though on reflection, Binance refusing to delist "because freedom" would have also been not as unreasonable as it seems at first glance.

It's in general absolutely potentially reasonable to oppose the existence of a concentration of power, but support that concentration of power being used for purposes that you consider prosocial as long as that concentration exists; see Bryan Caplan's exposition on reconciling supporting open borders and also supporting anti-ebola restrictions for an example in a different field.

Opposing concentrations of power only requires that one believe those concentrations of power to be on balance harmful and abusive; it does not mean that one must oppose all things that those concentrations of power do.

If someone manages to make a completely permissionless cross-chain decentralized exchange that facilitates trade between any asset and any other asset, then being "listed" on the exchange would not send a social signal, because everyone is listed; and I would support such an exchange existing even if it supports trading BSV. The thing that I do support is BSV being removed from already exclusive positions that confer higher tiers of legitimacy than simple existence.

So to conclude: censorship in public spaces bad, even if the public spaces are non-governmental; censorship in genuinely private spaces (especially spaces that are not "defaults" for a broader community) can be okay; ostracizing projects with the goal and effect of denying access to them, bad; ostracizing projects with the goal and effect of denying them scarce legitimacy can be okay.

Originally published as On Free Speech with the WTFPL license

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Does Freedom of Speech Exist in Cryptocurrency Communities? - hackernoon.com

We spoke to the UCL student who made 30,000 through cryptocurrency investments – The Tab

He made enough money to cover off his university debt in nine months

One student seems to have finessed student finances by investing his money into cryptocurrency. Thomas Bloor is a second-year Chemical Engineering student at UCL and by investing 3.5k in Bitcoin hes now made himself 30,000.

Bitcoin is a digital currency that forms part of an entirely decentralised payment system through which users can securely buy and store money electronically. Investing in Bitcoin and other cryptocurrencies, such as Ethereum, is something that has become increasingly popular ever since Bitcoin was first invented in 2009.

The Tab spoke to Thomas about how hes made his money and how hes done it alongside his degree.

Image via @thomasgeorgebloor

Thomas: My incentive for investing was my career aspirations. After university, I want to go into investment banking and I thought the best way to start that was by having my own portfolio. I was always told it was risky and difficult to trade in Bitcoin but I just saw this as another welcome challenge. I wanted to try and understand it for myself.

Thomas: I knew about bitcoin ever since the bull run of 2017, a period in which there is an upward trend in cryptocurrency markets for an extended period of time.

My own opportunity arose during the March crash in 2020: I had spent the previous week learning about the space and saw a fantastic buying opportunity. I remember investing for the first time specifically on the 23rd of March because I did it in commemoration of my late twin brother, who would have encouraged me to give it a go despite the risks. Im glad I did. With a halving event that followed in May that year (where the reward for mining Bitcoin transactions is cut in half), as well as the rumours of institutional investment, and the start of a new bull run, I got in at the perfect time!

Thomas: You need to stay up to date with news regarding the cryptocurrency space but it doesnt require a lot of knowledge or skill.

Thomas: I suppose, yes. With every investment, there is a risk of losing all of it. I believe bitcoin has matured into an asset similar to gold. It is more scarce and has a high demand. Since investment in cryptocurrency has increased though, the risks are much smaller now compared to five years ago.

Thomas: I consider large market capitalisation cryptocurrencies to be fairly stable. Im involved with mainly Bitcoin and Ethereum. Whilst Bitcoin is considered gold, Ethereum is considered oil. They arent stable in terms of a consistent price, but the volatility is another reason why traders and investors are attracted to it.

Thomas: Ethereum is the king of all coins. It is the second-largest cryptocurrency by market capitalisation and has a much greater potential for bigger returns. I wanted to maximise the possible returns on my investment so I decided to invest in Ethereum at the same time as Bitcoin in 2020. Ethereum 2.0 was also rumoured to release that year and, due to the fact that the market capitalisation was tiny compared to bitcoin, I saw it as the perfect opportunity.

Thomas: Last year, I used the money to pay off my student overdrafts. Since then, Ive used the money to invest and I havent regretted it. I turned my 3.5K into 30K in nine months without any real effort! I plan to keep converting my cryptocurrency into a stable coin and then into yield farming this will allow me to keep getting returns of up to 30% per year.

Thomas: My advice would be to do your research. There are a lot of negative articles about cryptocurrency investing. You need to be willing to make up your own opinion and work out what information to listen to.

A good platform to use for investing would be SwissBorg. With a premium account, the rewards are as high as 28% per year. No other bank offers interest rates comparable to this.

I would also encourage people who are just starting out to use my referral link. It gives you $100 in bitcoin if you deposit $50 or more, which is a really good head start.

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We spoke to the UCL student who made 30,000 through cryptocurrency investments - The Tab