by admin | Jun 9, 2023 | Technology
Key Points
- Palantir CEO Alex Karp claims that tech CEOs are calling for an A.I. pause so they can have time to catch up.
- Karp believes there is an ongoing A.I. race, and every tech CEO wants to grab a top spot.
Palantir CEO calls out tech CEOs for selfishly wanting A.I. to be paused
Karp is opposed to the idea that tech CEOs are genuinely concerned with the after-effects and risks of A.I. He believes that these leaders are calling regulators and governments to stop or pause A.I. products so they can catch up and remain competitive.
His views contrast with the open letter from the Future of Life Institute that has seen signatures from some of the biggest names in the technology industry. The letter has attracted signatures from notable people like Elon Musk, Apple co-founder Steve Wozniak and others who voiced a call for a pause in the release of A.I. research on Artificial Intelligence models larger than GPT-4
The letter also proposes a moratorium where the technology is not paused. An excerpt from it reads.
“if such a pause cannot be enacted quickly, governments should step in and institute a moratorium.”
While speaking in a BBC radio broadcast interview on Thursday, Karp said he believes that “many of the tech CEOs asking for a pause, are asking for a pause because they have no product.”
He added that the tech CEOs who have nothing to offer yet want more time to study Artificial Intelligence and come up with their own products. He added that “studying this and allowing other people to win both on commercial areas and on the battlefield” is a bad strategy.”
When asked if there is an A.I. race going on, Karp stated, “there is already an A.I. arms race, it’s just we’re ahead, [and] it’s not like if we slow down, the A.I. race will stop.” He stated that the most important thing at the moment is not building products for the public like GPT-4 but figuring out how A.I. can be used for military purposes.
He explained that Ukrainians have been using Palantir technologies and A.I. tools to increase the speeds and accuracy of their artillery, giving them an edge over Russian soldiers.
He added that the advent of AI-powered military software on the battle filed “just throws down a gauntlet to every single country in the world, especially [to] our adversaries, they cannot afford for us to have this advantage. And so, the race is on. There’s only a question of do we stay ahead or do we cede the lead.”
Keep watching Fintech Express for more updates on technology and FinTech-related developments.
by admin | Jun 8, 2023 | Regulation
Key Points
- FCA has introduced stricter crypto regulations in the U.K. that will take effect in October 2023.
- The new regulations include a “cooling off period” for first-time investors and a ban on “refer a friend bonuses.”
Crypto ads in the U.K to be under stricter regulation-FCA
The U.K. continues to crack down on crypto advertisements as the FCA introduces newer and stricter regulations. The regulator seeks to abolish the refer-a-friend bonus program used for advertising crypto projects, alleging that it hinders the chance for people to decide whether or not they want to be part of a project.
The regulator also introduced a cooling-off period for first-time investors to be implemented in all companies in the U.K. In an official statement, the executive director of consumers and competition at the FCA, Sheldon Mills, said that while the decision to buy or invest in crypto-related investments relies solely on an individual, it can be easily influenced by the kind of marketing done and lead them into making impulsive decisions that would cause regrets.
Mills added that extra guidance is needed to protect crypto investors in the U.K. in such a decision-making process
“The crypto industry needs to prepare now for this significant change. We are working on additional guidance to help them meet our expectations.”
The new rules require crypto companies to verify that individuals possess the necessary knowledge to handle crypto investments. Additionally, to promote these crypto assets, companies must include the associated risks to enhance transparency and ensure that their advertisements are fair, clear and devoid of any misleading information that could result in significant losses.
This news comes when the U.S. is pressing on with crypto regulation as the SEC is charging the two largest crypto exchanges, Binance and Coinbase, over allegations of exposing investors to risky crypto assets. Keep watching Fintech Express for updates on crypto regulation and either Fintech-related developments.
by admin | Jun 1, 2023 | Banking, Finance
Key Points
- The House passed a debt ceiling bill on Wednesday night, days before the U.S. Treasury runs out of money to pay its bills.
- The Fiscal Responsibility Act was formed due to a deal between Speaker Kevin McCarthy and President Joe Biden in May.
- Though the bill has been met with opposition along the way, it is currently the only solution to the looming debt default crisis. Senate Majority Leader Chuck Schumer has said the Senate will do all it can to move the bill quickly.
Debt default deadline days away as Debt Ceiling bill heads to the Senate
The Fiscal Responsibility Act, a bill meant to push the U.S. debt ceiling, passed in the House of Representatives on Wednesday night by a wide margin. It will now head to the Senate for another voting process ahead of the June 5, 2023, deadline for the U.S. Treasury to default on its debt.
The Fiscal Responsibility Act passed with 314-117 votes receiving more support from Democrats and Republicans than expected. The majority leader of the Senate, Chuck Schumer, has said that the Senate will do all it can to move the bill along quickly, signaling that it has a high expectancy of being passed and signed into law by President Biden.
The new developments culminated in a sensitive two weeks of tense negotiations between lawmakers on how to go forward as the economy was under the threat of debt default. The bill has now reached the Senate stage, and the leaders on both sides want to pass it within 48 hours.
Senate Majority Leader Chuck Schumer commented on the story, saying:
“There’s been a very good vote in the House. I hope we can move the bill quickly here in the Senate and bring it to the president’s desk as soon as possible.”
Keep watching Fintech Express for updates on this and other Finance related updates.
by admin | May 31, 2023 | Cryptocurrencies
Key Points
- Stablecoin company, Tether, said on May 20, 2023, that it would commit its resources to mining Bitcoin in Uruguay using renewable energy.
- As Bitcoin halvings increase, Bitcoin’s mining hash rate is rising, necessitating more innovative ways of accessing electrical power as concerns are rising due to its high consumption levels.
- Stablecoin Company Tether is shifting toward diversifying its treasury management strategy by investing some of its net profit in Bitcoin.
Tether to do more than minting USDT; Bitcoin in mind
Tether, the world’s largest stablecoin company, has revealed that it seeks to diversify its treasury investment strategy by investing part of its profits in Bitcoin. The company is now moving to mine Bitcoin in Uruguay using renewable energy.
The company revealed this plan on May 30, 2023, marking its first foray into the green energy sector. It added that it is also searching for experts in the new venture to support its expansion in the green energy space. Bitcoin’s rising hashing figures require even more energy to secure the network and mint new coins, which necessitates the innovation of more solutions like green energy.
“By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining,” said Paolo Ardoino, CTO of Tether.
“Our unwavering commitment to renewable energy ensures that every Bitcoin we mine leaves a minimal ecological footprint while upholding the security and integrity of the Bitcoin network.”
In early May 2023, Tether revealed that it plans to invest some of its profits in Bitcoin. The company committed to investing up to 15% of its net profit in Bitcoin, mimicking strategies from other international companies like Elon Musk’s Tesla and Michael Saylor’s Microstrategy.
Tether is now eyeing to establish its Bitcoin mining plants in Uruguay, one of the prominent leaders in renewable energy production, sourcing over 98% of its electricity output from green energy sources. This development creates a positive image for the company and Bitcoin, as influential people in the crypto industry have asked crypto miners to consider energy sources with lower carbon prints.
Keep watching Fintech Express for updates on crypto and other Fintech-related stories.
by admin | May 30, 2023 | Cryptocurrencies
Bitcoin Price in Binance Australia has been trading at around $5,000 lower than the international markets as customers seek to exit the market. On May 18, the exchange informed its customers that it would suspend the Australian Dollar following issues by its third-party services provider.
Binance Australia closes fiat ramp making Bitcoin price trade lower
As a result of Binance lacking a replacement in sight for its Australian dollar fiat ramp third party, the exchange decided to suspend the currency in May. This has resulted in massive sell-offs of Bitcoin against the Australian dollar, weakening the Bitcoin price against the AUD on the exchange.
On May 30, one Bitcoin was trading at a hefty discount of $5000 against the AUD as the deadline for PayID service withdrawal with the local currency is set for June 1, 5 pm local time. The exchange has also warned Australian customers that Bitcoins remaining on the platform after May 31 would be converted into USDT.
Although this discount initially seemed like a gold mine, those seeking to make quick money may be disappointed. The depositing of Australian dollars is no longer supported, while conversion of other currencies to the AUD bears premium fees locking enthusiasts out of the discounted Bitcoin price.
The exchange has said it will continue looking for alternate service providers for the Australian dollar deposits and withdrawals. However, it may have to delist the trading of several crypto trading pairs with the AUD on June 1.
Binance Australia tweeted earlier in the day, reporting that discontinuing bank transfers has caused the disruption. However, Aussie users can still deposit into the exchange via bank cards, P2P trading, and supported third-party payment systems.
Though Binance remains optimistic about finding a new bank transfer services provider for Aussies, it’s not promised since the exchange has been caught up in legal issues with the Australian Securities and Investment Commission, which even led to canceling its derivatives license there. Keep watching Fintech Express for updates on this and other related stories.
