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In 2019 we are Post-Snowden, Post-Cambridge-Analytica and Post-Privacy. But despite all the scandals and data breaches, not much has happened to curb the powers of the tech giants who have facilitated the erosion of our privacy. Quitting Facebook hasn’t been the answer nor has the GDPR solved the mess. What if we instead of trying to protect our data, launched a counter offensive to undermine Google’s and Facebook’s monopolies? What if we - instead of them - sold our own data?
The data we’re giving away for free is worth billions of dollars. According to the futurist Jaron Lanier, “a small family could in the very near term earn something like 20k dollars a year from the value of their data.” Beyond the personal financial gain, democratised access to open data would encourage innovation, benefit research and thereby create healthy competition online in an industry ripe for change.
Selling our data might be a palpable solution - but is it an ethical one as well? Privacy activists would rather bring an end to all data collection. They argue that no value should be put on personal data and that doing so destroys our dignity as human beings. So who is right?
Panel line-up
Carl Miller - Research Director, Centre for the Analysis of Social Media, DemosPrivacy International
Shiv Malik - Author, Head of Communications, Streamr
Renate Samson - Open Data Institute
Valentina Pavel - former Mozilla Fellow at Privacy International
Chair: Naomi Colvin - Blueprint for Free Speech-
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Francisco Gimeno - BC Analyst Should we sell our data? good question. We hear the next Internet is the Internet of Data. We are becoming active Data owners, instead of giving it for free. Ultimately it will depend on our relationship and interactions both individual and socially with the new digital economy, on our own empowerment. Reducing a human being to data is not ethic. But by owning and using our data for own our empowerment we help to create a new economic model different from the one of big corporations which use and manipulate our data freely.- 10 1 vote
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China has accelerated the development of blockchain technology, with Chinese President Xi Jinping underscoring the importance of fledgling technologies in pursuing innovation. China has stepped up efforts to apply blockchain in a broad range of areas. The idea of blockchain may sound complicated, yet it's worthy of attention and understanding. Could it disrupt the digital world?
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Francisco Gimeno - BC Analyst China has been very active dealing with both the Blockchain tech and the crypto market in the last three years. China is researching and experimenting with the application of the blockchain to many areas. They want to shape it to develop, control, own the main tech with all social, economic and political consequences on the birth of the 4th IR to be at the first row of global competition.
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When Facebook first announced it was getting into the crypto business—with a basically unregulated currency called Libra—the reaction from Wall Street and government bankers was about as expected. Fast-foward a few months, and Libra is in trouble. The social media giant had lined up a long list of corporate backers for the initiative, including major players in the payments space. And in October 2019, several prominent backers began to back out. Here’s how Facebook’s crypto future got into serious trouble.
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Francisco Gimeno - BC Analyst Libra has started a huge debate about crypto, fintech, control of global economy, even if we believe is not a viable programme as it is now. Zuckerberg is a supporter of global connectivity. Libra, or any global payment system coming is about that in the first place. The global disruption to the thread of society itself which a massively accepted digital global payment system beyond the fiat money is part of the 4th IR. Somewhere in time more and better thought projects will come which are acceptable for all.
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The Fourth Industrial Revolution is already changing Africa’s economies and societies. Is the region ready for greater shifts to come, and what must its leaders do to ensure outcomes are positive for growth and for humanity?
Speakers:
- Iyinoluwa Aboyeji (Confirmed), Managing Partner, Street Capital, Nigeria; Young Global Leader.
- Alison Gillwald (Confirmed), Executive Director, Research ICT Africa, South Africa.
- Anne Githuku-Shongwe (Confirmed), Founder, Afroes Transformational Games, South Africa.
Moderated by:
- Oliver Cann (Confirmed), Head of Strategic Communications; Member of the Executive Committee, World Economic Forum.-
Francisco Gimeno - BC Analyst Good question. We hope this is asked also of any other continent. Africa is such a diverse continent which is difficult to answer. Is Asia ready for the 4th IR? Europe? Which are the questions we need to pose to start understanding this? We believe that Africa as a continent is flexible enough to leap to the 4th IR. We are witnessing there a growing young and talented population eager to jump in it, lobbying the social and political powers. Hubs are appearing all around not just in the "expected" places like SA, Nigeria, Ghana, or Kenya, but in places like Sierra Leona, Rwanda, Tanzania, Ethiopia, anywhere. Let's not forget too that in this continent the rural areas, and women are to benefit very much from this too.
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- Tether’s 30 million minted USDT tokens likely to be used in pumping Bitcoin price following the drop below $7,500.
- Ripple explores the levels towards $0.28 after $0.3 become impenetrable.
The market finally yielded to the bearish calls in the last couple of weeks. The drop seems to have been necessary as upward movement was becoming untenable.
The entire crypto market flash dropped with the majority of crypto assets smashing through key support levels. In less than 24 hours the entire crypto market lost $19 billion from $223 billion to $204 billion. In the same period the negative trading volume ballooned from $57 billion to $79 billion.
Interestingly, the Tether Treasury is said to have minted 30 million USDT tokens which were transferred to Bitfinex exchange following the bloodshed. The entire process of minting was done on the Tron blockchain according to the Whale Alert.
A similar incident occurred about a month ago whereby Tether Treasury minted $15 million in USDT and later transferred the tokens to Huobi exchange. At the time, Bitcoin price slumped to levels around $8,000.
The minting has been correlated to Bitcoin price pump by many analysts in the crypto market. While it may be true Tether uses USDT to manipulate Bitcoin, the pumping process is not entirely illegal. Tether and Bitfinex have been investigated for market manipulation before but it seems they have a way of getting away with it,Bitcoin, Ethereum and Ripple update
The intraday charts clearly show that the three largest markets in the crypto space are very suppressed. Bitcoin is trading under $7,500, although it hovered just below $8,000 on Wednesday. Ripple declines thrust through the support at $0.28 to test $0.26 on the downside.
Ethereum, on the other hand, failed to hold above $170 leading to a correction that touched $160. Ether is valued at $160.50 after losing 1.26% of its value on the day.- By Admin
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At 10 a.m. ET this morning, Facebook CEO Mark Zuckerberg was the sole witness to testify in front of the United States House of Representatives Committee on Financial Services about his role in developing libra, a cryptocurrency backed by a basket of stable international assets and designed to be spendable anywhere in the world.
But as is typical of such hearings, an unabridged written testimony was submitted in advance so members of Congress and others could prepare their lines of questioning.As governments and central banks grapple with what it would mean to have a global currency backed by their own assets, in some ways Zuckerberg’s comments were disappointingly predictable.
But as three new bills introduced to Congress in the days leading up to the testimony could spell doom for Facebook’s plans, a closer analysis of Zuckerberg’s comments shines a light on the social media giant’s bigger strategy.
The submitted written testimony is broken down into five sections: introduction, a summary of the Libra Project, combating discrimination, a commitment to diversity, and a conclusion.
The introduction is interesting for three reasons. First, Zuckerberg plans to position Libra in the global context as a reaction to China’s plans to release a similar cryptocurrency that will be spendable anywhere in the world and will be distributed via a consortium of state-owned companies.
While Facebook has previously emphasized that the libra cryptocurrency would be backed by a basket of international currencies, perhaps giving a broader group of people a stake in the technology, today Zuckerberg will use the political undertones and his audience of U.S. elected officials to refocus the project on its American roots.
Today In: Money
“Libra will be backed mostly by dollars and I believe it will extend America’s financial leadership,” Zuckerberg will say, according to the prepared notes. “As well as our democratic values and oversight around the world. If America doesn’t innovate, our financial leadership is not guaranteed.
”The introduction is also notable in that it foreshadows a surprising amount of attention on questions of diversity and civil rights, topics he’s previously addressed in front of Congress but that are only tangentially related to the cryptocurrency, which is being designed to serve with unbanked people typically consisting of underrepresented groups.
Zuckerberg wraps up his address with what appears to be a hat-tip to the religious inclinations of some elected officials and U.S. voters. “I feel blessed to be in a position where we can make a difference in people’s lives,” his prepared remarks say.
The second section of Zuckerberg’s remarks to Congress largely rehash the already well-known definition of the Libra Association founded by Facebook, the libra cryptocurrency, and Facebook’s Calibra wallet for storing the cryptocurrency, with one small change.
Since Facebook’s head of cryptocurrency, David Marcus, testified before Congress in July, four U.S. lawmakers have sent a letter to association members asking them not to participate in the group, which was followed by an exodus of every major financial player in the group, including PayPal, MasterCard and Visa.
Not all elected officials responded so harshly, with U.S. senator Mike Rounds of South Dakota calling his colleagues’ “ominous tone” “disappointing” and expressing support for the financial innovation.This section concludes by distinguishing Facebook’s cryptocurrency wallet, Calibra, from the libra cryptocurrency and clarifying Facebook’s intention not to sell data about Calibra wallet users to third parties.
The section also reiterates Facebook’s desire to position libra as a U.S. tool for global financial competition. “If America doesn’t lead on this, others will,” the submitted comments read. “Foreign companies or countries may act without the same regulatory oversight or commitment to transparency.
”Sections three and four really address the same subject of combating discrimination. Reading between the lines however, the comments could serve two goals related to libra. First, they focus on some of the positive changes Facebook has made recently, including the establishment of a civil rights task force, which could leave a good taste in congress members mouths while so much negative news about Facebook fills the headlines.
Second, the groups of people typically addressed in these civil rights campaigns, women and other underrepresented groups, are among the same people Facebook has publicly identified as its target users for the cryptocurrency: the under-banked.
The conclusion is largely aimed at reiterating Facebook’s previously stated intention of not launching without regulatory support, which in increasingly looking like a tough sell. As of early last week there were 21 bills relating to blockchain in various stages of passing through congressional review.
But on Friday, October 19, three new bills were introduced aimed at undermining Facebook’s efforts. An updated version of the “Keeping Big Tech Out of Finance Act,” appears to be largely aimed at keeping Facebook away from cryptocurrency, according to Jason Brett, CEO of the Value Technology advocacy group.
The “Stablecoins are Securities” bill could have far-reaching implications to companies like Gemini, Circle and Coinbase, which have already created stablecoins similar to libra but backed by different assets. The “To Prohibit The Listing of Certain Securities,” appears to seek to prevent stablecoins like libra from entering the capital markets space, according to Brett.
“As Congress attempts to reign in Libra from its perceived impact to the strength of the U.S. dollar, policymakers are creating broad measures that has an impact beyond Facebook,” says Brett.
“If the three bills were actually passed, no Big Tech company could offer a cryptocurrency, all stablecoins will be treated as securities, and any company or its officers profiting from a stablecoin will face being delisted from a stock exchange.”
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Michael del Castillo
I report on how blockchain and cryptocurrencies are being adopted by enterprises and the broader business community. My coverage includes the use of cryptocurrencies su... Read More- By Admin
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