03 Jul, 2018 25k Views 3.8k FB Shares 3.4k Linkedin Shares
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In other news
Malware targeting Tor browser users. Russian cybersecurity company Kaspersky discovered a new malware, named ‘Clipboard Tor’, that operates within the Tor browser to steal cryptocurrency.
It works by monitoring the clipboard of the infected device, searching for Bitcoin addresses, and replacing them with the attacker’s address, allowing the hacker to steal Bitcoin intended for other people.
According to The Register, security experts believe the malware gets distributed via malicious downloads or spam emails.
The pitfalls of relying on AI content. When he announced the use of AI, BuzzFeed CEO Jonah Peretti told CNN their content would be “more personalized, more creative, more dynamic,” but that doesn’t seem to be the case.
Although AI was initially just used for quizzes, Futurism describes how the publication has shifted to AI-generated articles that are noteworthy for repetitive, cliched phrases such as “hidden gems” and “I know what you’re thinking.”
The non-editorial staff works with the AI to create these pieces as part of BuzzFeed’s experimentation with “new formats that allow anyone (with or without a formal background in writing or content creation) to contribute their ideas and unique perspectives on our site.” Judging by this example, swapping out journalists for a combo of account execs and AI might not be the best plan.
US police used Clearview AI nearly one million times. Hoan Ton-That, the founder and CEO of facial recognition firm Clearview, told the BBC the AI software has run nearly a million searches on behalf of US police forces.
The AI has also scraped almost 30 billion images from platforms like Facebook without user permission. Considered one of the most powerful facial recognition systems globally, Clearview lets users upload a photo of a face and seek matches within its database of billions of images.
Ton-That also revealed that hundreds of police forces use the service, though most won’t admit it. The Miami police, however, have admitted to using it 450 times per year for every type of crime, from murders to shoplifting.
US bakery chain to adopt palm-reading payment systems. Panera will soon let customers pay with Amazon One’s biometric palm-scanning system. According to The Guardian, a quick palm swipe will allow customers to access their credit card, loyalty account information, and recommendations based on past orders. Panera is the first nationwide chain to use the Amazon tool.
Privacy advocates have criticized the rollout due to security concerns, claiming there’s a high risk of the data being hacked and stolen. And unlike a password, a palm print cannot be changed in the aftermath of a data beach.
Ransomware gangs release sensitive medical records. WIRED reports that the Russian BlackCat ransomware group released photos and patient information for cancer patients of Lehigh Valley Health Network in Pennsylvania after the healthcare group refused to pay a ransom demand.
Another ransomware gang, Medusa, leaked sensitive data of students from Minneapolis Public Schools dating back to 1995, including allegations of sexual assault. The data was released after the school district refused to pay a ransom of $1 million.
Experts have suggested that cybercriminal gangs are resorting to more extreme measures after more victims of ransomware attacks are refusing to pay up.
Plants scream when they’re not happy! Researchers in Israel have discovered that tomato and tobacco plants under stress emit sounds that can be heard over three feet away, according to Gizmodo.
It was already known that plants make ultrasonic vibrations, but the sounds detected by these two plants travel through the air and seem comparable to humans moaning in pain.
The popping or clicking sounds produced resulted from the plants not being watered for a few days or having their stems cut. Researchers are still looking into how other organisms respond to these sounds and whether plants have their own kind of consciousness.
Italy bans ChatGPT due to privacy. The BBC reports that Italy has blocked the AI chatbot in widespread use since its release last November over concerns that it may not be in compliance with the EU’s General Data Protection Regulation (GDPR).
The ban has come into effect in Italy immediately while an Italian watchdog investigates the possible non-compliance. Other concerns raised in recent months have been over potential job losses and whether the software has a tendency towards bias and misinformation.
Data protection authorities in Ireland have said they are also looking into places ChatGPT may have overstepped the GDPR line.
Is it still worth your dime to invest in crypto?
Cryptocurrency has always been volatile. With rampant fraud and scamming in crypto trading, much of the world cooled on cryptocurrencies and other blockchain-related commodities. With the failure of Meta companies and FTX’s recent bankruptcy (among other things), you can see why.
In 2022, NFTs went down by 60% from the second quarter to the third. After falling to the lowest it’s ever been in two years, Bitcoin began to recover in January 2023.
Some analysts suggest that this may be the best time to invest in crypto. But is it worth the risk or your time? The following guide will seek to answer this question and more.
The problem with cryptocurrency
The biggest issue with cryptocurrency is its abstract quality. Much like fiat money, it has no intrinsic value since it isn’t backed by any precious metals. However, most fiat currencies can be represented by real-life physical tokens, which isn’t true for most cryptocurrencies.
Making crypto more like fiat currency would defeat crypto’s ultimate purpose and advantage. Yet, in many instances, its strong suit is also the reason it is unappealing to many investors. The market’s inherent volatility also turns off many potential investors who fear losing their investment without the possibility of the market recovering.
As such, trading crypto requires considerable effort. Some crypto-influencers have mused that to be a successful trader, you must make it your full-time job, not your hobby. Investing and trading in cryptocurrency are much like forex trading. Forex is nearly as volatile as cryptocurrency, although the forex market is regulated and sees more than $7.5 trillion traded daily, making it a much larger market than crypto as well.
The attack on crypto
In 2022, the American federal government began developing frameworks to regulate cryptocurrency. However, this may be a detriment more than it is a way to protect investors and traders. Some financial analysts suggest it could be in the US’s best interest to invest in cryptocurrency and all other blockchain technologies if it hopes to maintain its position as a geopolitical and economic leader.
Dubai has been cultivating a thriving crypto ecosystem, whereas the US Security and Exchange Commission (SEC) seems focused on attacking crypto. Over the last few months, it has challenged everything from stablecoins to securities and specific cryptocurrencies.
But how about recent scandals such as FTX? Isn’t crypto trading rife with fraud and scams? These questions and concerns are warranted, but it’s important to note that there are ways to trade securely.
Why cryptocurrency still matters
By all considerations, cryptocurrency should have died just like NFTs and the Metaverse, seeing as these are all blockchain-related properties. But the failure of the NFTs and the Metaverse should be seen as growing pains.
Crypto has continuing value because it’s the first well-known and widespread blockchain technology. And as long as blockchain exists, crypto will not die. In fact, crypto is and will continue to be the current and future currency of the Metaverse.
Technological advancement can seldom be compartmentalized. With Web 3.0 looming, technology and computer science are more interwoven than ever. Plus, there has been a recent boom in consumers’ use of AI and machine learning applications such as ChatGPT and Dall-E. AI uses and sorts massive amounts of data to produce results from queries.
The future of money
When AI and machine learning are paired with blockchain, the technology can make using AI tools faster and more secure. Blockchain can be used to ensure that AI and ML models retrieve data from verified sources, not to mention how AI can be used to analyze and predict changes in the market and make trading easier.
Many traditional banks continue or have begun integrating crypto and blockchain technology into their services. Giants such as JP Morgan have internally dedicated entire teams to develop crypto products.
According to a Coinbase survey, at least 80% of Americans are dissatisfied with the financial system as it is today. Cited reasons include it being too slow, expensive, biased, etc. The current financial system, built on processes, beliefs, laws, and procedures established over a century ago, is outdated. Hence, many forward-thinkers see crypto as a vehicle that could potentially revitalize and revamp the current financial system.
Ultimately, this has always been the goal behind crypto. It was created to gradually phase out the current financial system. As the adage goes: “Necessity is the mother of invention.” It’s not a coincidence that Bitcoin, the oldest modern crypto, was developed and introduced during The Great Recession.
Many believe that blockchain is the only solution to the problems created by traditional financial systems.
Crypto is still worth investing in, especially with Bitcoin nearly half its average value (at the time of writing this article). But how should you approach investing in cryptocurrencies?
• Acquaint yourself with the basics
For years, many of us have relied on banks to safeguard and keep our money. Cryptocurrency flips this paradigm around; you are in complete control of your crypto finances. This means if a transaction goes wrong because you’ve made an error, you have to sort it out yourself.
There is no support staff to contact. Companies such as the Ethereum Foundation aren’t actual companies. They are decentralized peer-to-peer systems that follow a similar paradigm to the Internet. Not a single person owns or controls it.
Thus, you must take security seriously at the onset of your trading or investment career. Additionally, you need to familiarize yourself with how the systems work. There is no compensation scheme for crypto.
• Only invest what you’re willing to lose
Because of the volatility of the crypto market, there is a high risk of losing your investment. Cryptocurrencies are essentially digital. This means that they are software, which runs on hardware that runs on electricity.
We’ve seen nations like the UK suffer blackouts due to global fuel shortages. If you have no access to power, you’ll have no access to your crypto. Moreover, while unlikely, a catastrophic Black Swan event could occur, wiping out all data and causing you to lose your crypto.
Thus, keeping or investing your entire wealth in crypto isn’t a good idea. While some experts claim that crypto is a viable long-term investment, most cryptos haven’t shown any signs of stability yet. Play for the short-term, at least until you’ve habituated yourself and understand the market.
• Choose your cryptocurrency carefully
Not all cryptocurrencies are built the same, as some are safer than others.
For instance, according to a recent survey, 64% of respondents believed Bitcoin was a safe investment to buy. And it’s true. Bitcoin is still the most reliable crypto, partly because only a limited number of bitcoins will ever be in circulation (21 million).
Should you invest in crypto?
The above guide explores whether investing in crypto is still worth your dime. The answer is yes — but with a few caveats. Investment firms often promise exaggerated returns, as do social media influencers. They also underplay the risks. As a cryptocurrency investor, you must temper your expectations.
But although many have tried to prophesy cryptocurrency’s doom, crypto is the future of finance and worth investing in.
