DeversiFi’s faulty bill shows crypto, where “code is law”, is equally vulnerable to costly slip-ups that have no formal resolution mechanism.
“Right now, most of the users of DeFi are true believers in the technology and its potential, and so confidence may persist regardless of these events,” said Hilary Allen, professor of law at the American University Washington College of Law.
“But if DeFi is more broadly adopted by people less committed to the technology, confidence will become more vulnerable — and the potential for panics that can come with damaged confidence should give us pause,” she added.
News, analysis and comment from the Financial Times, the worldʼs leading global business publication.
Elon Musk reiterated Tesla’s commitment to China, stating that the company will continue to invest in the country. Musk made his announcement at a pre-recorded question-and-answer session at China’s Cyberspace Administration’s Global Digital Conference. Musk has hailed the country that is vital to his electric vehicle company for the second time this month, calling it as a “global leader in digitalization.” As per Mr. Musk’s comments made during another pre-recorded webcast at the World New Energy Vehicle Congress less than two weeks earlier, Chinese automakers were the “most internationally competitive.” Musk was enthusiastic in his praise for the nation that is vital to Tesla’s electric vehicle business, and his remarks came as the company works to repair its image in China. Musk stated, “I have a lot of respect for the various Chinese automakers who are driving these (EV) technologies.” Musk stated Chinese carmakers are among the best at software, which he claims will “shape the future of the vehicle industry” during his three-minute speech. “My honest view is that China invests a lot of resources and efforts adopting the latest digital technologies in various areas, including the automotive industry,” Musk said in a recent video. China has become a global leader in digitalization in the vehicle industry.” “Tesla will continue to boost its investment and research and development efforts in China.” However, negative coverage of Tesla has also grown in China over the last year. In one high-profile case, a woman claiming to be a Tesla customer protested an apparent brake failure in her car at the Shanghai auto show in April. Tesla was accused of having an “arrogant and aggressive approach” in China, according to official media, after a video of the incident went viral on Chinese social media. But now, Tesla has been attempting to repair its image in China following a barrage of negative headlines. The corporation has been under governmental scrutiny for its privacy practises, as well as several recalls in China. Some state and military employees are apparently restricted from driving Tesla electric vehicles. Musk emphasized data protection in his speech and outlined the many types of data that are stored locally. “At Tesla, we’re pleased to see a bustle of fresh laws and regulations targeted at enhancing data handling,” Musk remarked. In the past, the corporation is said to have broken ground on a big Shanghai facility. According to Reports, Tesla sold 44,264 Made-in-China automobiles by August 2021. There were 31,379 for export, which marked an increase over July’s 32,968 made-in-China automobiles sold and June’s 33,155 units sold. Local EV firms like Xpeng Inc., Li Auto Inc., and Nio Inc. are also posing a threat to Tesla in China. Last month, shipments of China-made cars to domestic purchasers increased, and exports from the company’s Shanghai factory — largely to Europe — increased. As a result, Tesla’s overall China shipments increased 34% from July to 44,264 units in August. According to sources, Tesla momentarily suspended some tasks at its Shanghai factory last month due to a global shortfall of semiconductors. Because of a shortage of crucial chips, a portion of a production line at the China plant was shut down for nearly four days in August. Tesla created a data centre in China to contain all of the data generated by our businesses there, which include manufacturing, sales, service, and charging. All personally identifying information is kept secure in China and is never sent abroad. Data is only permitted for international transfer in very rare instances, such as spare parts orders from overseas.” Tesla is acting in response to new Chinese government regulations governing how carmakers with cameras and sensors collect and use data. Tesla also said in a statement that it was “glad to hold discussions with industry experts” regarding new data security requirements for automobiles in the country. “Data security in automobiles is critical. Tesla will make every effort to maintain data security by implementing automotive data security management.”
SpaceX is building the most powerful spacecraft ever with the Starship. When completed, clients are waiting to put it to different uses as it is a very versatile spacecraft and this is because SpaceX is making it to be 100 percent reusable. However, for SpaceX, the Starship is its vehicle to explore the unknown parts of the solar system. How is SpaceX making sure the Starship is fit for the long journeys the spacecraft is destined for? Join us as we examine SpaceX’s insane plan to travel all over the Solar system! When the Starship is ready, SpaceX would have the most powerful spacecraft in its hands. When the upper stage, the Ship, and the lower stage, the Super Heavy, are stacked together, the Starship will stand an impressive 120 meters tall, with a diameter of nine meters and total payload to lower earth orbit of over 100 tons. The booster is the Super Heavy, a colossal steel structure that is 70 meters tall. It will lift a gross mass of over 3 million kg by producing a thrust of 72 MN. The booster relies on 32 Raptor engines that SpaceX is designing in-house. The rocket engines will use propellants made of sub-cooled liquid methane and liquid oxygen, of which the booster can store 3,400 tons. SpaceX designed reusability into the Super Heavy so it can be used for multiple mission launches. The booster was to return to earth and land on its six legs but to reduce costs and turn around time, SpaceX ditched the legs, instead, coming up with the radical idea of catching the Super Heavy with a pair of arms, known as the Mechazilla, on the launch tower. It will be aided on its return journey by a system of four grid fins. The upper stage or the Ship is the part of the Starship that will go to and return from space. It is a 50 meters tall spacecraft that can carry both cargo and passengers to earth’s orbit and beyond. It will rely on six Raptor engines both for propulsion and landing since it is also completely reusable. The Ship also uses methane and oxygen propellants, of which it can store 1,200 tons, but it has an ingenious proposed method of getting more fuel when out there in space, as we shall see later. While the Ship will also be caught by the Mechazilla, on its return to earth, SpaceX is retaining the legs so that it can land on other planets or the moon where there is no Mechazilla. Out of the 50-meter height of the Ship, 18 meters of it will be available to configure either for cargo or passenger transport, making it the largest usable payload volume of any current or in-development launcher. If you ever wonder what I like to do when not making these videos, I like taking road trips. I also look forward to taking flights to see my folks and reconnect with my roots. Sometimes, I hang out with friends over a few chilled beers. I felt I was just having fun, until a pal hooked me up to Wren, which helped me to see how much my fun activities were adding carbon emissions to the air. It was easy to calculate my carbon footprint on Wren website because I just answered some questions about the stuff I do and it calculated how much I am costing the environment in dollars! However, Wren gave me a chance to offset my environmental debit by donating the amount to projects that plant trees and protect rainforests around the world! You can make the contribution a monthly thing and you will get updates from Wren on the projects you support. You can sign up today and start learning and compensating. If you sign up with my referral link in the video description, you will be supporting 5 extra acres of rainforest! So hurry and let’s save our planet, our only home! The Starship is not a product that will struggle for business as many people are waiting on it. One of its most prominent suitors is NASA, which is confident enough to put 2.9 billion dollars into its development.
Stimulating STEM Innovation & Securing U.S. High-Tech Economy — Kimberly A. Reed, Fmr President and Chairman Export-Import Bank of the United States.
Kimberly A. Reed just finished up a 2-year term as President and Chairman of the Board of Directors of the Export-Import Bank of the United States (EXIM — https://www.exim.gov). She was the first woman to lead EXIM in the agency’s 87-year history, was the first recipient of EXIM’s highest honor, the Franklin D. Roosevelt Award, and was confirmed by the U.S. Senate in 2019 on a strong bi-partisan basis.
EXIM provides loans, guarantees, and export credit insurance for the export of U.S. goods and services from enterprises ranging from Fortune 100 companies to small businesses in a multitude of sectors including infrastructure, power, agriculture, transportation/aviation, health care, commodities, industrial, and technology.
Ms. Reed was recognized for successfully navigating Congress to re-open EXIM after four years of dormancy and transforming the mission and impact of the 515-person independent federal agency.
Ms. Reed also spearheaded EXIM’s historic, longest-ever Congressional re-authorization of seven years and a significant new mandate, the Program on China and Transformational Exports, which focuses on industries including biomedical sciences, biotechnology, wireless communication (5G), renewable energy, financial technologies, artificial intelligence, and the space industry.
Waymo, Alphabet Inc.’s autonomous driving company, is vague on exactly when semis controlled by its technology will be hauling cargo, without drivers, across the U.S. but has a detailed list of challenges to be mastered first, ranging from rough winds and slick roads, stray pedestrians on the highway and figuring out how robot trucks can deploy safety flares when they have to pull over.
While the idea of the automobile was invented in the late 1800s in Germany and France, the true commercial revolution of the industry occurred in the 1920s in the U.S. There were 40+ years of experimentation between 1,880 and 1,920 with different form factors such as steering sticks, drive systems, and even names (like the Stanley Steamer). Brands and technologies were secondary until the true mass production of one common form, and with that development in the 1920s came the exceptional volumes and growth rates that led to the tripling of registered drivers in the U.S. between 1920 and 1930.
According to 2020’s McKinsey Global Survey on artificial intelligence (AI), in 2,020 more than 50% of companies have adopted AI in at least one business unit or function, so we witness the emergence of new AI trends. Organizations apply AI tools to generate more value, increase revenue and customer loyalty. AI leading companies invest at least 20% of their earnings before interest and taxes (EBIT) in AI. This figure may increase as COVID-19 is accelerating digitization. Lockdowns resulted in a massive surge of online activity and an intensive AI adoption in business, education, administration, social interaction, etc.
With global corporate-venture-capital-backed (CVC) funding reaching $79 billion across 2,099 deals in the first half of 2,021 according to CB Insights, the chances are high that startups will find great opportunities with this growing investor set.
Entrepreneurs, however, are likely to discover that the investment process can be different for CVCs compared to private venture capital firms. While both types of investment firms tend to make decisions via an investment committee (IC), private VCs (inclusive of VCs with corporate backers that have an independent LPA structure) make up their ICs with firm partners and/or other venture-minded people.
But for CVCs investing off a corporate balance sheet, the IC can include corporate-minded people, such as the CEO or business unit leaders, who generally tend to be detached from the venture mindset and the requirements for operating in the VC world. As such, entrepreneurs will realize that a successful CVC investment decision tends to have different requirements compared to a private VC firm’s decision.
The last few months have seen a spate of patent applications filed in different countries listing AI as an inventor. This has led, at last count, to the legal apparatus of four countries to weigh in on the question — with two (the United States and the UK) weighing in against the idea and two (Australia and South Africa) permitting AI as an inventor.
If you read some of the findings, they show that the judges have, appropriately in my opinion, based their decisions on their interpretations of the law as written. This makes sense. However — this question is likely the first of many around the area of AI and new creations. In this article, we highlight some of the tech fundamentals that apply here and raise additional questions that will come shortly thereafter — and why businesses will need answers.
According to a former Google executive, the singularity is coming. And, what’s more, he says that it poses a major threat to humanity.
Mo Gawdat, formerly the Chief Business Officer for Google’s moonshot organization, which was called Google X at the time, issued his warning in a new interview with The Times. In it, he said that he believes that artificial general intelligence (AGI), the sort of all-powerful, sentient AI seen in science fiction like Skynet from “The Terminator,” is inevitable — and that once it’s here, humanity may very well find itself staring down an apocalypse brought forth by godlike machines.
Gawdat told The Times that he had his frightening revelation while working with AI developers at Google X who were building robot arms capable of finding and picking up a small ball. After a period of slow progress, Gawdat said that one arm grabbed the ball and seemed to hold it up to the researchers in a gesture that, to him, seemed like it was showing off.
