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Air Travelers Cant See All of It, but More Tech Is Moving Them Along – The New York Times

Airports, often hemmed in by neighborhoods, highways or water, already struggle to keep up with the rising number of air travelers. And the number is expected to keep going up to more than seven billion globally by 2035, an airline trade association says, nearly doubling from 2016.

So while airports are expanding their physical facilities where they can, governments and the travel industry are leaning more heavily on technology, especially artificial intelligence, to process more air travelers more quickly.

The airports in Osaka, Japan, and Abu Dhabi have tested autonomous check-in kiosks that move themselves to help manage peaks of passenger flow.

Seattle-Tacoma International Airport and Miami International Airport are among those using visual sensors to monitor passenger line lengths and how quickly people are moving through security checkpoints. Managers can use the information to adjust where they need more workers and to send passengers to shorter lines. Passengers can see how long their wait will be on signs or on a phone app. The goal is to help reduce travelers worries about whether they are going to make their flight.

For international flights, more airlines are installing what are known as self-boarding gates that use a photo station to take and compare a photo of the traveler with the picture in the persons passport and other photos in Customs and Border Protection files. The gates, which are using facial recognition technology, replace agents who check boarding passes and identification cards.

Seven percent of airlines have installed some self-boarding gates, and about a third of all airlines plan to use some type of this gate by the end of 2022, according to SITA, a technology company serving about 450 airports and airlines. Sherry Stein, head of technology strategy for SITA, said the goals are to reduce hassle for passengers, speed boarding and increase security.

Still, there are privacy concerns over the use of the photos. The general public doesnt receive much information about how the photos will be used or stored, said Oren Etzioni, the chief executive of the Allen Institute for AI in Seattle.

So even though we consciously give up our privacy, we still worry that these kinds of digital records can be used against us in unanticipated ways by the government, our employer, or criminals, he said. A photo taken at the airport leaves another digital footprint that makes us more traceable, he added.

The Department of Homeland Security said it did not retain photos of U.S. citizens once their identities were confirmed at airports.

Technology similar to that used in self-boarding gates is being deployed for some foreign passengers arriving in the United States. Miami International Airport, for example, began using facial recognition screening at its facility for international passenger arrivals in 2018 and reported that it can screen as many as 10 passengers per minute using the technology. Travelers who have been to the United States previously step up to facial recognition stations, and a customs official checks their passports to make sure they are valid. First-time visitors still need to present a passport or visa and agree to have their fingerprints and photos taken.

Some of the new technology is aimed at easing language difficulties. Kennedy International Airport in New York recently installed three A.I.-based real-time translation devices from Google at information stations around the airport. Travelers choose their language from a counter-mounted screen and ask their questions aloud to the device. The device repeats the question in English to the person at the station. That person responds in English, and the device translates that aloud to the travelers.

Artificial intelligence is also being used behind the scenes to reduce the time airplanes spend at the gate between flights, which can mean shorter waiting time for passengers who have boarded and buckled up. London-Gatwick, Qubec City and Cincinnati/Northern Kentucky airports are among about 30 around the world testing or installing a visual A.I. system made by the Swiss company Assaia. The system uses cameras pointed at a plane parked at the gate to track everything that happens after the aircraft lands: how long it takes for fuel and catering trucks to arrive, whether the cargo door is open, and even if employees on the ground are wearing their safety vests.

While humans can do each of these tasks, monitoring and analyzing the operations of these various functions can speed the turnaround of the plane and prevent accidents, according to Assaia. After the same plane has, for instance, been filmed doing hundreds of turnarounds at a particular airport, the A.I. system can identify the elements or situations that most often cause delays, and managers can take corrective action. Accidents like ground crew injuries or service vehicle collisions can also be analyzed for their causes.

The time an airplane spends waiting for a gate after landing or waiting in line to take off could also be reduced. A group at SITA focused on airport management systems is helping to design technology that can synthesize data from many sources, including changing aircraft arrival times, weather conditions at destination airports and logistical issues to improve runway schedules and gate assignments.

Artificial intelligence software can also make a difference with rebooking algorithms, Mr. Etzioni said. When weather or mechanical issues disrupt travel, the airlines speed in recomputing, rerouting and rescheduling matters, he said.

The data streams get even more complex when the whole airport is considered, Ms. Stein of SITA said. A number of airports are creating a digital twin of their operations using central locations with banks of screens that show the systems, people and objects at the airport, including airplane locations and gate activity, line lengths at security checkpoints, and the heating, cooling and electrical systems monitored by employees who can send help when needed. These digital systems can also be used to help with emergency planning.

The same types of sensors that can be used to supply data to digital twins are also being used to reduce equipment breakdowns. Karen Panetta, the dean of graduate engineering at Tufts University and a fellow at the Institute of Electrical and Electronics Engineers, said hand-held thermal imagers used before takeoff and after landing can alert maintenance crews if an area inside the airplanes engine or electrical system is hotter than normal, a sign something may be amiss. The alert would help the crew schedule maintenance right away, rather than be forced to take the aircraft out of service at an unexpected time and inconvenience passengers.

At the moment, people, rather than technology, evaluate most of the data collected, Dr. Panetta said. But eventually, with enough data accumulated and shared, more A.I. systems could be built and trained to analyze the data and recommend actions faster and more cost effectively, she said.

Air travel isnt the only segment of the transportation industry to begin using artificial intelligence and machine learning systems to reduce equipment failure. In the maritime industry, a Seattle company, ioCurrents, digitally monitors shipping vessel engines, generators, gauges, winches and a variety of other mechanical systems onboard. Their data is transmitted in real time to a cloud-based A.I. analytics platform, which flags potential mechanical issues for workers on the ship and on land.

A.I. systems like these and others will continue to grow in importance as passenger volume increases, Ms. Stein said. Airports can only scale so much, build so much and hire so many people.

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Artificial Intelligence White Paper: What Are The Practical Implications? – Mondaq News Alerts

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On 19 February 2020, the European Commission published a WhitePaper, "On Artificial Intelligence: A European approach toexcellence and trust". The purpose of this White Paper onartificial intelligence (AI), of which leaks began circulatingalready in January 2020, is to discuss policy options on how toachieve two objectives: (i) promoting the uptake of AI and (ii)addressing the risks associated with certain uses of AI.

Europe aspires to become a "global leader in innovation inthe data economy and its applications", and would like todevelop an AI ecosystem that brings the benefits of that technologyto citizens, business and public interest.

The European Commission identifies two key components that willallow such an AI ecosystem to develop in a way that benefits EUsociety as a whole: excellence and trust, and it highlights theEU's "Ethics Guidelines for Trustworthy ArtificialIntelligence" of April 2019 as a core element that isrelevant for both of those components.

Like with many White Papers, however, the practical implicationsappear far off in the future. We have therefore included a fewnotes ("Did you know?") withadditional information to illustrate them or show what alreadyexists, and conclude with some guidance on what you can already dotoday.

The European Commission identifies several key aspects that willhelp create an ecosystem of excellence in relation to artificialintelligence:

Where AI is developed and deployed, it must address concernsthat citizens might have in relation to e.g. unintended effects,malicious use, lack of transparency. In other words, it must betrustworthy.In this respect, the White Paper refers to the (non-binding) EthicsGuidelines, and in particular the seven key requirements for AIthat were identified in those guidelines:

Yet this is no legal framework.

a) Existing laws & AI

There is today no specific legal framework aimed at regulatingAI. However, AI solutions are subject to a range of laws, as withany other product or solution: legislation on fundamental rights(e.g. data protection, privacy, non-discrimination), consumerprotection, product safety and liability rules.[Did you know? AI-powered chatbots used forcustomer support are not rocket-science in legal terms, but theanswers they provide are deemed to stem from the organisation, andcan thus make the organisation liable. Because such a chatbot needsinitial data to understand how to respond, organisations typically"feed" them previous real-life customer support chats andtelephone exchanges, but the use of those chats and conversationsis subject to data protection rules and rules on the secrecy ofelectronic communications.]

According to the European Commission, however, the currentlegislation may sometimes be difficult to enforce in relation to AIsolutions, for instance because of the AI's opaqueness(so-called "black box-effect"), complexity,unpredictability and partially autonomous behaviour. As such, theWhite Paper highlights the need to examine whether any legislativeadaptations or even new laws are required.

The main risks identified by the European Commission are (i)risks for fundamental rights (in particular data protection, due tothe large amounts of data being processed, and non-discrimination,due to bias within the AI) and (ii) risks for safety and theeffective functioning of the liability regime. On the latter, theWhite Paper highlights safety risks, such as an accident that anautonomous car might cause by wrongly identifying an object on theroad. According to the European Commission, "[a] lack ofclear safety provisions tackling these risks may, in addition torisks for the individuals concerned, create legal uncertainty forbusinesses that are marketing their products involving AI in theEU".[Did you know? Data protection rules do notprohibit e.g. AI-powered decision processes or data collection formachine learning, but certain safeguards must be taken into account and it's easier to do so at the design stage.]

The European Commission recommends examining how legislation canbe improved to take into account these risks and to ensureeffective application and enforcement, despite AI's opaqueness.It also suggests that it may be necessary to examine andre-evaluate existing limitations of scope of legislation (e.g.general EU safety legislation only applies to products, notservices), the allocation of responsibilities between differentoperators in the supply chain, the very concept of safety, etc.

b) A future regulatory framework for AI

The White Paper includes lengthy considerations on what a newregulatory framework for AI might look like, from its scope (thedefinition of "AI") to its impact. A key elementhighlighted is the need for a risk-based approach (as in the GDPR),notably in order not to create a disproportionate burden,especially for SMEs. Such a risk-based approach, however, requiressolid criteria to be able to distinguish high-risk AI solutionsfrom others, which might be subject to fewer requirements.According to the European Commission, an AI application should beconsidered high-risk where it meets the following twocumulative criteria:

Yet the White Paper immediately lists certain exceptions thatwould irrespective of the sector be "high-risk", statingthat this would be relevant for certain "exceptionalinstances".In the absence of actual legislative proposals, the merit of thisprinciple-exception combination is difficult to judge. However, itwould not surprise us to see a broader sector-independent criterionfor "high-risk" AI solutions appear situationsthat are high-risk irrespective of the sector due to their impacton individuals or organisations.

Those high-risk AI solutions would then likely be subject tospecific requirements in relation to the following topics:

In practice, these requirements would cover a range of aspectsof the development and deployment cycle of an AI solution, and therequirements are therefore not meant solely for the developer orthe person deploying the solution. Instead, according to theEuropean Commission, "each obligation should be addressedto the actor(s) who is (are) best placed to address any potentialrisk". The question of liability might still be dealtwith differently under EU product liability law,"liability for defective products is attributed to theproducer, without prejudice to national laws which may also allowrecovery from other parties".

Because the aim would be to impose such requirements on"high-risk" AI solutions, the European Commissionanticipates that a prior conformity assessmentwill be required, which could include procedures for testing,inspection or certification and checks of the algorithms and of thedata sets used in the development phase. Some requirements (e.g.information to be provided) might not be included in such priorconformity assessment. Moreover, depending on the nature of the AIsolution (e.g. if it evolves and learns from experience), it may benecessary to carry out repeated assessments throughout the lifetimeof the AI solution.The European Commission also wishes to open up the possibility forAI solutions that are not "high-risk" to benefit fromvoluntary labelling, to show voluntary compliance with (some or allof) those requirements.

The White Paper sets out ambitious objectives, but also gives anidea of the direction in which the legal framework applicable to AImight evolve in the coming years.

We do feel it is important to stress that this future frameworkshould not be viewed as blocking innovation. Too many organisationshave the impression already that the GDPR prevents them fromprocessing data, when it is precisely a tool that allows better andmore responsible processing of personal data. The frameworkdescribed by the European Commission in relation to AI appears tobe similar in terms of its aim: these rules would helporganisations build better AI solutions or use AI solutions moreresponsibly.

In this context, organisations working today on AI solutionswould do well to consider building the recommendations of the WhitePaper already into their solutions. While there is no legalrequirement to do so now, anticipating those requirements mightgive those organisations a frontrunner status and a competitiveedge when the rules materialise.

The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.

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Technology – Integrating artificial intelligence on board – Superyacht News – The Superyacht Report

As the superyacht industry welcomes a new generation of crew, with new demands and expectations, the operational experience on board will need to evolve to suit their needs. While vessels are growing more complex, Gunther Alvarado, head of yacht management and marine operation at Al Seer Marine, believes systems need to be updated to keep up with the technology crew are used to in their everyday lives.

Seventy per cent of crew in our fleet are millennials and Generation Z. These generations are born with an iPhone in their hand, said Alvarado during a panel discussion at The Superyacht Forum2019. We need to make our systems a lot more interactive, from flag states and regulatory bodies, to make it easy for crew to access information and automatically remind them about things to do.

The inevitable integration of artificial intelligence (AI) and machine learning (ML) on board will have an impact on the crew of the future, with the potential to transform operations such as navigation, maintenance and even service. Our owners have these technologies in their own businesses and homes, so it wont be long until they want them on their yachts, says Mike Blake, president of Palladium Technologies.

Our owners have these technologies in their own businesses and homes, so it wont be long until they want them on their yachts...

The commercial shipping industry is already testing autonomous vessels, and superyacht captains only drive the yacht a small percentage of the time anyway, so AI systems can take it over because they have an endless attention span to do the repetitive task of monitoring all the information in the bridge. AI will also be used in the engine room to monitor all systems at once and predict any failures. It could even be used in the interior I think we will have systems that will read who the guests are and be able to give a much better service.

Joseph Adir, founder and CEO of WinterHaven, agrees that AI and ML are going to transform the way in which superyachts are operated. The continued growth of IoT technology utilising deep-learning computer systems and high-volume data analytics on OnPrem and Cloud will deliver greater benefits for superyacht owners in the future, says Adir.

Integrating IoTs and sensors connected to Edge ML, all aggregated into a large AI/ML platform, will deliver a smart interactive 3D interface on board [that] will give all stakeholders an in-depth view of the asset. Artificial Intelligence and Machine Learning can then be used to mine the big data and monitor all equipment and systems on board for performance management and optimisation, as well as predictive maintenance.

Safe operation on yachts will likely rely on using this technology alongside a documented and structured manual check process. These future solutions will then not only increase safety on board, but also eventually reduce the need for human-machine interaction by automating selected tasks and processes, while the captain and crew remain at the centre of critical decision-making and on-board expertise.

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Palladium Technologies, Inc

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Exclusive: Global trust in the tech industry is slipping – Axios

The backlash against Big Tech has long flourished among pundits and policymakers, but a new survey suggests it's beginning to show up in popular opinion as well.

Driving the news: New data from Edelman out Tuesday finds that trust in tech companiesis declining and that people trust cutting-edge technologies like artificial intelligence less than they do the industry overall.

Why it matters: The Edelman study finds people favor more regulation of industries and technologies that they distrust. Rising public support for regulation could move policymakers from talk to action.

Details: Edelman's 2020 Trust Barometer found that while tech still enjoys high levels of trust globally, its approval rating fell four points between 2019 and 2020.

What they're saying: "The trend of eroding trust in the technology sector continues," said Sanjay Nair, global technology chair of Edelman.

Between the lines: Trust is higher for many sectors broadly than it is for the leading-edge technology within a field. Far more people trust the tech industry broadly than AI specifically.

The big picture: Two studies from Pew Research also show the impact of declining trust.

Yes, but: Technology is still one of the most trusted sectors, despite recent erosion. Such was the case overall for the Edelman study, although a record 13 markets had higher trust in a sector other than technology.

Go deeper: The "ominous" decline of democracy around the world

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21st ISQED Conference to Commence With Focus on Quantum Computing, Security, and AI/ML & Electronic Design – PRNewswire

SANTA CLARA, Calif., Feb. 25, 2020 /PRNewswire/ --The21st annualInternational Symposium on Quality Electronic Design (ISQED'20) will commence on March 25 with special focus on Quantum Computing, Security, and AI/ML & Electronic Design. The premier electronic design quality conferencerecently announced its 2020 program, consisting of talks by experts that cover multiple topics related to electronic designand semiconductor technology.

"The industry has slowly started to realize the importance of the concept of quality in electronic design and the hypercritical role it plays in the creation of secure, reliable, manufacturable, and user-friendly circuits and systems,"said Dr. Ali Iranmanesh, the conference founder and president of the International Society for Quality in Electronic Design. "Prior to the inception of ISQED in 1998, the lexicon of technical terminologies hardly contained any combination of 'Quality,' 'Design,' and 'Electronic' words. Terms such as 'Quality Electronic Design,' 'Quality in Electronic Design,' etc. could not be found in any Internet search. Then, the concept of 'Quality' in the design of integrated circuits and systems was a foreign concept that confused even ardent industry practitioners."

ISQED convenes Wednesday, March 25, through Thursday, March 26, 2020, at Santa Clara Convention Center, Santa Clara, CA. The event includes free admission to keynote presentations. For information and registration visit http://www.isqed.org.

Conference Highlights

ISQED features twenty technical sessions with near 100 peer-reviewed papers, as well as keynotes, invited speeches, and embedded tutorials, all with a focus on the latest innovations and developments in electronic design and semiconductor technology. A few conference highlights are as follows:

Keynote Speaker

Security as the Enabler of Quality Electronics

Dr. Chi-Foon Chan, President and co-CEO, SynopsysRe-Engineering Computing with

Neuro-Inspired Learning: Devices, Circuits, and Systems

Prof. Kaushik Roy - Edward G. Tiedemann Jr. Distinguished Professor, Purdue University

Semiconductors for and by AI

Anwar Awad - Vice President, Infrastructure and Platform Solutions Group,

General Manager, Mixed-Signal IP Solution Group, Intel

Active Learning for Fast, Comprehensive SPICE Verification

Jeff Dyck, Director of Engineering - Mentor, a Siemens Business

Spintronic Devices for Memory, Logic, and Neuromorphic Computing

Joseph S. Friedman - Assistant Professor, Director of the NeuroSpinCompute Laboratory,

Department of Electrical & Computer Engineering, The University of Texas at Dallas

Panel Discussion

Driving forward: Is autonomous vehicle development heading towards a crash?

Panelists:Nirmal R. Saxena - NVIDIA

Jan-Philipp Gehrmann - NXP

Burkhard Huhnke - Synopsys

Vaibhav Garg - Texas Instruments

Lee Harrison - Mentor, A Siemens Business

Embedded Tutorials

Abundant-Data Computing: The N3XT 1,000X

Prof. Subhasish Mitra, Stanford University

Energy-efficient Secure Circuits for Entropy Generation & Cryptography

Dr. Sanu Mathew,Intel

EDA for Quantum Computing

Dr. Leon Stok,IBM Corp., Poughkeepsie, NY

Bitcoin Demystified: Disrupting Technology or Mafia Haven?

Dr. Eric Peeters,Texas Instruments

"We are pleased to see an increase in the number of papers submitted to the conference this year,"said Steven Heinrich-Barna, ISQED'20 General Chair. "The two-day technical program with four parallel sessions packs over 80 peer-reviewed papers, highlighting the latest trends in electronic circuit and system design & automation, testing, verification, sensors, security, semiconductor technologies, cyber-physical systems, etc."

About ISQED

The 21st International Symposium on Quality Electronic Design (ISQED'20) is the premier interdisciplinary and multidisciplinary Electronic Design conference. ISQED'20 is held with the technical sponsorship of IEEE CASS, IEEE EDS, and IEEE Reliability Society. ISQED Corporate sponsors are Synopsys and Mentor, a Siemens Business. Additional technical support has been provided byInnovotekand Silicon Valley Polytechnic Institute.

Editorial Contact:

Lana Dunn lanad@calpt.com

All trademarks and tradenames are the property of their respective owners.

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NTT Research to Collaborate with UCLA and Georgetown on Cryptography and Blockchain – Yahoo Finance

NTT Research CIS Lab Focused on Information Security Announces Two Joint Research Agreements

NTT Research, Inc., a division of NTT (TYO:9432), today announced that its Cryptography and Information Security (CIS) Lab has reached joint research agreements with the University of California, Los Angeles (UCLA) and Georgetown University. The five-year agreement with UCLA covers research on the theoretical aspects of cryptography, and the three-year agreement with Georgetown University will take advantage of a global scale testbed for research into blockchain. Both involve the use of mathematical theory to prove security levels and enable greater system reliability.

One of three divisions at NTT Research, the CIS Lab is engaged in basic research of cryptography with the potential for long-term impact. Directed by NTT Fellow Tatsuaki Okamoto, the CIS Lab is focused on foundational research problems in cryptography and blockchain. Dr. Okamoto, a renowned expert in cryptography, will supervise the research. NTT Research Distinguished Scientist Brent Waters, who heads the CIS Labs cryptography research group, will be involved in the collaboration with UCLA. The principal investigator at UCLA is Dr. Amit Sahai, professor of computer science at the Samueli School of Engineering. A recognized global blockchain expert, Dr. Shinichiro Matsuo, a research professor at Georgetown University who heads the blockchain research group at Cyber SMART at Georgetown, and heads the CIS Labs blockchain group at NTT Research, will be involved in the joint research on blockchain. Cyber SMART is the new cross-discipline cyber research center at Georgetown that adheres to the standards and requirements of the National Science Foundations Industry-University Cooperative Research Centers (IUCRC) Program.

"These agreements reflect our commitment to engage and work with the strongest and most dedicated researchers, as well as our focus on foundational research problems," said CIS Lab Director Okamoto. "Our collaboration with UCLA will complement the important basic research that Brent Waters has undertaken, and our planned work with Georgetown is a good example of our openness to exploring security in relatively new use case and test scenarios."

The scope of work for the five-year agreement with UCLA covers advanced secure cryptosystems, secure protocols, new sources of hardness, and mathematical foundations of cryptography. In addition to his role as professor of computer science, Dr. Sahai is also director of the Center for Encrypted Functionalities at UCLA. Professor Sahai has published more than 100 original technical research papers and has contributed in the areas of obfuscation, functional encryption, zero-knowledge proofs and secure multi-party computation.

"NTT's commitment to fundamental research is evident in their generous support, and we are very grateful that they share our vision," said Professor Sahai. "This grant will enable our explorations of the boundary between the possible and the impossible with regards to cryptography. Well be able to answer difficult questions, and then turn that new knowledge into innovative applications in information security."

NTT Research actively explores opportunities to work with experts in its three fields of study. Last fall it entered an Industrial Partnership between its CIS Lab and the Simons Institute for the Theory of Computing at UC Berkeley; set up joint research agreements between its Physics and Informatics (PHI) Lab and six universities (CalTech, Cornell, Michigan, MIT, Stanford and Swinburne), one US Federal Agency (NASAs Ames Research Center) and one private quantum computing software company (1QBit); and reached a joint research agreement between its Medical and Informatics (MEI) Lab and the Technical University of Munich (TUM).

About NTT Research

NTT Research opened its Palo Alto offices in July 2019 as a new Silicon Valley startup to conduct basic research and advance technologies that promote positive change for humankind. Currently, three labs are housed at NTT Research: the Physics and Informatics (PHI) Lab, the Cryptography and Information Security (CIS) Lab, and the Medical and Health Informatics (MEI) Lab. The organization aims to upgrade reality in three areas: 1) quantum information, neuro-science and photonics; 2) cryptographic and information security; and 3) medical and health informatics. NTT Research is part of NTT, a global technology and business solutions provider with an annual R&D budget of $3.6 billion.

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The Biggest Threat To Bitcoin Is Back On Track – Forbes

When social media giant Facebook revealed it would this year release its answer to bitcoin the cryptocurrency community was stunned.

The subsequent international backlash against Facebook's libra served as both vindication for bitcoin and a cause for concernhow would governments allow bitcoin to exist if Facebook's libra could not?

As early backers of the project abandoned it, many thought libra was dead in the water. But Facebook, and its headstrong leader Mark Zuckerberg, aren't ready to give up yet.

Facebook's co-founder and CEO, Mark Zuckerberg, was called before the U.S. House Financial Services ... [+] Committee last year ahead of Facebook's planned libra launch this year--something that boosted the bitcoin price earlier in the year.

Last week, Facebook's independent Libra Association revealed its newest recruit, adding a member for the first time since many of its biggest corporate backers jumped shipmost of which would see their core business undermined by libra, for what that's worth.

Vodafone, for example, pulled out of the Libra project last month to focus on its own digital payments system while the involvement of former Libra Association members Visa, Mastercard, and PayPal was always something of a mystery.

Facebook itself is not part of the Libra Association, a governing council for the cryptocurrency libra, though its subsidiary Calibra, effectively a digital wallet for the libra token, is.

Now, however, Canadian e-commerce platform Shopify, which boasts around 1 million businesses from 175 countries on its digital platform, will join other Libra Association members in contributing at least $10 million and operating a node that processes transactions for libra, a so-called stablecoin, meaning it will float against a basket of traditional currencies.

"As a member of the Libra Association, we will work collectively to build a payment network that makes money easier to access and supports merchants and consumers everywhere," Shopify said in a blog post.

The official reason many of the Libra Association's founding members bailed out of the project was due to the ferocious regulatory response to the projectU.S. president Donald Trump tweeted his opposition to it and broader cryptocurrencies, including bitcoin while his Treasury secretary branded bitcoin a "national security risk."

Meanwhile, in the months following libra's unveiling, central bankers around the world leaped into action, promising their own digital currency initiatives were well underway and the need for technology companies like Facebook to do what they had so far failed to was unnecessary.

The bitcoin price, which had been sent sharply higher in the first half of 2019 as rumors swirled that Facebook and other Silicon Valley giants were eyeing bitcoin, crypto, and blockchain, faultedlosing around half its value in just a few short months.

The Libra Association has not rested on its laurels, however. It's been working on addressing regulators concerns and has always said it plans to work closely with regulators ahead of libra's launch.

The bitcoin price soared last year ahead of Facebook's unveiling of its libra cryptocurrency project ... [+] but fell as the regulatory backlash grew.

Following the news Shopify would join the now 21 company-strong Libra Association, Libra's head of policy and communications Dante Disparte said the group was "proud" to welcome its newest member and talked up the troubled initiative.

"Shopify joins an active group of Libra Association members committed to achieving a safe, transparent, and consumer-friendly implementation of a global payment system that breaks down financial barriers for billions of people," Disparte said.

If libra, still slated to launch this coming June, is able to achieve these ambitious goals even bitcoin's biggest supporters will find it far harder to convince others that the world needs bitcoin.

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Coronavirus and Three Major Reasons Why Bitcoin Price Broke Below $9.4K – Cointelegraph

Bitcoin price (BTC) dropped another 3.07% on Feb. 25, marking the second day of losses as global equities markets sharply corrected on fears of the Coronavirus spreading to more countries.

Crypto market daily price chart. Source: Coin360

The price dropped below what analysts have labeled as crucial support at $9,450-$9,400 to a new 3-week low at $9,281. Similar to the Feb. 18-19 drop from $10,250 to $9,478, todays pullback was also preceded by a tweezer top candlestick pattern on the daily timeframe.

At the time of writing, Bitcoin price is finding support near the 50-day moving average and the volume profile visible range (VPVR) high volume node at $9,430-$9,319.

BTC USDT daily chart. Source: TradingView

If the price fails to hold this level then a new lower low below the Feb.4 price of $9,089 is possible. Below $9,089, the next level of support can be found at the 200-day moving average that is also aligned with a high volume VPVR node at $8,800.

Such a move would erase approximately 16% of the 21% gain Bitcoin has made since rising from $8,327 to reach a local high at $10,500 on Feb. 13.

BTC USDT 6-hour chart. Source: TradingView

In the shorter time frame, traders will note that the relative strength index (RSI) has nearly dropped to oversold territory and appears to be reversing upward at 35.5. This would suggest that $9,335 could be a point of reversal and the price previously held at the high volume VPVR node at the $9,350-$9,277 zones.

The price of Bitcoin also revisited this zone with 2 previous bounces at $9,335 on Feb. 25 and Feb. 19. Below $8,800, the situation becomes a bit trickier but the price appears to be supported at $8,200 and $8,000.

Despite the 7.25% pullback of the last two days, it is yet to be determined whether the downside move is technical or primarily driven by the correction in traditional markets which is fueled by Coronavirus fears.

While a few analysts from crypto-Twitter have run for the hills and shouted that a sharp bearish reversal that will break the current uptrend is bound to happen any day now, other analysts like Cointelegraph contributor Micheal Van De Poppe believe that Bitcoin and altcoins had become overbought after the recent multi-week rally which saw Bitcoin price move from $6,400 to $10,500.

Van De Poppe has long believed that a 10% or larger pullback was needed in order for cryptocurrencies to retest their underlying supports as traders book profits then prepare for the next leg up.

Thus, it is his view that the current uptrend remains intact despite the short-term bearish conditions, which previous reports by Cointelegraph suggest is the result of crypto whales capitalizing on the high number of leveraged longs and overbought conditions within the market.

During a recent conversation with Delphi Digital CFA Kevin Kelly, the analyst explained that:

This market is still highly speculative and conditions can turn on a dime, but taking a step back we are beginning to see some maturation as the level of sophistication across investors and traders increases.

Notable Crypto Asset YTD Returns (USD). Source: Delphi Digital

Kelly referred to the chart above which shows the wide distribution of gains amongst crypto assets since the start of 2020 and explained:

The latest rally in the crypto market is quite a bit different from what we saw last year when BTC led most alternative crypto assets. The shift in leadership this year has favored other large and mid-cap names, many of which drastically underperformed BTC over the last year.

Cointelegraph contributor and crypto trader contributor Scott Melker also urged investors to remember that:

The assets that are overbought and have had the largest recent gains are the ones that have the furthest to fall before finding meaningful support.

Taking a wider view of the market, we can see that the price remains pinned between $9,350 and $9,800 and each previous level of support is now functioning as a level of resistance. At the time of writing, the absence of purchasing volume shows that traders are not viewing the current drop as a buy the dip opportunity.

In the event of an oversold bounce does occur, Bitcoin price could rise the Bollinger Band moving average which is currently located at $9,666 but its also possible that the previous support at $9,650 will function as a tough level of resistance.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Coronavirus and Three Major Reasons Why Bitcoin Price Broke Below $9.4K - Cointelegraph

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Bitcoin tumbles along with stocks amid coronavirus, questioning ‘safe haven’ theory – Yahoo Finance

Stocks have seen two days of steep losses amid concerning new reports about the spread of coronavirus to countries like Italy, Iran, South Korea and Switzerland. The Dow Jones Industrial Average (^DJI) fell by more than 1,000 points on Monday, its worst day in two years. On Tuesday, stocks fell again, for two-day losses of more than 1,800 points.

Bitcoin and other cryptocurrencies had a brutal two days as well, calling into question a popular pitch some crypto believers push: that cryptocurrencies are a safe haven, an asset class that offers stability and wealth preservation during periods of heightened uncertainty and market volatility.

Amid the rout in equities on Monday afternoon, bitcoin (BTC) was down by more than 3%, ether (ETH) was down 3%, XRP was down 5% and bitcoin cash (BCH) was down by nearly 7%, creating a sea of salmon-pink on our Yahoo Finance cryptocurrency heatmap, which displays the entire crypto market as a series of color-coded boxes, with the color reflecting each coins movement in the past 24 hours and the box size representing each coins market cap.

On Tuesday, coins fell again, with bitcoin down more than 3% and ether, XRP, and bitcoin cash each down by nearly 6%.

Yahoo Finance crypto heatmap as of 4:30pm EST on Feb. 25, 2020, at the time of the stock market closing bell. (Cryptocurrency markets never close.)

Of course, two down days do not make or break a market trend theory, and bitcoin believers argue that bitcoin has proven itself as a store of value over the longer run.

Even after Monday and Tuesday, bitcoin is up 34% in 2020 so far, and it is up 640% in the last three years. Bitcoin skeptics, on the other hand, will always compare the asset to its all-time-high of nearly $20,000 at the end of 2017, a level it has not neared since.

The coronavirus is exactly the kind of health crisis that should, in theory, boost the value of bitcoin and cryptocurrencies. In the past, bitcoin has risen during bank crises in countries like Greece, a sign that people without access to the banking system do see it as an alternative option.

Even before coronavirus, news out of China was already a major driver of cryptocurrency trends in the past six months as Xi Jinping has made clear his aim for China to develop a state-backed cryptocurrency, something that Facebook CEO Mark Zuckerberg has warned about and that even Fed Chair Jay Powell has been watching.

SHANXI, CHINA - FEBRUARY 24: (CHINA MAINLAND OUT)The bank workers sanitize the cash to kill the novel coronavirus on 24th February, 2020 in Taiyuan,Shanxi,China.(Photo by TPG/Getty Images)

Bitcoin is often called digital gold, but the price of gold rose this week while stocks and bitcoin fell. It might be most correct to conclude from the last two days that crypto looks uncorrelated to equities, but the jury is still out on whether it is a safe haven asset.

This is still a very nascent, volatile asset class, says Frank Chapparo of bitcoin news site The Block. If Im an investor and I want predictability in my portfolio, Im not going to be outsized allocating to bitcoin and other digital assets. Now, that doesnt mean that this narrative of bitcoin being a hedge against global economic insecurity or political insecurity [is wrong]. Thats still something that could play out over the next ten, fifteen, twenty years.

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Bitcoin tumbles along with stocks amid coronavirus, questioning 'safe haven' theory - Yahoo Finance

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5 Reasons Why Bitcoin Is Likely Going Much Higher From Here – Seeking Alpha

Source: CNBC.com

Bitcoin (BTC-USD) appears to be at another inflection point here. The crypto asset had gained as much 84% from its low point in late 2019, and is up by roughly 150% since my "Bitcoin: The Bottom Appears To Be In" article was released in late 2018. However, despite a valiant effort Bitcoin was unable to successfully penetrate the crucial $10K level on a sustainable basis in recent weeks.

Source: BitcoinCharts.com

Nevertheless, if we look closely we see that this is likely only a temporary setback:

Source: Binance.com

We have a beautiful cup and handle pattern developing. Moreover, Bitcoin recently successfully tested the crucial $9,500 support level. Now we are seeing the formation of the handle, and Bitcoin is likely to break out above the $10K-$10.5K resistance soon.

Next level of resistance will come at $11K, and then at around $12.5K-$13K. Once Bitcoin can break out above these levels, it's likely headed to $15K, then to previous all-time highs around $20K, and then higher after that.

Bitcoin and other systemically important cryptocurrencies are leading components of a rapidly-developing industry which has enormous growth potential going forward. Bitcoin and other digital assets are likely to become more popular and could become widely used over the next several years.

Thus, as the use of Bitcoin and other cryptocurrencies increases so should the value of the underlying digital assets due to the "Network Effect" and other factors. Increased use and growing popularity, continuous fiat money printing, as well as other elements could lead to rapidly-growing demand for Bitcoin and numerous other market-leading crypto assets. Therefore, prices for Bitcoin and other key market leading digital assets will likely go up significantly over the next several years.

Now, when I say move up significantly during the next several years I'm not talking about Bitcoin going to $15K or $20K. Bitcoin may attain these levels within the next year or sooner if no major setbacks occur. Moving up significantly means that Bitcoin will likely reach new all-time highs of roughly $75K - $100K in its next major peak.

There are numerous reasons why Bitcoin could hit a price range of $75K-$100K over the next several years, but some of they key factors include:

1. Historical price trends which enable Bitcoin to move in waves, where each consecutive peak is significantly higher than the previous one.

2. The Network Effect, meaning that as the number of users increase on Bitcoin's blockchain, so does the price. In fact, there's a direct correlation between the number of users on Bitcoin's blockchain and its price.

Source: SeekingAlpha.com

It's somewhat similar to Facebook (FB), as Facebook would not be very valuable with 100, 1,000, or even with a million users. Yet, given that Facebook has roughly 2.5 billion AMUs it's one of the most dominant and powerful companies in the world.

Bitcoin is not a company, but it benefits from a similar phenomenon. The more users join Bitcoin's blockchain network, the more demand it creates for Bitcoin, and the demand drives BTC's price higher.

3. Extremely low market penetration. Despite there being so much noise about Bitcoin, there are only about 46 million blockchain wallets worldwide. This is roughly 1% of the global Internet-using population. Furthermore, if we factor in that many blockchain wallets have been abandoned due to various reasons (lost keys, many users having multiple wallets, etc.) the number of Bitcoin owners/users is substantially smaller than 46 million.

Image Source

By my latest calculations the real number is closer to 25 million, which implies a market penetration rate of roughly half of 1%. With a potential 99.5% untapped market it's very likely that Bitcoin and other digital assets are still in the early stages of their development cycles and have a lot of growth ahead of them.

4. Bitcoin and other digital assets are in many ways superior to fiat currencies. First, many are essentially inflation proof. There are only 21 million Bitcoins that can ever be mined, as opposed to the limitless number of yen, dollars, euros or any other fiat currency that can be printed or digitally created by central banks.

5. There's no centralized third-party involvement. With Bitcoin, you don't need to worry about being charged for every transaction by a predatory third party (commercial bank). Our current financial system is essentially corroded with greed. If you want to take money out of the ATM, you pay a fee. If you want to use your debit card overseas, you pay a fee. If you want to transfer funds from your account in the U.S. to your own account in a bank in another country you pay a fee, etc. and etc.

The saddest thing is that even if you do nothing with your fiat money you are still paying an inflation fee, as inflation slowly but surely essentially eats away the value of your fiat money.

With Bitcoin and other true decentralized digital coins you are essentially free from the predatory banking system. It's your own money and you can use it how you want it, when you want it, and you don't have constant parasitic elements eating away at your money. To the contrary, as the value of fiats slowly erodes the value of Bitcoin and other digital currencies should rise.

I believe it is Henry Ford who once said:

It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.

Source

I believe that many people still do not understand how the banking and monetary system that has been imposed on the world really works. What's worse in my view is that many don't seem to care as they have become accustomed to the current monetary financial order. Nevertheless, Bitcoin and digital assets in general can change all this and with time they likely will.

This means that the optimal currency/payment system, which in my view is Bitcoin/blockchain/digital assets, will continuously capture market share from the parasitic, "old world" financial fiat order.

In 2017, there was around $90.4 trillion worth of broad money supply, and a high end estimate of $1.2 quadrillion in derivatives in the world. I'm convinced that these numbers are likely much higher now. In fact, just from the U.S. there's around $670 trillion worth of derivatives floating around. I want to emphasize that this is up from just $89 trillion in 2000, which is astounding.

Image Source

It's not just derivatives. In fact, if we look at financial statistics in the U.S. and in other developed nations the image is stunning and quite troubling. For now let's focus on the U.S. since it's the largest economy in the world and still creates the worlds "reserve currency."

Now Let's Look at Money Creation Figures

The takeaway here is that the Fed and other major central banks need to continuously create more fiat currencies to fuel their country's enormous budget deficits and servicing payments. Even with the 10-year at around 1.5-2% the U.S. will pay around $350 - $470 billion in debt servicing payments alone over the next year or so.

Therefore, the debt will continue to rise, and it will most likely rise faster than GDP. This means that the Fed will need to lower rates further and will have to expand the money supply perpetually to keep up with servicing payments and to essentially try to inflate the debt away.

There's also the fact that a recession will arrive eventually. This also will require lower rates and fresh rounds of QE to enable the U.S. to absorb the financial shocks of a recession and then to help stimulate the economy back to growth. Thus, we could be looking at "QE 4ever" going forward, and naturally this means a whole lot of fiat money creation.

The problem is that this will hurt the USD. Furthermore, all major central banks are essentially doing the same thing, lowering rates, continuously flooding the financial system with new capital, etc. Therefore, inflation resistant assets like gold, silver, Bitcoin and other market-leading digital assets should continue to appreciate perpetually on a long-term basis.

Given the current economic circumstances and considering that fiat creation will likely intensify in the future, people may begin to lose faith in the old world financial order. The likeliest place for the to turn to will be Bitcoin, and systemically important alt coins such as Litecoin (LTC-USD), Dash (DASH-USD), Zcash (ZEC-USD), and others.

Therefore, substantial price appreciation in this segment is extremely likely due to future demand which ultimately drives price. Due to this phenomenon, Bitcoin's past price movement trajectory, and other elements Bitcoin's next peak could be around $75K-$100K, and may arrive within the next 2-5 years.

Risks to Consider

Bitcoin is a very volatile asset and is not suited for everyone. Numerous factors like increased government regulation, hacking, functionality issues (such as speed, cost, and scale), fraudulent activity, and other negative elements could impact Bitcoin's popularity and thus effect BTC's price negatively.

Therefore, for investors with low to mild risk tolerance perhaps a position size of 3%-5% of total portfolio holdings may be appropriate. For investors with higher risk tolerance a position size of 10% or more of total portfolio holdings may make sense.

Please keep in mind that no one knows exactly how Bitcoin's future will play out. The digital asset could be worth a lot more than it is now several years down the line, or it could be worth a lot less if negative elements begin to materialize surrounding the digital asset market.

Want the whole picture? If you would like full articles that include technical analysis, trade triggers, portfolio strategies, options insight, and much more, consider joining Albright Investment Group!

Disclosure: I am/we are long BTC-USD, AND OTHER DIGITAL ASSETS. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: This article expresses solely my opinions, is produced for informational purposes only and is not a recommendation to buy or sell any securities. Please always conduct your own research before making any investment decisions.

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5 Reasons Why Bitcoin Is Likely Going Much Higher From Here - Seeking Alpha

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