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We Have No Chance of Controlling a Superintelligent AI – Medium

If an AI superintelligence becomes more capable than the brightest human minds, how could we ever hope to control it?

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Now that weve checked the box for developing a generative AI, many experts believe we could see a superintelligent AI within our lifetimes. Thats one of the next stages in the ongoing evolution of artificial intelligence.

And it sounds great, at first blush. By its very nature, a superintelligent AI would also be super useful and super powerful and generally super awesome.

But it could also be super difficult, if not impossible, for humans to control and super dangerous as a result. Thats the warning call from a growing chorus of AI researchers and even some who work in that industry.

Well get to those warnings in a moment. But first, lets establish a definition of the term superintelligence, within the context of AI.

There is no official definition of AI superintelligence. But most experts define it in the same basic way. Heres one commonly used definition, borrowed from Wikipedia:

Superintelligence is a hypothetical agent that possesses intelligence far surpassing that of the brightest and most gifted human minds.

University of Oxford philosopher Nick Bostrom (and the author of a book on this subject) defines superintelligence as any intellect that greatly exceeds the cognitive performance of humans in virtually all domains of interest.

The New York City-based nonprofit A.I. for Anyone offers a similar but broader definition:

Superintelligence is a term used to describe a hypothetical future artificial intelligence (AI) that is significantly smarter than the best human minds in every field, including scientific creativity, general wisdom and social skills.

Lets look at one final definition, just to make sure weve nailed it down. I asked the generative AI chatbot ChatGPT: What is superintelligence within the context of AI?

Here is its reply:

Superintelligence refers to a hypothetical level of artificial intelligence (AI) that surpasses human intelligence in almost every aspect. Its a concept often discussed in the field of AI and is associated with the idea that once we achieve superintelligence, AI systems could outperform humans in a wide range of cognitive tasks, including problem-solving, creativity, learning, and decision-making.

All of these definitions and countless others that can be found online have three main features in common:

Artificial intelligence experts, researchers and developers typically label superintelligence as a hypothetical and future capability of AI. But hypothetical does not mean impossible. On the contrary, a growing number of AI-savvy individuals believe we could see a superintelligent AI in the near future.

So its critical that we have these discussions now, before reaching what would essentially be a point of no return.

Most AI experts that Ive read (and Ive read a lot) seem to agree that machines will eventually rival and possibly surpass human intelligence. But theres little consensus or agreement on when that might actually happen. Many believe it will happen by 2050. Some predict we could see an AI superintelligence within the next 10 years.

In a May 2023 article entitled Governance of superintelligence, ChatGPTs parent company OpenAI wrote the following:

Given the picture as we see it now, its conceivable that within the next ten years, AI systems will exceed expert skill level in most domains, and carry out as much productive activity as one of todays largest corporations.

Geoffrey Hinton, one of the so-called Godfathers of Deep Learning, resigned from his AI research position at Google to warn people about the technology. He too believes that a superintelligent AI is closer than previously thought:

The idea that this stuff could actually get smarter than people a few people believed that. But most people thought it was way off. And I thought it was way off. I thought it was 30 to 50 years or even longer away. Obviously, I no longer think that.

Experts also agree that a superintelligent AI, by definition, would be smarter than its human creators. A lot smarter.

It would be able to perform cognitive and creative tasks at the intellectual equivalent of lightspeed. It would be able to learn and teach itself new capabilities at a pace that puts the human mind to shame.

And because of that, we come to the third point of agreement among the various definitions of AI super intelligence

Due to its higher and more adaptive level of intelligence, a superintelligent AI would be able to outperform humans in a variety of cognitive tasks, including critical thinking, problem-solving, learning and decision-making.

A superintelligent AI would be able to rapidly learn and understand new concepts, eventually exceeding the collective intelligence of humanity. It could potentially master all human and scientific knowledge, something that a human could never do.

It could out us in every way: outsmart, outthink, outperform and outmaneuver.

And thats concerning.

If a superintelligent AI were to remain benign and helpful at all times, its powerful intelligence could benefit humanity in many ways. But if it decided to pursue objectives that were not aligned with human preferences (a leading concern among AI researchers), the results could be catastrophic.

All of the above begs the question: How could we possibly control a superintelligence thats so much smarter than us? How could we hope to contain, supervise or manage it?

Given the current state of artificial intelligence capabilities, the concept of developing a superintelligent AI falls within the realm of possibility. But the idea of controlling, reversing or undoing such a superintelligence seems like an impossible task, in theory.

This is a question we just cant answer in the present.

We can speculate and theorize about it. We can use our logic and reason to envision some futuristic scenario based on our current understanding. But the cold hard truth is that we have no way of answering this question because we have no past experience or models to draw from.

But common sense answers the question for us.

Common sense tells us that a superintelligent AI, by its very nature, would be difficult if not impossible for humans to control. As an entity with superior intelligence, it would likely be able to circumvent any human efforts to contain it. And that could have dire consequences.

Nick Bostrom, a philosopher from the University of Oxford who specializes in existential risks, warned about the dangers of superintelligent machines in his book, Superintelligence: Paths, Dangers, Strategies. Bostrom equates superintelligent AIs with a ticking bomb thats bound to detonate at some point.

Superintelligence is a challenge for which we are not ready now and will not be ready for a long time, Bostrom writes. We have little idea when the detonation will occur, though if we hold the device to our ear we can hear a faint ticking sound.

In a 2021 article published in the Journal of Artificial Intelligence Research, entitled Superintelligence Cannot Be Contained: Lessons from Computability Theory, the authors explained why humans have little to no chance of containing a superintelligent AI:

A superintelligence poses a fundamentally different problem than those typically studied under the banner of robot ethics. This is because a superintelligence is multi-faceted, and therefore potentially capable of mobilizing a diversity of resources in order to achieve objectives that are potentially incomprehensible to humans, let alone controllable.

In a December 2023 article in Quanta Magazine, Santa Fe Institute professor Melanie Mitchell said we have reached a kind of tipping point, with regard to AI-related fears and concerns:

Its a familiar trope in science fiction humanity being threatened by out-of-control machines who have misinterpreted human desires. Now a not-insubstantial segment of the AI research community is deeply concerned about this kind of scenario playing out in real life.

Shes right about the sci-fi aspect of it. From HAL 9000 to Skynet, science fiction has frequently explored the concept of rogue machines that disregard human life. I myself have written about murderous androids pursuing their own prerogatives, in one of my novels.

Mitchell goes on to add that universities around the world and at major AI companies are already researching efforts on alignment, to make sure these technologies dont get out of control. But are we comfortable letting such a small and insular group make all of these important decisions on our behalf? Are we confident that they can protect us?

We can probably all agree that killer robots will remain confined to the pages of science fiction for the time being. But Mitchells article also points out that a not-insubstantial number of AI researchers are growing more and more concerned with the concept of intelligent machines pursuing objectives that might be harmful to humans.

James Barrat, a documentary filmmaker and author of the nonfiction book, Our Final Invention: Artificial Intelligence and the End of the Human Era, believes humans would be doomed to a life of servitude if machines develop a superior form of intelligence:

We humans steer the future not because were the strongest beings on the planet, or the fastest, but because we are the smartest. So when there is something smarter than us on the planet, it will rule over us on the planet.

Its hard to argue an outlook thats built on such simple logic.

Heres a little analogy that illustrates why it would be next to impossible for humans to control an artificial superintelligence.

Imagine youre a novice cybersecurity specialist. Youve taken a few classes, completed a few projects. Earned a certificate from your local junior college. You just started working an entry-level security job, where you hope to develop your beginner-level skills.

Your first assignment is to develop an impenetrable firewall to protect your companys network from the worlds greatest hacker. This hacker has skills and abilities that far surpass those of other humans and makes network penetration look like childs play, operating at an almost superhuman level.

Who do you think will come out on top in this scenario? The newbie security specialist, or the godlike hacker?

By definition, a superintelligent AI would be able to surpass humans in a broad range of activities. So its logical to assume that it could run circles around even the smartest human programmers. It would be like watching a toddler play chess against a grandmaster.

Whatever safety protocols or guardrails we create, an AI superintelligence would anticipate them well in advance and possibly neutralize them, if it felt they challenged its own agenda.

In closing, Id like to leave you with a quote from the theoretical physicist Stephen Hawking:

The real risk with AI isnt malice but competence. A super-intelligent AI will be extremely good at accomplishing its goals, and if those goals arent aligned with ours, were in trouble.

Hawking made this statement as part of a Reddit ask-me-anything (AMA) event, back in 2015. He always was ahead of his time.

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We Have No Chance of Controlling a Superintelligent AI - Medium

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Is Rollbit Coin Going to Zero? RLB Price Drops 10% Overnight as … – Cryptonews

Pixabay / PIRO4D

One week after leading GambleFi project Rollbit (RLB) launched its European expansion campaign with SSC Napoli, price action has taken a tumultuous turn for the worst as RLB tumbles -10% overnight, leaving some asking 'is Rollbit coin going to zero'?

The major sporting partnership with the Serie A team fuelled huge optimism in the crypto community, with bag-holders arguing the partnership was testament to Rollbit's massive revenue over the past month.

Despite the downside price action, Rollbit appears to be showing no signs of distress, with volumes surging to all-time highs across all three project revenue streams (casino revenue, crypto futures revenue, and sports revenue).

Better yet? A deflationary burn-mechanism is in full force - with 0.1% of RLB supply being burned in just the last 24-hours - suggesting that much of the recent downside relates to paper-handed investors.

Amid the sudden downside move, Rollbit is currently trading low in the trading channel at a market price of $0.12 (representing a 24-hour change of 0.00% as price action remains incredible tight-fought).

The -19% bleed-out over the past 48-hours was triggered on September 17, when RLB was rejected from stiff resistance around the gently descendant 20DMA.

This came after a strong display by RLB, which bounced off lower trendline support +40% from September 12 to re-test the 20DMA.

With price now sat back above lower trendline support, a second bounce from here would bode well for technical structure - creating a zone of double-bottomed support.

The downside move is significant in cooling-down RLB's RSI indicator, which has dropped down from an overbought signal at 53 to an oversold signal at 44.

With price structure now considered over-sold a bounce from here could be likely; with the previous bounce from lower trendline support on September 12 triggering at a low of 39 on the RSI.

As for the MACD, the outlook on this indicator remains bearish divergence at -0.0029.

Overall, current RLB's troubled posture could conceal silver-linings, a bounce from the lower trendline here as suggested by the RSI could leave RLB poised for a re-test with the 20DMA (this time with double-bottomed support).

This leaves RLB with an upside target at $0.1525 on the short-time frame (+18.22%).

While downside risk here remains limited by lower trendline support at $0.12 (-6.98%).

Rollbit's risk: reward ratio is therefore stood at 2.61 - a strong entry with good upside potential from here.

But while RLB is enduring downside moves, an emerging Bitcoin derivatives presale is making significant headway as its skyrocketing presale surges past a whopping +$3m.

On-Chain Summer has given rise to an emerging vertical of Bitcoin off-shoot projects. While the term "Bitcoin derivative" might raise eyebrows, heres what it signifies: a digital asset that leverages the strengths of Bitcoin and, at the same time, offers enhancements to rectify its challenges.

And with more than $2.6M raised this is what has markets so excited about Bitcoin BSC.

BTCBSC's commitment to retaining Bitcoin's cherished tokenomics, including the iconic 21 million token cap, ensures familiarity, while its unique offerings make it stand out.

One can't help but marvel at BTCBSCs integration with BSC (Binance Smart Chain), promising lightning-fast transaction times and minimal fees.

Forget the 10+ minute wait times of traditional Bitcoin; with BTCBSC, your transactions are confirmed in under five seconds, all for a mere $0.10.

This enhanced efficiency opens the door for broader usability, ensuring BTCBSC's relevance for a range of dApps, from microtransactions to significant financial remittances.

But that's not all, BTCBSC's adoption of proof-of-stake over proof-of-work offers a greener, more sustainable mechanism that's in line with contemporary environmental concerns.

By doing so, it ensures that the energy concerns that often plague traditional cryptocurrencies are a thing of the past.

>>>> Buy Bitcoin BSC Here <<<<

BTCBSC isn't just a token; it's an investment strategy - focused on: Staking, which has become a focal point in the DeFi space, takes center stage in the BTCBSC ecosystem.

The benefits are two-fold: it offers token holders a lucrative yield (imagine an APY of 8-10%!) and it promotes long-term holding, reducing the notorious price volatility often seen with new crypto projects.

By distributing a staggering 69% of the total token supply as staking rewards over 120 years, BTCBSC not only incentivizes holding but promises sustained and stable growth.

>>>> Buy Bitcoin BSC Here <<<<

Now comes the crux: the BTCBSC presale -a limited-time opportunity, the presale offers 29% of the total token supply to early participants at a tantalizing price of $0.99 per token.

Comparing this to Bitcoins 2011 price gives a nostalgic yet optimistic perspective on BTCBSC's potential.

With liquidity already locked via Unicrypt and a soon-to-be launch on PancakeSwap, the prospects for BTCBSC are incredibly promising.

The parallels to the surges seen in other Bitcoin derivatives, like BCH and BTC20, cannot be ignored.

BTCBSC is poised to not only emulate, but potentially surpass these successes, especially with its strategic staking model.

So in ever volatile crypto markets, BTCBSC emerges as a beacon of innovation and promise - delivering advanced features, combined with the trustworthiness of Bitcoin's legacy, has seen BTCBSC break-out as a top tier investment opportunity.

As the crypto community eagerly watches the BTCBSC journey, its clear that this is more than just another token; it's a movement, a strategy, and most importantly, an opportunity.

Join the future; join the BTCBSC revolution. Stay tuned for the latest ICOs.

>>>> Buy Bitcoin BSC Here <<<<

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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Is Rollbit Coin Going to Zero? RLB Price Drops 10% Overnight as ... - Cryptonews

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Bitcoin Shows Stability As Experts Expect FED to Keep Rates … – CryptoPotato

Bitcoin is showing remarkable stability despite the hot inflation figures from the CPI released this week.

The data showed that inflation exceeded expectations as the sticky inflation narrative continues to loom, even with interest rates set at the 5.25% 5.5% range.

However, with inflation rising and further rate hikes expected later this year, Bitcoin is showing resilience as it clings to $26,000.

Meanwhile, a new Bitcoin-themed alternative is starting to turn heads from investors as it raises $1.75 million in just over a week demonstrating the building hype for the newly emerging project.

Bitcoin continues to show hints of stability as the risky asset faces potentially higher interest rates later this year.

The August Consumer Price Index (CPI) report showed a year-over-year (YoY) increase of 3.7% 0.1% higher than expected.

The YoY figure showed an increase from Junes figure of 3.2%, hinting that inflation might be sticky in the economy despite elevated interest rates.

However, the core CPI data, excluding energy volatility, noted a yearly increase of 4.3%, lower than the previous months 4.7%.

As a result, core CPI data is showing consistent declines since September 2022;

In light of this, experts from JP Morgan believe that the US Fed will hit its inflation target of 2% by late 2024 but doesnt expect any further interest rate hikes.

David Kelly continued further, stating;

I dont think that todays upside surprise is sufficient to trigger a rate hike next week and I continue to expect the Fed to stay on hold.

Interestingly, Bitcoin is showing hints of resilience as it clings to the $26,000 level regardless of the hot inflation data.

The cryptocurrency had established a short-term rising price channel during September but dipped beneath it at the start of the week;

It found support at $24,970 provided by the Feb 2023 resistance and rebounded into the price channel ahead of the inflation report.

Since the release of the inflation figures, Bitcoin has been bouncing between the boundaries.

The cryptocurrency would need to clear resistance at $26,400 and break the upper angle of the price channel to show hints of bullish price action throughout the rest of September.

In this case, resistance could be expected at $27,000, $27,745 (Jan 2021 lows), $28,000, and $28,650 (June 2021 lows).

Conversely, support lies at $26,000, $25,770, $25,415 (May 2022 lows), and $25,000.

Added support lies at $24,755 (June 2023 lows), $24,235 (December 2020 resistance), and $24,000.

While Bitcoin continues to show stability in the face of rising inflation, a handful of altcoins also see momentum.

One example is Bitcoin BSC ($BTCBSC), whose innovative stake-to-earn model has quickly generated hype around its ongoing presale.

Bitcoin BSC ($BTCBSC) is a bitcoin-themed alternative that introduces a stake-to-earn concept expected to alleviate any selling pressure on launch and create long-term utility.

The project follows the success of recent bitcoin derivatives like BTC20, which produced a 5x return for early adopters at its peak.

Its a BEP-20 version of Bitcoin built on the Binance Smart Chain that introduces a verified staking contract that releases $BTCBSC tokens in line with the original Bitcoin block rewards schedule.

Those staking their $BTCBSC earn a percentage of the rewards through the accessible proof-of-stake (PoS) mining algorithm.

The tokenomics behind the project mirror the 21 million $BTC supply.

The presale is paying homage to the early days of Bitcoin when there were 6.125 million $BTC in circulation at $1.

Therefore, the presale is selling 6.125 million $BTCBSC 29% of the supply in two phases at the price of $0.99.

Following the presale, 14.455 million $BTCBSC 69% of the supply will be sent to the staking contract to provide rewards for the next 120 years, lining up with the $BTC release schedule.

The remaining 2% is pre-mined to provide liquidity to decentralized markets.

The tokenomics behind this project have experts predicting that there will be a supply crunch on the open market, meaning that newcomers to Bitcoin BSC will be forced to pay higher prices following the presale.

This is because most of the supply (69%) will already be locked in the staking contract, with presale buyers expected to add further to it as they take advantage of the stake-to-earn passive income.

For example, more than half of the presale tokens already bought are being staked, providing stakers with an impressive 300% APY;

As a result, newcomers might struggle to find $BTCBSC at the presale price of $0.99 and will have to pay higher costs to get positioned once it starts to trend on popular platforms like DexTools.

The staking concept is unique as it fosters a community-driven approach, where investors earn from the staking rewards and the rising value of the token.

Overall, the FOMO is building for $BTCBSC as its presale progresses at an alarming rate.

Prospective investors are encouraged to get positioned early as the presale isnt expected to last more than a fortnight at the current pace.

Visit the Bitcoin BSC Presale

Disclaimer: The above article is sponsored content; a third party writes it. CryptoPotato doesnt endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotatosfull disclaimer.

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Bitcoin Shows Stability As Experts Expect FED to Keep Rates ... - CryptoPotato

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Japanese CAMPFIRE Ventures Into Web3 with Launch of Livefor – BSC NEWS

Tether (USDT) maintains the worlds biggest stable coin reserve, maintaining its position of being the third most valuable coin with over $66 Billion in market capitalization.

Tether (USDT) maintains the worlds biggest stablecoin reserve, maintaining its position of being the third most valuable coin according to CoinMarketCap (CMC), with over $66 Billion in market capitalization, at time of writing. Tether remains the largest stable coin despite its many controversies, which revolve around the collateral used to back USDT. Overall, Tether is number one in its class, standing out from all other stable coins; the next competing stablecoin, Circle and Coinbases USDC lags in 10th place according to CMC.

Tether is the most widely adopted coin in circulation. USDT was the first-ever stablecoin introduced to the market. It is designed to peg its issued coin 1-to-1 with the Dollar. Tether was one of the first stablecoins issued in several blockchains, available on the Tron, ETH, Omni, EOS, Algorand, Solana, and the Binance Smart Chain (BSC) networks. It has received mass adoption as the reserve currency for most traders as it doesnt fluctuate like typical crypto coins.

Tether enforces its peg through collateralizing every Tether minted; for every issued USDT, there is a reserve in the bank backing it. It was first released in 2014 under its first name, Realcoin by Bitcoin investor Brock Pierce, entrepreneur Reeve Collins, and software developer Craig Sellers. Since then, it has developed into the project we know today.

For many traders, stablecoins like USDT serve as a hedge during market corrections. It serves as a lifeboat type that allows investors to rotate into a Fiat pegged coin without cashing out into real-world Fiat. This strategy has proven useful, especially since Fiat still dominates other currency types like crypto in most countries economies. The stablecoin utility is still very much tied to its stability as opposed to traditional crypto assets. Overall, Tether allows users to exchange in stablecoins seamlessly, with no worries about fiat-crypto onramps.

In the original Tether Whitepaper abstract, the developers explained the coins accountability measure: To maintain accountability and to ensure stability in exchange price, we propose a method to maintain a 1-to-1 reserve ratio between a cryptocurrency token, called tethers, and its associated realworld asset, fiat currency. This method uses the Bitcoin blockchain, Proof of Reserves, and other audit methods to prove that issued tokens are fully backed and reserved at all times.

Although the first blockchain used was the Bitcoin Omni blockchain, Tether has been deployed on other chains, with Ethereum becoming its most extensive network and largest by volume. The growth can be attributed to the Decentralized Finance (DeFi) boom experienced on the ETH network. Originally, USDT was pegged 1:1 to USD but later included collateral as other real-world cash equivalents, assets, and receivable loans.

Before its launch in July 2014 and its first use on cryptocurrency exchange Bitfinex in February of 2015, traders did not have a means or a hedge to protect their crypto assets against the volatility experienced in traditional crypto assets. The introduction of stablecoins increased the adoption of cryptocurrencies as traders now have the confidence of hedging and realizing profits to a pegged stablecoin. By providing stability, traders can hold an asset equivalent to a real-world fiat currency, allowing seamless crypto trading.

Tethers most prominent use cases are its reserve tendencies, cross-chain interoperability, with a growing list of different blockchain types accepting and integrating the stablecoins. In the case of a sharp fall of the market, Tether and other stablecoins act as a safety net guiding against loss.

Tethers weakness remains its ability to constantly find itself in various controversies with each new phase of crypto market growth, one that continually creates doubt in users' minds about its alleged pegged real-world fiat holdings.

For example, in 2018, $100 million USDT was stolen from Bitfinex, the parent company and exchange of the stablecoin and the largest holder of the coin, and was sent to an unidentified address.

In April 2019, New York Attorney General Letitia James accused the company of hiding an $850 million loss of a co-mingled client and corporate funds from investors. Court filings would later find out that these funds were given to a Panamanian entity called Crypto Capital Corp. without a formal contract or agreement to handle withdrawal requests. Bitfinex allegedly took a minimum of $700 million from Tethers treasury reserves to cover the loss once the money went missing.

And in 2021, the rumors and speculations about its legitimacy and reserve arent going away. The community is afraid of a bubble getting burst for the most significant stablecoin in todays market. Tether has seen its market share diminished by USDC as many investors see USDT as increasingly a lynchpin in a potential market crash scenario. Without full regulation or transparency of the coins backing, investors have slowly become antagonistic to the once all-powerful stablecoin.

Tether as a stablecoin in the market still retains its relevance despite the many controversies and concerns over legitimacy. However, the team still needs to raise the confidence level of traders and investors, who often, over time, have called for more transparency and external audits of the firm.

Overall, Tether plays an integral role in the cryptocurrency space, receiving mass adoption for nearly all crypto users. The increasingly large amount of decentralized application is only perpetuating USDTs use case as we see an influx of tether being minted daily. As the bull market continues, we can expect to see the trend of more users onboarding using this stablecoin, among others.

Dont forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for Binance Smart Chain and crypto! Check out the DeFi Direct Linktree for all the access links!

For those looking for tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.

Read more here:

Japanese CAMPFIRE Ventures Into Web3 with Launch of Livefor - BSC NEWS

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North Korean Lazarus Group Reportedly Behind $54 Million CoinEx … – BSC NEWS

Tether (USDT) maintains the worlds biggest stable coin reserve, maintaining its position of being the third most valuable coin with over $66 Billion in market capitalization.

Tether (USDT) maintains the worlds biggest stablecoin reserve, maintaining its position of being the third most valuable coin according to CoinMarketCap (CMC), with over $66 Billion in market capitalization, at time of writing. Tether remains the largest stable coin despite its many controversies, which revolve around the collateral used to back USDT. Overall, Tether is number one in its class, standing out from all other stable coins; the next competing stablecoin, Circle and Coinbases USDC lags in 10th place according to CMC.

Tether is the most widely adopted coin in circulation. USDT was the first-ever stablecoin introduced to the market. It is designed to peg its issued coin 1-to-1 with the Dollar. Tether was one of the first stablecoins issued in several blockchains, available on the Tron, ETH, Omni, EOS, Algorand, Solana, and the Binance Smart Chain (BSC) networks. It has received mass adoption as the reserve currency for most traders as it doesnt fluctuate like typical crypto coins.

Tether enforces its peg through collateralizing every Tether minted; for every issued USDT, there is a reserve in the bank backing it. It was first released in 2014 under its first name, Realcoin by Bitcoin investor Brock Pierce, entrepreneur Reeve Collins, and software developer Craig Sellers. Since then, it has developed into the project we know today.

For many traders, stablecoins like USDT serve as a hedge during market corrections. It serves as a lifeboat type that allows investors to rotate into a Fiat pegged coin without cashing out into real-world Fiat. This strategy has proven useful, especially since Fiat still dominates other currency types like crypto in most countries economies. The stablecoin utility is still very much tied to its stability as opposed to traditional crypto assets. Overall, Tether allows users to exchange in stablecoins seamlessly, with no worries about fiat-crypto onramps.

In the original Tether Whitepaper abstract, the developers explained the coins accountability measure: To maintain accountability and to ensure stability in exchange price, we propose a method to maintain a 1-to-1 reserve ratio between a cryptocurrency token, called tethers, and its associated realworld asset, fiat currency. This method uses the Bitcoin blockchain, Proof of Reserves, and other audit methods to prove that issued tokens are fully backed and reserved at all times.

Although the first blockchain used was the Bitcoin Omni blockchain, Tether has been deployed on other chains, with Ethereum becoming its most extensive network and largest by volume. The growth can be attributed to the Decentralized Finance (DeFi) boom experienced on the ETH network. Originally, USDT was pegged 1:1 to USD but later included collateral as other real-world cash equivalents, assets, and receivable loans.

Before its launch in July 2014 and its first use on cryptocurrency exchange Bitfinex in February of 2015, traders did not have a means or a hedge to protect their crypto assets against the volatility experienced in traditional crypto assets. The introduction of stablecoins increased the adoption of cryptocurrencies as traders now have the confidence of hedging and realizing profits to a pegged stablecoin. By providing stability, traders can hold an asset equivalent to a real-world fiat currency, allowing seamless crypto trading.

Tethers most prominent use cases are its reserve tendencies, cross-chain interoperability, with a growing list of different blockchain types accepting and integrating the stablecoins. In the case of a sharp fall of the market, Tether and other stablecoins act as a safety net guiding against loss.

Tethers weakness remains its ability to constantly find itself in various controversies with each new phase of crypto market growth, one that continually creates doubt in users' minds about its alleged pegged real-world fiat holdings.

For example, in 2018, $100 million USDT was stolen from Bitfinex, the parent company and exchange of the stablecoin and the largest holder of the coin, and was sent to an unidentified address.

In April 2019, New York Attorney General Letitia James accused the company of hiding an $850 million loss of a co-mingled client and corporate funds from investors. Court filings would later find out that these funds were given to a Panamanian entity called Crypto Capital Corp. without a formal contract or agreement to handle withdrawal requests. Bitfinex allegedly took a minimum of $700 million from Tethers treasury reserves to cover the loss once the money went missing.

And in 2021, the rumors and speculations about its legitimacy and reserve arent going away. The community is afraid of a bubble getting burst for the most significant stablecoin in todays market. Tether has seen its market share diminished by USDC as many investors see USDT as increasingly a lynchpin in a potential market crash scenario. Without full regulation or transparency of the coins backing, investors have slowly become antagonistic to the once all-powerful stablecoin.

Tether as a stablecoin in the market still retains its relevance despite the many controversies and concerns over legitimacy. However, the team still needs to raise the confidence level of traders and investors, who often, over time, have called for more transparency and external audits of the firm.

Overall, Tether plays an integral role in the cryptocurrency space, receiving mass adoption for nearly all crypto users. The increasingly large amount of decentralized application is only perpetuating USDTs use case as we see an influx of tether being minted daily. As the bull market continues, we can expect to see the trend of more users onboarding using this stablecoin, among others.

Dont forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for Binance Smart Chain and crypto! Check out the DeFi Direct Linktree for all the access links!

For those looking for tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.

Read the rest here:

North Korean Lazarus Group Reportedly Behind $54 Million CoinEx ... - BSC NEWS

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Elon Musk warns AI ‘could replace Chinese government and take control of country’ – Daily Star

Elon Musk has warned Artificial Intelligence could soon be in control of China.

The SpaceX boss spoke with Israeli Prime Minister Benjamin Netanyahu in the wide-ranging discussion on his platform X. The tech billionaire claimed that digital super-intelligence could be in charge of China instead of the CCP [Chinese Communist Party] being in charge of China unless controls were brought in.

He said that he had spoken directly to Chinese leaders about the threat, and The CCP prefers to be in charge. So, I think they understand the arguments [for regulation], Elon continued.

READ MORE: AI chief warns 'deadliest pandemics ever' on horizon with genetic engineering

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Elon has issued repeated warnings about the potential threat of unregulated AI, saying there could be potentially a catastrophic outcome if researchers are not careful with creating artificial general intelligence. He added that most people werent aware of the scale of the AI threat, because they didnt know enough about it.

"Unless you are really immersed in the technology, you don't know how significant the risk can be, he said. Elon has launched a number of ventures including Neuralink, a system designed to link human and machine intelligence.

He has also created a new AI company, xAI which are designed to provide a balance to some of the more reckless AI research. In the discussion, Mr Netanyahu predicted were about six years from projecting AI into the cosmos and sending artificial intelligence to other planets.

But he said there was a threat that AI could be used as a weapon here on Earth with unpredictable results. Comparing the absence AI controls to the limitations on nuclear weapons, he said that rogue states could create as much devastation with runaway AI as they might have caused with a nuclear strike.

Instead of MAD mutually assured destruction," he said, "Wed have MAC mutually assured chaos.

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Elon Musk warns AI 'could replace Chinese government and take control of country' - Daily Star

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SBF’s Father Played a Crucial Role in FTX’s Saga: Report – BSC NEWS

Tether (USDT) maintains the worlds biggest stable coin reserve, maintaining its position of being the third most valuable coin with over $66 Billion in market capitalization.

Tether (USDT) maintains the worlds biggest stablecoin reserve, maintaining its position of being the third most valuable coin according to CoinMarketCap (CMC), with over $66 Billion in market capitalization, at time of writing. Tether remains the largest stable coin despite its many controversies, which revolve around the collateral used to back USDT. Overall, Tether is number one in its class, standing out from all other stable coins; the next competing stablecoin, Circle and Coinbases USDC lags in 10th place according to CMC.

Tether is the most widely adopted coin in circulation. USDT was the first-ever stablecoin introduced to the market. It is designed to peg its issued coin 1-to-1 with the Dollar. Tether was one of the first stablecoins issued in several blockchains, available on the Tron, ETH, Omni, EOS, Algorand, Solana, and the Binance Smart Chain (BSC) networks. It has received mass adoption as the reserve currency for most traders as it doesnt fluctuate like typical crypto coins.

Tether enforces its peg through collateralizing every Tether minted; for every issued USDT, there is a reserve in the bank backing it. It was first released in 2014 under its first name, Realcoin by Bitcoin investor Brock Pierce, entrepreneur Reeve Collins, and software developer Craig Sellers. Since then, it has developed into the project we know today.

For many traders, stablecoins like USDT serve as a hedge during market corrections. It serves as a lifeboat type that allows investors to rotate into a Fiat pegged coin without cashing out into real-world Fiat. This strategy has proven useful, especially since Fiat still dominates other currency types like crypto in most countries economies. The stablecoin utility is still very much tied to its stability as opposed to traditional crypto assets. Overall, Tether allows users to exchange in stablecoins seamlessly, with no worries about fiat-crypto onramps.

In the original Tether Whitepaper abstract, the developers explained the coins accountability measure: To maintain accountability and to ensure stability in exchange price, we propose a method to maintain a 1-to-1 reserve ratio between a cryptocurrency token, called tethers, and its associated realworld asset, fiat currency. This method uses the Bitcoin blockchain, Proof of Reserves, and other audit methods to prove that issued tokens are fully backed and reserved at all times.

Although the first blockchain used was the Bitcoin Omni blockchain, Tether has been deployed on other chains, with Ethereum becoming its most extensive network and largest by volume. The growth can be attributed to the Decentralized Finance (DeFi) boom experienced on the ETH network. Originally, USDT was pegged 1:1 to USD but later included collateral as other real-world cash equivalents, assets, and receivable loans.

Before its launch in July 2014 and its first use on cryptocurrency exchange Bitfinex in February of 2015, traders did not have a means or a hedge to protect their crypto assets against the volatility experienced in traditional crypto assets. The introduction of stablecoins increased the adoption of cryptocurrencies as traders now have the confidence of hedging and realizing profits to a pegged stablecoin. By providing stability, traders can hold an asset equivalent to a real-world fiat currency, allowing seamless crypto trading.

Tethers most prominent use cases are its reserve tendencies, cross-chain interoperability, with a growing list of different blockchain types accepting and integrating the stablecoins. In the case of a sharp fall of the market, Tether and other stablecoins act as a safety net guiding against loss.

Tethers weakness remains its ability to constantly find itself in various controversies with each new phase of crypto market growth, one that continually creates doubt in users' minds about its alleged pegged real-world fiat holdings.

For example, in 2018, $100 million USDT was stolen from Bitfinex, the parent company and exchange of the stablecoin and the largest holder of the coin, and was sent to an unidentified address.

In April 2019, New York Attorney General Letitia James accused the company of hiding an $850 million loss of a co-mingled client and corporate funds from investors. Court filings would later find out that these funds were given to a Panamanian entity called Crypto Capital Corp. without a formal contract or agreement to handle withdrawal requests. Bitfinex allegedly took a minimum of $700 million from Tethers treasury reserves to cover the loss once the money went missing.

And in 2021, the rumors and speculations about its legitimacy and reserve arent going away. The community is afraid of a bubble getting burst for the most significant stablecoin in todays market. Tether has seen its market share diminished by USDC as many investors see USDT as increasingly a lynchpin in a potential market crash scenario. Without full regulation or transparency of the coins backing, investors have slowly become antagonistic to the once all-powerful stablecoin.

Tether as a stablecoin in the market still retains its relevance despite the many controversies and concerns over legitimacy. However, the team still needs to raise the confidence level of traders and investors, who often, over time, have called for more transparency and external audits of the firm.

Overall, Tether plays an integral role in the cryptocurrency space, receiving mass adoption for nearly all crypto users. The increasingly large amount of decentralized application is only perpetuating USDTs use case as we see an influx of tether being minted daily. As the bull market continues, we can expect to see the trend of more users onboarding using this stablecoin, among others.

Dont forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for Binance Smart Chain and crypto! Check out the DeFi Direct Linktree for all the access links!

For those looking for tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.

Here is the original post:

SBF's Father Played a Crucial Role in FTX's Saga: Report - BSC NEWS

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OneCoin Co-Founder Karl Greenwood Sentenced to 20 Years in … – BSC NEWS

Tether (USDT) maintains the worlds biggest stable coin reserve, maintaining its position of being the third most valuable coin with over $66 Billion in market capitalization.

Tether (USDT) maintains the worlds biggest stablecoin reserve, maintaining its position of being the third most valuable coin according to CoinMarketCap (CMC), with over $66 Billion in market capitalization, at time of writing. Tether remains the largest stable coin despite its many controversies, which revolve around the collateral used to back USDT. Overall, Tether is number one in its class, standing out from all other stable coins; the next competing stablecoin, Circle and Coinbases USDC lags in 10th place according to CMC.

Tether is the most widely adopted coin in circulation. USDT was the first-ever stablecoin introduced to the market. It is designed to peg its issued coin 1-to-1 with the Dollar. Tether was one of the first stablecoins issued in several blockchains, available on the Tron, ETH, Omni, EOS, Algorand, Solana, and the Binance Smart Chain (BSC) networks. It has received mass adoption as the reserve currency for most traders as it doesnt fluctuate like typical crypto coins.

Tether enforces its peg through collateralizing every Tether minted; for every issued USDT, there is a reserve in the bank backing it. It was first released in 2014 under its first name, Realcoin by Bitcoin investor Brock Pierce, entrepreneur Reeve Collins, and software developer Craig Sellers. Since then, it has developed into the project we know today.

For many traders, stablecoins like USDT serve as a hedge during market corrections. It serves as a lifeboat type that allows investors to rotate into a Fiat pegged coin without cashing out into real-world Fiat. This strategy has proven useful, especially since Fiat still dominates other currency types like crypto in most countries economies. The stablecoin utility is still very much tied to its stability as opposed to traditional crypto assets. Overall, Tether allows users to exchange in stablecoins seamlessly, with no worries about fiat-crypto onramps.

In the original Tether Whitepaper abstract, the developers explained the coins accountability measure: To maintain accountability and to ensure stability in exchange price, we propose a method to maintain a 1-to-1 reserve ratio between a cryptocurrency token, called tethers, and its associated realworld asset, fiat currency. This method uses the Bitcoin blockchain, Proof of Reserves, and other audit methods to prove that issued tokens are fully backed and reserved at all times.

Although the first blockchain used was the Bitcoin Omni blockchain, Tether has been deployed on other chains, with Ethereum becoming its most extensive network and largest by volume. The growth can be attributed to the Decentralized Finance (DeFi) boom experienced on the ETH network. Originally, USDT was pegged 1:1 to USD but later included collateral as other real-world cash equivalents, assets, and receivable loans.

Before its launch in July 2014 and its first use on cryptocurrency exchange Bitfinex in February of 2015, traders did not have a means or a hedge to protect their crypto assets against the volatility experienced in traditional crypto assets. The introduction of stablecoins increased the adoption of cryptocurrencies as traders now have the confidence of hedging and realizing profits to a pegged stablecoin. By providing stability, traders can hold an asset equivalent to a real-world fiat currency, allowing seamless crypto trading.

Tethers most prominent use cases are its reserve tendencies, cross-chain interoperability, with a growing list of different blockchain types accepting and integrating the stablecoins. In the case of a sharp fall of the market, Tether and other stablecoins act as a safety net guiding against loss.

Tethers weakness remains its ability to constantly find itself in various controversies with each new phase of crypto market growth, one that continually creates doubt in users' minds about its alleged pegged real-world fiat holdings.

For example, in 2018, $100 million USDT was stolen from Bitfinex, the parent company and exchange of the stablecoin and the largest holder of the coin, and was sent to an unidentified address.

In April 2019, New York Attorney General Letitia James accused the company of hiding an $850 million loss of a co-mingled client and corporate funds from investors. Court filings would later find out that these funds were given to a Panamanian entity called Crypto Capital Corp. without a formal contract or agreement to handle withdrawal requests. Bitfinex allegedly took a minimum of $700 million from Tethers treasury reserves to cover the loss once the money went missing.

And in 2021, the rumors and speculations about its legitimacy and reserve arent going away. The community is afraid of a bubble getting burst for the most significant stablecoin in todays market. Tether has seen its market share diminished by USDC as many investors see USDT as increasingly a lynchpin in a potential market crash scenario. Without full regulation or transparency of the coins backing, investors have slowly become antagonistic to the once all-powerful stablecoin.

Tether as a stablecoin in the market still retains its relevance despite the many controversies and concerns over legitimacy. However, the team still needs to raise the confidence level of traders and investors, who often, over time, have called for more transparency and external audits of the firm.

Overall, Tether plays an integral role in the cryptocurrency space, receiving mass adoption for nearly all crypto users. The increasingly large amount of decentralized application is only perpetuating USDTs use case as we see an influx of tether being minted daily. As the bull market continues, we can expect to see the trend of more users onboarding using this stablecoin, among others.

Dont forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for Binance Smart Chain and crypto! Check out the DeFi Direct Linktree for all the access links!

For those looking for tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.

Go here to read the rest:

OneCoin Co-Founder Karl Greenwood Sentenced to 20 Years in ... - BSC NEWS

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How to get started in competitive chess – Financial Times

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How to get started in competitive chess - Financial Times

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Exiled in France, Iranian chess star salutes ‘courage’ of protesters – The New Arab

Mitra Hejazipour appeared without her headscarf in a photo taken in Germany and published on her Instagram account in 2018.

Mitra Hejazipour won the French chess championships this year. (Photo by JOEL SAGET/AFP via Getty Images)

Mitra Hejazipour, one of the greatest chess players Iran has ever produced, knows what courage is after removing her headscarf in defiance of the Islamic republic's strict dress code for women at a tournament.

Now living in exile in France after being expelled from the Iranian team at the time, she says she is in awe of the bravery of Iranians who poured into the streets one year ago after the police custody death off Mahsa Amini, who had been arrested for allegedly violating the dress code.

Hejazipour, 30, who received French citizenship in March, has enjoyed immense success on the board since arriving in France. This year she won the French chess championships and helped her team to third place at the world team championships.

But she told AFP in an interview that on the first anniversary of Amini's death she cannot take her mind off the situation in her home country, caught between hope that protesters could achieve a breakthrough and fear of repression against them.

"There are many reasons for people to push and protest against this regime, even if it costs them their lives or they are imprisoned," she said.

"I see the courage. I see that in fact, they are suffocating. It's about to explode. People don't think too much about the consequences."

The first time that Hejazipour publicly appeared without her headscarf was in a photo taken in Germany, published on her Instagram account in February 2018, she said.

Inspired by women who were taking off their obligatory headscarves and putting them on sticks in Iran, she said she wanted "to have this feeling of freedom when you can feel the wind blowing through your hair".

However, she said she had to remove the post following threatening messages sent by the Iranian regime.

She then removed the headscarf in competition during the Blitz Chess World Championships in Moscow in December 2019.

Hejazipour became the second Iranian player to be expelled from the team for this reason, two years after Dorsa Derakhshani, who is now competing for the United States.

"It was chess", which she started "at six years old with my father", that "allowed me this freedom", said Hejazipour, who was considered a chess prodigy before she was even in her teens.

"I was lucky because I travelled a lot and talked with people from different cultures and religions," she said.

From France, she said she wants to "show Iranian women that they are not alone" by participating in events and talking about "the situation in Iran", saying it is "the least I can do".

"I think that the regime is not giving up and will never give up, because the hijab is the basis of the Iranian Islamic regime.

"But women try to wear the veil less and less. When we look at images and videos from Iran, we see that there are fewer women wearing the veil. That, I think, shows that courage has developed. It's not that the regime is giving up."

On what the outcome of the protest movement could be, she added: "From what I saw last year and what I know about this regime, I have fear, of course, but I have hope at the same time. Because they can't kill everyone, they can't imprison everyone."

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Exiled in France, Iranian chess star salutes 'courage' of protesters - The New Arab

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