2 Mins Ago ATLANTA _ RPC Inc. The average estimate of eight analysts nYT: New York Stock Exchange Owner Wants To Let Customers Buy Bitcoin by Zacks Investment Research was for earnings of 29 cents per share.
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7,348 a tonne on June 7, before fears that a U. 9 Mins Ago DUBAI, United Arab Emirates— Dubai- based port operator DP World says it has signed a deal with Mali to build a 1,000- hectare, or 2,470- acre, large logistics hub outside of Bamako. 12 Mins Ago July 25- Canadian grocery and pharmacy chain Loblaw Cos Ltd on Wednesday reported an 86 percent drop in quarterly profit due to charges related to its acquisition of Canadian Real Estate Investment Trust and the sale of its gas pump operations. But the European Court of Justice in Luxembourg on Wednesday ruled against it. Its maker, Mondelez, can continue to market and sell the 80 year old Kvikk Lunsj brand throughout the EU. 15 Mins Ago HOUSTON _ Prosperity Bancshares Inc.
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For the current quarter ending in October, Boston Scientific expects its per-share earnings to range from 33 cents to 35 cents. Wheat prices also boosted by crop problems in Russia. LONDON, July 25- Wheat futures rose on Wednesday in a market buoyed by diminished crop outlooks in the European Union and Russia and signs that buyers are stepping up purchases in the expectation that prices could climb further. December milling wheat on Paris- based Euronext was up 1. COLUMN-If BoE only goes for one or two rate hikes, what’s the point? 24 Mins Ago LONDON, July 25- Barring an economic or Brexit-related shock in the next few days- and given the way 2018 is going, few would bet against surprises of any kind with confidence- the Bank of England will almost certainly raise interest rates on August 2. Especially if it turns out to be “one and done” or followed up by just one more hike to 1.
Drugmaker takes stake in Silicon Valley gene testing firm. PARIS, July 25- Problems with weldings have forced French utility EDF to delay the start-up date for its troubled Flamanville 3 nuclear reactor to the second quarter of 2020 and pushed its cost estimate up to three times the original budget. The cost estimate is now up by another 400 million euros to 10. UPDATE 4-Oil prices rise after U. 28 Mins Ago LONDON, July 25- Oil prices rose for a second day on Wednesday after data showed U. Brent crude was up 60 cents, or 0. 04 a barrel by 1015 GMT, after gaining 0.
30 Mins Ago CH-8200 SCHAFFHAUSEN, Switzerland _ TE Connectivity Ltd. Bitcoin is the first practical solution to a longstanding problem in computer science, Marc Andreessen writes in Another View. Marc Andreessen, a co-founder of the venture capital firm Andreessen Horowitz. The firm is actively searching for more Bitcoin-based investment opportunities.
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He does not personally own more than a de minimis amount of Bitcoin. A mysterious new technology emerges, seemingly out of nowhere, but actually the result of two decades of intense research and development by nearly anonymous researchers. They see within it enormous potential and spend their nights and weekends tinkering with it. While regulators debate the pros and cons of bitcoins, this volatile digital currency inspires the question: What makes money, money? What technology am I talking about? One can hardly accuse Bitcoin of being an uncovered topic, yet the gulf between what the press and many regular people believe Bitcoin is, and what a growing critical mass of technologists believe Bitcoin is, remains enormous. In this post, I will explain why Bitcoin has so many Silicon Valley programmers and entrepreneurs all lathered up, and what I think Bitcoin’s future potential is.
20 years of research into cryptographic currency, and 40 years of research in cryptography, by thousands of researchers around the world. Bitcoin is the first practical solution to a longstanding problem in computer science called the Byzantine Generals Problem. To quote from the original paper defining the B. Byzantine army camped with their troops around an enemy city. Communicating only by messenger, the generals must agree upon a common battle plan. However, one or more of them may be traitors who will try to confuse the others. The practical consequence of solving this problem is that Bitcoin gives us, for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer.
The consequences of this breakthrough are hard to overstate. What kinds of digital property might be transferred in this way? All these are exchanged through a distributed network of trust that does not require or rely upon a central intermediary like a bank or broker. And all in a way where only the owner of an asset can send it, only the intended recipient can receive it, the asset can only exist in one place at a time, and everyone can validate transactions and ownership of all assets anytime they want. Bitcoin is an Internet-wide distributed ledger. You buy into the ledger by purchasing one of a fixed number of slots, either with cash or by selling a product and service for Bitcoin.
You sell out of the ledger by trading your Bitcoin to someone else who wants to buy into the ledger. The Bitcoin ledger is a new kind of payment system. Anyone in the world can pay anyone else in the world any amount of value of Bitcoin by simply transferring ownership of the corresponding slot in the ledger. Put value in, transfer it, the recipient gets value out, no authorization required, and in many cases, no fees. That last part is enormously important. In lots of other places, there either are no modern payment systems or the rates are significantly higher. Bitcoin is a digital bearer instrument.
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It is a way to exchange money or assets between parties with no pre-existing trust: A string of numbers is sent over email or text message in the simplest case. The sender doesn’t need to know or trust the receiver or vice versa. This is one part that is confusing people. It is perhaps true right at this moment that the value of Bitcoin currency is based more on speculation than actual payment volume, but it is equally true that that speculation is establishing a sufficiently high price for the currency that payments have become practically possible. The Bitcoin currency had to be worth something before it could bear any amount of real-world payment volume. Critics of Bitcoin point to limited usage by ordinary consumers and merchants, but that same criticism was leveled against PCs and the Internet at the same stage. Every day, more and more consumers and merchants are buying, using and selling Bitcoin, all around the world.
The overall numbers are still small, but they are growing quickly. And ease of use for all participants is rapidly increasing as Bitcoin tools and technologies are improved. The criticism that merchants will not accept Bitcoin because of its volatility is also incorrect. Bitcoin currency or be exposed to Bitcoin volatility at any time.
Any consumer or merchant can trade in and out of Bitcoin and other currencies any time they want. Bitcoin as payment, given the currently small number of consumers who want to pay with it? Let’s say you sell electronics online. Profit margins in those businesses are usually under 5 percent, which means conventional 2. 5 percent payment fees consume half the margin. That’s money that could be reinvested in the business, passed back to consumers or taxed by the government.
Of all of those choices, handing 2. 5 percent to banks to move bits around the Internet is the worst possible choice. In addition, merchants are highly attracted to Bitcoin because it eliminates the risk of credit card fraud. This is the form of fraud that motivates so many criminals to put so much work into stealing personal customer information and credit card numbers. Since Bitcoin is a digital bearer instrument, the receiver of a payment does not get any information from the sender that can be used to steal money from the sender in the future, either by that merchant or by a criminal who steals that information from the merchant.
Credit card fraud is such a big deal for merchants, credit card processors and banks that online fraud detection systems are hair-trigger wired to stop transactions that look even slightly suspicious, whether or not they are actually fraudulent. Bitcoin’s antifraud properties even extend into the physical world of retail stores and shoppers. For example, with Bitcoin, the huge hack that recently stole 70 million consumers’ credit card information from the Target department store chain would not have been possible. You fill your cart and go to the checkout station like you do now. But instead of handing over your credit card to pay, you pull out your smartphone and take a snapshot of a QR code displayed by the cash register. The QR code contains all the information required for you to send Bitcoin to Target, including the amount. Well, maybe criminals are still happy: They can try to steal money directly from poorly-secured merchant computer systems.
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This is a myth, fostered mostly by sensationalistic press coverage and an incomplete understanding of the technology. Much like email, which is quite traceable, Bitcoin is pseudonymous, not anonymous. Bitcoin is a classic network effect, a positive feedback loop. The more people who use Bitcoin, the more valuable Bitcoin is for everyone who uses it, and the higher the incentive for the next user to start using the technology. In fact, Bitcoin is a four-sided network effect. There are four constituencies that participate in expanding the value of Bitcoin as a consequence of their own self-interested participation.
All four sides of the network effect are playing a valuable part in expanding the value of the overall system, but the fourth is particularly important. All over Silicon Valley and around the world, many thousands of programmers are using Bitcoin as a building block for a kaleidoscope of new product and service ideas that were not possible before. For this reason alone, new challengers to Bitcoin face a hard uphill battle. If something is to displace Bitcoin now, it will have to have sizable improvements and it will have to happen quickly. Otherwise, this network effect will carry Bitcoin to dominance. One immediately obvious and enormous area for Bitcoin-based innovation is international remittance.
400 billion in total annually, according to the World Bank. Switching to Bitcoin, which charges no or very low fees, for these remittance payments will therefore raise the quality of life of migrant workers and their families significantly. In fact, it is hard to think of any one thing that would have a faster and more positive effect on so many people in the world’s poorest countries. Moreover, Bitcoin generally can be a powerful force to bring a much larger number of people around the world into the modern economic system.
175 have a long way to go. As a result, many people in many countries are excluded from products and services that we in the West take for granted. Bitcoin can be used to go straight at that problem, by making it easy to offer extremely low-fee services to people outside of the traditional financial system. A third fascinating use case for Bitcoin is micropayments, or ultrasmall payments. The fee structure of those systems makes that nonviable. All of a sudden, with Bitcoin, that’s trivially easy.
Bitcoins have the nifty property of infinite divisibility: currently down to eight decimal places after the dot, but more in the future. So you can specify an arbitrarily small amount of money, like a thousandth of a penny, and send it to anyone in the world for free or near-free. Think about content monetization, for example. Another potential use of Bitcoin micropayments is to fight spam. Finally, a fourth interesting use case is public payments. This idea first came to my attention in a news article a few months ago. 25,000 in Bitcoin in the first 24 hours, all from people he had never met.
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Think about the implications for protest movements. Today protesters want to get on TV so people learn about their cause. Tomorrow they’ll want to get on TV because that’s how they’ll raise money, by literally holding up signs that let people anywhere in the world who sympathize with them send them money on the spot. Bitcoin is a financial technology dream come true for even the most hardened anticapitalist political organizer. The coming years will be a period of great drama and excitement revolving around this new technology. For example, some prominent economists are deeply skeptical of Bitcoin, even though Ben S. Economists who attack Bitcoin today might be correct, but I’m with Ben and Milton.
Further, there is no shortage of regulatory topics and issues that will have to be addressed, since almost no country’s regulatory framework for banking and payments anticipated a technology like Bitcoin. But I hope that I have given you a sense of the enormous promise of Bitcoin. Far from a mere libertarian fairy tale or a simple Silicon Valley exercise in hype, Bitcoin offers a sweeping vista of opportunity to reimagine how the financial system can and should work in the Internet era, and a catalyst to reshape that system in ways that are more powerful for individuals and businesses alike. The solar probe is meant to help scientists prevent satellite outages and reduce risks to airline passengers. A March 23 memo to employees accepts blame and supports action. Company says it removed the malicious apps between April and June 2018. The drivers send faked photos of the vomit in an effort to sell their scam and pocket the charge applied to riders’ credit cards.
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Powered and implemented by Interactive Data Managed Solutions. Everyone wants to be popular online. Celebrities, athletes, pundits and politicians are buying millions of fake followers. While the world’s social media platforms look the other way. Minnesota teenager with a broad smile and wavy hair. She likes reading and the rapper Post Malone.
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When she goes on Facebook or Twitter, she sometimes muses about being bored or trades jokes with friends. Occasionally, like many teenagers, she posts a duck-face selfie. But on Twitter, there is a version of Jessica that none of her friends or family would recognize. Jessica promoted accounts hawking Canadian real estate investments, cryptocurrency and a radio station in Ghana.
The fake Jessica followed or retweeted accounts using Arabic and Indonesian, languages the real Jessica does not speak. All these accounts belong to customers of an obscure American company named Devumi that has collected millions of dollars in a shadowy global marketplace for social media fraud. Devumi sells Twitter followers and retweets to celebrities, businesses and anyone who wants to appear more popular or exert influence online. Drawing on an estimated stock of at least 3. The accounts that most resemble real people, like Ms.
Rychly, reveal a kind of large-scale social identity theft. At least 55,000 of the accounts use the names, profile pictures, hometowns and other personal details of real Twitter users, including minors, according to a Times data analysis. Jessica Rychly, whose social identity was stolen by a Twitter bot when she was in high school. I can’t believe that someone would even pay for it. These accounts are counterfeit coins in the booming economy of online influence, reaching into virtually any industry where a mass audience — or the illusion of it — can be monetized. Fake accounts, deployed by governments, criminals and entrepreneurs, now infest social media networks.
In November, Facebook disclosed to investors that it had at least twice as many fake users as it previously estimated, indicating that up to 60 million automated accounts may roam the world’s largest social media platform. These fake accounts, known as bots, can help sway advertising audiences and reshape political debates. They can defraud businesses and ruin reputations. Yet their creation and sale fall into a legal gray zone. Senator Mark Warner, the Virginia Democrat and ranking member of the Senate Intelligence Committee, which has been investigating the spread of fake accounts on Facebook, Twitter and other platforms.
Despite rising criticism of social media companies and growing scrutiny by elected officials, the trade in fake followers has remained largely opaque. While Twitter and other platforms prohibit buying followers, Devumi and dozens of other sites openly sell them. And social media companies, whose market value is closely tied to the number of people using their services, make their own rules about detecting and eliminating fake accounts. Devumi’s founder, German Calas, denied that his company sold fake followers and said he knew nothing about social identities stolen from real users. Calas said in an email exchange in November. The Times reviewed business and court records showing that Devumi has more than 200,000 customers, including reality television stars, professional athletes, comedians, TED speakers, pastors and models.
In most cases, the records show, they purchased their own followers. In others, their employees, agents, public relations companies, family members or friends did the buying. The actor John Leguizamo has Devumi followers. So do Michael Dell, the computer billionaire, and Ray Lewis, the football commentator and former Ravens linebacker. Even a Twitter board member, Martha Lane Fox, has some.
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At a time when Facebook, Twitter and Google are grappling with an epidemic of political manipulation and fake news, Devumi’s fake followers also serve as phantom foot soldiers in political battles online. Devumi’s customers include both avid supporters and fervent critics of President Trump, and both liberal cable pundits and a reporter at the alt-right bastion Breitbart. Devumi’s products serve politicians and governments overseas, too. An editor at China’s state-run news agency, Xinhua, paid Devumi for hundreds of thousands of followers and retweets on Twitter, which the country’s government has banned but sees as a forum for issuing propaganda abroad. An adviser to Ecuador’s president, Lenín Moreno, bought tens of thousands of followers and retweets for Mr.