Category: Tech

NY Democrats Propose 4% Tax On Netflix, Uber To Fund MTA

Albany lawmakers in the Assembly have floated potentially hitting streaming services like Netflix, Hulu and HBO Max with the state’s sales tax as one way to fund the cash-strapped Metropolitan Transportation Authority.

“A new tax on digital streaming services demonstrates how tone-deaf Democrats are to the affordability issues New Yorkers face,” said Assembly Minority Leader William Barclay (R-Syracuse).

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Jack Dorsey Loses Half A Billion In A Day, His ‘Cash App’ Is Accused Of Lying To Investors And Catering To Criminals

On Thursday, March 23rd, his company Block (formerly known as Square) took a tumble in the stock market, as the price  of the company’s shares fell by nearly 15% – causing Dorsey’s net worth to fall by U$562 million dollars.

The sharp decline in share prices was caused by a report by Hindenburg Research “accusing the firm of misleading investors and embracing a criminal user base.”

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AI Develops Cancer Treatment In 30 Days, Predicts Survival Rate

In a new study published in the journal Chemical Science, researchers at the University of Toronto along with Insilico Medicine developed a potential treatment for hepatocellular carcinoma (HCC) with an AI drug discovery platform called Pharma.AI.

Researchers applied AlphaFold, an AI-powered protein structure database, to Pharma.AI to uncover a novel target — a previously unknown treatment pathway — for cancer and developed a “novel hit molecule” that could bind to that target without aid.

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COLLAPSE OF THE DOLLAR? Investor Bets That Bitcoin Will Go From $27k To $1 Million In 90 Days – “The Bankers Lied”

One investor just bet $1 million dollars that Bitcoin will skyrocket over the next 90 days.

“This isn’t your typical fractional reserve situation. The problem is that there isn’t enough in the banks on a mark-to-market basis to cover withdrawals. They knew this through all of last year, and communicated it internally in their coded language.”

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Crypto Acted As Safe Haven Amid SVB And Signature Bank Run: Cathie Wood

Amid all the chaos surrounding multiple bank runs in the United States, Cathie Wood, CEO of asset management firm ARK Invest, said cryptocurrencies have acted as a safe haven amid the ongoing banking crisis in the United States. She blamed the recent downfall of the likes of Silicon Valley Bank (SVB), Signature and others on the policy failures of the Federal Reserve.

Wood also pointed out that the ongoing crisis wasn’t caused by cryptocurrency, with the ecosystem under heavy scrutiny since FTX’s downfall, which has led to a regulatory crackdown. Wood said that regulators are using crypto as a scapegoat for their own lapses in the oversight of traditional banking.

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Meta To Layoff 10,000 More Staff In The Coming Months

Facebook parent company Meta is set to lay off another ten thousand employees in the latest round of layoffs in tech.

This is a new round of layoffs to hit the company, after they had cut over 10,000 jobs late last year. Meta, among other in the tech industry, have found themselves needing to cut costs. Which means they’ve needed to let go of thousands of employees.

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As Banking Collapses Erode Trust, Bitcoin Fixes Moral Hazard

As the underlying issues in our economy are exposed by recent banking failures, Bitcoin stands as a trustless, alternative money.

As unrealized losses piled up, Silicon Valley Bank (SVB) gradually, then suddenly became insolvent, followed by the collapse of Signature Bank and people beginning to wake up to issues pervading our financial system. Modern day bank runs, though digital, can force banks to sell reserve assets at a loss, inevitably leading to insolvency.

The scenario playing out before us is a stark illustration of what happens when trust starts to break down in a system fundamentally based on the idea of trusting, rather than verifying. In modern times, people think they need to hold their money in banks, but they have to trust the banks to maintain effective risk-management strategies in order to secure their deposits.

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California Regulators CLOSE Silicon Valley Bank – FDIC Named Receiver – CEO Allegedly Sold $3.5 Million in Stock in Last Two Weeks

California regulators closed Silicon Valley Bank on Friday. The FDIC was named receiver.

The bank reportedly holds $173 billion in deposits.
The crash could cause a recession.

The company provided funding to 44% of all venture capital-backed tech and healthcare companies that publicly listed on a stock exchange last year, according to its website.

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Fixing The Incentives: How Fiat Money Broke The World

In the first three parts of this series, [the author] examined the different ways that fiat money has led to terrible incentives at the individual, corporate and national levels. We are more isolated than ever, we are less satisfied with our work and we work under tyrannical, authoritarian governments as a result of fiat money. In this article, I go through the ways the entire world is incentivized by fiat money.

The previous articles spoke more generally about how individuals, companies and nations are affected by fiat money. This article will be a lot more specific as there’s only the one world we live in and we don’t need to speak generally. Thus, I will start this article with some historical context as that will give us a better understanding of why the financial incentives in the world are the way they are.

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Microsoft Tests Using ChatGPT To Control Robots

Microsoft’s next plan for chatbot ChatGPT is controlling robots.

“Our goal with this research is to see if ChatGPT can think beyond text, and reason about the physical world to help with robotics tasks,” Microsoft wrote. “We want to help people interact with robots more easily, without needing to learn complex programming languages or details about robotic systems.”

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I'm Nate Houstman

I'm a blogger, podcaster, and web design and business consultant. Economic freedom is my mission, so I talk about money, entrepreneurship, and I expose the corruption in the financial system.

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