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Has blockchain found a use beyond crypto trading?

Has blockchain found a use beyond crypto trading?

The bitcoin boom spawned new billionaires and videos of beach parties and Lamborghinis. The crypto crash brought devastation for small investors and bankruptcy for many companies.

Blockchain technology underpins crypto and has been hailed as a world-changing innovation, but does it have any use beyond creating speculative financial instruments?

– More secure voting? –

A “blockchain-based mobile voting app”, I tweeted, would mean “we won’t have to wait for results, or have any questions on its validity”.

So far, experiments have been very small scale.

“From the American perspective, every single district runs its own voting programme,” he said.

“Centralizing the voting system in one digital place would be pretty risky -– then all you have to do is corrupt the blockchain and you could corrupt democracy.”

Blockchain at heart is a ledger, a way of storing transactions that is — according to fans — secure, transparent and permanent.

Diehl said it was “absurd” that the blockchain was “going back to things that were solved a millennium ago to justify its own existence”.

“The blockchain isn’t solving anything here.”

The blockchain emerged from a 2008 white paper on bitcoin, which was conceived as an alternative to fiat currency.

Bitcoin was the first cryptocurrency. There are now more than 10,000 others sitting on many different blockchains.

Diehl pointed out that cryptoassets are speculative instruments not suitable for payments.

“It just doesn’t happen. You want something that’s going to be stable so the price of your coffee is the price of your coffee next week.”

Want to know where your handle came from? Some supermarkets believe the best way for you to find out is to access a blockchain-based system capable of tracking the fruit from the tropics of Central America to your cornerstore.

Carrefour told AFP earlier this year that shoppers would be able to scan a QR code and discover the provenance of an array of products.

Diehl pointed out that digital supply chain management has been around for years and is perfectly adequate without blockchain.

“If I have a carton of apples and report that I put 100 percent of them on the truck, but then I skim off 50 percent for myself, the blockchain is not going to prevent that.”

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Categories
Entertainment

Rushdie in hospital as outrage grows over stabbing

Rushdie in hospital as outrage grows over stabbing

Salman Rushdie remained hospitalized in serious condition Saturday after being stabbed at a literary event in New York state in a shocking assault that triggered widespread international outrage, but drew applause from hardliners in Iran and Pakistan.

The British author, who spent years under police protection after Iranian leaders ordered his killing, underwent emergency surgery and was placed on a ventilator in a Pennsylvania hospital following Friday’s assault. His agent said he will likely lose an eye.

“Salman Rushdie — with his insight into humanity, with his unmatched sense for story, with his refusal to be intimidated or silenced — stands for essential, universal ideals. Truth. Courage. Resilience,” Biden said in a statement.

On Friday, a 24-year-old man from New Jersey, Hadi Matar, rushed the stage where Rushdie was about to deliver a lecture and stabbed him in the neck and abdomen.

Beyond Rushdie’s eye injury, the nerves in one of his arms were severed and his liver was damaged, according to his agent Andrew Wylie.

The fatwa followed publication of the novel “The Satanic Verses,” which sparked fury among some Muslims who believed it was blasphemous.

“For whatever it was, eight or nine years, it was quite serious,” he told a Stern correspondent in New York.

– Assailant raised in US –

Security was not particularly tight at Friday’s event at the Chautauqua Institution, which hosts arts programs in a tranquil lakeside community near Buffalo.

Matar’s family apparently came from a border village called Yaroun in southern Lebanon.

Matar was “born and raised in the US,” the head of the local municipality, Ali Qassem Tahfa, told AFP.

“I was very happy to hear the news,” said Mehrab Bigdeli, a man in his 50s studying to become a Muslim cleric.

In Pakistan, a spokesman for the Tehreek-e-Labbaik Pakistan –- a party that has staged violent protests against what it deems to be anti-Muslim blasphemy — said Rushdie “deserved to be killed.”

British leader Boris Johnson said he was “appalled,” while Canadian Prime Minister Justin Trudeau called the attack “reprehensible” and “cowardly.”

– Write memoir in hiding –

But his 1988 book “The Satanic Verses” transformed his life. The resulting fatwa forced him into nearly a decade in hiding, moving houses repeatedly and being unable to tell even his children of him where he lived.

Since moving to New York, Rushdie has been an outspoken advocate of freedom of speech and has continued writing — including a memoir, “Joseph Anton,” named after his alias while in hiding.

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Categories
Technology

Top Stories: New Battery Percentage Icon in iOS 16, USB-C AirPods Rumor, and More

Top Stories: New Battery Percentage Icon in iOS 16, USB-C AirPods Rumor, and More

This week brought some shocking news for iOS 16 beta testers, with Apple bringing back the iPhone battery percentage to the status bar after a number of years.

top stories 13aug2022
Other news and rumors this week included word that Apple has started recording portions of its media event planned for next month to introduce the iPhone 14 and Apple Watch Series 8, claims about iPhone 14 Pro pricing and Apple’s plans for switching AirPods over to USB-C charging, and more, so read on for all the details on these stories and more!

iOS 16 Beta 5 Adds Battery Percentage to iPhone Status Bar

Five years after Apple introduced the iPhone X with a notch, and relegated the battery percentage indicator to Control Center, Apple has finally added the battery percentage back to the iPhone’s status bar in the fifth developer beta of iOS 16 released earlier this week.

iOS 16 battery percentage


The new battery icon is available on most iPhone models with a notch. The battery percentage appears within the battery icon to save space, but not everyone is a fan of this design.

Check out our list of everything new in iOS 16 beta 5 for other new features and changes in the beta. Apple also released new betas for iPadOS 16, macOS Ventura, watchOS 9, and tvOS 16.

Apple Reportedly Preparing Pre-Recorded iPhone 14 and Apple Watch Series 8 Event

It appears that Apple’s annual iPhone event won’t be a fully in-person event again this year, as Bloomberg‘s Mark Gurman this week claimed that Apple has started to produce a pre-recorded video for the event. It’s possible that Apple will still invite media to the event for in-person hands-on demos with new products.

cook september 2020 event


Unsurprisingly, Apple will likely unveil its iPhone 14 and Apple Watch Series 8 product lineups at the September event, and at least five other products are expected to be announced this year.

iPhone 14 Pro Models Rumored to Be More Expensive

Apple plans to increase the prices of iPhone 14 Pro models compared to iPhone 13 Pro models, according to analyst Ming-Chi Kuo.

iPhone 14 Pro Lineup Feature Purple


While higher prices would be disappointing for customers, research firm TrendForce predicted that iPhone 14 Pro models could start with 256GB of storage, compared to 128GB for iPhone 13 Pro models. Pricing for iPhone 13 Pro models currently starts at $999 in the United States.

Two New Connectors Rumored for Next-Generation iPad Pro

The next-generation iPad Pro will feature the same design as the current model, but with two new four-pin connectors on the top and bottom, according to a report from the Japanese website Mac Otakara.

iPad Pro Big Ol Logo Orange


Apple is expected to release new 11-inch and 12.9-inch iPad Pro models with M2 chips and support for MagSafe wireless charging later this year — possibly alongside the delayed release of iPadOS 16 in October.

USB-C AirPods Expected to Launch in 2023

Apple plans to switch to USB-C charging cases for all AirPods models in 2023, but the second-generation AirPods Pro launching later this year may still have a Lightning charging case, according to a recent tweet from analyst Ming-Chi Kuo.

airpods usb c ken pillonel


Kuo also expects the iPhone 15 to switch to USB-C in 2023, along with several accessories, such as the MagSafe Battery Pack and the Magic Mouse.

‘It’s Time for Apple to Fix Texting’ Says New Android Website

Google’s Android team has launched a new “Get the Message” website that again calls on Apple to adopt Rich Communication Services (RCS) alongside iMessage in the Messages app on iPhone.

android apple fix rcs


Google has been pushing Apple to switch from SMS to RCS for months now, with no response from Apple. RCS would allow for read receipts, audio messages, and more for conversations between iPhones and Android smartphones.

MacRumors Newsletter

Each week, we publish an email newsletter like this highlighting the top Apple stories, making it a great way to get a bite-sized recap of the week hitting all of the major topics we’ve covered and tying together related stories for a big- picture view.

So if you want to have top stories like the above recap delivered to your email inbox each week, subscribe to our newsletter!

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Categories
Business

South Korea pardons Samsung boss ‘to help the economy’

South Korea pardons Samsung boss 'to help the economy'

The heir and de facto leader of the Samsung group received a presidential pardon Friday, continuing South Korea’s long tradition of freeing business leaders convicted of corruption on economic grounds.

Billionaire Lee Jae-yong, convicted of bribery and embezzlement in January last year, will be “reinstated” to give him a chance to “contribute to overcoming the economic crisis” of the country, justice minister Han Dong-hoon said.

Friday’s pardon will allow him to fully return to work by lifting a post-prison employment restriction that had been set for five years.

The pardon was given so that Lee — as well as other high-level executives receiving pardons Friday — could “lead the country’s continuous growth engine through active investment in technology and job creation,” it added.

A total of 1,693 people — including prisoners with terminal illnesses and those near the end of their terms — were on the pardon list, the ministry said, ahead of the annual Liberation Day anniversary Monday.

Lee, 54, issued a statement after the pardon was announced saying he aimed to “contribute to the economy through continuous investment and job creation for young people.”

Lee is the vice-chairman of Samsung Electronics, the world’s biggest smartphone maker. The conglomerate’s overall turnover is equivalent to about one-fifth of South Korea’s gross domestic product.

There is a long history of South Korean tycoons being charged with bribery, embezzlement, tax evasion or other offenses.

The giant Samsung group is by far the largest of the family-controlled empires known as chaebol that dominate business in South Korea.

But analysts said they simply allowed major businessmen to feel they were not “constrained by any legal norms”, Vladimir Tikhonov, professor of Korean studies at the University of Oslo, told AFP.

Justice minister Han said all politicians were excluded this time as the economy is the most “urgent and important” issue.

– More legal woes –

In May, he was excused from a hearing in that trial to host US President Joe Biden when he kicked off a tour of South Korea by visiting Samsung’s chip plant, alongside President Yoon.

But Lee’s imprisonment has been no barrier to the firm’s performance — it announced a surge of more than 70 percent in second-quarter profits in July last year, with a coronavirus-driven shift to remote work boosting demand for devices using its memory chips.

“The pardon weakens the rule of law, which potentially is, in fact, more detrimental than advantageous.”

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Categories
Business

China Evergrande to get $818mn for scrapping stadium deal

China Evergrande to get $818mn for scrapping stadium deal

Embattled Chinese property giant Evergrande has canceled a contract to build a football stadium in a southern city in return for 5.52 billion yuan ($818 million), it said in a filing.

The real estate behavior has been involved in restructuring negotiations after racking up $300 billion in liabilities in the wake of Beijing’s crackdown on excessive debt and rampant speculation in the property sector.

In a filing to the Hong Kong stock exchange late Thursday, Evergrande said “the group’s liquidity issue has adversely affected the development of and construction on the land” in Guangzhou.

The contract allowed for commercial and sports uses of the land for 40 years, as well as other business uses for 50 years, the filing said.

The latest refund will enter a project escrow account designated by the government and will be used to settle debts relating to the deal, Evergrande said.

Evergrande, one of China’s biggest developers, has scrambled to offload assets in recent months, with chairman Hui Ka Yan paying off some of its debts using his personal wealth.

Its troubles are emblematic of the problems rippling across China’s massive property sector, with smaller companies also defaulting on loans and others struggling to raise cash.

bys/oho/dan

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Categories
Business

Inflation-fighting BoE poised to unleash big rate hike

Inflation-fighting BoE poised to unleash big rate hike

The Bank of England is expected Thursday to follow other major central banks with an aggressive interest rate hike to tackle surging inflation.

The BoE is tipped to lift its main rate by 0.50 percentage points — the biggest amount in more than a quarter of a century.

With inflation spiking globally following Russia’s invasion of Ukraine, the US Federal Reserve and the European Central Bank sprang large hikes last month of 0.75 and 0.50 percentage points respectively.

“After the ECB and the Fed delivered oversized hikes at their July meetings, the Bank of England is likely to feel similar pressure to up the ante at its August meeting,” said BNP Paribas economist Amarjot Sidhu in a note to clients.

The BoE, granted operational independence from the government over monetary policy in 1997, will reveal its latest rate decision at 1100 GMT on Thursday alongside its latest outlook.

That would take borrowing costs to 1.75 percent, at a level last seen in December 2008.

Inflation has also raced higher on supply-chain woes, including labor market shortages in the wake of Brexit, and strong demand for goods and services as the Covid pandemic recedes.

Yet the bank predicts UK inflation will spike to 11 percent later this year — and it was expected to lift this guidance on Thursday.

That could take the average UK household energy bill above £3,000 ($3,600) per year.

“Higher inflation for even longer is the kind of scenario that spooks central banks.”

Economists meanwhile argue that a large rate hike damages the nation’s recovery from the coronavirus pandemic — and risks the prospect of recession.

“The… anticipated hike would be harmful to the economy and pile on the pain for people across the country,” said Nigel Green, deVere’s boss of financial consultants.

Until now, the BoE has not hiked its rates by more than 0.25 percentage points each time.

Liz Truss is currently ahead in the polls against fellow Conservative and former finance minister Rishi Sunak.

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Categories
Business

Crypto clients beg for their cash back after lender’s crash

Crypto clients beg for their cash back after lender's crash

An Irishman at risk of losing his farm. An American having suicidal thoughts. An 84-year-old widow’s lost life savings: People caught in the meltdown of crypto lender Celsius are pleading for their money back.

Hundreds of letters have poured into the judge overseeing the firm’s multi-billion-dollar bankruptcy and they are heavy with anger, shame, desperation and, frequently, regret.

Celsius and its CEO Alex Mashinsky had billed the platform as a safe place for people to deposit their crypto currencies in exchange for high interest, while the firm slowed out and those invested deposits.

The company owed $4.7 billion to its users, according to a court filing earlier this month, and the endgame is unclear.

“From that hard-working single mom in Texas struggling with past-due bills, to the teacher in India with all his hard-earned money deposited in Celsius — I believe I can speak for most of us when I say I feel betrayed, ashamed, depressed, angry,” wrote one client who signed their letter EL

“I have been a loyal Celsius customer since 2019 and feel completely lied to by Alex Mashinsky,” wrote a client who AFP is not identifying to protect his privacy. “Alex would talk about how Celsius is safer than banks.”

– Repeated assurances before fail –

“We have made it through crypto downturns before (this is our fourth!). Celsius is prepared,” the firm wrote.

One client, who reported having $32,000 in crypto locked up at Celsius, noted the impact.

But that changed quickly, and on June 12 Celsius announced the freeze: “We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.”

“By the time I finished the e-mail, I had collapsed onto the floor with my head in my hands and I fought back tears,” wrote one man who had about $50,000 in assets with Celsius.

Others reported heavy stress, lack of sleep and feelings of deep shame for putting their retirement savings or their children’s college money into a platform that was far riskier than they knew.

Celsius did not reply to a request for comment on the clients’ letters.

“It’s just not unusual for people to come out of something like this with zero,” said Don Coker, an expert witness on banking and finance.

jm/des

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