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\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

\u00a0\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI<\/em>.<\/p>\n\n\n\n

Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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\n

Despite potentially replacing full-time jobs, generative AI, such as ChatGPT, may drive a 7% increase in global GDP - almost $7T. This would lift productivity rates by 1.5% over the following 10 years.<\/p>\n\n\n\n

\u00a0\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI<\/em>.<\/p>\n\n\n\n

Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Generative AI May Raise Labor Productivity<\/h2>\n\n\n\n

Despite potentially replacing full-time jobs, generative AI, such as ChatGPT, may drive a 7% increase in global GDP - almost $7T. This would lift productivity rates by 1.5% over the following 10 years.<\/p>\n\n\n\n

\u00a0\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI<\/em>.<\/p>\n\n\n\n

Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Goldman Sachs states that \"worker displacement from automation has historically been offset by creation of new jobs.\"<\/em> Such an example is cars, which replaced the jobs of those driving a horse and carriage but made way for streamlined travel along with mechanics, technicians, engineers, and many other jobs relating strictly to the automobile industry.<\/p>\n\n\n\n

Generative AI May Raise Labor Productivity<\/h2>\n\n\n\n

Despite potentially replacing full-time jobs, generative AI, such as ChatGPT, may drive a 7% increase in global GDP - almost $7T. This would lift productivity rates by 1.5% over the following 10 years.<\/p>\n\n\n\n

\u00a0\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI<\/em>.<\/p>\n\n\n\n

Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

The potential impact of AI is very deterministic, though. Unless mass adoption of the technology is achieved, it would remain just another technology used in certain industries.<\/p>\n\n\n\n

Goldman Sachs states that \"worker displacement from automation has historically been offset by creation of new jobs.\"<\/em> Such an example is cars, which replaced the jobs of those driving a horse and carriage but made way for streamlined travel along with mechanics, technicians, engineers, and many other jobs relating strictly to the automobile industry.<\/p>\n\n\n\n

Generative AI May Raise Labor Productivity<\/h2>\n\n\n\n

Despite potentially replacing full-time jobs, generative AI, such as ChatGPT, may drive a 7% increase in global GDP - almost $7T. This would lift productivity rates by 1.5% over the following 10 years.<\/p>\n\n\n\n

\u00a0\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI<\/em>.<\/p>\n\n\n\n

Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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\n

A recent report<\/a> from Goldman Sachs, one of the largest US banks, found that artificial intelligence may replace over 300 million full-time jobs worldwide. \"If generative AI delivers on its promised capabilities, the labor market could face significant disruption,\"<\/em> states the report.<\/p>\n\n\n\n

The potential impact of AI is very deterministic, though. Unless mass adoption of the technology is achieved, it would remain just another technology used in certain industries.<\/p>\n\n\n\n

Goldman Sachs states that \"worker displacement from automation has historically been offset by creation of new jobs.\"<\/em> Such an example is cars, which replaced the jobs of those driving a horse and carriage but made way for streamlined travel along with mechanics, technicians, engineers, and many other jobs relating strictly to the automobile industry.<\/p>\n\n\n\n

Generative AI May Raise Labor Productivity<\/h2>\n\n\n\n

Despite potentially replacing full-time jobs, generative AI, such as ChatGPT, may drive a 7% increase in global GDP - almost $7T. This would lift productivity rates by 1.5% over the following 10 years.<\/p>\n\n\n\n

\u00a0\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI<\/em>.<\/p>\n\n\n\n

Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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\n

You can train ChatGPT to write like you with a prompt like \"Analyze the text below for style, voice, and tone.\" <\/em>Then after it has analysed your writing style, ask it to \"Write an article explaining what [topic] is using my style of writing.\"<\/em><\/p>\n","post_title":"The Most Powerful Generative AI Prompts In 2023 For Investing, Finance, Crypto, Business","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-most-powerful-generative-ai-prompts-in-2023-for-investing-finance-crypto-business","to_ping":"","pinged":"","post_modified":"2023-05-13 00:14:50","post_modified_gmt":"2023-05-12 14:14:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11560,"post_author":"12","post_date":"2023-05-07 23:02:04","post_date_gmt":"2023-05-07 13:02:04","post_content":"\n

A recent report<\/a> from Goldman Sachs, one of the largest US banks, found that artificial intelligence may replace over 300 million full-time jobs worldwide. \"If generative AI delivers on its promised capabilities, the labor market could face significant disruption,\"<\/em> states the report.<\/p>\n\n\n\n

The potential impact of AI is very deterministic, though. Unless mass adoption of the technology is achieved, it would remain just another technology used in certain industries.<\/p>\n\n\n\n

Goldman Sachs states that \"worker displacement from automation has historically been offset by creation of new jobs.\"<\/em> Such an example is cars, which replaced the jobs of those driving a horse and carriage but made way for streamlined travel along with mechanics, technicians, engineers, and many other jobs relating strictly to the automobile industry.<\/p>\n\n\n\n

Generative AI May Raise Labor Productivity<\/h2>\n\n\n\n

Despite potentially replacing full-time jobs, generative AI, such as ChatGPT, may drive a 7% increase in global GDP - almost $7T. This would lift productivity rates by 1.5% over the following 10 years.<\/p>\n\n\n\n

\u00a0\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI<\/em>.<\/p>\n\n\n\n

Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Can I Train ChatGPT To Be Me?<\/h3>\n\n\n\n

You can train ChatGPT to write like you with a prompt like \"Analyze the text below for style, voice, and tone.\" <\/em>Then after it has analysed your writing style, ask it to \"Write an article explaining what [topic] is using my style of writing.\"<\/em><\/p>\n","post_title":"The Most Powerful Generative AI Prompts In 2023 For Investing, Finance, Crypto, Business","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-most-powerful-generative-ai-prompts-in-2023-for-investing-finance-crypto-business","to_ping":"","pinged":"","post_modified":"2023-05-13 00:14:50","post_modified_gmt":"2023-05-12 14:14:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11560,"post_author":"12","post_date":"2023-05-07 23:02:04","post_date_gmt":"2023-05-07 13:02:04","post_content":"\n

A recent report<\/a> from Goldman Sachs, one of the largest US banks, found that artificial intelligence may replace over 300 million full-time jobs worldwide. \"If generative AI delivers on its promised capabilities, the labor market could face significant disruption,\"<\/em> states the report.<\/p>\n\n\n\n

The potential impact of AI is very deterministic, though. Unless mass adoption of the technology is achieved, it would remain just another technology used in certain industries.<\/p>\n\n\n\n

Goldman Sachs states that \"worker displacement from automation has historically been offset by creation of new jobs.\"<\/em> Such an example is cars, which replaced the jobs of those driving a horse and carriage but made way for streamlined travel along with mechanics, technicians, engineers, and many other jobs relating strictly to the automobile industry.<\/p>\n\n\n\n

Generative AI May Raise Labor Productivity<\/h2>\n\n\n\n

Despite potentially replacing full-time jobs, generative AI, such as ChatGPT, may drive a 7% increase in global GDP - almost $7T. This would lift productivity rates by 1.5% over the following 10 years.<\/p>\n\n\n\n

\u00a0\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI<\/em>.<\/p>\n\n\n\n

Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

ChatGPT uses a transformer-based neural network architecture, allowing it to process and generate text based on context. It has been trained on a large corpus of text data, allowing it to generate human-like responses by predicting the most likely next word or phrase based on the input provided.<\/p>\n\n\n\n

Can I Train ChatGPT To Be Me?<\/h3>\n\n\n\n

You can train ChatGPT to write like you with a prompt like \"Analyze the text below for style, voice, and tone.\" <\/em>Then after it has analysed your writing style, ask it to \"Write an article explaining what [topic] is using my style of writing.\"<\/em><\/p>\n","post_title":"The Most Powerful Generative AI Prompts In 2023 For Investing, Finance, Crypto, Business","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-most-powerful-generative-ai-prompts-in-2023-for-investing-finance-crypto-business","to_ping":"","pinged":"","post_modified":"2023-05-13 00:14:50","post_modified_gmt":"2023-05-12 14:14:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11560,"post_author":"12","post_date":"2023-05-07 23:02:04","post_date_gmt":"2023-05-07 13:02:04","post_content":"\n

A recent report<\/a> from Goldman Sachs, one of the largest US banks, found that artificial intelligence may replace over 300 million full-time jobs worldwide. \"If generative AI delivers on its promised capabilities, the labor market could face significant disruption,\"<\/em> states the report.<\/p>\n\n\n\n

The potential impact of AI is very deterministic, though. Unless mass adoption of the technology is achieved, it would remain just another technology used in certain industries.<\/p>\n\n\n\n

Goldman Sachs states that \"worker displacement from automation has historically been offset by creation of new jobs.\"<\/em> Such an example is cars, which replaced the jobs of those driving a horse and carriage but made way for streamlined travel along with mechanics, technicians, engineers, and many other jobs relating strictly to the automobile industry.<\/p>\n\n\n\n

Generative AI May Raise Labor Productivity<\/h2>\n\n\n\n

Despite potentially replacing full-time jobs, generative AI, such as ChatGPT, may drive a 7% increase in global GDP - almost $7T. This would lift productivity rates by 1.5% over the following 10 years.<\/p>\n\n\n\n

\u00a0\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI<\/em>.<\/p>\n\n\n\n

Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

How Does ChatGPT Work?<\/h3>\n\n\n\n

ChatGPT uses a transformer-based neural network architecture, allowing it to process and generate text based on context. It has been trained on a large corpus of text data, allowing it to generate human-like responses by predicting the most likely next word or phrase based on the input provided.<\/p>\n\n\n\n

Can I Train ChatGPT To Be Me?<\/h3>\n\n\n\n

You can train ChatGPT to write like you with a prompt like \"Analyze the text below for style, voice, and tone.\" <\/em>Then after it has analysed your writing style, ask it to \"Write an article explaining what [topic] is using my style of writing.\"<\/em><\/p>\n","post_title":"The Most Powerful Generative AI Prompts In 2023 For Investing, Finance, Crypto, Business","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-most-powerful-generative-ai-prompts-in-2023-for-investing-finance-crypto-business","to_ping":"","pinged":"","post_modified":"2023-05-13 00:14:50","post_modified_gmt":"2023-05-12 14:14:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11560,"post_author":"12","post_date":"2023-05-07 23:02:04","post_date_gmt":"2023-05-07 13:02:04","post_content":"\n

A recent report<\/a> from Goldman Sachs, one of the largest US banks, found that artificial intelligence may replace over 300 million full-time jobs worldwide. \"If generative AI delivers on its promised capabilities, the labor market could face significant disruption,\"<\/em> states the report.<\/p>\n\n\n\n

The potential impact of AI is very deterministic, though. Unless mass adoption of the technology is achieved, it would remain just another technology used in certain industries.<\/p>\n\n\n\n

Goldman Sachs states that \"worker displacement from automation has historically been offset by creation of new jobs.\"<\/em> Such an example is cars, which replaced the jobs of those driving a horse and carriage but made way for streamlined travel along with mechanics, technicians, engineers, and many other jobs relating strictly to the automobile industry.<\/p>\n\n\n\n

Generative AI May Raise Labor Productivity<\/h2>\n\n\n\n

Despite potentially replacing full-time jobs, generative AI, such as ChatGPT, may drive a 7% increase in global GDP - almost $7T. This would lift productivity rates by 1.5% over the following 10 years.<\/p>\n\n\n\n

\u00a0\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI<\/em>.<\/p>\n\n\n\n

Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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\n

Temperature is a parameter that controls the randomness of the generated text. Higher temperature values (10) produce more creative and diverse responses, while lower values (0.1) produce more focused and deterministic answers.<\/p>\n\n\n\n

How Does ChatGPT Work?<\/h3>\n\n\n\n

ChatGPT uses a transformer-based neural network architecture, allowing it to process and generate text based on context. It has been trained on a large corpus of text data, allowing it to generate human-like responses by predicting the most likely next word or phrase based on the input provided.<\/p>\n\n\n\n

Can I Train ChatGPT To Be Me?<\/h3>\n\n\n\n

You can train ChatGPT to write like you with a prompt like \"Analyze the text below for style, voice, and tone.\" <\/em>Then after it has analysed your writing style, ask it to \"Write an article explaining what [topic] is using my style of writing.\"<\/em><\/p>\n","post_title":"The Most Powerful Generative AI Prompts In 2023 For Investing, Finance, Crypto, Business","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-most-powerful-generative-ai-prompts-in-2023-for-investing-finance-crypto-business","to_ping":"","pinged":"","post_modified":"2023-05-13 00:14:50","post_modified_gmt":"2023-05-12 14:14:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11560,"post_author":"12","post_date":"2023-05-07 23:02:04","post_date_gmt":"2023-05-07 13:02:04","post_content":"\n

A recent report<\/a> from Goldman Sachs, one of the largest US banks, found that artificial intelligence may replace over 300 million full-time jobs worldwide. \"If generative AI delivers on its promised capabilities, the labor market could face significant disruption,\"<\/em> states the report.<\/p>\n\n\n\n

The potential impact of AI is very deterministic, though. Unless mass adoption of the technology is achieved, it would remain just another technology used in certain industries.<\/p>\n\n\n\n

Goldman Sachs states that \"worker displacement from automation has historically been offset by creation of new jobs.\"<\/em> Such an example is cars, which replaced the jobs of those driving a horse and carriage but made way for streamlined travel along with mechanics, technicians, engineers, and many other jobs relating strictly to the automobile industry.<\/p>\n\n\n\n

Generative AI May Raise Labor Productivity<\/h2>\n\n\n\n

Despite potentially replacing full-time jobs, generative AI, such as ChatGPT, may drive a 7% increase in global GDP - almost $7T. This would lift productivity rates by 1.5% over the following 10 years.<\/p>\n\n\n\n

\u00a0\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI<\/em>.<\/p>\n\n\n\n

Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

What Is ChatGPT \"Temperature\"?<\/h3>\n\n\n\n

Temperature is a parameter that controls the randomness of the generated text. Higher temperature values (10) produce more creative and diverse responses, while lower values (0.1) produce more focused and deterministic answers.<\/p>\n\n\n\n

How Does ChatGPT Work?<\/h3>\n\n\n\n

ChatGPT uses a transformer-based neural network architecture, allowing it to process and generate text based on context. It has been trained on a large corpus of text data, allowing it to generate human-like responses by predicting the most likely next word or phrase based on the input provided.<\/p>\n\n\n\n

Can I Train ChatGPT To Be Me?<\/h3>\n\n\n\n

You can train ChatGPT to write like you with a prompt like \"Analyze the text below for style, voice, and tone.\" <\/em>Then after it has analysed your writing style, ask it to \"Write an article explaining what [topic] is using my style of writing.\"<\/em><\/p>\n","post_title":"The Most Powerful Generative AI Prompts In 2023 For Investing, Finance, Crypto, Business","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-most-powerful-generative-ai-prompts-in-2023-for-investing-finance-crypto-business","to_ping":"","pinged":"","post_modified":"2023-05-13 00:14:50","post_modified_gmt":"2023-05-12 14:14:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11560,"post_author":"12","post_date":"2023-05-07 23:02:04","post_date_gmt":"2023-05-07 13:02:04","post_content":"\n

A recent report<\/a> from Goldman Sachs, one of the largest US banks, found that artificial intelligence may replace over 300 million full-time jobs worldwide. \"If generative AI delivers on its promised capabilities, the labor market could face significant disruption,\"<\/em> states the report.<\/p>\n\n\n\n

The potential impact of AI is very deterministic, though. Unless mass adoption of the technology is achieved, it would remain just another technology used in certain industries.<\/p>\n\n\n\n

Goldman Sachs states that \"worker displacement from automation has historically been offset by creation of new jobs.\"<\/em> Such an example is cars, which replaced the jobs of those driving a horse and carriage but made way for streamlined travel along with mechanics, technicians, engineers, and many other jobs relating strictly to the automobile industry.<\/p>\n\n\n\n

Generative AI May Raise Labor Productivity<\/h2>\n\n\n\n

Despite potentially replacing full-time jobs, generative AI, such as ChatGPT, may drive a 7% increase in global GDP - almost $7T. This would lift productivity rates by 1.5% over the following 10 years.<\/p>\n\n\n\n

\u00a0\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI<\/em>.<\/p>\n\n\n\n

Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Since OpenAI released the API for ChatGPT, several applications have made the chatbot more like an assistant, such as Merlin<\/a>. Although to utilize your \"assistant\" to the best of its abilities, it is vital that you understand how to make them work for you. Things like understanding its limitations and understanding how to prompt, its a tool - the more you use it, the better you become at using it. It may seem like a magic tool, but it is still in its very early stages.<\/p>\n\n\n\n

What Is ChatGPT \"Temperature\"?<\/h3>\n\n\n\n

Temperature is a parameter that controls the randomness of the generated text. Higher temperature values (10) produce more creative and diverse responses, while lower values (0.1) produce more focused and deterministic answers.<\/p>\n\n\n\n

How Does ChatGPT Work?<\/h3>\n\n\n\n

ChatGPT uses a transformer-based neural network architecture, allowing it to process and generate text based on context. It has been trained on a large corpus of text data, allowing it to generate human-like responses by predicting the most likely next word or phrase based on the input provided.<\/p>\n\n\n\n

Can I Train ChatGPT To Be Me?<\/h3>\n\n\n\n

You can train ChatGPT to write like you with a prompt like \"Analyze the text below for style, voice, and tone.\" <\/em>Then after it has analysed your writing style, ask it to \"Write an article explaining what [topic] is using my style of writing.\"<\/em><\/p>\n","post_title":"The Most Powerful Generative AI Prompts In 2023 For Investing, Finance, Crypto, Business","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-most-powerful-generative-ai-prompts-in-2023-for-investing-finance-crypto-business","to_ping":"","pinged":"","post_modified":"2023-05-13 00:14:50","post_modified_gmt":"2023-05-12 14:14:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11560,"post_author":"12","post_date":"2023-05-07 23:02:04","post_date_gmt":"2023-05-07 13:02:04","post_content":"\n

A recent report<\/a> from Goldman Sachs, one of the largest US banks, found that artificial intelligence may replace over 300 million full-time jobs worldwide. \"If generative AI delivers on its promised capabilities, the labor market could face significant disruption,\"<\/em> states the report.<\/p>\n\n\n\n

The potential impact of AI is very deterministic, though. Unless mass adoption of the technology is achieved, it would remain just another technology used in certain industries.<\/p>\n\n\n\n

Goldman Sachs states that \"worker displacement from automation has historically been offset by creation of new jobs.\"<\/em> Such an example is cars, which replaced the jobs of those driving a horse and carriage but made way for streamlined travel along with mechanics, technicians, engineers, and many other jobs relating strictly to the automobile industry.<\/p>\n\n\n\n

Generative AI May Raise Labor Productivity<\/h2>\n\n\n\n

Despite potentially replacing full-time jobs, generative AI, such as ChatGPT, may drive a 7% increase in global GDP - almost $7T. This would lift productivity rates by 1.5% over the following 10 years.<\/p>\n\n\n\n

\u00a0\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI<\/em>.<\/p>\n\n\n\n

Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

How Can I Make ChatGPT My Assistant?<\/h3>\n\n\n\n

Since OpenAI released the API for ChatGPT, several applications have made the chatbot more like an assistant, such as Merlin<\/a>. Although to utilize your \"assistant\" to the best of its abilities, it is vital that you understand how to make them work for you. Things like understanding its limitations and understanding how to prompt, its a tool - the more you use it, the better you become at using it. It may seem like a magic tool, but it is still in its very early stages.<\/p>\n\n\n\n

What Is ChatGPT \"Temperature\"?<\/h3>\n\n\n\n

Temperature is a parameter that controls the randomness of the generated text. Higher temperature values (10) produce more creative and diverse responses, while lower values (0.1) produce more focused and deterministic answers.<\/p>\n\n\n\n

How Does ChatGPT Work?<\/h3>\n\n\n\n

ChatGPT uses a transformer-based neural network architecture, allowing it to process and generate text based on context. It has been trained on a large corpus of text data, allowing it to generate human-like responses by predicting the most likely next word or phrase based on the input provided.<\/p>\n\n\n\n

Can I Train ChatGPT To Be Me?<\/h3>\n\n\n\n

You can train ChatGPT to write like you with a prompt like \"Analyze the text below for style, voice, and tone.\" <\/em>Then after it has analysed your writing style, ask it to \"Write an article explaining what [topic] is using my style of writing.\"<\/em><\/p>\n","post_title":"The Most Powerful Generative AI Prompts In 2023 For Investing, Finance, Crypto, Business","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-most-powerful-generative-ai-prompts-in-2023-for-investing-finance-crypto-business","to_ping":"","pinged":"","post_modified":"2023-05-13 00:14:50","post_modified_gmt":"2023-05-12 14:14:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11560,"post_author":"12","post_date":"2023-05-07 23:02:04","post_date_gmt":"2023-05-07 13:02:04","post_content":"\n

A recent report<\/a> from Goldman Sachs, one of the largest US banks, found that artificial intelligence may replace over 300 million full-time jobs worldwide. \"If generative AI delivers on its promised capabilities, the labor market could face significant disruption,\"<\/em> states the report.<\/p>\n\n\n\n

The potential impact of AI is very deterministic, though. Unless mass adoption of the technology is achieved, it would remain just another technology used in certain industries.<\/p>\n\n\n\n

Goldman Sachs states that \"worker displacement from automation has historically been offset by creation of new jobs.\"<\/em> Such an example is cars, which replaced the jobs of those driving a horse and carriage but made way for streamlined travel along with mechanics, technicians, engineers, and many other jobs relating strictly to the automobile industry.<\/p>\n\n\n\n

Generative AI May Raise Labor Productivity<\/h2>\n\n\n\n

Despite potentially replacing full-time jobs, generative AI, such as ChatGPT, may drive a 7% increase in global GDP - almost $7T. This would lift productivity rates by 1.5% over the following 10 years.<\/p>\n\n\n\n

\u00a0\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI<\/em>.<\/p>\n\n\n\n

Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

FAQs On ChatGPT And Prompting<\/h2>\n\n\n\n

How Can I Make ChatGPT My Assistant?<\/h3>\n\n\n\n

Since OpenAI released the API for ChatGPT, several applications have made the chatbot more like an assistant, such as Merlin<\/a>. Although to utilize your \"assistant\" to the best of its abilities, it is vital that you understand how to make them work for you. Things like understanding its limitations and understanding how to prompt, its a tool - the more you use it, the better you become at using it. It may seem like a magic tool, but it is still in its very early stages.<\/p>\n\n\n\n

What Is ChatGPT \"Temperature\"?<\/h3>\n\n\n\n

Temperature is a parameter that controls the randomness of the generated text. Higher temperature values (10) produce more creative and diverse responses, while lower values (0.1) produce more focused and deterministic answers.<\/p>\n\n\n\n

How Does ChatGPT Work?<\/h3>\n\n\n\n

ChatGPT uses a transformer-based neural network architecture, allowing it to process and generate text based on context. It has been trained on a large corpus of text data, allowing it to generate human-like responses by predicting the most likely next word or phrase based on the input provided.<\/p>\n\n\n\n

Can I Train ChatGPT To Be Me?<\/h3>\n\n\n\n

You can train ChatGPT to write like you with a prompt like \"Analyze the text below for style, voice, and tone.\" <\/em>Then after it has analysed your writing style, ask it to \"Write an article explaining what [topic] is using my style of writing.\"<\/em><\/p>\n","post_title":"The Most Powerful Generative AI Prompts In 2023 For Investing, Finance, Crypto, Business","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-most-powerful-generative-ai-prompts-in-2023-for-investing-finance-crypto-business","to_ping":"","pinged":"","post_modified":"2023-05-13 00:14:50","post_modified_gmt":"2023-05-12 14:14:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11560,"post_author":"12","post_date":"2023-05-07 23:02:04","post_date_gmt":"2023-05-07 13:02:04","post_content":"\n

A recent report<\/a> from Goldman Sachs, one of the largest US banks, found that artificial intelligence may replace over 300 million full-time jobs worldwide. \"If generative AI delivers on its promised capabilities, the labor market could face significant disruption,\"<\/em> states the report.<\/p>\n\n\n\n

The potential impact of AI is very deterministic, though. Unless mass adoption of the technology is achieved, it would remain just another technology used in certain industries.<\/p>\n\n\n\n

Goldman Sachs states that \"worker displacement from automation has historically been offset by creation of new jobs.\"<\/em> Such an example is cars, which replaced the jobs of those driving a horse and carriage but made way for streamlined travel along with mechanics, technicians, engineers, and many other jobs relating strictly to the automobile industry.<\/p>\n\n\n\n

Generative AI May Raise Labor Productivity<\/h2>\n\n\n\n

Despite potentially replacing full-time jobs, generative AI, such as ChatGPT, may drive a 7% increase in global GDP - almost $7T. This would lift productivity rates by 1.5% over the following 10 years.<\/p>\n\n\n\n

\u00a0\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI<\/em>.<\/p>\n\n\n\n

Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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\n
\"\"
Source: The Distributed<\/figcaption><\/figure>\n\n\n\n

FAQs On ChatGPT And Prompting<\/h2>\n\n\n\n

How Can I Make ChatGPT My Assistant?<\/h3>\n\n\n\n

Since OpenAI released the API for ChatGPT, several applications have made the chatbot more like an assistant, such as Merlin<\/a>. Although to utilize your \"assistant\" to the best of its abilities, it is vital that you understand how to make them work for you. Things like understanding its limitations and understanding how to prompt, its a tool - the more you use it, the better you become at using it. It may seem like a magic tool, but it is still in its very early stages.<\/p>\n\n\n\n

What Is ChatGPT \"Temperature\"?<\/h3>\n\n\n\n

Temperature is a parameter that controls the randomness of the generated text. Higher temperature values (10) produce more creative and diverse responses, while lower values (0.1) produce more focused and deterministic answers.<\/p>\n\n\n\n

How Does ChatGPT Work?<\/h3>\n\n\n\n

ChatGPT uses a transformer-based neural network architecture, allowing it to process and generate text based on context. It has been trained on a large corpus of text data, allowing it to generate human-like responses by predicting the most likely next word or phrase based on the input provided.<\/p>\n\n\n\n

Can I Train ChatGPT To Be Me?<\/h3>\n\n\n\n

You can train ChatGPT to write like you with a prompt like \"Analyze the text below for style, voice, and tone.\" <\/em>Then after it has analysed your writing style, ask it to \"Write an article explaining what [topic] is using my style of writing.\"<\/em><\/p>\n","post_title":"The Most Powerful Generative AI Prompts In 2023 For Investing, Finance, Crypto, Business","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-most-powerful-generative-ai-prompts-in-2023-for-investing-finance-crypto-business","to_ping":"","pinged":"","post_modified":"2023-05-13 00:14:50","post_modified_gmt":"2023-05-12 14:14:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11560,"post_author":"12","post_date":"2023-05-07 23:02:04","post_date_gmt":"2023-05-07 13:02:04","post_content":"\n

A recent report<\/a> from Goldman Sachs, one of the largest US banks, found that artificial intelligence may replace over 300 million full-time jobs worldwide. \"If generative AI delivers on its promised capabilities, the labor market could face significant disruption,\"<\/em> states the report.<\/p>\n\n\n\n

The potential impact of AI is very deterministic, though. Unless mass adoption of the technology is achieved, it would remain just another technology used in certain industries.<\/p>\n\n\n\n

Goldman Sachs states that \"worker displacement from automation has historically been offset by creation of new jobs.\"<\/em> Such an example is cars, which replaced the jobs of those driving a horse and carriage but made way for streamlined travel along with mechanics, technicians, engineers, and many other jobs relating strictly to the automobile industry.<\/p>\n\n\n\n

Generative AI May Raise Labor Productivity<\/h2>\n\n\n\n

Despite potentially replacing full-time jobs, generative AI, such as ChatGPT, may drive a 7% increase in global GDP - almost $7T. This would lift productivity rates by 1.5% over the following 10 years.<\/p>\n\n\n\n

\u00a0\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI<\/em>.<\/p>\n\n\n\n

Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 3 4

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

We asked ChatGPT itself, how we can make the most out of its service, here is what it replied with;<\/p>\n\n\n\n

\"\"
Source: The Distributed<\/figcaption><\/figure>\n\n\n\n

FAQs On ChatGPT And Prompting<\/h2>\n\n\n\n

How Can I Make ChatGPT My Assistant?<\/h3>\n\n\n\n

Since OpenAI released the API for ChatGPT, several applications have made the chatbot more like an assistant, such as Merlin<\/a>. Although to utilize your \"assistant\" to the best of its abilities, it is vital that you understand how to make them work for you. Things like understanding its limitations and understanding how to prompt, its a tool - the more you use it, the better you become at using it. It may seem like a magic tool, but it is still in its very early stages.<\/p>\n\n\n\n

What Is ChatGPT \"Temperature\"?<\/h3>\n\n\n\n

Temperature is a parameter that controls the randomness of the generated text. Higher temperature values (10) produce more creative and diverse responses, while lower values (0.1) produce more focused and deterministic answers.<\/p>\n\n\n\n

How Does ChatGPT Work?<\/h3>\n\n\n\n

ChatGPT uses a transformer-based neural network architecture, allowing it to process and generate text based on context. It has been trained on a large corpus of text data, allowing it to generate human-like responses by predicting the most likely next word or phrase based on the input provided.<\/p>\n\n\n\n

Can I Train ChatGPT To Be Me?<\/h3>\n\n\n\n

You can train ChatGPT to write like you with a prompt like \"Analyze the text below for style, voice, and tone.\" <\/em>Then after it has analysed your writing style, ask it to \"Write an article explaining what [topic] is using my style of writing.\"<\/em><\/p>\n","post_title":"The Most Powerful Generative AI Prompts In 2023 For Investing, Finance, Crypto, Business","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-most-powerful-generative-ai-prompts-in-2023-for-investing-finance-crypto-business","to_ping":"","pinged":"","post_modified":"2023-05-13 00:14:50","post_modified_gmt":"2023-05-12 14:14:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11560,"post_author":"12","post_date":"2023-05-07 23:02:04","post_date_gmt":"2023-05-07 13:02:04","post_content":"\n

A recent report<\/a> from Goldman Sachs, one of the largest US banks, found that artificial intelligence may replace over 300 million full-time jobs worldwide. \"If generative AI delivers on its promised capabilities, the labor market could face significant disruption,\"<\/em> states the report.<\/p>\n\n\n\n

The potential impact of AI is very deterministic, though. Unless mass adoption of the technology is achieved, it would remain just another technology used in certain industries.<\/p>\n\n\n\n

Goldman Sachs states that \"worker displacement from automation has historically been offset by creation of new jobs.\"<\/em> Such an example is cars, which replaced the jobs of those driving a horse and carriage but made way for streamlined travel along with mechanics, technicians, engineers, and many other jobs relating strictly to the automobile industry.<\/p>\n\n\n\n

Generative AI May Raise Labor Productivity<\/h2>\n\n\n\n

Despite potentially replacing full-time jobs, generative AI, such as ChatGPT, may drive a 7% increase in global GDP - almost $7T. This would lift productivity rates by 1.5% over the following 10 years.<\/p>\n\n\n\n

\u00a0\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI<\/em>.<\/p>\n\n\n\n

Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

There are different options for AI; you can have it be creative or more precise. For ChatGPT, you can add something like; use a temperature of 10<\/em> if you want it to be very creative or use a temperature of 0.1<\/em> to be more precise. These can be added to the end of any prompt.<\/p>\n\n\n\n

We asked ChatGPT itself, how we can make the most out of its service, here is what it replied with;<\/p>\n\n\n\n

\"\"
Source: The Distributed<\/figcaption><\/figure>\n\n\n\n

FAQs On ChatGPT And Prompting<\/h2>\n\n\n\n

How Can I Make ChatGPT My Assistant?<\/h3>\n\n\n\n

Since OpenAI released the API for ChatGPT, several applications have made the chatbot more like an assistant, such as Merlin<\/a>. Although to utilize your \"assistant\" to the best of its abilities, it is vital that you understand how to make them work for you. Things like understanding its limitations and understanding how to prompt, its a tool - the more you use it, the better you become at using it. It may seem like a magic tool, but it is still in its very early stages.<\/p>\n\n\n\n

What Is ChatGPT \"Temperature\"?<\/h3>\n\n\n\n

Temperature is a parameter that controls the randomness of the generated text. Higher temperature values (10) produce more creative and diverse responses, while lower values (0.1) produce more focused and deterministic answers.<\/p>\n\n\n\n

How Does ChatGPT Work?<\/h3>\n\n\n\n

ChatGPT uses a transformer-based neural network architecture, allowing it to process and generate text based on context. It has been trained on a large corpus of text data, allowing it to generate human-like responses by predicting the most likely next word or phrase based on the input provided.<\/p>\n\n\n\n

Can I Train ChatGPT To Be Me?<\/h3>\n\n\n\n

You can train ChatGPT to write like you with a prompt like \"Analyze the text below for style, voice, and tone.\" <\/em>Then after it has analysed your writing style, ask it to \"Write an article explaining what [topic] is using my style of writing.\"<\/em><\/p>\n","post_title":"The Most Powerful Generative AI Prompts In 2023 For Investing, Finance, Crypto, Business","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-most-powerful-generative-ai-prompts-in-2023-for-investing-finance-crypto-business","to_ping":"","pinged":"","post_modified":"2023-05-13 00:14:50","post_modified_gmt":"2023-05-12 14:14:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11560,"post_author":"12","post_date":"2023-05-07 23:02:04","post_date_gmt":"2023-05-07 13:02:04","post_content":"\n

A recent report<\/a> from Goldman Sachs, one of the largest US banks, found that artificial intelligence may replace over 300 million full-time jobs worldwide. \"If generative AI delivers on its promised capabilities, the labor market could face significant disruption,\"<\/em> states the report.<\/p>\n\n\n\n

The potential impact of AI is very deterministic, though. Unless mass adoption of the technology is achieved, it would remain just another technology used in certain industries.<\/p>\n\n\n\n

Goldman Sachs states that \"worker displacement from automation has historically been offset by creation of new jobs.\"<\/em> Such an example is cars, which replaced the jobs of those driving a horse and carriage but made way for streamlined travel along with mechanics, technicians, engineers, and many other jobs relating strictly to the automobile industry.<\/p>\n\n\n\n

Generative AI May Raise Labor Productivity<\/h2>\n\n\n\n

Despite potentially replacing full-time jobs, generative AI, such as ChatGPT, may drive a 7% increase in global GDP - almost $7T. This would lift productivity rates by 1.5% over the following 10 years.<\/p>\n\n\n\n

\u00a0\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI<\/em>.<\/p>\n\n\n\n

Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

The key to a good prompt is being specific about your wants. Be specific and concise by breaking down hard-to-understand questions.<\/p>\n\n\n\n

There are different options for AI; you can have it be creative or more precise. For ChatGPT, you can add something like; use a temperature of 10<\/em> if you want it to be very creative or use a temperature of 0.1<\/em> to be more precise. These can be added to the end of any prompt.<\/p>\n\n\n\n

We asked ChatGPT itself, how we can make the most out of its service, here is what it replied with;<\/p>\n\n\n\n

\"\"
Source: The Distributed<\/figcaption><\/figure>\n\n\n\n

FAQs On ChatGPT And Prompting<\/h2>\n\n\n\n

How Can I Make ChatGPT My Assistant?<\/h3>\n\n\n\n

Since OpenAI released the API for ChatGPT, several applications have made the chatbot more like an assistant, such as Merlin<\/a>. Although to utilize your \"assistant\" to the best of its abilities, it is vital that you understand how to make them work for you. Things like understanding its limitations and understanding how to prompt, its a tool - the more you use it, the better you become at using it. It may seem like a magic tool, but it is still in its very early stages.<\/p>\n\n\n\n

What Is ChatGPT \"Temperature\"?<\/h3>\n\n\n\n

Temperature is a parameter that controls the randomness of the generated text. Higher temperature values (10) produce more creative and diverse responses, while lower values (0.1) produce more focused and deterministic answers.<\/p>\n\n\n\n

How Does ChatGPT Work?<\/h3>\n\n\n\n

ChatGPT uses a transformer-based neural network architecture, allowing it to process and generate text based on context. It has been trained on a large corpus of text data, allowing it to generate human-like responses by predicting the most likely next word or phrase based on the input provided.<\/p>\n\n\n\n

Can I Train ChatGPT To Be Me?<\/h3>\n\n\n\n

You can train ChatGPT to write like you with a prompt like \"Analyze the text below for style, voice, and tone.\" <\/em>Then after it has analysed your writing style, ask it to \"Write an article explaining what [topic] is using my style of writing.\"<\/em><\/p>\n","post_title":"The Most Powerful Generative AI Prompts In 2023 For Investing, Finance, Crypto, Business","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-most-powerful-generative-ai-prompts-in-2023-for-investing-finance-crypto-business","to_ping":"","pinged":"","post_modified":"2023-05-13 00:14:50","post_modified_gmt":"2023-05-12 14:14:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11560,"post_author":"12","post_date":"2023-05-07 23:02:04","post_date_gmt":"2023-05-07 13:02:04","post_content":"\n

A recent report<\/a> from Goldman Sachs, one of the largest US banks, found that artificial intelligence may replace over 300 million full-time jobs worldwide. \"If generative AI delivers on its promised capabilities, the labor market could face significant disruption,\"<\/em> states the report.<\/p>\n\n\n\n

The potential impact of AI is very deterministic, though. Unless mass adoption of the technology is achieved, it would remain just another technology used in certain industries.<\/p>\n\n\n\n

Goldman Sachs states that \"worker displacement from automation has historically been offset by creation of new jobs.\"<\/em> Such an example is cars, which replaced the jobs of those driving a horse and carriage but made way for streamlined travel along with mechanics, technicians, engineers, and many other jobs relating strictly to the automobile industry.<\/p>\n\n\n\n

Generative AI May Raise Labor Productivity<\/h2>\n\n\n\n

Despite potentially replacing full-time jobs, generative AI, such as ChatGPT, may drive a 7% increase in global GDP - almost $7T. This would lift productivity rates by 1.5% over the following 10 years.<\/p>\n\n\n\n

\u00a0\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI<\/em>.<\/p>\n\n\n\n

Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Additional Points On Generative AI Prompting<\/h2>\n\n\n\n

The key to a good prompt is being specific about your wants. Be specific and concise by breaking down hard-to-understand questions.<\/p>\n\n\n\n

There are different options for AI; you can have it be creative or more precise. For ChatGPT, you can add something like; use a temperature of 10<\/em> if you want it to be very creative or use a temperature of 0.1<\/em> to be more precise. These can be added to the end of any prompt.<\/p>\n\n\n\n

We asked ChatGPT itself, how we can make the most out of its service, here is what it replied with;<\/p>\n\n\n\n

\"\"
Source: The Distributed<\/figcaption><\/figure>\n\n\n\n

FAQs On ChatGPT And Prompting<\/h2>\n\n\n\n

How Can I Make ChatGPT My Assistant?<\/h3>\n\n\n\n

Since OpenAI released the API for ChatGPT, several applications have made the chatbot more like an assistant, such as Merlin<\/a>. Although to utilize your \"assistant\" to the best of its abilities, it is vital that you understand how to make them work for you. Things like understanding its limitations and understanding how to prompt, its a tool - the more you use it, the better you become at using it. It may seem like a magic tool, but it is still in its very early stages.<\/p>\n\n\n\n

What Is ChatGPT \"Temperature\"?<\/h3>\n\n\n\n

Temperature is a parameter that controls the randomness of the generated text. Higher temperature values (10) produce more creative and diverse responses, while lower values (0.1) produce more focused and deterministic answers.<\/p>\n\n\n\n

How Does ChatGPT Work?<\/h3>\n\n\n\n

ChatGPT uses a transformer-based neural network architecture, allowing it to process and generate text based on context. It has been trained on a large corpus of text data, allowing it to generate human-like responses by predicting the most likely next word or phrase based on the input provided.<\/p>\n\n\n\n

Can I Train ChatGPT To Be Me?<\/h3>\n\n\n\n

You can train ChatGPT to write like you with a prompt like \"Analyze the text below for style, voice, and tone.\" <\/em>Then after it has analysed your writing style, ask it to \"Write an article explaining what [topic] is using my style of writing.\"<\/em><\/p>\n","post_title":"The Most Powerful Generative AI Prompts In 2023 For Investing, Finance, Crypto, Business","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-most-powerful-generative-ai-prompts-in-2023-for-investing-finance-crypto-business","to_ping":"","pinged":"","post_modified":"2023-05-13 00:14:50","post_modified_gmt":"2023-05-12 14:14:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11560,"post_author":"12","post_date":"2023-05-07 23:02:04","post_date_gmt":"2023-05-07 13:02:04","post_content":"\n

A recent report<\/a> from Goldman Sachs, one of the largest US banks, found that artificial intelligence may replace over 300 million full-time jobs worldwide. \"If generative AI delivers on its promised capabilities, the labor market could face significant disruption,\"<\/em> states the report.<\/p>\n\n\n\n

The potential impact of AI is very deterministic, though. Unless mass adoption of the technology is achieved, it would remain just another technology used in certain industries.<\/p>\n\n\n\n

Goldman Sachs states that \"worker displacement from automation has historically been offset by creation of new jobs.\"<\/em> Such an example is cars, which replaced the jobs of those driving a horse and carriage but made way for streamlined travel along with mechanics, technicians, engineers, and many other jobs relating strictly to the automobile industry.<\/p>\n\n\n\n

Generative AI May Raise Labor Productivity<\/h2>\n\n\n\n

Despite potentially replacing full-time jobs, generative AI, such as ChatGPT, may drive a 7% increase in global GDP - almost $7T. This would lift productivity rates by 1.5% over the following 10 years.<\/p>\n\n\n\n

\u00a0\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI<\/em>.<\/p>\n\n\n\n

Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

\u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

Could The United States Default By June?<\/h2>\n\n\n\n

United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

\"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

\u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

The Banking Crisis <\/h2>\n\n\n\n

Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

\u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

\u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

Training AI To Be Better Than Us<\/h2>\n\n\n\n

Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

\u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

\u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

Financial Technology And FedNow<\/h2>\n\n\n\n

The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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  • What are some common misconceptions or myths about [topic], and what is their truth?<\/em><\/li>\n<\/ul>\n\n\n\n

    Additional Points On Generative AI Prompting<\/h2>\n\n\n\n

    The key to a good prompt is being specific about your wants. Be specific and concise by breaking down hard-to-understand questions.<\/p>\n\n\n\n

    There are different options for AI; you can have it be creative or more precise. For ChatGPT, you can add something like; use a temperature of 10<\/em> if you want it to be very creative or use a temperature of 0.1<\/em> to be more precise. These can be added to the end of any prompt.<\/p>\n\n\n\n

    We asked ChatGPT itself, how we can make the most out of its service, here is what it replied with;<\/p>\n\n\n\n

    \"\"
    Source: The Distributed<\/figcaption><\/figure>\n\n\n\n

    FAQs On ChatGPT And Prompting<\/h2>\n\n\n\n

    How Can I Make ChatGPT My Assistant?<\/h3>\n\n\n\n

    Since OpenAI released the API for ChatGPT, several applications have made the chatbot more like an assistant, such as Merlin<\/a>. Although to utilize your \"assistant\" to the best of its abilities, it is vital that you understand how to make them work for you. Things like understanding its limitations and understanding how to prompt, its a tool - the more you use it, the better you become at using it. It may seem like a magic tool, but it is still in its very early stages.<\/p>\n\n\n\n

    What Is ChatGPT \"Temperature\"?<\/h3>\n\n\n\n

    Temperature is a parameter that controls the randomness of the generated text. Higher temperature values (10) produce more creative and diverse responses, while lower values (0.1) produce more focused and deterministic answers.<\/p>\n\n\n\n

    How Does ChatGPT Work?<\/h3>\n\n\n\n

    ChatGPT uses a transformer-based neural network architecture, allowing it to process and generate text based on context. It has been trained on a large corpus of text data, allowing it to generate human-like responses by predicting the most likely next word or phrase based on the input provided.<\/p>\n\n\n\n

    Can I Train ChatGPT To Be Me?<\/h3>\n\n\n\n

    You can train ChatGPT to write like you with a prompt like \"Analyze the text below for style, voice, and tone.\" <\/em>Then after it has analysed your writing style, ask it to \"Write an article explaining what [topic] is using my style of writing.\"<\/em><\/p>\n","post_title":"The Most Powerful Generative AI Prompts In 2023 For Investing, Finance, Crypto, Business","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-most-powerful-generative-ai-prompts-in-2023-for-investing-finance-crypto-business","to_ping":"","pinged":"","post_modified":"2023-05-13 00:14:50","post_modified_gmt":"2023-05-12 14:14:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11560,"post_author":"12","post_date":"2023-05-07 23:02:04","post_date_gmt":"2023-05-07 13:02:04","post_content":"\n

    A recent report<\/a> from Goldman Sachs, one of the largest US banks, found that artificial intelligence may replace over 300 million full-time jobs worldwide. \"If generative AI delivers on its promised capabilities, the labor market could face significant disruption,\"<\/em> states the report.<\/p>\n\n\n\n

    The potential impact of AI is very deterministic, though. Unless mass adoption of the technology is achieved, it would remain just another technology used in certain industries.<\/p>\n\n\n\n

    Goldman Sachs states that \"worker displacement from automation has historically been offset by creation of new jobs.\"<\/em> Such an example is cars, which replaced the jobs of those driving a horse and carriage but made way for streamlined travel along with mechanics, technicians, engineers, and many other jobs relating strictly to the automobile industry.<\/p>\n\n\n\n

    Generative AI May Raise Labor Productivity<\/h2>\n\n\n\n

    Despite potentially replacing full-time jobs, generative AI, such as ChatGPT, may drive a 7% increase in global GDP - almost $7T. This would lift productivity rates by 1.5% over the following 10 years.<\/p>\n\n\n\n

    \u00a0\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI<\/em>.<\/p>\n\n\n\n

    Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.\u201d<\/em><\/p>\n\n\n\n

    The combination of saving money on labor costs, new job creation, among other factors, may see a boom in economic growth.<\/p>\n\n\n\n

    What Industries Will AI Impact The Most?<\/h2>\n\n\n\n

    The report found that AI will significantly affect admin and legal work, replacing 46% and 44% of jobs, respectively. Although jobs such as construction and maintenance may only have 6% and 4% of jobs replaced.<\/p>\n\n\n\n

    This is due to the technology-driven side of these jobs, where most work is based around documents that follow a standard format - something artificial intelligence could streamline. On the other hand, physical jobs are very hard to replace due to the tricky nature of actually working with your hands in this field - until robots can work more efficiently than humans in plumbing, formwork, and the such - these fields remain mostly untouched by the boom in artificial intelligence.<\/p>\n","post_title":"AI May Replace 300 Million Jobs; Although Generative AI May Also Boost Labor Productivity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-may-replace-300-million-jobs-although-generative-ai-may-also-boost-labor-productivity","to_ping":"","pinged":"","post_modified":"2023-05-09 11:09:43","post_modified_gmt":"2023-05-09 01:09:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11560","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

    On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

    \"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

    Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

    While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

    The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

    See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

    Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

    When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

    See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

    If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

    As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11422,"post_author":"12","post_date":"2023-05-02 17:50:37","post_date_gmt":"2023-05-02 07:50:37","post_content":"\n

    Ray Dalio, the billionaire founder of one of the world\u2019s largest hedge funds, Bridgewater Associates, was recently\u00a0interviewed<\/a>. He explains that the United States' $31.45T debt may have to be resolved by printing more money, also referred to as currency debasement.<\/p>\n\n\n\n

    \u201cSo I think you\u2019re in the part of the cycle where you\u2019ve had the tightening and then the dominoes are beginning to fall. And I think that that\u2019s going to produce more problems.<\/em><\/p>\n\n\n\n

    I think when it comes down to it, there\u2019s just too much debt, and we\u2019re adding to it too quickly\u2026 Either that debt will be paid off with hard money, in which case there\u2019s not much printing and so on, or it will be paid off with printing a lot of money to make it easier to pay off. <\/em><\/p>\n\n\n\n

    I think in the end, it\u2019s always the case that they print a lot of money in and make it easier to pay off, but you have the reduced value of money.\u201d<\/em><\/p>\n\n\n\n

    See Related:<\/em><\/strong> Ray Dalio; The Federal Reserve Is Setting Off A \u201cTerrible Calamity\u201d<\/a><\/p>\n\n\n\n

    Could The United States Default By June?<\/h2>\n\n\n\n

    United States Treasury Secretary, Janet Yellen, wrote to House Speaker Kevin McCarthy;<\/p>\n\n\n\n

    \"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government\u2019s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.<\/em><\/p>\n\n\n\n

    If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.\"<\/em><\/p>\n\n\n\n

    See Related:<\/em><\/strong> United States May Enter Mild Recession As Yet Another Hike In Fed Rates Expected<\/a><\/p>\n\n\n\n

    Yellen warned that waiting until the last minute to take action on this issue would cause harm to \"business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.\"<\/em> Yellen believes that defaulting on their debt would be a financial catastrophe, raising the cost of borrowing without an end, making future investment \"substantially more costly.\u201d<\/em><\/p>\n","post_title":"United States May Fund Its Deficit By Printing More Money; Could Default By June 1st","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-may-fund-its-deficit-by-printing-more-money-could-default-by-june-1st","to_ping":"","pinged":"","post_modified":"2023-05-04 13:04:05","post_modified_gmt":"2023-05-04 03:04:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11422","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n

    Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n

    BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n

    \"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n

    \"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n

    \u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11392,"post_author":"12","post_date":"2023-05-01 18:10:30","post_date_gmt":"2023-05-01 08:10:30","post_content":"\n

    Ray Dalio, the billionaire founder of one of the world's largest hedge funds, Bridgewater Associates, was recently interviewed<\/a>. He explains the banking crisis is the tip of the iceberg of problems instigated by the Federal Reserve.<\/p>\n\n\n\n

    The recent rise in interest rates has devalued bonds, and countries are no longer interested in buying them after witnessing the recent banking crisis.<\/p>\n\n\n\n

    \u201cIf you look at the Silicon Valley Bank issue, it\u2019s not so much their issue as much as a worldwide issue\u2026 What\u2019s a bank? A bank takes in deposits, and then it takes that money and invests it in things. So they bought a lot of government bonds that had a higher yield than they were paying out in the deposits.<\/em><\/p>\n\n\n\n

    There\u2019s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have to pay out went up in value, and so they went broke. <\/em><\/p>\n\n\n\n

    That is happening all over. That happens not only through banks. Banks as a whole did a lot of that, but insurance companies and so on all around the world.<\/em><\/p>\n\n\n\n

    The same sort of thing happened in Europe. The same sort of thing happened with (Japan), companies even buying US dollar bonds a lot.\u201d\u00a0<\/em><\/p>\n\n\n\n

    The Banking Crisis <\/h2>\n\n\n\n

    Since the start of the year, numerous banks have collapsed, such as Credit Suisse<\/a>, Silicon Valley Bank<\/a>, First Republic Bank<\/a>, Signature Bank<\/a>, and Silvergate Bank<\/a>. These banks have heavily invested in long-term bonds, and as bank runs occur due to a new bank failing every few weeks, these bonds have lost so much value that they have less to cash out than what they put in.<\/p>\n\n\n\n

    An example<\/a> is Silicon Valley Bank, which kept most of its assets in long-term Treasury bonds and similar securities; if the bank did not have any net deposit withdrawals, it did not have to report this decline in the market value of its assets.<\/p>\n\n\n\n

    Dalio believes that the tight monetary policies inflicted by the Federal Reserve have made the environment surrounding US bonds unpleasant, where nations are staying away from bonds just as the United States national deficit rises.<\/p>\n\n\n\n

    \u201cIf you were to mark those (bonds) to market, you would have a terrible calamity, but what\u2019s going to likely happen is they don\u2019t want any more of those bonds, and we\u2019re going to have to sell more bonds because we\u2019re going to have a deficit. So when you have a deficit, you have to pay for it through selling debt, and there\u2019s a lesser demand for that debt.\u201d\u00a0<\/em><\/p>\n","post_title":"Ray Dalio; The Federal Reserve Is Setting Off A \"Terrible Calamity\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ray-dalio-the-federal-reserve-is-setting-off-a-terrible-calamity","to_ping":"","pinged":"\nhttps:\/\/www.resilience.org\/stories\/2023-04-05\/the-mechanics-of-a-bond-market-and-its-impact-on-the-banking-crisis\/","post_modified":"2023-05-04 13:02:28","post_modified_gmt":"2023-05-04 03:02:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11392","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11390,"post_author":"12","post_date":"2023-05-01 18:07:07","post_date_gmt":"2023-05-01 08:07:07","post_content":"\n

    Famed whistleblower Edward Snowden recently spoke<\/a> virtually at CoinDesk's Consensus 2023 conference. Snowden expressed his optimism for the future of artificial intelligence, but there is a catch.<\/p>\n\n\n\n

    \u201cAs with children, we don't need machines to be like us...we need them to be better than us. And if they aren't better than us, we did a terrible job.\u201d<\/em><\/p>\n\n\n\n

    Snowden, who gained fame from exposing government surveillance, said that sophisticated AI models such as ChatGPT may invoke the government and big tech to target users' data. To prevent this, he insists that these software developments remain open-source, implying that recent developments are straying from this nature; he specifically called out OpenAI on this topic.<\/p>\n\n\n\n

    See Related:<\/strong><\/em> Whistleblower Edward Snowden Played A Key Role In The Creation Of Zcash<\/a><\/p>\n\n\n\n

    Training AI To Be Better Than Us<\/h2>\n\n\n\n

    Snowden believes AI is being taught to think like us based on how data is collected and filtered for its language processor. Currently, these AI models are fed vast amounts of data and online content from both web pages and social media; he argues this isn't ideal if the AI is to act smarter than us.<\/p>\n\n\n\n

    \u200b\u200b\u201dThey're training [AI models] on Reddit threads...it's like the internet equivalent of YouTube comments. But you want to create something decent, good, that's creative and useful.\u201d<\/em><\/p>\n\n\n\n

    See Related: <\/em><\/strong>Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

    A recent study found<\/a> that a few experts believe that within 45 years, AI will surpass humans \u201cat more or less everything\u201d<\/em>. For machines to truly be smarter than humans, not just more efficient, they would need to be encoded with things like creativity and emotion - both of which are a big reach with current technology. <\/p>\n\n\n\n

    Human intelligence is based on various factors growing up, both good and bad; for a machine to be better than a human, the question remains, how would these vital experiences be coded and learnt by a model stuck inside of a computer?<\/p>\n","post_title":"Edward Snowden; If AI Isn't Better Than Us, We Did A Terrible Job","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edward-snowden-if-ai-isnt-better-than-us-we-did-a-terrible-job","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:11","post_modified_gmt":"2023-05-04 03:02:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11390","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11245,"post_author":"12","post_date":"2023-04-27 11:57:38","post_date_gmt":"2023-04-27 01:57:38","post_content":"\n

    FinTech Automation (FTA) is a FinTech-as-a-Service platform. A recent press release<\/a> from FTA announced that they have partnered with the Federal Reserve Bank of Boston to enable financial technology payment services on the FedNow service. The FedNow service is an instant payment infrastructure developed by the Federal Reserve, where funds are settled in an instant.<\/p>\n\n\n\n

    The founder of FinTech Automation, David Park, stated that;<\/p>\n\n\n\n

    \u201cOne of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.\u201d<\/em><\/p>\n\n\n\n

    Financial Technology And FedNow<\/h2>\n\n\n\n

    The FedNow service will be implemented in July of 2023. Banks can build upon the service, which would work 24 hours a day and 365 days a year. This is of great benefit to merchants comparing it to the current system, which is closed on weekends and holidays, the FedNow service will also have significantly lower fees, sitting at an average of US$0.23 per transaction.<\/p>\n\n\n\n

    The FedNow service isn't mandatory; it is just an improvement for the current ecosystem. Although, as the adoption of the service increases, those banks not participating will be left behind, as transactions using the service are only possible with participating banks.<\/p>\n\n\n\n

    As the adoption of the service increases, there will be more and more FinTech solutions provided. Finzly<\/a>, another FinTech solution, allows financial institutions to trial the FedNow service using APIs.<\/p>\n","post_title":"FinTech Automation Partners With Federal Reserve Bank Of Boston To Power FedNow Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fintech-automation-partners-with-federal-reserve-bank-of-boston-to-power-fednow-payments","to_ping":"","pinged":"","post_modified":"2023-04-27 12:07:35","post_modified_gmt":"2023-04-27 02:07:35","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11245","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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