All posts filed under: Tech

With a New Futures Market, Bitcoin is Going Mainstream

The Chicago Mercantile Exchange will soon begin trading Bitcoin derivatives (futures contracts), signalling the cryptocurrency is now a mainstream asset class. Bitcoin has had limited use in the mainstream economy in part because the volatility of its price. The value of the currency might go up or down significantly between the time a deal is struck and delivery. The introduction of Bitcoin futures contracts will allow investors to manage this risk, and make it safer to hold and trade in Bitcoin. This will make the cryptocurrency more accessible to individuals and businesses, and encourage developers to build more products and services on top of the technology. Futures and other derivatives are contracts between two parties to fix the price of an underlying asset (currencies, shares, commodities etc.) over a period of time or for a future transaction. The buyer of these contracts commits to purchase the underlying asset at a set price and at a certain date, and the seller commits to sell. There are two main uses for these contracts. First, to reduce price …

Why Liberals Are Turning Against the Internet

Following the news of late might lead one to conclude that Mark Zuckerberg is America’s Public Enemy Number One, and that the World Wide Web is destroying the foundations of the country’s democratic system. “Silicon Valley Is Not Your Friend,” cried a recent headline in The New York Times. Perhaps surprisingly, the long article below called for federal regulation of the destructive and arrogant information high-tech companies now being blamed for the election of President Donald Trump and much else besides. Having spent years telling its readership that Zuckerberg was a revolutionary innovator and boy genius, The New York Times has had second thoughts. If you believe that the most pressing danger facing the American Republic is sitting in the White House, the author explained, then think again. Apparently, it’s hidden in Silicon Valley. So, let us go back to the early days of the 21st century, when celebrating the promise of the Internet was just another way of asserting your commitment to liberal principles, democratic ideals, human rights, and political and cultural freedom. Innumerable opinion pieces were penned, studies …

Universal Basic Income and the Threat of Tyranny

Much praise has been heaped on the idea of a universal basic income in recent years. Experiments have begun in many countries, some mainstream politicians are starting to advocate it, and if we listen to many thinkers, especially among the Internet and tech crowds, it seems like our inevitable future. This is quite understandable, as the idea attempts to solve a real problem: with the advance of technology, fewer and fewer people are required to produce the amount of wealth required to sustain more and more people. Rather than invent more and more artificial jobs and scarcities, why not just accept the reality of this changing world, where not all people are needed for working, and instead release them to pursue their hobbies, studies, or charity? There has been criticism of the idea, but so far the debate tends to focus on two issues: the economic reasoning behind a universal basic income, and the ethics of allowing a majority of non-workers to live off the fruits of the labour of a small minority. What is …

The Future of Artificial Intelligence: Two Experts Disagree

Artificial intelligence (AI) promises to revolutionise our lives, drive our cars, diagnose our health problems, and lead us into a new future where thinking machines do things that we’re yet to imagine. Or does it? Not everyone agrees. Even billionaire entrepreneur Elon Musk, who admits he has access to some of the most cutting-edge AI, said recently that without some regulation “AI is a fundamental risk to the existence of human civilization”. So what is the future of AI? Michael Milford and Peter Stratton are both heavily involved in AI research and they have different views on how it will impact on our lives in the future. How widespread is artificial intelligence today? Michael: Answering this question depends on what you consider to be “artificial intelligence”. Basic machine learning algorithms underpin many technologies that we interact with in our everyday lives – voice recognition, face recognition – but are application-specific and can only do one very specific defined task (and not always well). More capable AI – what we might consider as being somewhat smart …

Denying Encryption To Terrorists Is A Fantasy

The script for responding to Western terror attacks is now so predictable that they might as well publish a schedule in the TV listings. First we get the platitudes: “praying for” the affected city, liking Facebook statuses, and projecting flags onto buildings. Next there is the denial stage, where the commentariat implore us not to make assumptions about the attacker’s motives, because for all we know this was actually the work of Buddhist monks or the National Farmers’ Union. Then comes the hand-wringing over the potential racist backlash at the hands of the unstable, knuckle-dragging public, whose desire for an anti-Muslim pogrom can only be kept in check by loudly proclaiming that Islamic terrorists are not Real Muslims. Finally, once the emotion has died down, politicians can get on with doing what they do best — demanding more control over the internet. After Khalid Masood murdered four people in London last month, Home Secretary Amber Rudd wasted no time in laying the blame at the feet of WhatsApp, insisting that secure messaging apps must not …

Using Social Media Scientifically

It is often said that we need more science in our public debate. By this, it is usually meant that people should base their views on scientific facts, which have more authority than mere opinion. It is said that political leaders and public commentators should be both scientifically literate, and base their views on scientific findings where it is relevant to do so. While this is a noble goal, it is not what I’m proposing here. Instead, I’d like to argue that we should attempt, on a day-to-day basis, to approach social media and news consumption scientifically. What do I mean by ‘scientifically’? Social media, and the internet more broadly, have afforded us tremendous potential to access information, and to interact with people beyond our immediate social circles. Interacting with others helps us to develop our knowledge of the world by digesting information, disseminating it, or engaging in dialogue about it. We can test our views about the world—however informal or loosely formed they are—against the views of others. However, social media debates can often …

Five Stars or Nothing

Everyone rating everything out of five is a terrible idea and we are on a trajectory towards this. In April 2016 The Guardian podcast Tech Weekly explored how we are becoming a “rating society”. Uber was the focus. Uber drivers rate passengers out of five and vice-versa. As a passenger, you are apparently less likely to be picked up as quickly if you have a low star rating. And Uber drivers who slip in their ratings risk losing the ability to drive for Uber. Your personal rating is a form of currency. If your Uber driver rating slips “below average” you may need “to come into the office so [Uber] can provide you with some tailored feedback.” The problem is that “below average” would appear to be anything under 4.6 out of 5. On most historical measures a 4.6 out of 5 is excellent. One star out of a possible three under the century-old Michelin Guide is “a very good restaurant.” In the past, experts provided the ratings, not the consumers. Ratings were reserved to …