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The ShapeShift cryptocurrency exchange is taking a form that represents the worst nightmares of regulators seeking to dominate the digital asset sector.
As today’s Big Read explainsIn July, 37-year-old entrepreneur Erik Voorhees announced that the company he had set up seven years earlier to help people exchange cryptocurrencies without exposing their names would disappear from the earth — even if his services were available to those who wanted them.
ShapeShift would eventually become a ‘decentralized autonomous organization’, or DAO, he declared. Its corporate structure would fade. “ShapeShift’s vision is to establish an unchanging, boundless financial system,” he wrote on Twitter, where he has nearly 525,000 followers. ‘Let’s be fair: money and finances are not run by free people through the coercive government. They will – like language, mathematics and love – emerge voluntarily and without central rule. ”
Regulatory circles see that his statement may point to a new phase in the fight to prevent money laundering on blocks – the digital ledgers of cryptocurrency transactions – that make it easier for criminals and kleptocrats to move money across the global financial system.
At the same time, more established crypto exchanges, such as the recently listed Coinbase, have been knocked against the heavy hand of regulation.
The Twitter salvo of his CEO, Brian Armstrong, last week against the US Securities and Exchange Commission reflects growing anger among crypto-entrepreneurs, arguing that regulators were holding back innovation and were too slow to provide clear rules for the industry, reports Hannah Murphy and Joshua Oliver.
Coinbase’s Armstrong argued that the SEC should not rate its Lend product, which is designed to enable users to earn interest on their digital assets, as a security. Brooke Masters points out its rival Binance also had a public conversation with BaFin over shares that were securities according to German regulator, and UK regulators say its UK arm has not responded to basic inquiries about the broader group’s products and structures. It seems that the crypto-crowd regulators are trying to get rid of disruptors and protect the current system, dominated by banks and large financial institutions.
Meanwhile, cryptocurrency hedge funds achieved almost 24 percent in August because large price fluctuations in digital asset prices have helped them outperform equities and regular foreign exchange markets. The strong rate of gains means that funds focused on bitcoin and other digital assets have returned 145% this year, according to Eurekahedge data.
The internet of (five) things
1. TikTok is investigated by the GDPR investigation
The Irish data commissioner has investigated TikTok handling children’s data and alleged transfer of user information to China, indicating the latest concerns about the popular video app.
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2. The EU said the cost of building chips
The EU wants to be less dependent on semiconductors from Asia, but it is so must offer at least € 20 billion in subsidies according to Paul Boudre, CEO of Soitec, a supplier of 7 billion euro silicone wafers, if he “wants to move a needle” for the production of computer chips in the block. Nikkei Asia reported that the price of chips is set to rise in 2022 as Taiwan’s TSMC, the world’s largest contract disc maker, along with its competitors increase production costs.
3. Darktrace places girl loss
The cost of floating on the London market has forced cyber security group Darktrace a sharp loss in its first-year results despite positive forecasts for growth next year. Say Lex the expectations of a topline growth of at least 35 percent next year are three percentage points higher than before. At an enterprise value of 15 times 2022’s sales, it’s less than half the multiple of its fastest growing peers in the US.
4. Amazon and Deliveroo link
Deliveroo and Amazon it closed their first customer-facing partnership since the US e-commerce group agreed two years ago to invest in the food app in London, and to offer Prime customers free deliveries on certain orders. The decision comes despite the fact that UK regulators are assessing the risks of such a bond when considering allowing Amazon’s investment in Deliveroo, which was originally agreed in 2019.
5. Video of the day: Recycling EV batteries
Tesla co-founder JB Straubel believes the recycling revolution is coming to EV batteries. The largest lithium mine in the world can sit in the unwanted devices of America, reported Patrick McGee.
Technical tools – Xiaomi’s movie smartphones
Manufacturers of smartphones are appealing to their customers to become movies, with their latest products for Hollywood effects. Apple took a few minutes on Tuesday to show a movie made with the new iPhone 13, with its movie mode, where the focus easily shifted from a foreground character to a background object and vice versa.
Today, Huawei unveils its 11T and 11T Pro flagships for “Cinemagic Filmmaking” We saw another movie, this time focusing on features like “Hitchcock Zoom”, an effect where the world seems to come close to you. There is also a 108Mp main camera, a 120-degree Ultra Wide camera and a Telemacro camera for small objects. Audio Zoom Zoom in to the hissing sound of a steak
The Huawei Android phones looked more impressive than the incremental iPhone upgrades of the previous day. They have dual speakers, an Amoled screen and HyperCharge technology that allows you to reach 100 percent in 17 minutes. The prices were also pretty incredible – a 256 GB 11T is initially available for £ 499, compared to a 256 GB iPhone 13 at £ 879.