contract Archives -
FedEx Corp. said it wouldn’t renew its U.S. air-delivery contract with Amazon.com Inc., paring a key customer relationship as the largest online retailer deepens its foray into freight transportation.
FedEx’s new focus will be on “serving the broader e-commerce market,” with U.S. package volume…
The Boring Company, Elon Musk’s tunneling and transportation startup, has landed a $ 48.7 million project to shuttle people in an underground Loop system around the Las Vegas Convention Center.
This is the company’s first commercial contract.
The initial design for the project, dubbed Campus Wide People Mover or CWPM, will focus on the Las Vegas Convention Center, which is currently in the midst of an expansion that is expected to be complete in time for CES 2021. The newly expanded Las Vegas Convention Center will span about 200 acres once completed. The LVCVA estimates that people walking the facility would travel two miles from one end to the other, a distance that prompted officials to find a transportation solution.
In March, the Las Vegas Convention and Visitors Authority recommended that the Boring Company be selected. The board of the Las Vegas Convention and Visitors Authority voted Wednesday to approve the contract.
The approval comes with numerous strings and requires The Boring Company to achieve specific milestones, details of which The Guardian published earlier this month. The contract withholds over two-thirds of payments until construction is complete and requires The Boring Company to meet specific ridership goals.
The LVCVA estimated an initial $ 1.2 million outlay to TBC in fiscal year 2019, following by $ 15 million in 2020 and the final $ 32.47 million in 2021.
While the project is limited for now, TBC has said in the past project could someday connect downtown, the Las Vegas Convention Center, the Las Vegas Boulevard Resort Corridor and McCarran International Airport.
This underground people mover will involve the construction of twin tunnels for vehicles and one pedestrian tunnel, according to contract documents. The twin tunnels are expected to be less than a mile. There will be three underground stations for passenger loading and unloading and an elevator or escalator system for passenger access to each station.
The people mover, once complete is supposed to whisk people between stops at high speeds in modified electric Tesla vehicles. The contract describes these as autonomous vehicles. (Today, Tesla vehicles are not self driving, and instead have an advanced driver assistance system that handles certain tasks on highways such as lane steering and adaptive cruise control.) Before it opens to the public, the contract dictates that TBC test the system for three months.
As Musk’s Boring Company lands one contract, safety concerns have been raised on the design of another more ambitious Loop system from Washington D.C. to Baltimore.
Details of the 35.3-mile system, which emerged recently in a 505-page draft environmental assessment, reveals a design that fails to meet several key national safety standards. The underground system appears to lack sufficient emergency exits, ignore the latest engineering practices and proposes passenger escape ladders that one fire safety professor calls “the definition of insanity.”
Remy Ma and Safaree derailed a benefit concert after allegedly breaking 2 simple rules — but it’s enough to get ’em sued. The Circle Foundation — which mentors Chicago-area youths — is suing the rappers, saying they signed to…
Harley-Davidson Inc’s workers in Milwaukee and Tomahawk, Wisconsin, have rejected the motorcycle maker’s proposal for a five-year contract, their union said on Tuesday, citing non-financial issues such as temporary workers and job security. The union is pressing the Milwaukee-based company to address issues related to temporary workers, job security, scheduling, and seniority and temporary workers rights.
Mike Trout is about to score the largest contract in baseball history—and possibly in sports history. Sources tell the AP that Trout and the Los Angeles Angels are close to finalizing a $ 432 million, 12-year contract; that would put him well beyond the current baseball record holder, Bryce Harper,…
The Telegram token (gram) has started trading as a perpetual contract on London-based Xena Exchange. On Mar. 12, the crypto exchange launched a derivative contract for grams, with up to 100x leverage. The Xena-listed perpetual contracts are publicly tradable and are intended to provide liquidity for the gram token ahead of its release later this year.
Derivatives Aimed at Institutional Investors
Xena’s derivatives initially became available on Feb. 28 in beta for a limited number of users and are now open to the public with effect from Tuesday, March 12. In a statement, Xena chief executive officer Anton Kravchenko explained that the development of the derivatives market was aimed at institutional investors.
“This is a significant step for the entire crypto market, considering the importance of the gram token and its potential value as an asset for derivative contracts trading,” Kravchenko said. “This is the first time on the cryptocurrency market where contracts have been used not only to speculate on the rate changes but also to hedge the risks.”
Unlike futures, perpetuals do not expire, meaning they are often viewed as a better hedge against price drops. However, both contracts represent an agreement to purchase an asset, in this case the gram token, at a pre-determined price.
Telegram’s Billion-Dollar ICO
Telegram’s TON blockchain project became one of the most successful initial coin offerings in 2018 after it raised $ 1.7 billion from private investors. The public sale was later suspended. Now Xena is billing its gram perpetuals as an opportunity for “those who passed up the chance to invest [to be] able to earn dividends on the potential rate hikes” through trading on the exchange. At the same time, “current gram holders will be able to hedge their investments against possible exchange-rate drops,” it stated.
Before the gram derivatives launched, Xena issued derivatives known as Xena Listed Perpetuals, designed with a focus on the cryptocurrency market. At the moment, perpetuals are settled through bitcoin core. Later, it is anticipated settlements in fiat currency will also become possible and the risk of BTC/fiat currency volatility losses reduced.
“In traditional markets, derivatives trading is 10 times higher than the volume of the underlying assets. Derivatives, such as tradable indices and futures, are useful for hedging as well as for leveraging trading profits,” Kravchenko opined.
“The indices simplify investments and reduce the risks for investors due to diversification. Thus, we really stress the development of this side of Xena Exchange with Bitcoin and GRAM contracts as the first step,” he added.
What do you think about Xena’s gram token perpetual contract? Let us know in the comments section below.
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The post Xena Launches Leveraged Contract for Yet to Be Released Telegram Token appeared first on Bitcoin News.
Over the last few years, infighting and different visions has led to significant divides within the Bitcoin community, weakening the network effects no matter which chain you support. With all the arguments about scaling, privacy, consensus changes and the various forks, it is amazing that these public networks are still thriving. Nevertheless, the people who maintain the various software protocols that communicate with Bitcoin and the network’s many participants have lives that are finite — which means we don’t know if future generations will change the social contract Satoshi Nakamoto created years ago.
Understanding the Social Layer of Bitcoin
The technology we all know and love called Bitcoin has changed the lives of many individuals over the last 10 years. However, during the latter half of that decade, the humans who have maintained the protocol have relentlessly argued over how it should operate. This has led to a large community divide, endless fighting, and many different forks. The protocol itself, however, has been able to continuously perpetuate the social contract we call “Bitcoin” during this period. However, the arguments have led to wavering opinions and whimsical ideas that threaten the Bitcoin network’s social contract.
The independent cryptocurrency researcher Hasu Fly details the social contract very well in his memorable essay “Unpacking Bitcoin’s Social Contract.” Within the editorial Hasu details that fiat money is a social contract or an agreement between the citizens and the state. Many individuals reject this social contract though and believe the state fails to gain true consensus because it uses force as a means to manage each country’s economy. With Bitcoin, things are quite different and the protocol is used by individuals and organizations in a completely voluntary manner.
“Many don’t realize that Bitcoin works through a social contract as well,” explains Hasu’s essay. “The social layer and its rules are the heart of Bitcoin.”
After describing in great detail on how fiat money and Bitcoin are both social contracts, Hasu then reveals the rules of the network’s underlying social contract. The researcher details that Satoshi Nakamoto settled on four distinct rules: confiscation resistance, censorship resistance, inflation resistance, and counterfeit resistance. Essentially this means the owner of the coins can hold keys to the currency without it being taken away, and the owner can also transact on the network without permission. An owner of any amount of bitcoin knows that the protocol has a limited supply, and last but not least anyone can verify the first three rules at any time using the transparent and public blockchain.
Future Generations Could Drastically Change Bitcoin
So far the technology has stayed true to the social contract and one could easily say this applies to each network whether it be BTC or BCH. Hasu’s essay also details that most of the time social contracts do not fork, but the BCH fork was a rare case scenario and what was left over was “two weaker social contracts — each agreed to by fewer people than the old one.” However, we have yet to cross past one generation with the social contract in the decade since the genesis block. When people recently discussed changing the 21 million capped supply the community went ballistic, but in 10 more years we don’t know if future generations will be more willing. The average human generation is between 25-30 years and bitcoin could be changed drastically in 40 years if the social contract is not upheld today. Let’s face it, over time generations change things and some of those revisions are good and sometimes they are awful — like changing from the gold standard to fiat and trusting central banks.
For now, some of the lead developers of reference implementations are kings of the hill – or at least that’s how they act. But over time, younger generations who are smarter and can code better will challenge these open source developers, and at some point their skills will be useless. Ultimately when money is used as a social contract, participants vote by either using the tender or seeking alternatives. Furthermore, money not only applies to its own social contract theory in a general sense, but also weaves within other social contracts within our society. Like it or not, any one of the two dominant Bitcoin chains may be chosen by the masses by coexisting in an entirely different way and one chain may not survive over the next decade.
Bitcoin’s 4 Fundamentals Must Be Passed On
Still, if the first generation of users decides to stick to the rules of Bitcoin’s social contract they must continue to strengthen the agreement. After 10 years, many well-known bitcoiners are willing to dismiss the global understanding and want to discuss changing the rules. Some supporters want to instill censorship by only giving affluent individuals the ability to transact onchain and store value in Bitcoin, by bolstering a barrier to entry with expensive network fees.
The ultimate goal has always been “hyperbitcoinztion,” but if we waver on the very foundations of Bitcoin’s social convention then nothing will be socially, morally, and rationally justified. Over the last few years, some people have dismissed Satoshi’s genius and the fact he created a near perfect system that has been Byzantine fault tolerant for 10 years with 99.98332 percent uptime. Many people to this day, whichever camp they are in (BCH or BTC), still believe in Bitcoin’s rules wholeheartedly. However, with all the infighting and shifting opinions on the true meaning of rules 1-4 these issues may challenge future generations. The Bitcoin network we know of today may not be the same when our sons and daughters begin to truly participate unless we keep some consistency on the social layer. It is quite obvious that those who do not want Bitcoin’s technology to succeed are attacking the root of the social layer today, and will not relent until they have achieved their aims.
What do you think about future generations changing the social contract called Bitcoin? Let us know what you think about this subject in the comments section below.
OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.
Image credits: Shutterstock, Pixabay, Vacate Wall Street, and Hasu Fly’s 2018 essay.
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The post Bitcoin’s Social Contract Must Be Resilient to the Whims of Future Generations appeared first on Bitcoin News.
Apple’s new campus in Cupertino, Calif., is a symbol of how the company views itself as an employer: simultaneously inspiring its workers with its magnificent scale while coddling them with its four-story café and 100,000-square-foot fitness center. But one group of Apple contractors finds another…
President Trump took to Twitter early Christmas Eve evening to brag about his latest border-wall accomplishment while blaming Democrats for the stalemate that has shut down the federal government.
Strikes may have been averted at six high-end hotels in Los Angeles, but union leaders say labor demonstrations during the holiday season are still a possibility at 18 other Southern California hotels.
Leaders for Unite Here Local 11, representing 7,500 hotel workers in Los Angeles and Orange counties,…