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Pinterest Inc.’s message to investors: Don’t compare us to social media or a search engine.
But as it wraps up a short roadshow and gets ready to list shares as soon as Thursday, such a comparison could help Pinterest drum up demand amid a flood of new listings this year.
Pinterest operates in…
Dear Liz: I’m 64, single, and was diagnosed with Type 2 diabetes. I still work full time but due to my health, it’s getting harder to do. I have a 401(k) from this job. I’m just wondering how smart would it be, all things considered, to retire now and collect Social Security since the chances of…
After a dark year, Snap Inc. is letting in some light.
Evan Spiegel, Snap’s famously private 28-year-old co-founder and chief executive, took to the stage Thursday to deliver a keynote speech and announce a new suite of products for the company’s disappearing-message app Snapchat — including a…
On Thursday, Australia lawmakers ushered through what is perhaps the toughest legal measures to hold social media companies accountable for the content they share.
Only a few weeks after the massacre of 50 people at mosques in Christchurch, New Zealand, Australia’s House of Representatives passed a law requiring social media platforms to “expeditiously” remove content that shows kidnapping, murders, rape, or terrorist attacks. If the platforms fail to get rid of the content in a timely fashion employees could face prison time in Australia and companies could be subject to fines of up to 10% of their annual profit.
“These platforms should not be weaponized for these purposes,” Christan Porter, Australia’s attorney general, was quoted as saying in a New York Times report. “Internet platforms must take the spread of abhorrent violent material online seriously,” he added.
The law puts Australia at the center of a contentious debate around free speech, censorship, and content moderation that’s now raging across the globe.
India has also proposed measures to limit the spread of misinformation on social media platforms, which has given rise to questions about whether the laws are tantamount to censorship of speech that the ruling power might find offensive. And the European Union has said that social media platforms are struggling to comply with the regulations it enacted in 2016 and 2017 to combat hate speech.
Already, the advocacy group that represents Facebook, Google, and other companies is speaking out against the regulations in Australia.
“This law, which was conceived and passed in five days without any meaningful consultation, does nothing to address hate speech, which was the fundamental motivation for the tragic Christchurch terrorist attacks,” Sunita Bose, the managing director of the Digital Industry Group, which represents social media companies told The New York Times .
Social media companies are having enough problems adhering to the standards they set for themselves. Despite pledging to remove posts that advocate for white supremacy or white nationalism, Facebook has not removed content posted just this week that flies in the face of that decision.
Notorious Canadian white supremacist Faith Goldy posted content earlier this week that would seem to qualify as promoting white supremacism — demanding Jews and people of color pay back white European countries that they “invaded”, according to a report in HuffPo (a sister publication own by Verizon Media Group).
In a video entitled “RACE AGAINST TIME”, which Goldy posted after Facebook’s commitment to ban white supremacist content, Goldy said:
“The Great White North is destined to become a majority minority country in less than a generation… Stateside, even with President Trump at the helm, the United States is not being spared from the ongoing relentless process of population replacement. … Whites will be a minority in America in less than a generation.”
YouTube, which has come under fire for its own reluctance and recalcitrance when it comes to removing hate speech, will demonetize content, but allows them to remain circulating on its video platform.
As Bloomberg reported earlier this week, several employees inside the company have raised concerns about the platforms role in spreading lies, propaganda, and hate speech. Many employees, according to the Bloomberg report, even tried to take steps to stop the spread of malicious videos that contained misinformation, hate speech, or questionable content, and at every turn these employees were stymied by executives.
Even the U.S. government is becoming more aware and paying more attention to the problem of white supremacy and the role that social media platforms have in spreading hate speech. In testimony today before the House Appropriations Committee FBI Director Christopher Wray was questioned about the rise of white supremacist content.
“The danger — I think — of white supremacist violent extremism or any other kind of violent extremism is of course significant. We assess that it is a persistent pervasive threat,” said Wray. “In general domestic terrorism in this country has changed in the sense that it’s less structured, less organized, more uncoordinated one-off individuals as opposed to some structured hierarchy….There’s a lot of social media exploitation that comes with it.”
Joe Biden tweeted a video Wednesday giving his side of the story—that is, reacting to accusations he gets too touchy-feely with women on the job. “Today I want to talk about gestures of support and encouragement that I have made to women and some men and made them uncomfortable,…
Johnny Manziel’s wife, Bre Tiesi, has DELETED all traces of the QB from her Instagram page — and removed “Manziel” from her last name … and all signs point to a breakup. Unclear what triggered the move — we’re working on the story right…
Social investment and trading platform Etoro has announced the launch of its platform and cryptocurrency wallet in 30 U.S. states and two territories. In America, users will have access to invest in BTC and 12 other cryptocurrencies at launch, with more to be added throughout the year. The Etoro wallet will initially support bitcoin core, bitcoin cash, ethereum, litecoin, ripple and stellar.
Trading by Copying Others
The cryptocurrency offering by Israel-based Etoro, which already has 10 million users from more than 140 countries, allows U.S. investors access to crypto markets in three ways. First, by manually investing in a coin, secondly by automatically copying the trades of others on the platform to benefit from their knowledge and investment expertise, and thirdly by investing in its Crypto Copyfund, “which provides a diversified portfolio of major crypto assets.”
Yoni Assia, chief executive officer of Etoro, stated that users can “collaborate with other crypto traders when making buying and selling decisions [as well as] adjust their trading strategies by watching and learning from others on the platform.” Experienced traders can be copied and rewarded for their performance, but only after sufficient risk analysis and evaluation, Assia explained.
Customers of Etoro outside the United States are currently able to trade in more than 1,500 asset classes and markets including stocks, bonds, cryptocurrencies, fiat currencies, and commodities, Techcrunch reported.
Etoro operates as a trading platform, social network and educational resource, allowing anyone to see, comment and copy from the trade history of others before actually making their own investment. Users are also able to share, engage with or follow particular individuals, assets or markets, allowing them to take part in emerging debates aligned to their areas of interest.
Etoro’s Multisig Crypto Wallet
Within the U.S., the company has also launched its multi-signature digital crypto wallet where users can store, send and receive several cryptocurrencies including BTC, BCH and XRP. Through their Etoro accounts, customers can now transfer crypto to and from their trading account and can also “convert between different coins with a click of a button,” the company revealed. Etoro is planning to add further currencies to its crypto wallet.
Etoro, which is entering into a market dominated by the likes of Coinbase and Robinhood, said it is not put off by the so-called crypto winter, and is entering the U.S. market with a long-term view. Assia, the company CEO, told Techcrunch:
When I founded Etoro, I envisioned a community where people could trade, invest and share their knowledge in a simple and transparent way. Etoro also acts as a bridge between the old world of investing and a blockchain-powered future, helping our users navigate and benefit from the transition to crypto assets for wealth building.
Etoro first announced its planned expansion into the cut-throat US. market in May 2018.
What do you think about Etoro’s expansion into the US? Let us know in the comments section below.
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American families don’t save money like they used to. In 2018 the personal saving rate hovered somewhere around 7%. That’s up from an all-time low of 3% right before the Great Recession hit, but it’s well below the rate of a few decades ago.
There are a lot of potential explanations for this. Wage…
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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