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A US drone strike in northeastern Kunar province killed Pakistan Taliban chief Mullah Fazlullah, the insurgent leader who ordered the assassination of Nobel Peace Prize winner Malala Yousafzai, an Afghan Defense Ministry spokesman said Friday. In a telephone interview, Mohammad Radmanish said Fazlullah and two other insurgents were killed early…
For anyone struggling with anxiety or grinding depression, Amanda Southworth has a story to tell. She had moved to a new town where she had no friends and was bullied. She was depressed and anxious. She dreamed of killing herself. She even sent an email to her future self that…
Kate Spade was extremely depressed in her last days of life, because her husband wanted a divorce … law enforcement sources tell TMZ. We’ve learned Andy Spade was not living at the family home … he and Kate had separated and he was living in a…
Controversial Environmental Protection Agency chief Scott Pruitt had a top aide seek a used mattress from the Trump International Hotel and perform other personal chores for him, including house-hunting and booking personal travel, according to testimony released Monday. Per the AP , Millan Hupp’s transcribed interview last month before a panel…
At least 15 people were wounded Thursday night during an explosion at Bombay Bhel restaurant in Mississauga, Ontario, police said.
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Bipartisan legislation focused on easing regulations for small and mid-sized banks passed the House on Tuesday and headed to President Trump for his expected signature.
Although the bill provides some significant relief for larger financial institutions, it falls short of the sweeping overhaul…
“Chicago” wasn’t exactly Kim Kardashian and Kanye West’s first choice for a baby name, the reality star revealed on “Ellen” Monday.
The half billion dollar Coincheck exchange hack is still working its way through the ecosystem, carrying implications of all sorts. Rarely mentioned is how, at least in part, the exchange’s problems were due to a lack of crypto engineers in Japan. A dearth of engineering know-how is a perfect recipe for security gaps to be exploited.
Also read: India Searches for Ethereum Over Bitcoin
Japan Needs Crypto Engineers
Shortly after the hack was discovered, Coincheck’s Koichiro Wada explained,“We were aware we didn’t have enough people working on internal checks, management and system risk. We strived to expand using headhunters and agencies, but ended up in this situation.” It was a spectacular mess, and in many ways the industry continues to deal with its ramifications: mergers, class action lawsuits, calls for more and tougher regulation, dramatic runs on the exchange as users attempt to withdraw what remains, and all that happening only four months after the country’s Financial Services Agency (FSA) gave the exchange formal approval.
Japan, of course, is a hotbed of crypto activity. The country has over 30 exchanges. And that does not include the “100 other companies [that] have approached the watchdog [overseeing] the sector about applying for a license,” the FSA told Reuters.
Mike Kayamori of the crypto exchange Quoine explained: “The FSA is breathing down necks on security, compliance and risk. And if you don’t hire, you won’t be able to survive.” According to Pascal Hideki Hamonic of Descartes Search, a recruiter specializing in tech and part of the Japan Blockchain Association, placement services like theirs cannot keep up with demand for crypto talent. In fact, according to the company, 60% of all placements within tech are crypto-related, and that’s up 15% from a year ago.
“And exchanges are prepared to pay,” Reuters claims. “Many are ramping up salaries and offering guaranteed bonuses to poach engineers from other businesses, two recruiters said. Base pay is up 20 to 30 percent from last year, they said, pushing salaries for engineers with five years’ experience to 11 million yen ($ 102,720).”
Japan’s Blunted Crypto Edge and Vitalik’s Vision
Bitcoin developer Nick Szabo refers to it as the $ /knowledge ratio, whereby gobs of employer money chases too few skilled employees. And it is for sure a problem all over the world. Leading tech job service Toptal reports how since “January 2017, the demand for blockchain engineering talent on Toptal has grown 700 percent, and 40 percent of the fully managed software development projects requested in the last month require blockchain skills.”
A novel potential solution was posed by Vitalik Buterin, Ethereum’s founder, who believes “core developers and researchers should be employed by multiple companies or organizations … [and] … the knowledge of the technical considerations behind protocol upgrades must be democratized, so that more people can feel comfortable participating in research discussions and criticizing protocol changes.”
For Japan, however, culture also comes into play. Career moves are rare, and the “majority of Japanese that do understand blockchain and cryptocurrency already work for companies as lifetime employment, and have never considered the thought of changing jobs,” the head of Blockchain Daigakko, an engineering training firm, told Reuters.
Alexander Jenner of Computer Futures worries such a scenario “could put the brakes on everything. The sector’s growing so quickly, and the better exchanges are surviving. But many of them will fail,” blunting the country’s early competitive edge.
Is the crypto engineering shortage a good problem to have? Let us know what you think in the comments below.
Images via Pixabay.
Some school counselors and officials were so concerned about the mental stability of Nikolas Cruz, accused in last month’s Florida school massacre, that they reportedly decided to have him forcibly committed more than a year before the shooting.
Indonesia police said they had confiscated a luxury yacht, Equanimity, which is controlled by the Malaysian financier who the U.S. Justice Department alleges directed a fraud involving money from 1Malaysian Development.
WSJ.com: What’s News Asia