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"A cryptocurrency is only as reliable as the technology that keeps it running, and Ethereum is learning this the hard way. An attacker has taken an estimated $60 million in Ethereum's digital money (Ether) by exploiting vulnerabilities in the Decentralized Autonomous Organization, an investment collective. The raider took advantage of a "recursive call" flaw in the DAO's code-based smart contracts, which administer the funds, to scoop up Ether many times in a single pass."

"But Chia's replacement for bitcoin's energy-intensive "proof of work" system, called "proof of space and time", instead requires users to devote massive amounts of hard drive space to generating and storing random numbers, with rewards doled out to those with the most space used up"

"Gambling on shitcoins takes the subtext of much of the crypto space and turns it into the entire purpose. There is no pretence, here, of anyone banking on widespread use, or of the coins having a purpose. The game is to find one that will go up, buy it cheap, push it as hard as you can to others, and then cash out at the top. The community takes phrases usually associated with financial crime - "shilling", "pump and dump", and so on - and wears them like a badge of honour."

"And lest you think we are dealing in long-term abstractions- this devastation has tangible, externalized cost; a recent study out of the University of New Mexico estimated that in 2018 every $1 of Bitcoin value was responsible for $0.49 in health and climate damages in the US, costs that are borne by those who will, for the most part, never see any return from cryptocurrency mining whatsoever."

"El Salvador has become the first country in the world to adopt bitcoin as legal tender after its congress approved President Nayib Bukele's proposal to embrace the cryptocurrency in an effort to promote "financial inclusion", investment and economic development."

"Everyone in the cryptocurrency world has heard of Satoshi Nakamoto, the mysterious inventor of Bitcoin. But not many have heard of Peter Bushnell, the not-so-mysterious inventor of Feathercoin. On 20 April, he announced his alternative currency to a gaggle of online followers. One month later, nearly 7m of them have been mined"

"Bitcoin is stored on software known as a digital wallet that is secured through encryption. A password is used as a decryption key to open the wallet and access the bitcoin. When a password is lost the user cannot open the wallet. The fraudster had been sentenced to more than two years in jail for covertly installing software on other computers to harness their power to "mine" or produce bitcoin. When he went behind bars, his bitcoin stash would have been worth a fraction of the current value. The price of bitcoin has surged over the past year, hitting a record high of US$42,000 in January. It was trading at US$37,577 on Friday, according to cryptocurrency and blockchain website Coindesk."

"This tulip-mania de nos jours has been happening with cryptocurrencies for a while, but is about to become more frenzied as the notion that blockchain - the cryptographic technology that underpins bitcoin, Ethereum et al - can become the basis for something called Web3: a new, properly decentralised version of the world wide web (as compared with the current version in which control has become effectively centralised in a small number of giant corporations)."

"While the name behind the attack might be relatively new, the criminal technique is not. Ransomware gangs render an organisation's computers inaccessible by infecting them with malicious software - malware - and then demanding a payment, typically in cryptocurrency, to unlock the files. In recent years, however, in a process dubbed "double extortion", the majority of gangs steal data at the same time and threaten to release it online, which they hope will strengthen their negotiating hand."

"Do the potential paying customers for these large models add up to enough money to keep the servers on? That's the 13 trillion dollar question, and the answer is the difference between WorldCom and Enron, or dotcoms and cryptocurrency. Though I don't have a certain answer to this question, I am skeptical. AI decision support is potentially valuable to practitioners. Accountants might value an AI tool's ability to draft a tax return. Radiologists might value the AI's guess about whether an X-ray suggests a cancerous mass. But with AIs' tendency to "hallucinate" and confabulate, there's an increasing recognition that these AI judgments require a "human in the loop" to carefully review their judgments. In other words, an AI-supported radiologist should spend exactly the same amount of time considering your X-ray, and then see if the AI agrees with their judgment, and, if not, they should take a closer look. AI should make radiology more expensive, in order to make it more accurate. But that's not the AI business model. AI pitchmen are explicit on this score: The purpose of AI, the source of its value, is its capacity to increase productivity, which is to say, it should allow workers to do more, which will allow their bosses to fire some of them, or get each one to do more work in the same time, or both. The entire investor case for AI is "companies will buy our products so they can do more with less." It's not "business custom­ers will buy our products so their products will cost more to make, but will be of higher quality.""

"He never got the chance to find out. A week later, he opened up his digital "wallet," where the artwork would supposedly be available, and was faced with an ominous banner reading, "This page has gone off grid. We've got a 404 error and explored deep and wide, but we can't find the page you're looking for."  The artwork, which he expected to be on the page, had disappeared entirely. "There was no history of my ever purchasing it, or ever owning it," he said. "Now there's nothing. My money's gone.""

"NFTs are created on Ethereum's blockchain, which is immutable, meaning it cannot be altered. No one can undo your ownership of an NFT or re-create that exact same one. They're also "permissionless," so anyone can create, buy, or sell an NFT without asking for permission. Finally, every NFT is unique, and can be viewed by anyone. "

""There has been a high degree of improvisation in the rollout of Chivo and a great deal of opacity," says Ricardo Castaneda, a local economist. "The app asks for access to your microphone and your contacts, which are not needed for a wallet. Bitcoin might be a distraction but given the decision to push ahead with the plan despite popular opposition and the advice of experts, it could also be an important pillar of Bukele's political project.""