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Nigeria’s Supplementary Budget Shows Insensitive to the Suffering of the Majority – Peter Obi

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Labour Party’s presidential candidate in Nigeria’s last general election, Peter Obi, has commented on the Supplementary Budget signed on Monday by President Bola Tinubu, saying it does not reflect mostly urgent items of national welfare.

In a post on X titled: “Observations on the Supplementary Budget”, Obi said the budget, which has drawn a lot of controversies, including the N5bn yacht allocated for the president and the N1.5 billion allocated for cars for the Office of the First Lady, does not feature the nation’s most pressing needs.

Obi said the concept of a supplementary budget is created to address important national welfare needs that were not initially accounted for in the main budget or lack sufficient funding.

Though he acknowledged that certain items in the current budget may not have been considered the priorities of a new administration, Obi argued that a supplementary budget introduced late in the financial year should primarily focus on urgent national welfare concerns.

The former Anambra State governor expressed disappointment that the recently announced supplementary budget by the government does not adequately address the most pressing national needs and emergencies.

He cited a warning from organizations like the United Nations and World Food Programme, stating that up to 6.5 million Nigerians are at risk of hunger next year, particularly in states like Sokoto, Adamawa, Borno, Yobe, and Zamfara. He said that a caring government should allocate funds in the supplementary budget to address this impending crisis.

Obi contends that the government’s overall attitude suggests a lack of awareness regarding the significant crisis facing the country, and a failure to empathize with the struggles of the population.

“The government’s overall attitude does not indicate that it is aware that the country is in a huge crisis, nor is the government in tune with the plight of the generality of our people,” he said.

He also expressed concern about the fact that a substantial portion of the funding for these extravagant expenses will likely come from borrowing. He said that, given the current challenging circumstances, Nigerians expect the government to demonstrate empathy and practicality rather than indulging in lavish expenditures.

Read the full text below:

A supplementary budget is a budget made for very important national welfare needs of the people which were not captured originally in the main budget or do not have adequate funding.

Admittedly, some items in the current budget may not have taken into consideration the needs of a new administration, but it is expected that a supplementary budget this late in the financial year should reflect mostly urgent items of national welfare.

Sadly, the most pressing national needs and emergencies have not featured in the supplementary budget that was just announced by the government. For example, the United Nations and World Food Programme have recently warned that up to 6.5 million Nigerians will go hungry next year. This number is largely from among citizens in Sokoto, Adamawa, Borno, Yobe, and Zamfara States. A caring Government in order to plan for the mitigation of such pending catastrophe can request supplementary budget provisions to cushion those under threat.

No item of urgent social welfare has yet featured in the supplementary budget being orchestrated by this government. Instead, the items being made to dominate public discourse on the budget include a mysterious Presidential Yacht, Presidential Jets, the furnishing of already lavishly furnished presidential quarters and offices, fleets of luxury SUVs etc. This portrays a Government that is totally uncaring and insensitive to the suffering of the majority, and indifferent to the mood of the nation.

The government’s overall attitude does not indicate that it is aware that the country is in a huge crisis, nor is the government in tune with the plight of the generality of our people.

Even worse is the fact that most of the funding for these profligate expenditures will be largely borrowed.

The least that Nigerians expect from the government at this difficult moment is empathy and realism, not lavish indulgence.

OpenSea Announces Major Restructuring as Coinbase Adds New Members to its Global Advisory Council

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OpenSea, the leading marketplace for non-fungible tokens (NFTs), has announced a major restructuring plan that will affect half of its workforce. In a blog post published today, the company said that it will reduce its staff by 50% in order to streamline its operations and focus on its core mission of building a decentralized platform for digital art and collectibles.

The decision comes after a period of rapid growth and expansion for OpenSea, which saw its monthly trading volume surge from $8 million in January to over $3 billion in August, making it the most valuable NFT company in the world. However, the company also faced several challenges and controversies, such as a security breach that compromised some user accounts, a scandal involving insider trading by one of its executives, and a lawsuit from a rival platform accusing it of patent infringement.

OpenSea said that the restructuring is necessary to adapt to the changing market conditions and customer demands, as well as to improve its internal governance and culture. The company said that it will offer severance packages and outplacement services to the affected employees, and that it will continue to hire for key roles in engineering, product, design, and community.

“We are grateful for the contributions of every member of our team, and we are deeply saddened by having to part ways with some of our talented colleagues,” the blog post read. “We believe that this is the right decision for the long-term success of OpenSea, and we are confident that we will emerge from this transition stronger and more focused than ever.”

OpenSea also reaffirmed its commitment to its vision of creating a “vibrant, open, and fair” marketplace for NFTs, and said that it will announce new features and partnerships in the coming weeks. The company thanked its users, creators, partners, and investors for their support and trust, and said that it will work hard to deliver the best possible experience for the NFT community.

Coinbase Inc announced the addition of four new members to its Global Advisory Council

Coinbase has announced the addition of four new members to its global advisory council, all of whom have extensive experience in the field of national security. The new members are Lisa Monaco, former Homeland Security Advisor to President Obama; Michael Morell, former Acting and Deputy Director of the CIA; Sue Gordon, former Principal Deputy Director of National Intelligence; and Tom Ridge, former Secretary of Homeland Security and Governor of Pennsylvania.

The global advisory council was established by Coinbase in 2019 to provide strategic guidance on regulatory and security issues related to the cryptocurrency industry. The council consists of distinguished experts from various sectors, including government, law enforcement, intelligence, academia, and civil society. The council meets regularly to discuss the latest developments and challenges in the crypto space, and to advise Coinbase on how to best serve its customers and the broader crypto community.

Coinbase’s CEO Brian Armstrong said in a blog post that the new members will bring valuable insights and perspectives to the council, especially as the company continues to expand its global presence and influence. He also said that the move demonstrates Coinbase’s commitment to working with regulators and policymakers to foster a safe and legitimate environment for crypto innovation in the U.S. and beyond.

“Coinbase is proud to welcome these distinguished national security leaders to our global advisory council,” Armstrong wrote. “Their expertise and experience will help us navigate the complex and evolving regulatory landscape around crypto and advance our mission of creating an open financial system for the world.”

Coinbase is the largest U.S. crypto exchange by trading volume and users, with over 68 million verified accounts and over $223 billion in assets on its platform. The company went public in April 2021 through a direct listing on Nasdaq, becoming the first major crypto company to do so. Coinbase offers a range of products and services for retail and institutional investors, as well as crypto education and advocacy initiatives.

World Bank Report Acknowledges the Beneficial Environmental Impact of Bitcoin Mining

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The World Bank recently released a report titled “Gas Flaring: A Burning Issue for the Climate and Development” that analyzes the global trends and impacts of gas flaring, a practice of burning off excess natural gas during oil production. The report highlights the environmental, economic and social costs of gas flaring, and proposes solutions to reduce it. The World Bank acknowledges the beneficial environmental impact of Bitcoin mining in relation to gas flaring.

According to the report, Bitcoin mining can provide a profitable alternative use for the otherwise wasted gas, by converting it into electricity to power the mining operations. This can reduce the amount of gas flared, and thus lower the environmental footprint of the oil industry.

The report also highlights the potential economic and social benefits of Bitcoin mining for local communities in oil-producing regions, such as creating jobs, increasing income, and fostering innovation. The report cites several examples of successful projects that have implemented this model, such as Upstream Data in Canada, Crusoe Energy Systems in the US, and BitRiver in Russia.

These projects have demonstrated that Bitcoin mining can be a viable solution for utilizing stranded gas resources, while also supporting the development of the cryptocurrency sector.

One of the most interesting aspects of the report is the frequent mention of Bitcoin, the leading cryptocurrency that uses a proof-of-work consensus mechanism to secure its network. The report acknowledges that Bitcoin provides a powerful incentive structure for using stranded or wasted gas as a source of energy for mining, thus reducing emissions and generating income for oil producers.

According to the report, Bitcoin mining could potentially consume up to 12 billion cubic meters of natural gas per year, equivalent to about 23% of the global gas flaring volume in 2020. This would not only reduce greenhouse gas emissions by about 60 million tons of CO2 equivalent, but also create an additional revenue stream of about $4.5 billion for the oil and gas sector.

The report also recognizes that Bitcoin mining can support renewable energy development, by providing a flexible and profitable outlet for excess electricity generation. This could help overcome some of the challenges of integrating variable renewable sources, such as solar and wind, into the grid.

The World Bank’s report is a significant acknowledgement of the role that Bitcoin can play in tackling climate change and promoting sustainable development. It shows that Bitcoin is not a wasteful or harmful activity, but rather a catalyst for innovation and efficiency in the energy sector. By aligning incentives with environmental and social goals, Bitcoin can create a win-win situation for both the planet and its people.

The report concludes that Bitcoin mining can offer a win-win scenario for both the oil industry and the environment, by turning a waste product into a valuable asset. The report also suggests that policymakers and regulators should encourage and facilitate this practice, by providing clear and consistent rules, incentives, and infrastructure.

The report states that “Bitcoin mining can be an effective tool for mitigating the environmental impact of gas flaring and enhancing the sustainability of the oil and gas sector.”

Meta GDPR Impact, Reel A/B Testing and Threads on Facebook

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Meta, formerly known as Facebook, has recently announced some new features and changes to its platform that may affect marketers and advertisers.

Here are some of the highlights:

GDPR Impact: Meta has updated its terms of service and data policy to comply with the General Data Protection Regulation (GDPR), which took effect in the European Union on May 25, 2018. The GDPR is a set of rules that aims to protect the privacy and personal data of EU citizens. Meta says that it will apply the same standards to all users globally, regardless of where they live.

This means that users will have more control over how their data is collected, used, and shared by Meta and its partners. Users will also be able to access, download, and delete their data at any time. Meta advises marketers and advertisers to review their own data practices and policies to ensure compliance with the GDPR.

Reel A/B Testing: Meta is testing a new feature called Reels, which are short, vertical videos that can be viewed in a dedicated tab on the app. Reels are similar to TikTok videos, but with some differences. For example, Reels can be up to 60 seconds long, while TikTok videos are limited to 15 or 60 seconds. Reels can also be edited with various effects, filters, stickers, music, and text.

Meta says that Reels are a way to express yourself creatively and connect with your audience. Meta is currently running an A/B test to compare the performance of Reels with other types of video content on the platform. Marketers and advertisers can use Reels to showcase their products or services, tell stories, or share tips and tutorials.

Threads on Facebook: Meta is rolling out a new feature called Threads, which are a way to organize conversations on Facebook groups and pages. Threads allow users to reply to specific comments and create subtopics within a larger discussion.

Threads are designed to make conversations more focused, relevant, and easy to follow. Meta says that Threads can help users find answers, share opinions, and learn from others. Marketers and advertisers can use Threads to engage with their audience, solicit feedback, answer questions, or start polls.

One of the most significant updates is the rebranding of Facebook to Meta, which reflects the company’s vision of building the metaverse, a virtual environment where people can interact with each other and digital content. Meta’s CEO Mark Zuckerberg said that the metaverse will be “the next evolution of social connection” and that it will create new opportunities for businesses and creators.

Another update that will impact advertisers is the launch of new ad formats and tools for the metaverse. Meta said that it will introduce immersive ads that will allow users to experience products and services in 3D and augmented reality. For example, users will be able to try on clothes, test drive cars, or visit hotels in the metaverse before making a purchase. Meta also said that it will offer new ways for advertisers to measure and optimize their campaigns across its apps and the metaverse.

Meta’s updates also include new features and improvements for its existing apps. For instance, Meta said that it will enhance its e-commerce capabilities on Instagram and WhatsApp, such as adding more shopping tabs, carts, and checkout options. Meta also said that it will improve its video products, such as Reels, Live, and Watch, by adding more creative tools, monetization options, and discovery features.

Meta’s latest updates are a clear indication of its ambition to shape the future of online interaction and commerce. Advertisers and marketers should pay close attention to these changes and adapt their strategies accordingly. Meta said that it will provide more guidance and support for advertisers in the coming months as it rolls out its new products and services.

Anonymous Entity running a Full Node from within Mainland China

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In the world of cryptocurrency, running a full node is a way of contributing to the network’s security and decentralization. A full node is a computer that validates transactions and blocks and relays them to other nodes. Running a full node requires a lot of bandwidth, storage, and computing power, as well as a stable and uncensored internet connection.

However, not everyone has the privilege of accessing these resources, especially in countries with strict internet regulations and censorship. One such country is China, where the government has been cracking down on cryptocurrency activities and imposing bans on exchanges, mining, and trading platforms. Despite these challenges, there are still some brave and dedicated individuals who are running full nodes from inside mainland China, risking their freedom and safety for the sake of the network.

One of these individuals is an anonymous legend who goes by the pseudonym “Node Runner”. Node Runner has been running a full node since 2017, using various methods to evade detection and censorship. He has shared his story and insights with us in this exclusive interview.

Running a full node from inside mainland China is a risky but rewarding endeavor. However, running a full node from inside mainland China also exposes you to some challenges and dangers. The Chinese government has a strict control over the internet and has been cracking down on cryptocurrency activities in recent years. Some of the risks that you may face include:

Censorship: The Great Firewall of China may block or interfere with your connection to the blockchain network, preventing you from receiving or sending transactions, or verifying the validity of the blocks. You may need to use a VPN or a Tor network to bypass the censorship, but this may also attract unwanted attention from the authorities.

Surveillance: The Chinese government may monitor your internet traffic and try to identify your IP address, location, and identity. They may also try to access your device and steal your private keys, funds, or personal information. You may need to encrypt your data and use a firewall or antivirus software to protect yourself from hackers and malware.

Legal consequences: The Chinese government may consider running a full node as an illegal activity, especially if you are involved in any transactions that violate their regulations or sanctions. You may face fines, confiscation of your assets, arrest, or even imprisonment. You may need to consult a lawyer and be aware of your rights and obligations before running a full node.

Running a full node from inside mainland China is not for the faint of heart. It requires technical skills, financial resources, and moral courage. However, if you are willing to take the risk, you may also reap the rewards of being part of a global community that is building a more open, fair, and innovative future.

Q: How did you get interested in cryptocurrency and running a full node?

A: I first learned about Bitcoin in 2013, when I was studying computer science at university. I was fascinated by the concept of a decentralized and peer-to-peer digital currency that was not controlled by any central authority. I started to research more about it and learned about the technical aspects of how it works. I also discovered that there were other cryptocurrencies based on different algorithms and protocols, such as Ethereum, Litecoin, Monero, and so on.

I decided to run a full node because I wanted to support the network and help it grow. I also wanted to learn more about how the network operates and how to interact with it directly. Running a full node gives me a sense of empowerment and independence, as I can verify transactions and blocks by myself, without relying on third-party services or intermediaries.

Q: What are the challenges of running a full node from inside mainland China?

A: The main challenge is the internet censorship and surveillance that is imposed by the Chinese government. The Great Firewall of China blocks many websites and services that are related to cryptocurrency, such as exchanges, wallets, explorers, forums, etc. It also monitors and filters internet traffic and can detect and block connections to cryptocurrency nodes.

To overcome this challenge, I have to use various tools and techniques to bypass the firewall and hide my identity and location. For example, I use VPNs (virtual private networks), Tor (The Onion Router), proxies, bridges, obfuscation protocols, etc. These tools allow me to encrypt my traffic and route it through different servers or nodes around the world, making it harder for the firewall to detect and block it.

Another challenge is the cost and availability of hardware and internet resources. Running a full node requires a lot of disk space, memory, CPU power, and bandwidth. These are not cheap or easy to obtain in China, especially for an average person like me. I have to use old laptops or desktops that I can find or buy second-hand and upgrade them with external hard drives or SSDs. I also have to pay for high-speed internet plans that offer unlimited data usage and good upload speed.

Q: How do you manage the risk of being discovered or arrested by the authorities?

A: I try to be as careful and discreet as possible. I do not tell anyone that I am running a full node or that I am involved in cryptocurrency. I do not use my real name or personal information online. I do not store any cryptocurrency on my devices or online wallets. I only use anonymous or privacy-oriented cryptocurrencies that offer features such as encryption, stealth addresses, ring signatures, zero-knowledge proofs, etc.

I also change my IP address frequently and use different VPNs or Tor circuits every time I connect to the network. I do not run my full node continuously or at regular intervals. I only run it when I think it is safe or necessary. I also monitor the network status and activity regularly, using tools such as Bitnodes or Node Explorer.

I know that there is always a risk of being caught or exposed by the authorities, but I am willing to take that risk for the sake of the network and the community. I believe that running a full node is a form of resistance and activism against the oppressive regime that tries to control everything in China.