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European Union Urges Online Platforms to Label Content Generated by AI, to Fight Disinformation

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The European Union (EU) has urged online platforms to label text, photos, videos, etc, generated by Artificial Intelligence (AI), to fight disinformation.

European authorities are worried about generative AI tools’ potential to spread disinformation, racist narratives, or deceptive advertising.

Vice President of the E.U. Commission Vera Jourova stated that the ability of the new generation of AI chatbots such as ChatGPT and Bard, to create complex content and visuals in seconds raises fresh challenges for the fight against disinformation.

The European Union is leaning on signatories of more than 44 tech companies that have signed up to the 27-nation bloc’s voluntary agreement on combating disinformation, to label false and other AI-generated content.

In remarks made yesterday following a meeting with the 40+ signatories to the Code, the EU’s values and transparency commissioner, Vera Jourova, said, tech companies that have signed up to combat disinformation should put in place technology to recognize AI content and clearly label it to users.

In her words,

“The new AI technologies can be a force for good and offer new avenues for increased efficiency and creative expression. But, as always, we have to mention the dark side of this matter and they also present new risks and the potential for negative consequences for society. Also when it comes to the creation of and dissemination of disinformation.

“Advanced chatbots like ChatGPT are capable of creating complex, seemingly well-substantiated content and visuals in a matter of seconds. Image generators can create authentic-looking pictures of events that never occurred. Voice-generating software can imitate the voice of a person based on a sample of a few seconds. The new technologies raise fresh challenges for the fight against disinformation as well. So today I asked the signatories to create a dedicated and separate track within the code to discuss it.”

In further remarks during a press Q&A, the commissioner said the EU wants labels for deep fakes and other AI-generated content to be clear and fast, so normal users will immediately be able to understand that a piece of content they’re being presented with has been created by a machine, not a person.

She also specified that the Commission wants to see platforms implementing labeling now immediately.

The EU regulatory law is coming amidst mounting concerns about the potential abuse of A.I technology and the possibility that bad actors and even governments use it to produce far more disinformation than before.

Recall that last month, Denmark’s prime minister Mette Frederiksen used ChatGPT to write part of her speech to highlight the risks of artificial intelligence. After delivering the introduction part of her speech at the Danish parliament today, Frederiksen said, “What I have just read here is not from me. Or any other human for that matter. It was written by ChatGPT”.

Also, OpenAI CEO Sam Altman expressed his worries that the generative AI tools could be used for large-scale disinformation. Researchers on the other hand predict that generative AI technology could make disinformation cheaper and easier to produce for an even larger number of conspiracy theorists and spreaders of disinformation.

These concerns are heightened due to the growing integration of AI tools in several tech apps. Notably, most tech giants such as Meta, Google, and TikTok, amongst others are already signed up to the E.U. disinformation code, which requires them to measure their work on combating false information and issue regular reports on their progress.

Meanwhile, Twitter opted out last month in what appeared to be the latest move by Elon Musk to loosen restrictions at the social media company after he bought it last year. The exit drew a stern rebuke, with the vice president of EU Jourova calling it a “mistake”. She warned Twitter, which quit the Code of Practice last week, to expect more regulatory scrutiny.

Net Outflows From Binance US Arm Reaches $791 Million, as Crypto Investors Pull Out Funds After SEC Charges

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Crypto investors have reportedly raced to pull out funds from Binance’s U.S. arm in the last 24 hours, as the sum pulled out hits $791 million after SEC filed 13 charges against Binance.

Investors have reportedly withdrawn $1.65 billion worth of assets from Binance and $13 million from contested Binance’s U.S arm on the Ethereum blockchain after the charges were unveiled. Inflows totaled only $871.8 million and $11.53 million to Binance and Binance.US, respectively.

Recall that the Securities and Exchange Commission (SEC) on Monday had alleged in 13 charges that Binance artificially inflated its trading volumes, diverted customer funds, failed to restrict US customers from its platform, and misled investors about its market surveillance controls.

SEC alleged that Binance’s blatant disregard of the federal law enriched themselves by billions of US dollars while placing investors’ assets at significant risk.

Binance in a response to the SEC on Monday stated that there is “zero justification” for the lawsuit, that the SEC is trying “to claim jurisdictional ground from other regulators,” and that “any allegations that user assets on the Binance.US platform have ever been at risk are simply wrong.”

Binance further stated that all user assets on its platform and Binance affiliate platforms, including Binance.US, are safe and secure, noting that the company will vigorously defend against any allegations to the contrary.

Following SEC charges Binance Bitcoin steadied after falling more than 5 percent yesterday, its worst daily decline since April 19. The world’s biggest cryptocurrency was last at $25,723, flat on the day but pinned near a more than two-month low.

Binance’s BB cryptocurrency, the world’s fourth-largest, fell 0,3 percent to a near three-month low of $277, after a 9.2 percent plunge on Monday, its worst daily fall since November.

Also, the biggest cryptos all fell following the charges levied against the crypto exchange. Bitcoin dropped by 5.9% on Monday, its largest single-day decline since March. Ethereum fell by 5.2% yesterday, its biggest one-day drop since April.

The suit also labeled certain tokens as securities that were traded on Binance’s platforms, prompting a slump in the prices of these tokens which include, Solana, Cardano, Polygon, Filecoin, Cosmos, Sandbox, Decentraland, Algorand, Axie, Infinity and COTI.

Also, with the above-listed tokens now designated as “unregistered securities”, it suggests that these assets now fall under the SEC’s remit, which means these assets are required to follow stricter rules. All this could make exchanges less eager to list such tokens for trading on their platforms, lest they run afoul of the SEC’s rules.

The lawsuit, which cited several practices, first marks the most significant step against a crypto company by the SEC in its sweeping crackdown on the industry this year.

This is the latest legal battle facing Binance, after it was sued by the CFTC (Commodity Futures Trading Commission) back in March, which also claimed that Binance had been evading regulators, as claimed overnight by the SEC.

Market analysts state that this is another blow to the crypto industry and the crypto exchanges of the world. It remains to be seen whether crypto loyalists as well as major industry players can overcome the tightening regulatory controls. For now, analysts disclose that the fact that Bitcoin prices haven’t plummeted, and is holding steady despite reaching their lowest levels since March, portends  the underlying faith and support for crypto.

The Emerging High Voltage Assaults on Bitcoin

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Bitcoin is soaring

Is there any reason to think that Bitcoin and its cousins will survive the high voltage assault from US and Canadian regulators. In the past, I had written that while cryptos could be decentralized (debatable though since mining is largely concentrated under few lords), the centralization of major exchanges implies that governments are still in control since exchanges need bank accounts to operate, and banks can only give those accounts, to only legally incorporated companies. 

Interestingly, only governments give business licenses and permits. In other words, via exchanges, governments can influence and “quasi-regulate” cryptos.

That playbook is what we’re witnessing right now. The Canadian government has unleashed high voltages and many players are being burnt. Binance is under the crosshairs of the United States government. And just like that, the gyrations continue.

Good People, do you think Bitcoin has a future in the land of dollars?

Bitcoin Sell-Off + Record Liquidations commentary by Leverage Trading

  • The recent crypto sell-off, which saw Bitcoin plummet from $26,809 to $25,388 in just over four hours, has resulted in a record number of leveraged traders being liquidated and incurring substantial losses.
  • During the past 24 hours, a staggering 108,997 traders have been liquidated, with a total liquidation value of $295.98 million.
  • One of the most notable liquidation events occurred on Bitmex, where a single order valued at $9.94 million was liquidated.
  • This sell-off marks the largest number of liquidated traders during a 24-hour period this year.
  • The crypto community sold their positions in panic after the United States Securities and Exchange Commission (SEC) sued Binance exchange and its CEO, Changpeng “CZ” Zhao on a 13-count charge for violating securities laws.
  • Those traders who suffered liquidations were trading highly leveraged derivatives contracts called perpetual swaps.

The impact was felt across various exchanges, as illustrated in the table below:

Source: CoinGlass

The Legal Implications of a Nigerian Bar Association (NBA) Seal

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A lawyer issued a cease and desist letter on behalf of his client over the weekend. The client happened to be a celebrity, the celebrity posted the cease and desist letter from the lawyer on her social media pages. Millions of people saw the letter and started ridiculing the lawyer who issued the letter on the ground that the lawyer affixed an expired NBA (Nigerian Bar Association) stamp and seal on the letter because the seal affixed on the letter by the lawyer was written: “valid till March 2023”. 

Netizens called these lawyers unprintable names. It was so painful that the lawyer was subjected to ridicule due to the ignorance of social media users on matters like these. 

For the social media ignoramus that takes much comfort and pride in their tomfoolery and ignorance; an expired seal does not invalidate a legal process or a legal correspondence. That is the position of the law. A lawyer can affix a seal issued 10 years ago on a process or letter if he still has it available and that does not invalidate the process or make it void. 

There is a judicial position on this; In the case of Emechebe v. Ceto Intl ( Nig) Ltd. ( 2018 ) 11 NWLR (Pt 1631) 520. The Court of Appeal held that the primary purpose of the NBA stamp & seal affixed on legal processes and legal correspondences is to checkmate the influx of quacks lawyers, imposters & meddlesome interlopers, so they don’t infiltrate the legal profession & present themselves to litigants as legal practitioners. In the above case, the counsel affixed an expired seal on the process and the opposing counsel raised an objection on the ground that the counsel affixing an expired seal on the suit has invalidated the suit and therefore asked the court to strike out the suit. The court held that striking out the process would amount to pushing technicalities too far and that an expired seal does not and can not invalidate a process. This was the same position adopted by the Supreme Court in the case of Central Bank of Nigeria V. Eze & Ors (2021) LPELR.

The same goes for not affixing a seal at all on a legal process or legal correspondence, it does not and cannot invalidate the correspondence or the letter. This was the position of the Supreme Court in the case of All Progressive Congress v. Gen. Bello Sarki Yaki(2015) LPELP(25721) 1 at 6-7,  where it held that failure of a lawyer to affix the seal and stamp on a process will not render such documents void, but a mere defect which can be cured by affixing the requisite seal and stamp.

Social media should take note that a lawyer is not quack for affixing an expired seal and the expired seal or not affixing any seal at all does not void a process or a legal correspondence. 

Binance (BNB) Price Prediction: Kucoin (KCS) Hints at Short-Term Bounce and TMS Network (TMSN) Readies for a Price Hike

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Kucoin (KCS) is down by 5.39% this month, and Binance (BNB) struggles to reach the earlier month’s high. TMS Network (TMSN) is steadily increasing its market presence and attracting new investors.

TMS Network (TMSN) Is Going Strong Despite Slow Market Conditions

TMS Network (TMSN) is a state-of-the-art decentralized platform to trade all derivatives using cryptocurrency. Users can directly connect their wallets to TMS Network (TMSN), and start transactions without creating an account. The social trading infrastructure at TMS Network (TMSN) allows novice traders to copy the best moves of expert traders, and increase their profits. Users can also rely on AI-based trading bots, and on-chain analytics provided by TMS Network (TMSN) to make the right trading decisions quickly. Crypto lovers who buy TMS Network (TMSN) tokens during the presale can win exciting rewards and join the VIP club. TMS Network (TMSN) token holders are eligible to earn a commission from the revenue generated by the trading volume. Buy TMS Network (TMSN) tokens at $0.104, and get a 50% deposit bonus (limited period offer). TMS Network (TMSN) is rallying for another price increase in the coming days.

What is Binance’s (BNB) Bottom-Out Approach?

Independent crypto reporter, Colin Wu, said Binance (BNB) would lay off 20% of its employees. However, Binance’s (BNB) CEO, Changpeng Zhao (CZ), responded that there will be no layoffs. He said that Binance (BNB) has a Bottom-Out program where culturally misfit employees will be asked to leave. CZ said Binance (BNB) has been participating in this for a long time, and the bottom-out program occurs weekly. He also insisted that a few high achievers also leave Binance (BNB) because they don’t fit into the existing work culture.

In other news, CZ said acquiring a bank will not solve Binance’s (BNB) or the crypto market’s problems. While Binance (BNB) has considered the option, it was decided that it’s not feasible as it doesn’t solve the issues with trading banking and governmental regulations in different countries. Furthermore, the Binance (BNB) CEO believes it’s safer to invest smaller amounts in different banks, and make them crypto-friendly.

Coming to Binance (BNB) token, the price has been encouraging for the week, with a marginal gain of 0.23%. However, Binance (BNB) is down by 5.31% through the month, and is priced at $307.17. We’ll have to see if Binance (BNB) will continue to stay above the $306.63 level in the coming days.

Kucoin (KCS) Shows Long-Term Bearish Patterns But Expects a Short-Term Bounce

Kucoin (KCS) fell under the long-term resistance line, which has been in place for the last 546 days. Kucoin (KCS) has established a bearish pattern for months. Kucoin’s (KCS) support level is at $6.60, and the token traded above this for a while. However, data shows that the weekly RSI of Kucoin (KCS) indicates the price decrease will continue. Nevertheless, there is little hope for Kucoin (KCS) investors. Experts predict a short-term bullish divergence for Kucoin (KCS). The Kucoin (KCS) price will increase to $8.80. But if Kucoin (KCS) falls below $7.24, it will descend to $6.40, and find a new support level.

In other news, surprising information came to light about Kucoin (KCS). Sometime in September 2021, thousands of Kucoin (KCS) deposit addresses sent tens of millions worth of ETH to Ethereum burn addresses. No one knows why Kucoin (KCS) burned such huge amounts of ETH. It’s a mystery Kucoin (KCS) will have to solve.

 

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