Fed Releases Long-Awaited Study On a Digital Dollar

The Federal Reserve on Thursday released its long-awaited study of a digital dollar, exploring the pros and cons of the much-debated issue and soliciting public comment. CNBC reports: Billed as “the first step in a public discussion between the Federal Reserve and stakeholders about central bank digital currencies,” the 40-page paper (PDF) shies away from any conclusions about a central bank digital currency, or CBDC. The report originally was expected in the summer of 2021 but had been delayed. Instead, it provides an exhaustive look at benefits such as speeding up the electronic payments system at a time when financial transactions around the world already are highly digitized. Some of the downside issues the report discusses are financial stability risks and privacy protection while guarding against fraud and other illegal issues.

“A CBDC could fundamentally change the structure of the U.S. financial system, altering the roles and responsibilities of the private sector and the central bank,” the report says. One primary difference between the Fed’s dollar and other digital transactions is that current digital money is a liability of commercial banks, whereas the CBDC would be a Fed liability. Among other things, that would mean the Fed wouldn’t pay interest on money stored with it, though because it is riskless some depositors may prefer to keep their money with the central bank.

The paper lists a checklist of 22 different items for which it is soliciting public feedback. There will be a 120-day comment period. Fed officials say the report is the first step in an extensive process but there is no timetable on when it will be wrapped up. The paper released Thursday notes that the Fed’s “initial analysis suggests that a potential U.S. CBDC, if one were created, would best serve the needs of the United States by being privacy-protected, intermediated, widely transferable, and identity-verified.” However, the report also states that it “is not intended to advance a specific policy outcome and takes no position on the ultimate desirability of” the digital dollar. The report notes that the speed of the project is not a top priority. Instead, the authors of the report are focused on getting it right. “The introduction of a CBDC would represent a highly significant innovation in American money,” the report says. “Accordingly, broad consultation with the general public and key stakeholders is essential. This paper is the first step in such a conversation.”

The Fed also said that it will not proceed without a clear mandate from Congress, preferably in the form of “a specific authorizing law.”

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Major Breakthrough As Quantum Computing In Silicon Hits 99% Accuracy

nickwinlund77 shares a report from SciTechDaily: UNSW Sydney-led research paves the way for large silicon-based quantum processors for real-world manufacturing and application. Australian researchers have proven that near error-free quantum computing is possible, paving the way to build silicon-based quantum devices compatible with current semiconductor manufacturing technology. […] [The researcher’s] paper is one of three published today in Nature that independently confirm that robust, reliable quantum computing in silicon is now a reality. This breakthrough is featured on the front cover of the journal.

[Professor Andrea Morello of UNSW, who led the work] et al achieved 1-qubit operation fidelities up to 99.95 percent, and 2-qubit fidelity of 99.37 percent with a three-qubit system comprising an electron and two phosphorous atoms, introduced in silicon via ion implantation. A Delft team in the Netherlands led by Lieven Vandersypen achieved 99.87 percent 1-qubit and 99.65 percent 2-qubit fidelities using electron spins in quantum dots formed in a stack of silicon and silicon-germanium alloy (Si/SiGe). A RIKEN team in Japan led by Seigo Tarucha similarly achieved 99.84 percent 1-qubit and 99.51 percent 2-qubit fidelities in a two-electron system using Si/SiGe quantum dots.

The UNSW and Delft teams certified the performance of their quantum processors using a sophisticated method called gate set tomography, developed at Sandia National Laboratories in the U.S. and made openly available to the research community. Morello had previously demonstrated that he could preserve quantum information in silicon for 35 seconds, due to the extreme isolation of nuclear spins from their environment. But the trade-off was that isolating the qubits made it seemingly impossible for them to interact with each other, as necessary to perform actual computations. Today’s paper describes how his team overcame this problem by using an electron encompassing two nuclei of phosphorus atoms. The three papers from the UNSW team, Delft team and RIKEN group in Tokyo can be found at their respective links.

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FAA Estimates 78% of US Planes Can Now Land At Airports With 5G C-Band

The FAA has announced that an “estimated 78 percent of the U.S. commercial fleet” have been cleared to land at airports with 5G C-band, even under low-visibility conditions. The Verge reports: The agency’s statement comes after a week of controversy surrounding the rollout of AT&T and Verizon’s upgraded cellular tech, which saw US airlines warning of “catastrophic disruption” to travel and shipping and some international airlines announcing they’d halt flights to some US airports. At issue are concerns that some radio altimeters won’t properly ignore signals from the new 5G transmitters. While there are precautions that should keep this from happening, including creating buffer zones around airports, an incorrect altimeter reading could cause real problems during a low-visibility landing.

Given the high stakes, the FAA has said that only planes with altimeters that it has tested and cleared will be allowed to land in sub-optimal conditions at airports where the new 5G tech has rolled out. […] On January 16th, the agency announced that it had cleared two altimeters, which it bumped up to five on Wednesday. It said the cleared altimeters were installed in “some” versions of planes like the Boeing 737, 747, and 777. The FAA changed that language on Thursday, saying that the 13 cleared altimeters should cover “all” Boeing 717, 737, 747, 757, 767, 777, 787, MD-10/-11, and Airbus A300, A310, A319, A320, A330, A340, A350, and A380 models. It also notes that “some” Embraer 170 and 190 regional jets are covered.

The FAA is still predicting that some altimeters won’t pass the test and will be “too susceptible to 5G interference.” Planes equipped with those models won’t be allowed to land at airports with the new 5G tech in low-visibility conditions — which could prevent airlines from scheduling any flights using those planes to airports of concern, given the unpredictability of weather and the disruption such a diversion would cause.

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Activision CEO Bobby Kotick Will Reportedly Leave the Company After Microsoft Acquisition Closes

Earlier today, Microsoft announced it will buy the video game publisher Activision Blizzard in a $69 billion deal. It’s the largest video game acquisition in history and will make Microsoft the world’s third-largest gaming company by revenue, behind Tencent and Sony, when and if the deal closes. According to Insider, citing a report from the Wall Street Journal, Activision CEO Bobby Kotick is expected to leave the company once the deal closes. From the report: Those sources said that both Microsoft and Activision have agreed that Kotick “will depart once the deal closes,” which could take anywhere from 12 to 18 months. That’s in stark contrast to what Microsoft said in its press release on Tuesday morning. “Bobby Kotick will continue to serve as CEO of Activision Blizzard,” the release said, “and he and his team will maintain their focus on driving efforts to further strengthen the company’s culture and accelerate business growth. Once the deal closes, the Activision Blizzard business will report to Phil Spencer, CEO, Microsoft Gaming.”

Kotick reportedly knew for years about a variety of claims of sexual harassment and rape at his company. An investigation by the Wall Street Journal detailed several specific examples of harassment and rape at Activision. Kotick was not only aware of those claims but, in a least one instance, reportedly intervened to keep a male staffer who was accused of sexual harassment despite the company’s human resources department recommending he be fired.

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Angry Gamers Have Scared Some Game Companies Away From NFTs

“In recent months, at least half a dozen game studios have revealed plans to add NFTs to their games or said they were considering doing so,” reports the New York Times.

Then they were confronted by gamers like 18-year-old Christian Lantz, who for years has played GSC Game World’s first-person shooter game S.T.A.L.K.E.R.
Mr. Lantz was incensed. He joined thousands of fans on Twitter and Reddit who raged against NFTs in S.T.A.L.K.E.R.’s sequel. The game maker, they said, was simply looking to squeeze more money out of its players. The backlash was so intense that GSC quickly reversed itself and abandoned its NFT plan.

“The studio was abusing its popularity,” Mr. Lantz, who lives in Ontario, said. “It’s so obviously being done for profit instead of just creating a beautiful game….”

[C]lashes over crypto have increasingly erupted between users and major game studios like Ubisoft, Square Enix and Zynga. In many of the encounters, the gamers have prevailed — at least for now…. Players said they see the moves as a blatant cash grab. “I just hate that they keep finding ways to nickel-and-dime us in whatever way they can,” said Matt Kee, 22, a gamer who took to Twitter in anger this month after Square Enix, which produces one of his favorite games, Kingdom Hearts, said it was pushing into NFTs. “I don’t see anywhere mentioning how that benefits the gamer, how that improves gameplay. It’s always about, ‘How can I make money off this?'”

Much of their resentment is rooted in the encroachment of micro transactions in video games. Over the years, game makers have found more ways to profit from users by making them pay to upgrade characters or enhance their level of play inside the games. Even if people had already paid $60 or more for a game upfront, they were asked to fork over more money for digital items like clothing or weapons for characters…. Merritt K, a game streamer and editor at Fanbyte, a games industry site, said gamers’ antagonism toward the companies has built up over the last decade partly because of the growing number of micro transactions. So when game makers introduced NFTs as an additional element to buy and sell, she said, players were “primed to call this stuff out. We’ve been here before.”
That has led to bursts of gamer outrage, which have rattled the game companies. In December, Sega Sammy, the maker of the Sonic the Hedgehog game, expressed reservations about its NFT and crypto plans after “negative reactions” from users. Ubisoft, which makes titles like Assassin’s Creed, said that it had misjudged how unhappy its customers would be after announcing an NFT program last month. A YouTube video about the move was disliked by more than 90 percent of viewers. “Maybe we under-evaluated how strong the backlash could have been,” said Nicolas Pouard, a Ubisoft vice president who heads the French company’s new blockchain initiative.

Game companies said their NFT plans were not motivated by profit. Instead, they said, NFTs give fans something fun to collect and a new way for them to make money by selling the assets. “It really is all about community,” said Matt Wolf, an executive at the mobile game maker Zynga, who is leading a foray into blockchain games. “We believe in giving people the opportunity to play to earn.”

The article also rounds up examples of game companies it says have “come out against crypto.”

“Phil Spencer, the head of Microsoft’s Xbox, told Axios in November that some games centered on earning money through NFTs appeared ‘exploitative’ and he would avoid putting them in the Xbox store.” “Valve, which owns the online game store Steam, also updated its rules last fall to prohibit blockchain games that allow cryptocurrencies or NFTs to be exchanged….” “Tim Sweeney, the chief executive of Epic Games, the maker of the game Fortnite, said his company would steer clear of NFTs in its own games because the industry is riddled with ‘an intractable mix of scams.’ (Epic will still allow developers to sell blockchain games in its online store.)” The blowback has affected more than just game studios. Discord, the messaging platform popular with gamers, backtracked in November after users threatened to cancel their paid subscriptions over a crypto initiative.”

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Is It Wrong To Mock People Who’d Opposed Covid Vaccines and Then Died of Covid?

Slashdot reader DevNull127 shares a transcript from a recent segment on CNN:

CNN: Here’s a moral question peculiar to these days: Is it wrong to mock people who publicly crusade against the Covid vaccine, and then die of the disease?

Or does it drive home the message about saving lives?

There are entire web sites that are devoted to such mockery. Sorry Antivaxxer.com gleefully tales stories and photos of anti-vaccine advocates who end up in the ICU, intubated, or dead from the disease.

One recent case of this kind of tasteless taunting spurred two dueling opinion pieces in the Los Angeles Times. Orange County Republican Kelly Ernby, a former assistant D.A. and state assembly candidate who had lobbied publicly against the Covid vaccines, passed away earlier this month at age 46 from Covid complications. She was unvaccinated. Ernby’s death unleashed a torrent of reaction on the internet. On her own Facebook page under a Christmas collage that she had posted, there are now more than 4,600 comments. Some are sympathy notes; many other are not.

In response to the piling on, Los Angeles Times columnist Nicholas Goldberg wrote, “I don’t understand how crowing over the death of others furthers useful debate — or increases vaccination rates.” But a few days later, Goldberg’s colleague Michael Hiltzik published a column expressing the exact opposite. “Mocking anti-vaxxers’ Covid deaths is ghoulish, yes — but may be necessary.” Michael Hiltzik joins me now, he’s the L.A. Times’ business columnist. He’s also a Pulitzer Prize winner. Michael let’s make clear at the outset: you are not talking about the everyday people who don’t get vaxxed, sadly contract Covid, and die. You’re talking about people with a platform, right?

Michael Hiltzik: That’s correct… In my column, I pointed out that the unvaccinated really fall into three categories. There are those who can’t get vaccinated for legitimate reasons — small children, people with genuine medical contra-indications of vaccination. Then there’s a fairly large group of people who I think have been duped into resisting the vaccine, duped by misinformation and disinformation about the vaccines, and sort of nonsense about preserving our freedoms in the face of this pandemic.

The real targets who are important here are those who spent the last few months or years of their lives crusading against sensible, safe policies such as vaccination and social distancing and what have you — and ended up paying the ultimate price for their own — basically, their own folly.

[CNN puts a pargraph on the screen, highlighting Hiltzik’s comment that “Mockery is not necessarily the wrong reaction to those who publicly mocked anti-Covid measures and encouraged others to follow suit, before they perished of the disease the dangers of which they belittled.”]

Michael Hiltzik: You know, we have sort of a cultural habit of not speaking ill of the dead, of treating the good deceased — looking at the good that they’ve done during their lives. I’m not sure that in this case that’s entirely appropriate, because so many of them actually have promoted reckless, dangerous policies.

And as I wrote there, they took innocent people along with them.

So is mockery the only response? Well, I don’t know — but as I wrote, every one of these deaths is a teachable moment. And unfortunately we haven’t been learning from the lesson that we should be hearing from them.

In his column, Hiltzik had argued that “[P]leas for ‘civility’ are a fraud.

“Their goal is to blunt and enfeeble criticism and distract from its truthfulness. Typically, they’re the work of hypocrites.”

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Walmart Appears to Be Planning Its Own Cryptocurrency and NFTs

“Walmart appears to be venturing into the metaverse with plans to create its own cryptocurrency and collection of NFTs,” reports CNBC.

“The big-box retailer filed several new trademarks late last month that indicate its intent to make and sell virtual goods. In a separate filing, the company said it would offer users a virtual currency, as well as non-fungible tokens, or NFTs.”
According to the U.S. Patent and Trademark Office, Walmart filed the applications on Dec. 30. In total, seven separate applications have been submitted…. “They’re super intense,” said Josh Gerben, a trademark attorney. “There’s a lot of language in these, which shows that there’s a lot of planning going on behind the scenes about how they’re going to address cryptocurrency, how they’re going to address the metaverse and the virtual world that appears to be coming or that’s already here….”

[B]oth Under Armour’s and Adidas’ NFT debuts sold out last month. They’re now fetching sky-high prices on the NFT marketplace OpenSea. Gerben said that apparel retailers Urban Outfitters, Ralph Lauren and Abercrombie & Fitch have also filed trademarks in recent weeks detailing their intent to open some sort of virtual store…. According to Frank Chaparro, director at crypto information services firm The Block, many retailers are still reeling from being late to e-commerce, so they don’t want to miss out on any opportunities in the metaverse. “I think it’s a win-win for any company in retail,” Chaparro said. “And even if it just turns out to be a fad there’s not a lot of reputation damage in just trying something weird out like giving some customers an NFT in a sweepstake, for instance.”

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Library Intentionally Corrupted by Developer Relaunches as a Community-Driven Project

Last weekend a developer intentionally corrupted two of his libraries which collectively had more than 20 million weekly downloads and thousands of dependent projects.

Eight days later, one of those libraries has become a community controlled project.

Some highlights from the announcement at fakerjs.dev:

We’re a group of engineers who were using Faker in prod when the main package was deleted. We have eight maintainers currently….

What has the team done so far?

1. Created a GitHub org [repository] for the new Faker package under @faker-js/faker.
2. Put together a team of eight maintainers.
3. Released all previous versions of Faker at @faker-js/faker on npm.
4. Released the Version 6 Alpha
5. Almost completed migrating to TypeScript so that DefinitelyTyped no longer needs to maintain its external @types/faker package.
6. Created a public Twitter account for communicating with the community.
7. Released the first official Faker documentation website….

Faker has never had an official docs website and the awesome Jeff Beltran has been maintaining a project called “Un-Official faker.js Documentation” for the last 3 years.

He gave us permission to re-use his work to create fakerjs.dev

8. Cleaned up tooling like Prettier, CI, Netlify Deploy Previews, and GitHub Actions.

9. Done a TON of issue triage and many, many PR reviews.
10. We’ve gotten in contact with the Open Collective and discussed a transition plan for the project.

We fully intend to extend Faker, continuously develop it, and make it even better.

As such, we will work on a roadmap after we release 6.x and merge all of the TypeScript Pull Requests in the next week….

We’re now turning Faker into a community-controlled project currently maintained by eight engineers from various backgrounds and companies….

We’re excited to give new life to this idea and project.

This project can have a fresh start and it will become even cooler.

We felt we needed to do a public announcement because of all of the attention the project received in the media and from the community.

We believe that we have acted in the way that is best for the community.

According to the announcement, they’ve now also forked the funding so the project’s original sponsors can continue to support the community-driven development in the future, while the original developers Marak and Brian “were able to retain the $11,652.69 USD previously donated to the project.”

Friday the official Twitter account for the new community project announced “It’s been a week. We’ve merged all of the active forks. Currently at 1532 stars. Looks like everything is settling.” [It’s now up to over 1,800 stars.]

One of the new maintainers has posted on Twitter, “I’m just grateful to the faker community that willed itself into existence and stepped up.”

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The World Was Cooler In 2021 Than 2020. That’s Not Good News.

2021 was actually cooler than 2020, points out Wired science journalist Matt Simon. So is that good news?

No.
One reason for cooler temperatures in 2021 was likely La Niña, a band of cold water in the Pacific. It’s the product of strong trade winds that scour the ocean, pushing the top layer of water toward Asia, causing deeper, colder waters to rush to the surface to fill the void. This in turn influences the atmosphere, for instance changing the jet stream above the United States and leading to more hurricanes in the Atlantic. The sea itself cools things off by absorbing heat from the atmosphere.

The Covid-19 pandemic may have had an additional influence, but not in the way you might think. As the world locked down in 2020, fewer emissions went into the sky, including aerosols that typically reflect some of the sun’s energy back into space. “If you take them away, you make the air cleaner, then that’s a slight warming impact on the climate,” said Gavin Schmidt, director of NASA’s Goddard Institute for Space Studies, during a Thursday press conference announcing the findings. But as economic activity ramped back up in 2021, so did aerosol pollution, contributing again to that cooling effect. The 2021 temperature drop “may be possibly due to a resumption of activity that produces aerosols in the atmosphere,” Schmidt said…

Today’s findings are all the more alarming precisely because 2021 managed to overcome these cooling effects and still tally the sixth-highest temperature. And while global temperatures were cooler in 2021 than the year before, last year 1.8 billion people lived in places that experienced their hottest temperatures ever recorded, according to a report released today by Berkeley Earth. This includes Asian countries like China and North and South Korea, African nations like Nigeria and Liberia, and in the Middle East places like Saudi Arabia and Qatar. “We talk a lot about global average temperatures, but no one lives in the global average,” says Zeke Hausfather, a research scientist at Berkeley Earth. “In fact most of the globe, two-thirds of it, is ocean, and no one lives in the ocean — or very few people at least. And land areas, on average, are warming much faster than the rest of the world….”

Last summer in western Canada and the US Pacific Northwest, absurd temperatures of over 120 degrees Fahrenheit killed hundreds of people. According to Hausfather, the heat wave in Portland, Oregon, would have been effectively impossible without climate change, something like a once-every-150,000-year event.
It’s a fascinating article, that looks at trouble spots like Antarctica’s sea level-threatening “Doomsday Glacier” and a warming Gulf of Mexico, mapping the intensity of 2021’s temperature anomalies along with trend graphs for both global temperatures and land-vs-ocean averages. It touches on how climate change is impacting weather — everything from rain and floods to wildfires and locusts — as Bridget Seegers, an oceanographer at NASA, points out that “Extremes are getting worse. People are losing their homes and their lives and air quality, because the wildfires are bad.”
But Seegers somehow arrives at a positive thought. “There’s just a lot going on, and I want people to also feel empowered that we understand the problem. It’s just this other issue of deciding to take collective action….

“There’s a lot of reasons for optimism. We’re in charge. This would be a lot worse if we’re like, ‘Oh, it’s warming because we’re heading toward the sun, and we can’t stop it.'”

(Thanks to Slashdot reader Sanja Pantic for sharing the article!)

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